If you are looking for a business bank account that offers low fees, high interest rates, and online convenience, you may want to consider NBKC Business Banking. NBKC is an online bank that provides checking, savings, money market, and CD accounts for small businesses. In this article, we will review the features, benefits, and drawbacks of NBKC Business Banking in 2023.
What is NBKC Business Banking?
NBKC Business Banking is a suite of products and services offered by NBKC Bank, a federally chartered bank headquartered in Kansas City, Missouri. NBKC Bank was founded in 1999 and has four branch locations in the Kansas City area. However, most of its banking operations are conducted online, making it accessible to customers nationwide.
NBKC Business Banking includes the following products:
- NBKC Business Checking Account: A free checking account that pays 1.50% APY on all balances, with no minimum deposit or balance requirements. The account comes with a debit MasterCard, online bill pay, savings goal trackers, and the ability to link external accounts. There are no monthly service fees, overdraft fees, foreign transaction fees, or incoming domestic wire fees. The only fees are $5 for outgoing domestic wires and $45 for incoming or outgoing international wires.
- NBKC Business Money Market Account: A free money market account that pays 2.00% APY on all balances, with no minimum deposit or balance requirements. The account comes with a debit MasterCard and the same features as the checking account. There are no monthly service fees or transaction limits.
- NBKC Business CD: A certificate of deposit that pays competitive rates on certain term lengths, ranging from 0.10% to 4.50% APY. The minimum deposit is $1,000 and the terms range from three months to five years. There are no monthly service fees or early withdrawal penalties.
- NBKC Business Loans: A lending service that offers business loans to qualified customers in the Kansas City area. The loans can be used for various purposes, such as equipment financing, inventory financing, working capital, or debt consolidation. The loan amounts range from $25,000 to $5 million and the terms range from one to seven years. The interest rates vary depending on the loan type and creditworthiness of the borrower.
What are the benefits of NBKC Business Banking?
NBKC Business Banking offers several benefits to small business owners who are looking for a simple and convenient way to manage their finances. Some of the benefits are:
- Low fees: NBKC Business Banking charges few fees compared to other business banks. For example, there are no monthly service fees, overdraft fees, foreign transaction fees, or incoming domestic wire fees for the checking and money market accounts. This can save you a lot of money in the long run.
- High interest rates: NBKC Business Banking pays attractive interest rates on its checking, money market, and CD accounts. For example, the checking account pays 1.50% APY on all balances, which is much higher than the national average of 0.06% APY for business checking accounts. The money market account pays 2.00% APY on all balances, which is also higher than the national average of 0.09% APY for business money market accounts. The CD rates vary depending on the term length, but some of them are very competitive compared to other banks.
- Online convenience: NBKC Business Banking is designed for online banking, which means you can access your accounts anytime and anywhere through the website or mobile app. You can also use the app to deposit checks, pay bills, transfer funds, set savings goals, and link external accounts. You can also access over 32,000 MoneyPass ATMs nationwide for free and get up to $12 in rebates per month for out-of-network ATM fees.
What are the drawbacks of NBKC Business Banking?
NBKC Business Banking also has some drawbacks that you should be aware of before opening an account. Some of the drawbacks are:
- Limited branch locations: NBKC Bank only has four branch locations in the Kansas City area, which means you may not be able to visit a physical branch if you live elsewhere. This may not be a problem if you are comfortable with online banking, but it may be inconvenient if you need to speak to a banker in person or make a large cash deposit or withdrawal.
- Limited loan availability: NBKC Bank only offers business loans to customers in the Kansas City area, which means you may not be able to get a loan from them if you live elsewhere. This may limit your financing options if you need a business loan for your operations or expansion.
- Low rates on shorter-term CDs: NBKC Bank pays low interest rates on its shorter-term CDs compared to other banks. For example, the three-month CD pays only 0.10% APY, which is lower than the national average of 0.15% APY for three-month CDs. The six-month CD pays only 0.15% APY, which is also lower than the national average of 0.18% APY for six-month CDs. If you are looking for a short-term investment, you may find better rates elsewhere.
Is NBKC Business Banking right for you?
NBKC Business Banking may be right for you if you are looking for a free and convenient way to manage your business finances online. You can enjoy low fees, high interest rates, and online features that make banking easy and hassle-free. However, if you need a physical branch location or a business loan outside of the Kansas City area, you may want to look for other options.
NBKC Business Banking is one of the best online business banks in 2023, according to Business Insider. If you are interested in opening an account with them, you can do so online in as little as five minutes. You will need to provide some basic information, such as your name, address, Social Security number, and government-issued ID. You will also need to provide some information about your business, such as your business name, address, tax ID number, and industry.
NBKC Business Banking is a great option for small business owners who value simplicity and convenience. If you want to learn more about NBKC Business Banking or apply for an account, you can visit their website or call their customer service at 1-888-905-2165.
