Choosing the best business bank accounts for photographers can seem a trivial task at first glance, but not all banks are the same!

When it comes to business, we all want a place we can feel comfortable storing the money we are bringing in (first and foremost), and of course having an opportunity to receive some special perks and benefits that add value to your company shouldn’t be passed up, either.

Another important factor to consider is just what kind of financial institution you want to be working with in the first place – and we’ll look at the differences between banks and credit unions to help you get clearer on what will be the right fit for your needs.

We compiled a ton of research and personal experience for you below so you can read and decide what works best for you and your business!

So, let’s dive in!

Why Does Your Choice of Bank Even Matter?

The right bank (or credit union, which we will explain shortly) will offer products and services designed specifically for small businesses, just like photographers like us. These include things checking and savings accounts, business loans, lines of credit, and merchant services that cater to your unique financial needs as a photographer. 

The best banks for photographers end up being more cost-effective for us as business owners when they have competitive fees and interest rates, which will save you money in the long run. Some banks, like Wells Fargo, have particularly egregious fees that it makes them impossible to recommend. Institutions that minimize fees on business transactions, provide low-cost banking options, and offer favorable terms on loans and credits are some of the key things to keep an eye out for. 

While this might already sound like a lot…don’t let this overwhelm you!

There are many great banks that offer conveniences that make the general accessibility far greater, such as mobile apps for your day-to-day banking needs and ATMs at optimal locations. Good banks are also going to have solid customer service and support channels that can make the banking experience far less stressful and time consuming. 

When looking for a bank as a photographer, above all – financial trust and stability is what matters most.

Putting even the perks and benefits aside, you’ll want to work with a company that you trust with your financial resources and who will put your needs first. Banks or credit unions with long standing records of good reputation can provide you a peace of mind, and that’s what we looked for in our recommendations. 

Before we dive into the recommendations, we wanted to write a bit about the differences between Banks and Credit Unions. If you have an opportunity to use the latter, it may be a more valuable resource than a traditional bank. 

The Major Differences Between Banks and Credit Unions

Banks and credit unions are both financial institutions that offer similar services such as checking and savings accounts, loans, and credit cards. However, they differ significantly in their structure and purpose.

Banks are for-profit institutions that aim to generate profits for their shareholders. In contrast, credit unions are not-for-profit cooperatives owned by their members. 

Credit unions focus on providing benefits to their members rather than simply maximizing profits. This fundamental difference influences various aspects of their operations and customer experiences.

Depending on your own preferences and desires, the differences here may stand out to you and encourage you to select one over the other.

Here are some of the key benefits of both a bank and a credit union: 

5 Key Benefits of Choosing a Bank

• Accessibility: Banks typically have more branches and ATMs, offering greater convenience for customers.
• Technological Advancements: Banks often have larger budgets for technology, resulting in more advanced online and mobile banking services.
• Range of Services: Banks usually offer a wider variety of financial products and services, including wealth management and investment services.
• Business Services: Banks often provide more comprehensive services for businesses, including commercial loans, merchant services, and treasury management.
• International Presence: Larger banks often operate internationally, which can be beneficial for photographers who travel frequently or have international financial needs.

As photography business owners, selecting a good bank can be simple enough!

5 Key Benefits of Choosing a Credit Union

• Lower Fees: Credit unions generally charge lower fees for services such as account maintenance, overdrafts, and loans.
• Better Interest Rates: Credit unions often offer higher interest rates on savings accounts and lower interest rates on loans and credit cards.
• Member-Oriented Service: As member-owned institutions, credit unions prioritize customer service and member satisfaction, often resulting in more personalized service.
• Community Focus: Credit unions typically have a strong community focus, often providing financial education and community development programs.
• Profit Sharing: Any profits made by credit unions are returned to members in the form of better rates, lower fees, and enhanced services.

Each institution has its own set of advantages that cater to different needs and preferences.

Banks offer extensive services and technological conveniences suitable for a broad audience, including businesses and international travelers.

Credit unions, on the other hand, provide a more member-focused approach with lower costs and a strong community presence, appealing to individuals who value personalized service and community engagement. Not everyone has an opportunity to get into a Credit Union, but if you do, it may prove beneficial to do so. 

Okay, enough info dumping– let’s dive into our recommendations!

Our 7 Recommendations for the Best Business Bank Accounts for Photographers

1. PNC Bank is the one that we, Marshall and Chris, personally use. They offer a unique financial tool, Virtual Wallet, that integrates checking and savings accounts with budgeting tools. Additionally, they offer a wide range of services including banking, investments, and loans, which caters to diverse financial needs. We recommend this one simply because we are used to it have been using it for years. Our local branch has also been incredibly easy to work with on the occasions we’ve needed support from them.
   
2. Bank of America offers widespread physical locations, making in-person banking convenient no matter where you are in the US. Additionally, they provide comprehensive mobile app features that make banking “on the go” smoother and more accessible.
   
3. Chase offers diverse options including banking, credit cards, loans, and investments. They’re particularly well-known for their strong customer support, service quality, and premier credit card options (especially if you’re a traveler who wants free miles).
   
4. Ally Bank is a fully virtual bank with no physical location. While this may seem scary to some, it also ensures a quality online experience. Ally offers competitive rates on savings accounts and CDs, which is appealing to those who are wanting a good savings place to maximize their earnings.
   
5. Capital One provides options like the rest (savings, checking, CDs, credit cards, etc.) with attractive benefits. With Chase being their main competitor, you can expect very similar experiences, but tailored to slightly different needs. Compare their offers (which change over time) with Chase’s and see what fits best for you. One plus is that Capital One doesn’t require a minimum balance on certain accounts.
   
6. Navy Federal Credit Union is one of the largest credit unions in the country and has exclusive membership for those who have family members in the military or are veterans themselves. They offer a wide range of banking services from investments to credit cards and savings accounts, while also providing personalized services and support for the military members globally. Their rates are competitive and their global presence makes traveling easy as their ATMs are worldwide.
   
7. PenFed Credit Union (Pentagon Federal Credit Union) also operates on a membership basis that requires a connection to the military. While like Navy Federal, many of you may not be able to capitalize on this offer, if you can, you will be able to cash in on some great opportunities. They offer competitive rates, diverse financial solutions, and provide accessible services worldwide, just like Navy Federal.

Do you know of any other banks for small business that you’d want to recommend? Share the info with us!

The Importance of Your Local Bank

I want to add a caveat to all of these bank recommendations we’ve provided.

Your personal experiences may vary, and that might just happen because of the people who are working at the local bank you’d be going to work with.

While many of our transactions can be handled online or through a mobile app, when it comes to getting accounts set up and more specific customer service issues, going to meet with someone from your local bank can make things easier (if it’s not actually mandatory as might be the case for opening some accounts).

Conclusion

As stated before, having the right bank for your business can provide a variety of benefits and cost-savings for you and your company’s ventures.

Making sure that you have efficient and well-managed finances is a key to success as a photographer.

If you need help getting more control over your finances, we recommend taking our Financial Management for Photographers online course, where we address topics from budgeting and pricing your services all the way to getting a better grasp on taxes and making your accounting tasks as easy and stress-free as possible.

This course is a part of our larger Business Course Suite for Photographers, which is worth checking out, too!