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A good checking account can go a long way towards making your business finances more manageable. But that doesn't mean you need to pay a premium for it. Great banks will have a variety of account options, including fee-free checking accounts for your small business. Our guide lists some of our top picks for the best free business checking account. We'll also talk about what to look for in your own hunt. Best free checking accounts for businessesRates as of Oct. 5, 2022
Best free checking accounts for businessesRates as of Oct. 5, 2022 Mercury Business Checking Account Best For: Digital Businesses  Member, FDIC
A fintech company, almost everything at Mercury is free (except for a 1% fee on currency exchange). There is no account fees or balance minimums, and domestic and USD international wire transfers are free. The digital banking experience looks well designed; the interface is clean and there are a lot of nice tools and automations you can set up. Mercury would work best for digital / tech businesses that don't need to worry about cash deposits. Novo Business Checking Account Best For: Freelancers Member, FDIC
A no-fee business checking account with more than a dozen apps and integrations good for freelancers who don't need brick-and-mortar access. U.S. Bank Silver Business Checking Best For: Sole proprietors Member, FDIC
A solid no-fee business checking account with modest cash and transaction limits for small-volume businesses. American Express Business Checking Best For: Earning interest
Amex is, well, Amex. They have some of the best customer service around. AMEX has an online-only business checking account with a very competitive APY and the ability to earn Membership Rewards points on debit card purchases. Relay Standard Best For: Multiple users Member, FDIC
This is a no-fee checking account great for teams that lets you have up to 50 debit cards with automated spending limits. Similar to others on the list, Relay is a fintech provider; the banking is backed by Evolve Bank & Trust®. Bluevine Business Checking Best For: Potentially high APY Member, FDIC
An online-only free business checking account with the potential for a very competitive interest rate for those who can meet the requirements. However, if you don't meet the requirements, you don't earn any interest at all that month. Chase Business Complete Banking Best For: In-person banking
A solid option for business owners who can maintain the requirements for the fee waiver and who want easy access to in-person banking. While the Business Complete account isn't free by nature, meeting the minimum balance to waive the fee is likely doable for many small businesses. Bank of America Business Advantage Fundamentals Best For: Frequent cash deposits
Bank of America is a good choice for cash businesses thanks to a very competitive monthly cash limit and an account fee that can be waived with qualifying activity. What should you look for in a business checking account?The best small business banks are those that cater to a variety of business types. These can include traditional, brick-and-mortar banks that also offer consumer banking. However, some of the best business checking accounts actually come from online-only banks that specialize in small business banking. Finding the right one for you starts with deciding what you need -- and want -- from your small business checking account. Reasonable fees and balance requirementsA big part of running a business is making sure your money is going to the right place. And the right place is rarely fees. Check that your chosen checking account isn't charging you monthly maintenance fees or other transaction fees you don't need to pay. If you find a bank that you like but the account fee is too high, see if there's a way to have it waived. Many large, brick-and-mortar banks have $15 to $20 account fees on their business checking accounts. However, you can often get these fees waived by meeting minimum balance or transaction requirements. Learn more: Checking Account Fees and How to Avoid Them Practical transaction and cash deposit limitsA lot of business checking accounts have set limits on how many transactions and/or cash deposits you can make each month. This is particularly common in basic accounts without monthly maintenance fees. Make sure the account you choose has practical limits that won't impede your ability to effectively run your business. Easy-to-use online and mobile bankingWhether you choose a brick-and-mortar bank or one that's online-only, your day-to-day tasks will probably be done digitally either way. Look for an online banking interface that's easy to navigate and a mobile banking app that has all of the features you'll need everyday. Useful tools and additional servicesBusiness finances can be complicated. Great business bank accounts offer you tools and services that make it easier. For example, many of the best banks offer app integrations that make it easy to connect your third-party software programs and accounting platforms. You may also want to look for tools that let you send invoices or perform valuable data analysis. Reliable customer supportNo matter what type of checking account you choose, it's important to know the bank has your back if something goes wrong. This