Banking is more than just a place to house your money. It's an integral piece of running a business. But choosing the right bank can be intimidating. With the recent issues surrounding the resolution of Silicon Valley Bank, it is becoming increasingly evident that it is paramount to choose the right bank that will meet your needs and, more importantly, protect your business from the potential of financial downfall.

Below you will find a list of the current top 7 business banks in the world:

Capital One 360

Capital One 360 is considered one of the best online business banks because of its low-fee business checking account, the easy application process, and broad support. Other advantages can include unlimited fee-free transactions, a diverse ATM network including MoneyPass and Allpoint ATMs, and a full suite of business services. A drawback for some however could be their requirement of a $250 minimum opening deposit.

JPMorgan Chase

JP Morgan Chase, a leading business bank, offers various products and services to help businesses succeed. JPMorgan Chase attracts many business owners because of its unlimited fee-free transactions and integrated credit card processing. New business owners would also be happy to know that the bank does not require a minimum opening deposit amount and rewards their new customers with a welcome bonus when they open a business account.

HSBC

One of the U.K.'s top four big banks, HSBC offers business banking for startups, new businesses, existing and larger institutions or organizations. The bank provides a wide range of business account types, offers tailored benefits for startups and new clients, as well as unique integration with accounting software. One of the downsides however, is that after a certain period, their monthly charges and transaction fees can be pricey.

Bank of America

With offerings of unlimited fee-free electronic transactions, fair cash deposit limits, and three different ways to open an account, it is no surprise that Bank of America is up there with the top bank giants of the world. Business account holders have access to 16,000 Bank of America ATMs and 4,200 branch locations across the U.S. Users also have access to their Business Advantage 360 online banking platform, featuring mobile banking, integrated cash-flow monitoring tools, bill pay, and mobile check deposits.

Barclays

An online U.S. subsidiary of Barclays PLC, it is most well-known for its competitive interest rates on deposit accounts and co-branded credit cards, enabling clients to earn cash back and other rewards. A proud sponsor of the Cambridgeshire Live Business Awards for 2023, it is clear that they truly support the business community. You'd also be pleased to know that Barclays Corporate Banking helps businesses with a turnover of over £6.5m annually.

CitiBank

CitiBank, one of the largest financial institutions in the world, serves more than 200 million customers in 160 countries and offers four business checking account options under their CitiBusiness brand. Some prominent features include debit cards for business owners and employees, security and fraud protection, overdraft protection, and more. Best suited for larger businesses who are able to meet a minimum monthly balance to avoid monthly charges.

Banco Santander (SAN)

Headquartered in Madrid, Spain, this multinational bank operates in more than ten countries. The bank offers various products and services, such as retail and commercial banking, investment banking, asset management, and insurance. The bank serves small, medium-sized, and large enterprises and corporations. Businesses would also be pleased to know that Santander has a well-known reputation for their strong presence and success in asset management and insurance.

Banking in the “Global South”?

Banks in the U.S. and Europe remained global favorites for decades. However, with so much talk of a new currency among BRICS nations, people are paying attention. The fact remains that their combined GDP compared to that of the United States and European Union, the BRICS nations still lag behind. However, the West has a lot of debt. When it comes to liquidity requirements, there are other nations with a more prudent approach. For example, the Governor of the Central Bank of Belize, Kareem Michael, and the President of Caye International Bank, Luigi Wewege met in Panama - where it was affirmed that liquidity requirements for banks in Belize will remain 24%, which is much higher than that of the U.S. and many European nations.

Make the Right Choice

Deciding on which bank to trust with the livelihood of your business can be an intimidating task, and so it is advised to do your research and make a pros and cons list before taking that next big step. The list above could serve as a guide on which banks would most likely benefit you and your businesses prosperity. But remember, the decisions you make today, can impact the outcomes of tomorrow. Choose wisely.