Are you looking forward to starting a free business checking account? Well, then it can help keep your business and personal finances separate from one another. However, you also need to keep in mind that you create the proper checking account convenient for your business platform.
For instance, you might want to deposit cash; then, you would probably prefer the traditional brick-and-mortar banks to an online bank. If you make several monthly transactions, you might want an account with unlimited free monthly withdrawals and deposits. Therefore, a free business checking account is the most beneficial in such cases. Online institutions, big banks, local banks, and credit unions offer free business checking accounts. In fact, they also do not charge any annual or monthly fees. However, they might charge fees for certain specific services, like wire transfers, or in cases like over-drafting.
This guide will discuss some of the best business checking accounts and explain every significant detail about them. Also, we will share some of the tips that you can follow to compare accounts and find the account that is suitable for your business platforms. Let us now have a look at some of the points.
List of the Best Free Business Checking Accounts
Since you are reading this blog, it is pretty apparent that you are not much familiar with this concept of a free business checking account. Well, you are at the right place as we will share with you some of the relevant details about it here.
If you have tried looking for a free business checking account, you must have figured out how difficult it is to find a suitable account that meets all of your business banking needs. But no worries, there are many bank options out there similar to the Hong Kong banks that offer fee-free account packages, one of which is Citibank Hong Kong. Therefore, today, we will share a list of all the popular free business checking accounts. It will help you get an idea about what kind of services you can get from them.
1. Kabbage Business Checking
If you are looking for a five-star rated free business checking account, you can indeed opt for a Kabbage Business Checking account. They have no monthly fees, overdraft fees, or any minimum opening deposit. Also, they earn an impressive 1.10% APY on balances up to $100,000. Here are some of the benefits of this popular free business checking account.
Pros
- The customers can avail of unlimited fee-free electronic transactions.
- There is no minimum opening deposit, so you can open a bank account with whatever little money you have saved.
- You do not have to pay any monthly fees or overdraft fees.
- The clients have to pay no fees for incoming domestic wire transfers.
- They earn around 1.10% APY on balances up to $100,000.
- At the same time, you can enjoy fee-free access to 19,000 ATMs nationwide through the Allpoint network.
However, the customers won’t get any reimbursement for fees charged by out-of-network ATM owners/operators. So you have to make the payments carefully to avoid any problems.
2. Novo Business Checking
Are you starting your business soon? Well, then a Novo Business Checking account can be a great option. In fact, if you are a freelancer, have an e-commerce business, or any other small business, this can be a perfect option for you. In fact, it is one of the most popular free business checking accounts among small business owners. Moreover, you can apply for a Novo bank checking account within minutes in the online medium.
However, why do several people prefer opting for their services? Here are some of the probable reasons:
- Having an account in their bank will help you send money, make payments, and transfer funds from your smartphones. You can use the app for this available for both Android and iOS devices.
- In fact, if you need to send a physical cheque, they will handle the processing and send the cheque on their client’s behalf.
- There are no minimum fees or balances that you need to keep in your account.
- Their services include a Mastercard debit card compatible with Google Pay and Apple Pay.
- Also, the clients have to pay no ATM fees. There are also unlimited reimbursements for fees from ATM providers.
However, Novo cannot accept cash deposits. This is the only flaw in their services. But the other facilities are highly enjoyed by the clients. Therefore, it is so popular among business owners.
Also read: Best Online Bookkeeping Services in 2022 for Your Business
3. BlueVine Business Banking
If you are looking for a free business checking account to earn high interest and there are no monthly fees for customers, BlueVine Business Banking is an excellent option. Here the clients can earn up to 1.2% interest on all balances up to $1000,000. Therefore, this is a perfect choice for all savings on your everyday funds. So let us now look over some of the benefits of opting for their services:
- There are no minimum opening deposit, balance requirements, incoming wire fees, ACH payment fees, or NSF fees here.
- Their services include unlimited fee-free transactions. Along with that, the clients have 24/7 access to online and mobile banking, mobile check deposit, and a free business debit card. Pretty amazing, right?
- The clients also get the opportunity to schedule one-time and recurring payments. Also, they can transfer funds between their accounts.
- Allows the customers to deposit cash using the debit card at any Green Dot location across the country.
- Also, the clients get access to fee-free ATM withdrawals at over 37,000+ along with MoneyPass ATMs across the United States.
4. Brex Cash
One of the most significant aspects you need to know about Brex Cash is that it is not exactly a business bank account; instead, it is a cash management account. Brex Treasury LLC, a registered broker-dealer, offers this account to its clients. However, it is a bot different from the traditional business checking account.
Brex gives their clients more flexibility in managing their funds. In fact, it also allows you to deposit your funds as cash or invest all or a part of it into a money market fund to earn interest. Let us now have a look at some of the top benefits of this account:
- They provide their clients with unlimited ACH, wire, and cheque payment options. Also, there are no minimum balance requirements. Therefore, the clients are free to keep as much money as they want to.
