Last week saw a rise in bank lending in the US, indicating a possible steadying of credit conditions in spite of stringent loan standards and elevated borrowing costs.
Lending from commercial banks surged by $10.4 billion, hitting a peak unseen in the past three weeks, as per the seasonally adjusted data released by the Federal Reserve on Friday. In terms of raw figures, loans and leases witnessed a growth of $2.3 billion.
Yet we all know what preceded this good news: The recent collapse of Silicon Valley Bank has caused many to worry about the security of their deposits in other financial institutions, with many bank account holders seeking answers and a sense of security. This is completely understandable, and most certainly makes us all question the fragility of the banks we invest our trust and financial prosperity in. Nonetheless, it remains important to remember that while the failure of one bank can be concerning, most bank deposits are still safe and secure.
How can you be so sure?
When a bank fails, its deposits are typically insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is a government agency that provides insurance for up to $250,000 in deposits, which is held at an FDIC-insured institution. You can thus rest assured that as long as your money is deposited in an FDIC-insured bank, your money is protected. However, not all banks are FDIC-insured, with some providing partial to no coverage at all.
It is therefore advised, before you start depositing your well-earned money into any financial institution, first do your research, and make sure they are adequately insured by the FDIC. Finding the right best bank to help with managing one’s finances can be difficult, but luckily there are five FDIC insured banks which have consistently scored high in customer satisfaction surveys, and offer a wide variety of services that can be tailored to your business.
Now let’s take a closer look at these top 5 banks that stand out from the competition when it comes to providing a quality banking experience.
1. Wells Fargo
Wells Fargo is one of the largest banks in the US, and there is no surprise why when it offers a wide range of customizable business services and an online banking platform designed for ease of use. The banking platform also offers a wide variety of tools to help manage your finances with minimal effort. From small business checking accounts to loans, lines of credit, and cash management solutions, Wells Fargo has something for everyone.
Due to a comprehensive suite of services, Chase stands out from the crowd. Whether you need a loan or just want to open a business account, Chase is ready to help. The bank also offers its users access to advanced digital banking tools that enable mobile check deposits, online bill pay, and other tools geared to make managing your finances cost effective and time-efficient.
3. Bank of America
One of the oldest and largest banks in the US, the Bank of America rivals its competitors with its digital banking platform and expertise. Business account holders would also be pleased to know that this leading financial institution offers its business clients lucrative rewards, such as their Business Advantage Relationship Rewards Program, which includes special features such as interest rate bonuses, discounts, and fee free banking. Sign me up!
A major player in the US banking industry, Citibank is another bank that strives to give their clients the very best. Business account holders have access to high interest rate savings compared to their competitors, and with 34, 000 ATMS and 1,000 branches across the United States, accessing Citibank and its services makes for a truly convenient banking experience.
5. U.S. Bank
A great option for business owners, the U.S. bank offers three primary business checking accounts; Silver, Gold and Platinum, as well as special offerings for high-transaction, high-balance businesses and nonprofit organizations. The flexibility and wide range of account options offered by U.S. Bank most certainly makes this a very attractive bank for businesses seeking a bank that can be tailored to their business needs and goals. Whether you need a loan or just want to open a business account, U.S. Bank has something that will fit your needs.
Find the Right Fit
No matter which bank you choose, make sure it meets your business’s needs and offers the best customer service possible. And if you are new to business ownership, and wanting to open a business banking account in the near future, these banks offer great potential. With the right bank in place, you can be sure that managing your finances will be easier than ever before!