A business checking account is an essential tool for businesses as it helps them manage their money in various ways including tracking cash balances, money owed to various entities, employee payroll, among many others. As a business owner, making sound financial decisions involves choosing a business account that will efficiently serve your financial needs at the cheapest possible rate.
A free business checking account will go a long way in significantly reducing bank charges to your account, hence saving your business money. This is because they don’t charge annual or monthly fees. They may, however, charge fees for several services such as wire transfers, overdrafts, and other related services. There are many commercial banks like Five Star Bank offering online business checking accounts to their customers. Other than commercial banks, other financial institutions offering free business checking accounts include credit unions and online banking providers.
This article will briefly describe 13 of the best free business accounts and their features to aid in your selection.
- Total Value Business Checking
This free business checking account from Five Star Bank is the most suitable for small business enterprises with low balances and few total transactions every month. It is a non-interest-bearing account with no maintenance charges or minimum balance requirements. The account also features no charges for the first 250 transactions done within a statement period. There is a charge of $0.35 per transaction exceeding the 250 mark.
- Novo Business Checking
Novo offers online business banking services and has a free business checking account option suitable for business owners. One of the most notable features of their free account is a minimum opening deposit of $50 with no set balance requirements. They charge no monthly fees, and all ATM fees are refunded.
- Kabbage Business Checking
Kabbage business checking features no minimum opening deposit and no monthly charges or overdraft fees. Holders of this account enjoy unlimited fee-free electronic transactions and fee-free access to over 20,000 ATMs across the U.S. There are also no fees on incoming domestic wire transfers.
- BlueVine Business Checking
This is an interest-bearing free business account by BlueVine bank. The 0.6% interest on all balances not exceeding $100,000 makes it ideal for small business owners keen on saving. There are no transaction or monthly fees, and holders also enjoy access to a free debit card. They have elaborate live online customer care support for their account holders.
- Chase Business Complete Banking
This free business account by Chase is most suitable for business owners who prefer banking with traditional banks. It features no minimum opening deposit or balance requirements and no ATM charges for network ATMs. It also offers account holders up to 100 free transactions each month.
- Capital One Business Checking
This free business account by Capital One is most notable for its unlimited transactions offer. They also provide up to $5000 per month in free deposits and charge a dollar for every $1,000 after that. The downside with this account is the $250 minimum deposit required for new accounts and that you have to be physically present at their premises to open the account.
- U.S. Bank Business Checking
This free business account by the U.S. Bank features no monthly fee and offers 125 free monthly transactions. It also provides 25 free cash deposits per month. The account is most suitable for small businesses with minimal cash deposit needs and few total transactions in a month.
- Mercury Business Checking
This online banking platform targets internet-based businesses offering entirely fee-free services for all their transactions. They provide physical and virtual debit cards, and there is no minimum deposit amount required.
- Bank Of America Business Checking
You might want to consider this account if your business requires large monthly cash deposits since they offer up to $7,500 in free cash deposits monthly. They also offer a maximum of 200 free transactions monthly and ongoing rewards.
- First Internet Business Checking
This free internet-based checking account is most suitable for small businesses with no monthly fees and unlimited transactions. It also features no charge for in-network ATM use and no balance requirements. It, however, requires a minimum opening deposit of $100.
- Axos Basic Business Checking
This checking account features no monthly fees and reimburses ATM fees. It offers 200 free monthly transactions with a $100 bonus upon opening an account. It, however, requires a minimum opening deposit of $1000. The account is most suitable for small and new business owners.
- Brex Cash Business Checking
This is a flexible cash management account provided by Brex Treasury LLC. There are no minimum balance requirements and unlimited check and wire payment options. The most notable downside is that account holders cannot make cash transactions in an ATM.
- PNC Business Checking
This checking account requires a minimum deposit of $100 and a monthly fee of $10. The monthly fee is waived for accounts with a minimum balance of at least $500. New account holders are awarded a cash bonus of $200 after fulfilling all requirements.