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Best business bank accounts for interior designers

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Updated on:
April 30, 2023
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What does it mean to find a truly 'great' bank? Is it the level of customer service, the convenience of online banking, or perhaps the rates and fees associated with their accounts? Partially, yes – but it's also about finding a bank that caters to your unique needs. 

A mega-corporation, for instance, is going to have drastically different banking needs than an interior designer or architect. As a creative professional, the last thing you want is to be stuck with a generic bank that doesn't understand your industry's specific demands. 

That’s why we’ve compiled this list of the best banks for architects and interior designers – so you can rest assured that your financial institution has got your back. Keep reading as we deep-dive into:

  • The Ins and Outs of Architect and Interior Design Finances
  • Our Picks for the Best Banks for Architects and Interior Designers 
  • How To Browse For Banks

 Ready to find your perfect match? Let’s get to it.

The ins and outs of architect and interior design finances

As an architect or interior designer, you're not just a creative professional; you are also a business owner. Your finances involve more than just personal banking needs, which is why it's crucial to find a bank that understands the specific demands of your industry. 

In this section, we'll explore some common financial aspects unique to architects and interior designers so that you can better navigate your banking options.

Project-based income

One significant aspect of architect and interior design finances is the project-based nature of their income. Unlike salaried employees with consistent paychecks, architects and designers receive payments as projects are completed or milestones are reached. This irregular cash flow can make budgeting for expenses and managing savings more challenging than in other professions.

Business expenses

Architects and interior designers have various business-related expenses such as drafting tools, software subscriptions like AutoCAD or SketchUp Pro, office space rent, marketing materials (including website maintenance), insurance premiums for professional liability coverage, travel costs for client consultations or site visits – the list goes on! 

A bank familiar with these types of expenditures will likely offer tailored solutions like low-fee business accounts designed specifically for professionals in your field.

Taxes and deductions

Understanding tax requirements is essential when managing personal and business finances effectively. Architects and interior designers often qualify for numerous tax deductions related to their profession – from home offices to continuing education expenses. Having a bank that understands these nuances can help ensure you take full advantage of all available deductions while staying compliant with tax regulations.

Retirement planning

While traditional retirement plans might be suitable for salaried workers in large corporations who enjoy employer-sponsored benefits packages (like 401(k)s), they may not always cater well to self-employed professionals like architects or interior designers who need flexible savings options tailored explicitly toward them.

Invoicing and cash flow management

Managing invoices efficiently is critical when dealing with irregular income streams, as late or unpaid invoices can significantly impact your cash flow. A bank that offers integrated invoicing and payment processing solutions could make managing your business finances a whole lot easier.

Benefits of an integrated banking solution for architects and interior designers

In the fast-paced world of architecture and interior design, managing finances can be a challenging task. With irregular cash flows, project-based incomes, and various business expenses to consider, it's crucial to find a banking solution that caters specifically to your industry needs. This is where our integrated banking solution comes into play.

At Bonsai, we offer numerous benefits designed specifically for architects and interior designers:

All-in-One Finance Management: Our comprehensive platform covers all aspects of running your business – from income management to expense tracking – making it easier than ever before to stay on top of your financials.

Simple & Secure: With no hidden fees or minimum requirements, our banking solution is FDIC insured up to $250K, ensuring you have peace of mind when managing your finances.

Automatic Budgeting: Optimize your income by splitting it into different sub-accounts for taxes, savings, bills, and more – helping you better manage cash flow while maximizing savings potential.

Expense Management: Categorize card spending with ease and upload receipts directly onto our platform. Simplify your accounting processes during tax season while keeping track of deductible expenses efficiently.

Flexible Payment Options: Use physical cards, virtual cards, or Apple Wallet for in-store or online purchases. You can provide evidence wherever you go!

Auto-Pilot Envelope System: You can automatically allocate funds into envelopes designated for specific purposes (e.g., office supplies) every time you receive payment – ensuring proper budget allocation without manual intervention required regularly.

End-to-End Expense Tracking: Expenses incurred using the Bonsai card are automatically tracked and categorized; plus tax write-offs are calculated upfront. Your business accounting has never been easier. 