- It is a free online cash management account.
- Their services also include a Brex credit card, paid daily, and earning points on your transactions.
- They offer instant payouts for e-commerce companies that allow their clients to instantly receive funds for their sales.
However, you cannot make deposits or withdrawals at an ATM if you opt for Brex Cash. But other than that they offer their customers a varied range of services. In fact, Brex is a competitive alternative to the traditional free business checking account. So if you are looking for an account where you can invest your funds and earn points for your everyday expenses, Brex Cash can be a great option.
5. Axos Basic Business Checking
Axos Basic Business Checking is a well-known name in online banking. In fact, it is specially designed for business owners who have a lower volume of transaction needs. Opting for Axos Bank will give you access to up to 200 fee-free items per month. Also, you can get 60 fee-free remote deposits per month if you have an account in this bank. Here are some of the points that will illustrate the advantages of using the services of this particular bank:
- The customers have the facility of unlimited domestic ATM fee reimbursements.
- Their services include free mobile and online banking along with online bill pay.
- Clients will get their first set of 50 cheques free.
- No payment of monthly fees.
- There are dedicated relationship managers for account holders.
6. US Bank Silver Business Checking
If you are looking for a truly free business checking account option, you might consider the Silver business checking account from U.S. Bank. Why do you think this can be one of the best options? This is because the U.S. Bank business account has no monthly fee. Also, it includes 125 free transactions per month and offers a 50% discount on your first check order, up to $50. Sounds pretty interesting, right?
Let us now look over some of the reasons why many people prefer their services:
- They offer their clients both online and mobile banking with bill pay.
- Services also include access to credit card processing, cheque fraud prevention, remote check deposit, and overdraft protection.
- You will have 25 free cash deposits per statement cycle.
- The clients can avail a business debit card which they can use for free at any US Bank ATM and any other ATM in the MoneyPass network.
However, there are a few fee-free transactions and cash deposits per month. All in all, like the BBVA Business Connect account, the US Bank Silver account provides a balance between accessibility and affordability. In fact, many US Bank locations are centered in the Midwest and West. So you are limited to a certain number of transactions per month, and therefore, this account can be an excellent option for new and small business platforms located in specific parts of the US.
7. NBKC Business Account
NBKC Business account provides their clients with a wide-ranging functionality without any fees. Also, there is no minimum opening deposit or balance requirement for this free online business checking account. So you can easily opt for their services. Here are some of the reasons why people think of choosing a business account in NBKC:
- You can access your NBKC business account easily, either online or on your mobile, at any time.
- Also, the clients don’t have to pay any fees for transactions, overdrafts, online banking, cheque deposits, stop payments, and incoming domestic wires.
- You can receive up to $12 in monthly refunds for using any ATMs from other banks.
- Clients can utilize over 37,000 MoneyPass ATMs free of cost, along with your NBKC Business Debit MasterCard.
8. Truist Simple Business Checking
If you are looking for a business bank account that charges no monthly fees and is a robust online banking platform, you can indeed choose Truist Simple Business Checking account. In fact, here, the free transactions are limited to 50 per month. Let us now discuss some of the benefits of this bank:
- You might get a discount of up to $25 on your first order of business cheques.
- The clients will get 50 items free of cost per month; $2000 in free cash deposits.
- Online banking facility is available with debit card management, expense management, and various other services.
- You can access over 2500 branches and more than 3,500 ATMs.
- Clients will get the benefit of a free mobile app along with the mobile cheque.
Even though this business account has a low number of transactions, it can be a great option for startups or sole proprietorship within Truist’s service area. Therefore, you can indeed opt for their services.
9. Comerica Basic Business Checking
Comerica’s Basic Business Checking account is one of the free business accounts that offers a simple, free small business checking account. Despite that, it is highly popular among business owners. Well, why do you think people prefer their services? It is due to the following reasons:
- The clients opening an account in this bank will be liable to 75 free transactions per month.
- They have to pay zero monthly fees.
- Clients get up to $2,500 in free cash deposits per month.
- You can deposit as low as $50 while opening a bank account.
- Additional services like credit card and payroll processing are also available for the clients.
10. Citizens Bank Clearly Better Business Checking
One of the banks that offer their clients an impressive combination of no minimum account balance, along with no specific opening deposit and 200 free transactions per month. Citizens Bank has branches in 11 states like Connecticut, Ohio, New York, South Carolina, Michigan, etc. Here are some of the services that this bank provides:
- Citizens bank provides their clients with savings overdraft transfers or an overdraft line of credit.
- Clients can get access to more than 1,000 branches and over 3,000 ATMs.
- You can also avail yourself online, mobile, and phone banking.
- Clients have access to free business debit cards.
- You can get $5,000 in free cash deposits per month.
Final Thoughts
If you are looking for a truly free business checking account or are okay with an account with zero monthly fees, you can check out the above options and decide. You can also compare different account options and determine which one is best for your business.
Also read: Evaluate the Progress of Company with Year-Over-Year Method
