Suntrust business account review: The only guide you need

Suntrust has branches across 11 states in the south-east of the US, as well as Washington, DC.¹ If you’re in the Suntrust service area and looking for a business bank account, you might be considering a Suntrust small business checking account or one of their specialist products. There’s a range of accounts available, from products for smaller businesses with relatively simple checking needs, through to accounts which suit established companies with high turnover and transaction volumes.

This helpful guide covers the main Suntrust small business account options, the fees and charges, and how to apply for your own account. We’ll also look at an alternative as a comparison — the Wise multi-currency borderless business account.

Suntrust business checking accounts

Suntrust accounts cover a range of options, including business checking accounts which come with lower monthly fees, but have a more limited variety of services included in the package. These might be perfect for start up companies and entrepreneurs who are just getting their business off the ground. If you want a business checking account which does more, there are also pricier account products which come with more perks and features. Here’s a run down of the options:¹

Simple Business Checking

This account type is designed for businesses which have a lower turnover, and need a fairly small number of transactions per month. The monthly fee of $5 is waived for the first 12 months the account is open, and you can avoid paying it after that by hitting a minimum number of transactions per month. There’s also a fee for receiving paper statements, waived if you sign up to use the online banking options available.

Suntrust Primary Business Checking

The Primary Business Checking account is a step up from the entry level Simple Business Checking account. There’s a monthly fee of $15, waived for the first 2 months the account is open. Following that opening offer, you won’t pay the maintenance fee if you have a minimum balance of $1,000 in your account. With this account you can carry out 150 transactions a month, fee free.

Suntrust Business Advantage Plus Checking

This product is a good fit for businesses which have a higher average balance, and need to make more frequent transactions. The monthly maintenance fee of $25 is waived for the first 2 months, and can then be avoided with a minimum balance of $20,000. This balance can be held over several eligible Suntrust accounts. You’ll get a healthy 500 transactions per month for free.

Analyzed Business Checking

The Analyzed Business Checking account is a more specialist product, which may suit medium to large sized companies with complex banking needs. The account doesn’t have minimum balances or a fixed number of transactions included in the maintenance fee, so you can treat it as an a la carte option and make it fit the needs of your business.

Analyzed Interest Checking

This account has a monthly maintenance fee of $50,² and allows you to earn interest to offset fees and earn money from your eligible balances. There is a relatively low price per transaction compared to other account products, but you’ll not receive any free transactions as part of the monthly maintenance fee.

Suntrust also offer a few highly specialist options, including accounts for lawyers and those handling public funds. Full details of these products can be found online, or by visiting your local branch.

If you’re looking for an alternative account for your business, we’ll also talk about a new type of multi-currency account, designed for business customers, in a moment - the Transferwise borderless business account. Read on for more.

How to choose the best bank account for your business

You’ve probably already realised, there are many different account types out there - so how do you know which account is right for you?

A smart place to start is by looking at the eligibility requirements for different banks and account providers. Some banks, for example, will only offer accounts to businesses registered locally, and may limit their products to certain states.

Once you’ve confirmed your business would be eligible for an account with the provider you’ve selected, you can move onto checking the fees and limits applied to their accounts.

Many business accounts have a monthly maintenance fee, and also list charges for transactions such as depositing cash, sending or receiving domestic wires and international payments. It’s common for banks to waive the monthly maintenance fee as an opening offer, or subject to hitting certain criteria such as holding a minimum average balance.

Check what is on offer for the cost of the monthly fee. Many accounts give a fixed

number of transactions and cash deposits fee free as part of this charge. However, if you exceed this number of transactions there will be a fee per transaction. For Suntrust, this ranges from $0.20 - $0.50 for simple transactions, and $3 per $1,000 deposited above the maximum covered by your normal fee.

This charging structure makes it important to think carefully about how you’re likely to use your business bank account. If you have one of the more basic account types with only a small number of free transactions covered in the package — but make a high number of transactions in a month, the costs can mount up quickly. Matching the account perks to your needs will make your day-to-day business banking easier and cheaper, too.

Another cost which is often underestimated by business owners, is international transfers and currency conversion. This matters if you buy inventory from suppliers based abroad, or your customers or employees are overseas.

It’s common for banks to use an exchange rate markup on top of the mid-market rate for currency conversion, as well as any upfront administration fee you’ll pay for international payments. If you’re paying salaries for staff based abroad, or need to repatriate your overseas profits, you might be surprised by how much this can cost you.

If you want to compare Suntrust with a modern alternative, it’s worth looking at the Wise borderless account for business.

Open your borderless account online for free, and manage your money on the go using an app. You can also keep over 40 different currencies in the account, with no monthly fee or minimum balance to worry about. International payments use the mid-market rate and there’s just a small fee to pay. You’ll also get your own local bank details for the US, Australia, New Zealand, the UK and the euro area, to get payments for free in these major currencies.

Intrigued? Here’s how the Wise borderless account compares to business accounts from Suntrust:

	Suntrust	Wise
Monthly maintenance fee	$5 - $50	Free
Minimum monthly average balance to waive maintenance fee	$0 - $20,000	No minimum balance
Transaction charges	A fixed number of transactions may be offered for free as part of the account package. After that, simple transactions cost $0.20 – $0.50 each. There is also a fee for cash deposits above the amount covered by the account package you choose.	Receiving money in US, Australian or New Zealand dollars, euros, or British pounds — Free Sending money to an account held in a different currency — low upfront fee, no exchange rate markup Withdrawing money to an account without currency exchange — low upfront fee

What do I need to open a business account with Suntrust?

