Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9
Find Your Local Branch
Back
Scroll to top

Bank Accounts for Businesses in South Carolina

Running A Business 10 min read

Ready to talk to an expert?

Find A Location Get In Touch

Do you own a South Carolina business? Are you looking to start one? There are a number of reasons why South Carolina is a great state to do business. And First Bank* is here to provide the bank accounts, tools and services you need to succeed.

The Palmetto State has several First Bank locations – with branches in Anderson, Blacksburg, Charleston, Cheraw, Columbia, Dillon, Florence, Greenville, Greer, Latta, Orangeburg and Rock Hill. We offer a variety of business checking and savings accounts as well as a collection of financial services to help you better mange your business.

Find the First Bank location nearest you, and open a business bank account today.

First Bank Business Checking Accounts in South Carolina

We offer business checking accounts to fit the needs of any business, of any size. Compare the list below to choose the one that best works for your business.

  1. Business Essentials. WalletHub named this account one of the “Best Bank Accounts for Small Businesses” in 2014. Business Essentials is perfect for small businesses or self-employed individuals with small transaction volume.
  2. Business Interest. An upgrade from Business Essentials, this account comes with all the same basic features but allows you to accrue interest.
  3. Community Checking. The perfect account for nonprofit organization and community groups.
  4. Business Advantage. If you’re looking for a fundamental account that allows for higher transaction volume, Business Advantage may be right for you.
  5. Commercial Analysis. Larger businesses have bigger needs and might benefit from our Commercial Analysis. This option comes with custom programs for business needs on top of all the basic features of Business Essentials.

First Bank’s Business Savings Accounts in SC

Our collection of business checkings accounts is complemented by our three business savings accounts. Compare the three options in the list and table below.

  1. Business Savings. With no minimum balance required to start earning interest, our Business Savings account is perfect for small startups looking to find a foothold in the market.
  2. Money Market. More aggressive business owners might look to our Money Market option, which allows for six withdrawals every month free of any First Bank fees.†
  3. Certificates of Deposit.‡ Our FDIC-insured CDs typically come with a guaranteed, fixed interest rate to allow for a higher rate of return.

The Benefits of a Bank Account for SC Businesses

Why use a separate bank account for your business? It turns out, there are a number of very good reasons.

Taxes. Keeping your business and personal finances separate will allow you — and the IRS — to more easily distinguish your business costs from your personal expenses. Filing taxes on behalf of your business will be easier and you’ll have greater protection in the event of an audit.††

Personal asset protection. If a business is tied to a personal bank account, you could risk losing your personal assets too if the business is sued or faces outstanding debt. That could mean property, equity or even your life’s savings.

Why use a business account instead of just a regular personal account?

Customer satisfaction. Customers are given more payment options with a business account, and being able to receive payments will help keep your business afloat. Business accounts allow for debit and credit card transactions, mobile payments and other customer-friendly features that a personal account fails to offer.

Employee satisfaction. Business bank accounts allow for direct deposits and payroll processing, which can help keep your employees happy.

Brand. Customers don’t take a business as seriously when they’re asked to make a check out to your personal name or they can’t pay with a debit or credit card. A business bank account gives your company credibility and brand awareness.

Why use a business account if you are self-employed or have a very small business?

Borrowing power. A business bank account allows lenders to easily see your revenue flow and can help make your case for a loan approval when your business grows or expands.

Financial delegation. Small-business owners are often burdened with all financial responsibilities. With a business bank account, you can grant financial control to other employees with the peace of mind that your personal account is still safe.  

business woman in front of bakery

How to Start a Business in South Carolina

Before you open a business bank account, you’ll of course need to open the business itself. In South Carolina, that requires just a few simple steps.

  1. File paperwork with the South Carolina Secretary of State to register your business as either a corporation, LLC, sole proprietorship or DBA (see below for more information).
  2. Once the paperwork is approved, you’ll be given a tax ID number for your business from the IRS.
  3. If you have employees or are operating as a retailer, you will need to register with the South Carolina Department of Revenue.
  4. Obtain any necessary licenses or permits. South Carolina Business One Stop provides information on the licenses needed for various types of businesses.
  5. Check with your local town, city or county to see if there are any additional permits needed to operate within those limits.

What’s the difference between a corporation, LLC, sole proprietorship and DBA?

A corporation is a separate entity from its owners and includes shareholders, directors, officers and employees. The corporation structure is best for large businesses that wish to invest profits back into the company, seek venture capital funding or go public.

An LLC (Limited Liability Company) is often used by small businesses and limits the personal liability of the owners.

The sole proprietorship structure is used by self-employed individuals and also acts as the default structure for any business that has not yet declared otherwise. Unlike an LLC, the personal assets of a sole proprietorship can be held liable in the event of financial trouble.

A DBA (Doing Business As) is a way for sole proprietors to operate a business under a different name without having to create a formal legal entity.