Bonsai as your go-to integrated solution

As an architect or interior designer seeking a reliable integrated banking solution tailored specifically to your business needs, look no further than Bonsai. From time tracking and contract management tools to exceptional customer support, we've got you covered.

By partnering with us, you can streamline financial management processes while maximizing efficiency and savings potential – effectively taking the stress out of managing your business's finances.

Explore our vast array of features today and experience firsthand how Bonsai can revolutionize the way you manage your architecture or interior design business.

Start a free trial with us today!

Our picks for the rest of the best banks for architects and interior designers

Finding the perfect bank to cater to your unique financial needs as an architect or interior designer can be a daunting task. That's why we've done the research and narrowed down two top picks that offer specialized services, competitive rates, and excellent customer support tailored to small businesses like yours.

1. Wells Fargo

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Wells Fargo is a leading American multinational financial services company known for its specialization in small-business banking. With a range of services designed specifically for businesses, it has become one of the most popular choices among architects and interior designers.

Key features include business banking services such as loans, lines of credit, merchant services, online banking tools, an extensive ATM network, 24 and 7 customer service support, and debit cards with rewards programs – all wrapped up within fee-free business accounts guided by knowledgeable business financial advisors.

While Wells Fargo offers many benefits, such as convenient access to funding and strong customer service support; they do have some drawbacks, including high fees on certain transactions (like wire transfers) that may make them more expensive compared to other banks.

  • Monthly maintenance and service fee: Starts at $5 (waivable)
  • Minimum opening deposit: $25
  • Basic checking account monthly fee: $10 (waivable)

2. Bank of America

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Bank of America earns its place among our top picks thanks to being one of Small Business Administration's preferred lenders, offering tailored solutions perfect for smaller-scale operations like architecture and design firms.

Their key offerings comprise merchant services catering towards mobile payments and online solutions; diverse loan options; multiple checking and savings accounts; small business insurance options; cash management tools – all backed by priority customer service, ensuring that your queries are addressed efficiently.

Some cons associated with Bank of America include potentially challenging minimum balance requirements on specific accounts along with high transaction fees in certain cases. Also worth noting is their limited branch locations in some areas, which might affect accessibility depending on where you're situated.

  • Monthly service fee: $10 (waivable)
  • Minimum opening deposit: $100
  • Basic checking account monthly fee: Starts at $16 (waivable)

3. Capital One

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Capital One is an excellent choice for small businesses looking for an online-centric banking experience. They provide competitive interest rates on loans, cash management accounts, and merchant services designed specifically for small business owners. Their mobile app allows you to manage your finances from anywhere at any time effortlessly.

Other features include Capital One Shopping – a cash-back rewards program, cash flow management tools to track spending effectively, overdraft coverage for qualified businesses, and free CreditWise app monitoring credit scores; all bundled with zero liability protection against unauthorized purchases.

While Capital One offers many advantages like a user-friendly mobile app and tailored interest rates on loans and merchant services, the limited physical branches might affect in-person assistance needs; potentially high monthly fees could be challenging to waive.

  • Monthly service fee (Capital One Business Advantage Savings account): $3 (waivable)
  • Minimum opening deposit: $250
  • Basic checking monthly service fee: $15 (waivable)

4. JPMorgan Chase Bank

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Chase, best known for its robust reward system for credit cards and personal banking products, is the largest US bank featuring more than 5,000 branches and 16,000 ATMs nationwide. Small business owners are drawn to Chase due to their low fees on checking accounts and access to online services like bill pay and payroll solutions.

Other features include earning interest on deposit accounts; loyalty programs with waived monthly service fees; FDIC-insured deposits; a rewards system offering points redeemable towards travel or other purchases.

Pros of choosing Chase include a wide variety of banking products tailored specifically for small businesses, access to an extensive network of branches and ATMs across the nation, and competitive interest rates. 

However, there are potential difficulties in qualifying for rewards and loyalty programs along with possibly high monthly fees that could be challenging for certain small businesses.

  • Monthly service fee: $10 (waivable)
  • Minimum opening deposit: $25
  • Basic checking account monthly fee: $15 (waivable)

5. U.S. Bank

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Ranked 150 on the Fortune 500 list, U.S. Bank is the fifth-largest bank in America, known for providing a wide array of banking products tailored to small business owners like yourself.