Depending on the account your choose, and the type of business you run, you might be able to open your Suntrust small business checking account online. You’ll first need to gather some documents, including:¹

• Your business name, address and tax ID details
• Documents showing your business date and state of formation
• Evidence of your annual revenue and source of funds, as well as a summary of your business activities and the purpose of the account
• Business documentation including filing documents and organizing documents ( if the documentation is not located on Secretary of State website )
• Identifying information for all business owners with a stake of at least 10%

To get your account open, you’ll need to head to the Suntrust website and start the process online, following the prompts on screen. Some customers might be able to finish the process online, but if you need to provide any additional details or documents, you may need to visit a branch to complete your application.

Suntrust business account fees

Suntrust business accounts vary in terms of the features and fees they offer. Pick the one which suits your business best, to save yourself money in the long term. The key costs and limits include:¹ ²

Fee or limit type	Suntrust business account costs
Included monthly transactions	0 – 500 depending on the account
Included monthly currency deposits	0 – $10,000
Minimum average balance to waive monthly maintenance fee	$0 – $20,000 depending on the account
Monthly maintenance fee	$0 – $50 depending on the account

Breakdown of Suntrust business accounts

Not sure which account might suit your needs? Here’s a run through the most common business accounts offered, including the fees and limits you need to know about.¹ ²

Simple Business Checking

Suntrust recommends this account for smaller businesses and those just starting out. The fees are relatively low, and the monthly maintenance fee is waived for the first 12 months the account is open.

Fee or limit type	Simple Business Checking Account
Included monthly transactions	50 $0.50 per transaction above that amount
Included monthly cash deposits	$2,000 $3 per $1,000 deposited above that amount
How to waive monthly maintenance fee	Monthly fee is not applied for the first 12 months the account is operational. Waive the monthly maintenance fee after that by carrying out at least 5 transactions per month.
Monthly maintenance fee	$5 + $3 for paper statements Paper statement fee is waived if you sign up for online banking

Suntrust Primary Business Checking

If your business is slightly larger, or you need a higher volume of cash deposits per month, this could be the account for you.

Fee or limit type	Suntrust Primary Business Checking Account
Included monthly transactions	150 $0.50 per transaction above that amount
Included monthly cash deposits	$5,000 $3 per $1,000 deposited above that amount
Minimum daily opening balance to waive monthly maintenance fee	$1,000
Monthly maintenance fee	$15 waived for 2 months after opening

Suntrust Business Advantage Plus Checking

This account is aimed at companies with a higher average balance and more transactions every month. Although the fee is higher than the other products, there are more free transactions per statement cycle, too.

Fee or limit type	Suntrust Business Advantage Plus Checking Account
Included monthly transactions	500 $0.50 per transaction above that amount
Included monthly currency deposits	$10,000 $3 per $1,000 deposited above that amount
Minimum daily opening balance to waive monthly maintenance fee	$20,000 across 3 eligible Suntrust accounts
Monthly maintenance fee	$25 — waived for 2 months after opening

Analyzed Business Checking

The Analyzed Business Checking account is unlike the small business checking accounts highlighted above. Instead of offering a number of transactions as part of the maintenance fee, it is an a la carte account, which has a per-transaction cost with no volume limitations.

Fee or limit type	Analyzed Business Checking Account
Included monthly transactions	N/A $1 per deposit fee$0.20 per item paid
Included monthly currency deposits	N/A $3 per $1,000 cash deposit fee
Minimum balance to waive monthly maintenance fee	N/A
Monthly maintenance fee	$25

Analyzed Interest Checking

This account is aimed at larger businesses with higher average balances, and offers interest and credit allowances on balance held within the account.

Fee or limit type	Analyzed Interest Checking Account
Included monthly transactions	N/A $1 per deposit fee$0.20 per item paid
Included monthly currency deposits	N/A $3 per $1,000 cash deposit fee
Minimum balance to waive monthly maintenance fee	N/A
Monthly maintenance fee	$50

An alternative to Suntrust business checking accounts — Wise Business

If you’re just starting to research the options for your small business checking account, you might be feeling a little overwhelmed. There are many options out there, so you need to look at different providers and products to find the right one for you. The good news is, that a bit of homework can really pay off and make sure you find the perfect account for your needs

Don’t forget to look at modern account types as well as those from traditional banks. The Wise borderless account for business is a good place to start. Hold your money in any of dozens of different currencies with this smart new account type, and send and receive payments around the world using the mid-market exchange rate. You can also create and send your invoices by using our downloadable free invoice templates, and use our balance sheet template, profit and loss statement template, cash flow statement template or an independent constractor agreement template.

Going borderless can also save you time, as you’ll be able to integrate your Wise account with Xero, make batch payments, and automate payments and workflow using the Wise API.

See if the Wise borderless account can save your business both time and money, so you’re free to do what you do best — please your customers, and grow your company profits.

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Sources:

1. https://www.suntrust.com/small-business-banking/business-banking/compare-business-checking

2. https://www.suntrust.com/content/dam/suntrust/us/en/small-business/2017/documents/business-accounts-fee-schedule-fe.pdf

3. https://newaccount.suntrust.com/NAC/Common/Start?%20Product=Simple%20BusinessChecking&Product=Simple%20Business%20Checking

All sources checked 14 May 2019