If you’re looking for the best free small business checking account from a big-name bank, you’ll find that many of these financial institutions don’t offer truly free business checking account options. A separate business bank account makes it easier to track your tax-deductible business expenses and saves time and money when filing your tax returns. It’s important to keep in mind, though, that these accounts may charge fees for some services, like wire transfers, or in certain scenarios, such as an overdraft fee. Your Novo checking account is FDIC-insured and comes with a Mastercard debit card that’s also compatible with Google Pay and Apple Pay. Earn a $300 cash bonus. Additional fees may apply and could reduce earnings on the account. You can open an account quickly and easily online, schedule one-time and recurring payments, as well as transfer funds between your accounts. Separate Account Required for Incorporated Businesses . In this guide, we’ll break down some of the best free business checking accounts, explaining everything they have to offer—plus, share tips you can follow to compare accounts and find the product that’s right for your small business. Bank OZK, formerly called Bank of the Ozarks, offers small business checking for businesses in the Southeast and South that are looking for no monthly fees and no minimum monthly balance. Although Azlo is completely free, you do have the option to upgrade to Azlo Pro to access advanced features like enhanced invoicing, reduced transfer fees, and unlimited Azlo Envelopes. Your business may operate under a DBA (doing business as) name or as an LLC or a corporation. Eazypay POS Your digital banking partner for growing businesses. Commercial Banking provides businesses with annual revenues ranging from $20 million to more than $2 billion with a range of domestic and international solutions including investment banking and asset management — designed to help you achieve your business goals. We start by learning about your business, and then offer personalized guidance and advice. 20 Best Free Business Checking Accounts in 2021, © 2021 Fundera Inc., 123 William Street. In particular, if you open an Iberia Bank Free Business Checking account (which has no monthly service charge or minimum requirements), you can also get up to two free personal checking accounts. (Thanks, technology!) Routine or unscheduled maintenance may impact access. All business accounts owned by a corporation, partnership, or unincorporated association at the same bank are insured up to $250,000 per business, separately from the personal accounts of the owners or members. Fees & Terms. Wells Fargo Bank, N.A. Connect with us here. From our beginnings over 250 years ago, Lloyds Bank has always had a keen focus on business banking. All business accounts owned by a corporation, partnership, or unincorporated association at the same bank are insured up to $250,000 per business, separately from the personal accounts of the owners or members. Bonus. $1,500 average monthly balance; $6,000 combined average monthly balances in checking accounts, money market savings accounts and/or outstanding balances on business or personal BB&T credit cards Disclosure 2 2 Business credit cards are subject to business type and credit approval. Start smart with a business bank account from U.S. Bank. Business banking – but not as you know it. If you surpass the deposit limit, Huntington will charge you $0.30 for every additional $100 worth of deposits. This account comes with a handful of small business perks, including online bill pay, electronic transfers, overdraft protection, and a 120-day free trial of Huntington’s fraud detection tool. If you need to send a physical check, Novo will handle the processing and send the check on your behalf. We’ve made banking simpler, faster and more intuitive to give you the freedom to do what you do best – run your business. If your business is incorporated, the IRS requires that you keep a separate business bank account. Secure and convenient mobile business banking, at a great value. It’s also worth noting that Novo you won’t have to pay any fees the ATM provider charges since Novo reimburses all incurred ATM fees, and doesn’t charge to use an ATM. Overall, local banks or credit unions are more likely to have similar account features to that of a traditional brick-and-mortar bank, although you’ll likely be restricted to ATM and branch access directly in your area. Pros. Not only do they offer a healthy small business loan program, but they also provide one of the best free checking accounts you’ll find for very small businesses. Easier at tax time. Get the most out of your business banking services with U.S. Bank. You can open a business bank account as a large company, a small business or a freelancer. Please refer to our Rules Governing Deposit Accounts for more information about these transaction limits. A sole proprietor’s business and personal accounts at the same bank are all insured together up to $250,000. A business bank account helps you stay legally compliant and protected. Instead, if you want a Chase business checking account without a monthly fee, you’ll have to meet their requirements to have your fee waived. With a Wells Fargo Simple Business Checking account, you can easily waive the $10 service fee by maintaining just $500 per month in your account—one of the lowest minimum account balances out there. A sole proprietor’s business and personal accounts at the same bank are all insured together up to $250,000. If you’re looking for a free business checking account, turning to an online bank may be the simplest solution. From Chase Business Complete Banking and Chase Performance Business Checking to Chase Platinum Business Checking, there is a checking account to manage your cash flow, deposits, incoming wires, and payroll. On the whole, you’ll find that many online-based banks offer free business checking accounts with a variety of free features. It’s important to note, however, that fees and account details may vary based on your location, so you’ll want to search the Wells Fargo site with your zip code to see the specifics for your area. Ultimately, finding the right business checking account is important. This being said, however, the SimpleValue account does require at least a $500 minimum opening deposit. Start smart with a business bank account from U.S. Bank. Choose Your Bank. Keep your business