Opening a Business Bank Account in South Carolina

Opening a business bank account in South Carolina, or any other state, will typically require a few basics.

  • You’ll often need to show proof of registration and all required licenses and permits.
  • Your’ll need to supply your tax ID number. This acts like a social security number for your business.
  • You’ll need to provide an address for your business. This can be your home address if you do not have a building or store location.
  • Most business bank accounts will require a minimum deposit to open.

South Carolina’s Business Landscape

According to Forbes, there are a multitude of reasons why the Palmetto State is a great place for business owners:

  • South Carolina is a right-to-work state.
  • The state has the second-lowest union membership in the country as a percentage of its workforce.
  • South Carolina has experienced the fifth-highest rate in the country of net migration into the state from 2011-2015.
  • Job growth in South Carolina increased 2.7% in 2015.
  • The cost of doing business in South Carolina is 0.1% below the national average.
  • In 2015, Forbes listed South Carolina no. 25 on its list of Best States for Business, including a no. 13 ranking for growth prospects.

There are already more than 1,200 international business firms in South Carolina, and industrial electricity rates there are 12% less than the national average.

Additionally, South Carolina has no state property tax, local income tax, inventory tax, wholesale tax, unitary tax on worldwide profits or sales tax on manufacturing equipment, materials for finished products or industrial power. Plus, there are tax credits for companies that create new jobs.

main street business

Beyond a Business Bank Account

All SC business ventures need more than just a bank account to ensure success. That’s why at First Bank, our business services extend well beyond just checking and savings accounts. We’re pleased to offer the tools businesses need to manage the finances of a business:

Debit and Credit Cards

A First Bank business debit or credit card keeps your finances in the palm of your hands. Many businesses require a lot of transactions and we make it quick and easy to make the purchases you need to keep your business moving. Buy supplies, take a client out to lunch or place an inventory order over the phone with ease.

Best of all, you can earn great rewards for doing so. Earn points for money spent on qualified purchases with your First Bank Credit Card with Rewards§§ and choose from a selection of gift cards, travel benefits, cash back, merchandise and more.

Each card comes complete with many benefits:

  • Zero liability for unauthorized purchases
  • Protection from employee misuse
  • Protection from fraudulent online use by registering your card with MasterCard SecureCode
  • A 26-day interest-free grace period for purchases as long as your balance is paid in full and on time
  • A year-end account summary for easy tax preparation and identification of spending patterns and trends
  • 24-hour support for lost or stolen cards and emergency card replacement or cash advances
  • Extensions of most manufacturer warranties when purchase is made with an eligible card and protection against items that are lost or stolen within 90 days of purchase date
  • Travel benefits that include coverage for damage or theft to rental vehicles, medical and legal referrals and recovery of the Value Added Taxes expense associated with foreign business travel

Payment Processing

Our software and equipment grants you and your customers greater flexibility in completing a transaction. We can supply your business with point-of-sale terminals along with wireless, mobile and integrated solutions.

Reconciliation and Reporting

Streamline your payment processing operations with a user-friendly, online management and reporting system.

Check Collection

Four levels of check processing protection and an electronic check recovery service helps business owners get paid quickly and easily, increase sales and safeguard financials.

Payroll Services

Provide direct deposits*** for your employees or disperse Payroll Cards to employees who do not have a bank account.

Loans

Our business loans and credit lines††† provide the funds you need to start, grow or expand your business.

Open a Business Bank Account with First Bank of SC

At First Bank, we’re committed to helping businesses find the bank account and financial management tools they need to succeed. We take pride in being a community bank with the tools and services of a large institution.

Whether you’re starting a business for the first time, you’re an established entrepreneur or you’re in the process of expanding your business, we are here for you. Contact your local First Bank of South Carolina today to learn more about our bank accounts and how we can serve you.

*Member FDIC.

†Money Market customers can make six (6) free withdrawals per month. For each excessive transaction during a statement cycle, there is a fee of $15. Federal regulations limit withdrawals of preauthorized transfers to six (6) per month, including checks, drafts, online transfers, telephone transfers and debit card purchases. You may conduct an unlimited number of withdrawals at the ATM, in person at a branch, or by mail when the check is mailed to you.

‡CDs are subject to penalty for early withdrawals prior to maturity date. Penalty will reduce earnings.

§While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. The First Bank Digital Banking Apps are available for select mobile and tablet devices.

††First Bank and its representatives do not provide tax advice. Each business’ tax and financial situation is unique. Businesses should consult their tax advisor for advice and information concerning their particular situation.

§§See our Terms and Conditions for complete details on our One Rewards Program. Loans subject to credit approval. MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated.

***Direct deposit defined as external ACH credit. Transfers from other First Bank accounts or deposits made at a branch do not apply.

†††Loans subject to credit approval.