Key features include equipment financing (a boon for purchasing those expensive tools), business lines of credit covering short-term cash flow requirements, personalized advice from expert bankers, personal and auto loans, and an extensive range of loan types and credit card options.

While U.S. Bank offers access to a vast nationwide network of branches and ATMs along with diversified banking products; some cons include potentially high monthly service fees depending on the account type chosen, low-interest rates on savings accounts, or additional fees associated with most bank accounts.

  • Monthly service fee: Free (with a $500 minimum daily balance)
  • Basic checking account monthly fee: Free (for first 125 transactions; $0.50 per transaction thereafter)
  • Minimum opening deposit: $100

6. Axos Bank

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Axos Bank sets itself apart as a digital-first banking platform founded in 2000 that provides full-service banking solutions to customers all over the United States.

Some notable features include modern and intuitive app-based digital banking access from anywhere globally; competitive savings account rates and high-yield CDs; zero lender fees on mortgages; an exclusive $200 bonus offered to new business owners – all coupled with Evo's virtual assistant delivering personalized advice at your fingertips!

Pros encompass decent APYs on savings accounts and CDs alongside interest earned through checking accounts – however, bear in mind potential drawbacks such as comparatively lower CD rates than competitors' offerings or high minimum opening deposits required to get started.

  • Monthly service fee: Free
  • Basic checking account monthly fee: Free
  • Minimum opening deposit: $1,000

7. Huntington Bancshares

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Huntington Bancshares is the 26th largest bank in the United States and has earned a place on Forbes' America's Best Large Employers list, solidifying its reputation as a trusted and reputable banking choice for architects and interior designers.

With easy-to-use digital banking tools, comprehensive cash management services, business credit cards offering low-interest rates, rewards programs, and various loan types such as term loans, lines of credit, and equipment financing – Huntington strives to cater to your professional needs while also maintaining community involvement through philanthropic activities.

Take note that this bank only services 11 states with high minimum balances required in some accounts. However, they do offer a whole-day grace period for overdrafts along with maintenance-free basic checking accounts.

  • Monthly service fee: $5 (waivable)
  • Basic checking account monthly fee: Free
  • Minimum opening deposit: $50

8. Live Oak Bank

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Live Oak Bank is an American financial services company specializing in providing small businesses with SBA loans, healthcare financing, and commercial real estate loans. It’s another excellent option for architects and interior designers seeking tailored financial solutions.

Their dedicated customer service teams work hand-in-hand with customers using online banking tools designed to manage their accounts efficiently while enjoying highly competitive loan rates befitting small businesses.

However, there are some limitations like no physical locations outside North Carolina where it's based or ATM access and debit card provisions which might affect your decision-making process when choosing this particular bank. Nevertheless, their competitive 4% APY on business checking accounts coupled with maintenance-free plans make them worth considering if you can adapt to these restrictions.

  • Monthly service fee: $0 (transaction fees may apply)
  • Basic checking account monthly fee: Free
  • Minimum opening deposit: Free

Comparing banks and finding the best fit for your needs

As an architect or interior designer, your banking needs are unique, and finding a bank that caters to those specific requirements is crucial. In this article, we've introduced you to a range of banks offering tailored services for small businesses like yours. Here's how they compare and which options might be best suited for different needs:

1. Wells Fargo: With its specialization in small business banking and wide range of services, Wells Fargo is ideal if you're looking for comprehensive financial support with strong customer service.

2. Bank of America: As one of the Small Business Administration's preferred lenders, Bank of America excels at providing diverse loan options along with competitive interest rates on loans and products – making it suitable if you need customized funding solutions.

3. Huntington Bancshares: If community involvement and philanthropic activities matter to you alongside easy-to-use digital banking tools, consider Huntington Bancshares; however, note their limited presence in only 11 states.

4. Live Oak Bank: For architects and interior designers who prefer online-centric financial institutions specializing in SBA loans, healthcare financing, and commercial real estate loans, Live Oak Bank could be the right choice – as long as not having physical branches outside North Carolina isn't a drawback.

