FREE BUSINESS CHECKING ACCOUNT: Best 15+2022 option & how –to-open guide

FREE BUSINESS CHECKING ACCOUNT

Free business checking account, best free business checking accounts, online free business checking account, open a free business checking account, free business checking account no fees. These are different areas we will dive into while discussing in this post.

FREE BUSINESS CHECKING ACCOUNT

 A recent study for shown that there’s no point to pay for a checking account when a number of banks offer free business checking accounts. But while free checking is good, it only works if your banking needs are adequately met.

Before you choose a free business checking account, consider whether you need access to ATMs, paper checks, in-person branches or 24/7 account information? A lot of banks offer perks and even earned interest on their free checking accounts it only entails that you make sure you pay attention to the fine print.

All banks often charge monthly fees just to maintain your free business checking account. Some financial institutions will charge penalty fees if you go below their required minimum balance. Furthermore, they will hit your account with an annoying fee for accessing ATMs at competing banks. But that doesn’t mean it’s impossible to sign up for a free checking account that can save you a few bucks.

With a number of free checking accounts to choose from, it’s not a hard task to find a no-fee option. Here’s a look at what banks offer free business checking accounts.

BEST FREE BUSINESS CHECKING ACCOUNTS

The best free business checking accounts don’t have minimum balance requirements or monthly service fees. These accounts are available from national and regional brick-and-mortar banks as well.

Keep in mind also that even though these institutions may offer the best free business checking account. With no monthly fees, you could still be charged for other actions such as excess transactions, excess deposits, or overdrafts.

Here are our top options for the best free business checking accounts.

AXOS  BANK BASIC BUSINESS CHECKING ACCOUNT

Annual Percentage Yield (APY)

None

Min Deposit

$1,000

Pros

  • No monthly service fees
  • 200 transactions per month
  • Unlimited refunds on domestic out-of-network ATM fees
  • You may qualify for a $100 bonus
  • Compatible with QuickBooks

BANK OZK SMALL BUSINESS CHECKING ACCOUNT

Min Deposit

$100

Pros

  • $100 minimum opening deposit
  • No monthly service fees
  • 250 transactions per month

Cons

  • Limited branch locations
  • $0.50 fee per transaction after 250 monthly limit
  • $1 out-of-network ATM fee
  • $10 to $15 outgoing domestic wire transfer fee
  • $5 incoming domestic wire transfer fee
  • $35 international wire transfer fee

BLUE VINE CHECKING ACCOUNT

Annual Percentage Yield (APY)

1% APY

Min Deposit

NONE

Pros

  • No minimum opening balance
  • No monthly service fees
  • Unlimited monthly transactions
  • Earn competitive interest rate on balances up to $100,000
  • No non-sufficient funds fees

BREX CASH ACCOUNT

Annual Percentage Yield (APY)

None

Min Deposit

None

Pros

  • No minimum opening deposit
  • No monthly service fees
  • Unlimited monthly transactions
  • Money management tools
  • Earn credit card rewards and exchange them for gift cards, cash back, travel, or switch points to miles
  • Receive discounts with partner businesses
  • No foreign transaction fees
  • No incoming, outgoing, domestic, or international wire transfer fees

Cons

  • Firstly, No physical branches
  • No debit card, only credit card
  • No way to deposit cash
  • Only available for incorporated businesses

CITIZENS BANK CLEARLY BETTER BUSINESS CHECKING

Annual Percentage Yield (APY)

None

Min Deposit

None

Pros

  • No minimum opening deposit
  • No monthly service fees
  • 200 transactions per month
  • Overdraft savings transfer and overdraft line of credit

Cons

  • $0.50 fee per transaction after monthly 200 limit
  • $3 out-of-network ATM fee
  • No free incoming or outgoing wire transfer fees

FIRST CITIZENS BANKBASIC BUSINESS CHECKING

Annual Percentage Yield (APY)

None

Min Deposit

$100

Pros

  • $100 minimum opening deposit
  • No monthly service fees
  • 175 transactions per month
  • $5,000 in money or coin deposits per month
  • No out-of-network ATM fees

IBERIA FREE BUSINESS CHECKING

Annual Percentage Yield (APY)

None

Min Deposit

$100

Pros

  • $100 minimum opening deposit
  • No monthly service fees
  • 500 free transactions per month
  • Deposit up to $10,000 in cash per month
  • No fees for exceeding limits
  • By opening this account, you qualify to waive monthly fees on 2 personal Iberia checking accounts

Cons

  • If you exceed transaction or deposit limits 2 months in a row, your account is converted into a Business Checking Plus account
  • $2 out-of-network ATM fee
  • No free incoming our outgoing wire transfers

NBKC BUSINESS CHECKING

Annual Percentage Yield (APY)

None

Min Deposit

None

Pros

  • No minimum opening deposit
  • No monthly service fees
  • Unlimited free monthly transactions
  • No overdraft or nonsufficient funds fees
  • No incoming domestic wire transfer fees

NOVO BUSINESS ACCOUNT

Annual Percentage Yield (APY)

None

Min Deposit

$50 

Pros

  • $50 minimum opening deposit
  • No monthly service fees
  • Unlimited free monthly transactions
  • No incoming domestic or international wire transfer fees
  • Connect Novo to tools such as QuickBooks, Slack, and Transfer Wise
  • Refunds all ATM fees.