can be especially important with online-only banks. Make sure your online bank has phone support with real-life humans, not just emails or web chats with bots. For brick-and-mortar banks, consider the operating hours and how convenient it is for you to visit your local branch. What's the difference between a business checking account and a regular checking account?Functionally, business checking accounts and personal ones operate very similarly. You can pay bills, make deposits, withdraw funds, and buy things with your debit card just as you would with your personal account. The main difference between your business checking account and your personal checking account is where the money comes from -- and where it goes. Your business bank account is specifically for your business finances. It's where you can receive payments from clients and customers, as well as pay vendors or employees. Keeping your business finances separate is vital for efficient bookkeeping. It's also extremely helpful when it comes time to file your business taxes. Related: How to Open a Bank Account for a Business Questions to ask before deciding on a business checking accountWith so many options, even narrowing down the contenders can feel overwhelming. Here are a few questions to ask yourself to figure out what you want out of your new business checking account. What kind of bank do you prefer?Part of picking a bank account is picking a bank. But when it comes to choosing a bank, there are a lot of options. Do you want a bank or a credit union? Are you comfortable doing everything online, or do you want the option to visit a branch? Each type of bank has its own pros and cons, so think about what will give you the best experience. Related: How to Open a Checking Account Online Do you need to pay account or transaction fees?As with many things in life, with business bank accounts, you often get what you pay for. But, do you need what you get? If the only thing you need is a basic business checking account with a good mobile app, then there are plenty of quality no-fee options. But if you have a lot of transactions each month or want/need extra service, a monthly account fee may be worth the cost. How much money do you typically keep in your account?Knowing how much money you tend to keep on hand can help you figure out your account options. Some checking accounts will require you to meet a certain minimum deposit amount just to open an account. And you may need to maintain a certain minimum daily balance to waive the monthly service fee. Do you need to process customer transactions?Some business checking accounts, especially at the basic level, have limits on how many transactions you can make each statement cycle. This often applies to electronic transactions as well as checks. If you have a lot of clients or customers, it's important to be aware of any transaction limits that could stick you with extra fees. Are you going to be making regular cash deposits?Similar to the transaction limits, many banks have limits on how much cash you can deposit each month. If you have an online business, those limits won't matter. But if you take cash payments from customers, a low cap on deposits could mean you wind up with an unsafe amount of cash sitting around. Or, worse, you wind up paying extra fees to get your cash deposited. Do you want to earn interest on your balance?Similar to the way a savings account can earn interest, some checking accounts may also let you earn interest on your balance. This is less common among business checking accounts than personal accounts. And many free business checking accounts have 0% APYs. Related: What Is APY? That being said, a few online-only banks do offer fee-free business checking accounts that earn interest. These tend to have caps on how much interest you can earn, such as only offering interest on balances up to $100,000. Others may require you to meet specific activity conditions, like using your debit card a certain number of times each month. Rates as of Oct. 5, 2022
What banks have free checking with no minimum balance?9 Free Checking Accounts with No Minimum Balance. Capital One 360 Free Checking. Why you want it: It's as simple as it gets. ... . Ally Interest Checking Account. ... . Axos Rewards Checking. ... . Schwab Bank High Yield Investor Checking Account. ... . NBKC Personal Checking Account. ... . Discover Cashback Debit. ... . Chime Bank Account. ... . USAA Free Checking.. Can you open a business bank account with no money?Some banks require an opening deposit, which can range from $5 to $1,000, for example, while others allow you to open an account with $0.
Which bank does not charge for business account?Mercury includes both a free business checking account and a free business savings account with no transaction fees and no minimum opening deposit. In addition, Mercury has no overdraft fees, no incoming wire fees and does not charge to send or receive checks.
What bank has totally free checking?Capital One charges no fees to open or use a 360 Checking account — not even for foreign country debit card transactions — and mobile banking is streamlined and easy to use.
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Free business checking account with no minimum balance
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