For businesses owners, particularly of the small variety, their checking accounts may not be their friends. A new study released by WalletHub reveals that, when stacked up against their personal checking using counterparts in the consumer market, business customers are getting the short end of the stick.
Which is also the expensive pointy end. According to the the 2014 Banking Landscape Report, business checking accounts are 115 percent more expensive than personal online checking accounts, offer 72 percent lower interest rates and have 42 percent fewer features. In short, they cost more, do less and generate less money over time. If the situation as described by the study seems grim, it did offer a ray of hope--these figures for Q3 2014 were better than both the Q1 and Q2 results.
The WalletHub study further found that, by cost, student checking accounts were the best value, but they offered far fewer features than other accounts. Credit Unions, as expected, on the whole offered lower fees than their large bank competitors. Credit Unions also lead for value on savings accounts, offering on average 6 times as much interest as their large bank counterparts.
The highest possible interest rates available for users on online personal savings accounts.