You should note that all the best free business checking account have no annual percentage yield. The right checking account should also be convenient for your type of business.

 Do you need to deposit cash? Or. Do you make numerous transactions every month? You might want an account with unlimited rate of free monthly withdrawals and deposits.

ONLINE FREE BUSINESS CHECKING ACCOUNT

As you search for a home for your business finances, you might prioritize the cost of your business bank account, looking first and foremost for free business checking accounts.

An online free business checking account are those free checking accounts that are best rated online.  In this guide, we’ll break down some of the best online free business checking accounts, explaining everything they have to offer—plus, share tips that will for an effective function.

Online institutions, big banks, local banks, and credit unions can all offer free business checking accounts. Online providers are newer, digital-first providers which are more likely to have a fast and online-based application process.

 As well as digital tools like mobile check deposit, online invoicing, and payment processing. On the whole, you’ll find that many online-based providers offer free business checking accounts with a variety of free features. However, these providers won’t offer branch access.

BANKNOVO

Great For: Digital banking and integration with additional business tools.

  • Min to Open

$50

  • Signup Bonus

$0

  • Monthly Fee

N/A

  • No Fee Balance

BREX CASH

Great For: Credit cards, bank accounts, payments, expenses, and accounting all in one.

  • Min to Open

N/A

  • Signup Bonus

$0

  • Monthly Fee

N/A

  • No Fee Balance

N/A

NBKC BUSINESS CHECKING ACCOUNT

Great For: Nearly fee-free, digital business checking account with cash deposit.

  • Min to Open

N/A

  • Signup Bonus

$0

  • Monthly Fee

N/A

  • No Fee Balance

N/A

AXOS BANK BASIC BUSINESS CHECKING

Great For: No fee online banking with access to check writing.

  • Min to Open

$1000

  • Signup Bonus

$100

  • Monthly Fee

$0

  • No Fee Balance

$0

BLUE VINE BUSINESS BANKING

Great For: Digital business checking. NOTE: Blue Vine has paused accepting new applications as of April 2021

  • Min to Open

$0

  • Signup Bonus

$0

  • Monthly Fee

$0

  • No Fee Balance

$0

OPEN A FREE BUSINESS CHECKING ACCOUNT

As a business owner, you already have a lot on your plate to worry about. The last thing you should worry about is how to open a free business checking account. 

When opening your free business checking account, you need to pull together several documents and pieces of information. This information will include your Social Security number or EIN (Employer Identification Number), personal identification, business license, and organizing document file with the state. 

Before opening a bank account, you also have to take into consideration whether there is a minimum require of opening deposit. 

Wouldn’t it be nice to not have to worry about putting money into your new account when you first set it up? Most business consultants recommend opening a business account as one of the first things you do as a new business owner.

 Even before you start selling your products or services. So, a no-deposit setup takes away an important barrier facing many new business owners. And it also, allows you to have a professional look from the get-go.

The good news is there are business checking accounts that don’t require an opening deposit. Banks that offer a no-deposit setup are likely to have a good understanding of your needs as a small business owner and are the best option for you.

Things to Consider in opening a free checking account

In addition to finding a financial institution that doesn’t require an up-front deposit. We recommend also that you be sure the bank or credit union you’re working with offers no or low fees and charges, no minimum daily balance requirements. As well as, online banking and mobile banking, online bill pay, an easy-access debit card, and direct deposits.

Also, you need to take advantage of no monthly fees, no ATM fees, and no minimum daily balance requirements. 

And for easy bill pay, you can set up your vendors, organize your bills, and issue payments electronically. To help you manage your money better, and to enable you to organize your income streams or set aside money for specific goals.

You can access your bank account when and where you need it. Use any of the above-mentioned best and online banks. To get the best services and experience. Their checking accounts are FDIC-insured up to $250,000, and as well always backed and FDIC-insured

Interest rates are as well always pocket-friendly. When you see that all these steps are taken then you can activate and start using your checking account.

The steps differ from bank to bank but these are the basics. So go open a free business checking account today.

FREE BUSINESS CHECKING ACCOUNT NO FEES

Finding a free business checking account with no fees is a great way to keep your costs down and if you don’t mind switching accounts you can continue to receive free banking by moving accounts every 18-24 months.

This guide gives you the details for the best deals for a free business checking accounts no fees from the leading banks through to the lesser-known providers.

Starling BankNo monthly fee as long as you have your account
Lloyds Bank18 months new businesses only
Metro BankPermanently no account maintenance fee as long as balance stays over £5,000
Bank of Scotland6 months new customers or 18 months for start-up businesses
Yorkshire Bank25 months
HSBC12-18 months
TSB18 months
Cooperative Bank30 months
Clydesdale Bank25 months
TidePermanently no account maintenance fee
CoconutStart plan is free and grow plan is £5/month
ANNA3 months
Counting UpStarter plan is free for businesses with under £750/month in revenue
NatWestVaries
Santander18 months (start-ups only)
Revolut BusinessPermanently no account maintenance fee
Cumberland Building Society12 months
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