———

Sources:

South Carolina Department of Commerce: http://sccommerce.com/sc-advantage/pro-business-environment

South Carolina Department of Commerce: http://sccommerce.com/sc-advantage

Forbes: http://www.forbes.com/places/sc/

Ready to talk to an expert?

Find A Location Get In Touch
Share:
First Bank’s Good To Know Logo
Sign up for our newsletter and be the first to know about new tips, insights, and products from First Bank.
First Bank may use this email address to contact you about products, services, and promotions.

You may be interested in...

First Bank’s Mastercard Business Card with Rewards Business owners use credit cards to pay for most business expenses. It’s important to have a business credit card that enables you to get the most out of your money. Discover your credit card options at First Bank. 3 min read
First Bank Bennett Branch sign. Best Business Checking Account in South Carolina If you’re planning to open a business in South Carolina, you will need a business checking account. If you already own a business but are looking to switch banks, you’ll want the best business checking account. Business Checking Account Benefits with First Bank So how do you know what the best business checking accounts look like? First Bank has fifteen locations in South Carolina, and has a variety of different business checking account options with some of these available features: Automated online bill paying Online and mobile banking* Monthly statements by paper mail or email Credit cards with rewards program** Account activity alerts Various ways of avoiding monthly maintenance fees*** Interest-bearing capabilities 6 Mistakes to Avoid When Opening a SC Business Checking Account With so many features and benefits, it is easy to see that First Bank offers the best business checking accounts in South Carolina. But before you open an account, it’s important to make sure you avoid the 6 mistakes that small businesses tend to make when opening a checking account, according to Business News Daily: Putting incorrect or missing information at checking account setup: Many small business owners mistakenly bring the wrong paperwork in when they go to open an account. To avoid this, make sure you ask the bank what information you’ll need to provide prior to coming in. Not opening a separate business account from your personal one: When you don’t have a designated business account, it can difficult to track your financial expenses from your personal ones. It can be more beneficial to open a separate business account for revenue, collected sales tax, estimated income tax, and payroll—especially before it’s time to file for taxes. Not planning for authorized check signing: If your small business includes a partner or staff members, it’s important to consider how many signatures can authorize a transaction from your business checking account. This can easily be set up when you open a business checking account. Not maintaining the monthly balance minimum: Always make sure that your business funds are above the minimum balance requirement in order to make the most of your banking experience, like First Bank’s no monthly maintenance fee.*** Not ordering the correct checks: One of the most common mistakes new small businesses make is printing the wrong name on business checks. It’s important to not only double check the spelling, but to also look into ordering electronic checks as well as paper ones. Working with the wrong bank for your business: Opening a small business is a huge step for anyone, and you need a bank that will work as hard as you do for the success of your new career. At First Bank, we are dedicated to helping small business owners in South Carolina achieve their dreams.   *While First Bank does not charge for mobile banking, your mobile carrier’s message and data rates may apply. The First Bank Digital Banking Apps are available for select mobile and tablet devices. There is no charge from First Bank, but message and data rates may apply. Must enroll in First Bank Online Banking and download the First Bank Digital Banking App from the App Store or Google Play. Apple, the Apple logo, and iPhone are trademarks of Apple, Inc., registered in the U.S. and other countries. App Store is a service mark of Apple, Inc. Android and Google Play are trademarks of Google Inc. **Loans subject to credit approval. See our Terms and Conditions for complete details on our One Rewards Program. MasterCard, Debit MasterCard and the MasterCard brand marks are trademarks of MasterCard International Incorporated. ***Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee Free™ section of the account summary table for their account type. Other account service fees may apply as described in the Account Services Fee Schedule, also available at your local branch. ———- Sources: Business News Daily: http://www.businessnewsdaily.com/6281-bank-account-errors-6-mistakes-small-businesses-make.html 5 min read
Woman standing in street, peering at window display of eyeglasses, view from inside shop Here’s Why Data is Good for Your Business Wondering how to re-energize customers who haven’t stopped by in a while? Start thinking of them not as customers, but as alumni. 4 min read
Serious millennial man using laptop sitting at the table in a home office, focused guy in casual clothing looking at the paper, communicating online, writing emails, distantly working or studying on computer at home. Defeat the Fraudsters: Protect Yourself Against Account Fraud Account takeover fraud is a form of identity theft where a fraudster gains access to a victim’s accounts and personal information. They can then use the information to perform a number of different fraudulent acts, including transferring funds, modifying personal information, and adding other “authorized” users. Combating this type of fraud requires understanding and action steps to make sure your business or organization is not at risk. Download our checklist to help ensure you are decreasing your risk of account fraud. Need more help with your business? Check out some of our free educational courses: Small Business Banking Services How Businesses Use Credit Opportunities for Women- and Minority-Owned Small Businesses   Contact the First Bank Business Support team to learn more about what First Bank can do to keep your business protected. Suspect fraud? Give us a call immediately! 1 min read
First Bank logo
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognizing you when you return to our website and helping our team to understand which sections of the website are the most popular and useful.