Had to pick between a credit union and a big bank for my small business account

I run a little landscaping side hustle and needed a business account. My local credit union in Phoenix offered zero fees and a 1.5% interest rate on balances, but their app looked like it was from 2005. The big national bank had a slick mobile app and a branch near my house, but they wanted a $12 monthly fee and a minimum balance of $1,500. I went with the credit union cause I hate monthly fees eating my profit. Now I'm stuck depositing checks through a clunky app that takes 3 days to clear. Anyone else ditch convenience for saving money and end up regretting it?

2 comments

2 Comments

amybarnes17d ago

Made the exact same call with my landscaping money and I get it. That waiting period on mobile deposits is brutal when you need cash flow for supplies or paying a helper. The app on my credit union freezes up half the time when I try to snap a photo of a check too. Still, I keep telling myself that $12 a month adds up to almost 150 bucks a year I'd rather spend on gas for the mower.

smith.ray17d ago

Exactly! That $12 is really $150 you're giving away for zero benefit.