Best Banking for Self-Funded Search

September 02, 2025

by a searcher in New York, NY, USA

Hi All - what is the best bank to use for self-funded search? I am looking to open a new bank account for my search for expenses and would like to get the best set-up from the start and make the process of sharing expenses with equity investors as easy as possible when closing. Also, not sure if there are any benefits with choosing a certain bank and then being able to use them for SBA or other acquisition financing and at the company I acquire. Should I use Amex and get points, Bank of America, or does it not matter at all? Any perspectives here would be greatly appreciated. Thank you

Reply by a lender
from Eastern Illinois University in 900 E Diehl Rd, Naperville, IL 60563, USA

Honestly, I would use an institution that is easiest for you. Having a small account with a bank will not make a major difference in securing a future loan. The credit area is either going to be comfortable with the risk on the transaction or not. Your largest institutions are not generally as aggressive with SBA financing, so if you use a top tier bank for your deposit account, you will get great deposit services but be less likely to secure your SBA loan with them. But if that is who it is easiest for you to Bank with, that is a good way to go on the deposit side. The majority of SBA lenders do not require you to Bank with them. However, some do require you to put the operating account for the business with them, so just keep that in mind. I hope this helps. If you have other bank related questions, you can reach me here or directly at redacted

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