Find The Best Business Checking Account For You

Hey there, entrepreneur! If you’re reading this, you’ve probably embarked on the exciting journey of running a business, and a huge part of that is keeping your finances organized. With that, have you ever thought about the checking account your business uses? It’s kind of like choosing the best shoes for a marathon. The right choice can make all the difference.  

Lucky for you, we have two great options that make managing your business finances as simple as possible and allow you to earn on your balance or get cashback on your debit card transactions—Choice and Premier checking. But what’s the difference, and which is best for your business? Let’s compare the two. 

Why Business Checking?  

While using your personal bank account for business expenses might seem convenient initially, it can quickly become a juggling act. To ensure the utmost security and control over your finances, we strongly recommend opening a dedicated business bank account. Now, let’s explore why our Choice and Premium checking accounts are the ideal solutions for your business. 

How Do Business Checking Accounts Work?  

Both Business Choice and Premier Checking work like a standard checking account. You can deposit and withdraw money, pay bills, enjoy the ease of a debit card, write checks, and more, but depending on how you use the account, you can choose between either earning on your balance or earning cash back when you use your debit card. 

Business Checking Account Options

Arkansas Federal offers two types of business checking accounts. Our choice and premier accounts offer different benefits based on your needs.

First, let’s talk about the similarities. With both accounts, you can enjoy:

• Low Opening Deposit. With just $100, you can open an account.  
• $0 Minimum Balance Requirements. There are no minimum balance requirements to worry about.  
• Earn Each Month. You can enjoy earnings on your balance or cash back automatically deposited monthly into your account.  
• Federally Insured Funds. The NCUA federally insures all deposit accounts up to $250,000 per depositor. 
• Easy Deposits. Conveniently deposit checks via Remote Deposit Capture without visiting a branch.
• 24/7 Account Access. Manage your business account anytime with convenient online bill pay and online wires² using digital banking.  
• Manage Cards. With My Cards, you can quickly turn your business cards (debit and credit) on and off, set spending limits, receive text alerts, and more.  
• Access to Positive Pay. With either account, you can access Positive Pay, our fraud mitigation service that helps mitigate risk, reduce losses, and increase account security.

Now, let’s tackle the differences. With Business Choice Checking, you’ll earn unlimited cash back every time you use your debit card—earning 10¢ for each transaction of $5 or more.³ While Business Premier Checking offers an impressive monthly earning rate as high as 2.50% APY⁴ on your balance. 

So, earn on your balance or get cash back? Lower balances with active debit card users can earn more with Business Choice Checking, while higher balances will benefit from Business Premier Checking. To help decide which one might be best for your business, here’s a comparison: 

Premier Checking (Earns on Balance)

Average Balance	Return Rate	Avg. Monthly Earnings7	Avg. Yearly Earnings7
$250,000 Balance	2.50% APY3	$521	$6,250
$50,000 Balance	1.75% APY3	$73	$875
$5,000 Balance	1.00% APY3	$4	$50

Choice Checking (Cash Back with Debit Card Swipes) 

Debit Card Swipes	Return Rate	Avg. Monthly Earnings7	Avg. Yearly Earnings7
80 Transactions Per Month	10¢ Per Transaction3	$8	$96
50 Transactions Per Month	10¢ Per Transaction3	$5	$60
30 Transactions Per Month	10¢ Per Transaction3	$3	$36

Ready to Get Started?  

Reach out to your local branch or schedule an appointment to start earning today!