5. Capital One: If you're seeking an online-centric banking experience with user-friendly mobile apps and tailored interest rates on loans and merchant services, Capital One might be the perfect fit. However, the limited physical branches could affect in-person assistance needs.

6. JPMorgan Chase Bank: With a robust rewards system and extensive network of branches and ATMs across the nation, Chase is suitable for those looking to access various banking products tailored specifically for small businesses while enjoying competitive interest rates.

7. U.S. Bank: As one of America's largest banks, U.S. Bank offers diversified banking products and access to an extensive nationwide network – making it ideal if you require equipment financing or personalized advice from expert bankers.

8. Axos Bank: This digital-first banking platform could be the right choice for those who prefer a modern, app-based banking experience with competitive savings account rates and high-yield CDs. However, keep in mind the comparatively lower CD rates and high minimum opening deposits.

Remember that there's no one-size-fits-all solution; take your time exploring these choices before settling on a financial institution that supports both your personal and professional goals seamlessly!

How to browse for banks

Finding the right bank to cater to your unique needs as an architect or interior designer is a critical step towards ensuring smooth financial management for your business. In this section, we'll walk you through a detailed process of how to browse banks so that you can make an informed decision when selecting the perfect financial institution.

Research bank reputations

When browsing for banks, start by researching each bank's reputation in terms of customer satisfaction, trustworthiness, and overall stability. 

Read online reviews from other architects and designers who have worked with these institutions, and check their ratings on independent review sites like Trustpilot or Better Business Bureau (BBB). You can also ask colleagues or peers within your industry if they have any recommendations based on personal experiences.

Explore services and offerings

Once you've shortlisted potential banks based on their reputation, delve deeper into their services and offerings tailored specifically for small businesses like yours. 

Analyze each bank's loan products, cash management tools, credit card options with rewards programs, savings and checking account options, and interest rates. Comparing them side by side will help identify which one offers the best balance between quality services and competitive pricing.

Test mobile app and online banking quality

As digital banking becomes increasingly prevalent in today's fast-paced world; it’s crucial to choose a bank that provides user-friendly mobile apps and seamless online banking solutions allowing easy access to manage finances anytime from anywhere securely. 

Download each bank’s app onto your device(s) to test interface intuitiveness. Check out the features offered, such as bill payments and transfer capabilities and invoice processing tools, etc., before making any commitments.

Test customer service quality

Customer service plays a vital role in determining which banking partner is right for you – especially during times of need or emergencies when prompt assistance matters most! 

Reach out via phone and email and chat support channels provided by each institution gauging response time and the efficiency and knowledgeability of representatives assisting you. Additionally, find out if the bank offers any priority customer service or dedicated account managers for small businesses like yours.

Compare fee structures

Fees and charges associated with different banking products and services can vary significantly among institutions. Therefore, it's essential to compare fee structures laid out by each bank when browsing. 

Look into monthly maintenance fees, transaction costs and limits, wire transfer fees, overdraft protection charges, etc., as these could impact your business finances in the long run; some banks may even offer waivers on specific fees based on meeting certain criteria or maintaining minimum balances within accounts.

Analyze branch and ATM network accessibility

If having access to physical branches and ATMs is important for your business operations (for cash deposits and withdrawals and client meetings), consider each bank's branch location's proximity to your offices and workspace. You’ll also want to check out their overall network size catering to nationwide and global reach requirements that might arise while traveling onsite projects and consultations.

Evaluate additional perks and benefits

While analyzing various banks' offerings, don't forget to look into additional perks and benefits they might provide. They might include free financial consulting services, personalized tax advice from experts, or exclusive discounts and promotions. 

These are usually available through partnerships with other companies; see if there are any relevant towards architects' and designers’ day-to-day working needs (e.g., software subscriptions and discounts at retail stores).

Consider scalability and future growth

Last but most importantly: when choosing a banking partner, think about how well-suited they are towards supporting future growth plans and expansion strategies envisioned for your architecture and design firm down the line

This includes assessing whether they're equipped providing increased credit limits and funding options flexibly adapting alongside evolving requirements over time.

With these aspects in mind, as you search, you'll be better positioned to make an informed choice. 

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