running smoothly with the right mix of accounts and services to support your full range of banking needs. Interest is calculated using the actual number of days in the monthly cycle divided by the actual number of days in the year. Money market and savings accounts are subject to transaction limitations. Free to open; No monthly fees or account minimums** Free Instant Deposit for eligible users** 1% high-yield interest on all balances** Cash flow projections and insights** Seamless integration with QuickBooks Payments and QuickBooks Payroll** Free ACH transfers** Withdraw funds at over 19,000 AllPoint ATMs Open a business account when you're ready to start accepting or spending money as your business. Spend $2,500 or more in net new purchases each card billing cycle using a linked Bank of America business credit or charge card. Standard APY is variable and subject to change at any time without notice. Most business accounts charge a yearly or monthly fee. With flexibility to switch between the two options at any time; Sync with your business accounting software e.g. The new business bank account from BlueVine allows you to earn interest on your funds, but without paying a monthly fee. Besides the personal checking and business bank account, the plan includes a business Visa card, a ScotiaCard, and electronic banking for business. In those cases, you will need a business bank account that’s separate from your personal account. Can I open a U.S. business bank account as a foreign entity? This being said, although you can complete the Azlo application quickly and easily online, it’s important to note that you will need to go through business verification (such as confirming your business address and tax ID) before your account setup can be complete, which can take up to a few days. Clydesdale Bank‘s offering is the same as the one from Yorkshire Bank, with 25 months of free banking for businesses with a turnover of less than £2 million. Made with, Open a Chase Complete Checking Account Now, Getting a Credit Card With No Credit History, Opening a Business Bank Account With No Deposit, Opening a Business Bank Account Without an EIN, Best Accounting Software for Sole Proprietors, Traditional, national brick-and-mortar banks, Bank of America business checking account, Fundamentals account from Bank of America, Apple Bank free business checking account, Citizens Bank Clearly Better Business Checking, First Bank’s First Free Business Checking, First Citizens Bank Basic Business Checking, Huntington Bank business checking account, Iberia Bank’s business checking accounts, National Cooperative Bank’s Basic Business Checking account, Popular Bank’s Popular Business Checking, keep your personal and business finances separate, Spend $250 in net new purchases on a business debit or credit card, Maintain an average monthly balance of at least $5,000, Maintain a minimum daily balance of $3,000, Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America accounts, Qualify for and enroll in the Preferred Rewards for Business program, Number of included monthly transactions (and associated fees), Average daily or monthly account balance requirement (if needed to waive fees), Availability of a physical branch and online services, Ability to send and receive wire transfers, as well as ACH deposits, Integration with payment and accounting software, Size and location of the banking institution. Plus, if you want to avoid paying fees for passing your transaction and deposit limits as your business grows, First Citizens has three additional business checking accounts that you might consider. Net new purchases must post to that card account to qualify. This business bank account also allows up to 100 free transactions per month and unlimited electronic deposits. The promotional APY applies to the first $5 million in account balances. This free business checking account also gives you access to a Visa business debit card, mobile check deposit, and free online banking, mobile banking, and bill pay. For qualifying businesses, we offer a wide range of products and services to support your business banking needs. Taxes Are Trickier. The best business bank accounts might also include other features. This Huntington Bank business checking account includes 100 monthly transactions and $5,000 in monthly fee-free ATM and branch cash deposits. Let’s keep in touch. 1. Online-based banks: These newer, digital-first providers 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. This account requires a minimum daily balance of $2,000 in order to avoid the monthly service fee—which is still inexpensive in comparison to other checking accounts. Standard APY is variable and subject to change at any time without notice. Keep your small business running smoothly and get an edge on your competitors with small business banking accounts and services from BB&T. Easy everyday banking for established businesses. U.S. Bank Silver Business Package. A business bank account allows you to easily keep track of expenses, manage employee pay, convey finances to investors, receive and deposit payment, and plan your budget more accurately. As a small bank in only five states, Comerica understands the challenges that small business owners face, and the bank’s basic business checking account features cater to small business owners. Business Bank Accounts. Compare savings accounts and find the right business savings account for you. This being said, however, like Azlo, Novo can’t accept cash deposits. Business Account Deposit Slip, Non ABM (PDF, 710 KB) Opens in a new window. To link your Business card account to your Business Advantage Checking account, please visit your local financial center or call 888.BUSINESS (888.287.4637). While online banks will limit your ability to deal in cash, they will typically offer a variety of digital tools and the speed, ease of use, and affordability that larger financial institutions are criticized for lacking. Business owners hoping to build a relationship with their bank should definitely look into Iberia Bank’s business checking accounts. Like business credit cards, business checking and savings accounts usually provide helpful features geared to the needs of companies. One way to get a better banking deal is to bundle your personal … Once again, like with Chase, Wells Fargo offers additional account options with fewer limitations—these products, however, will have higher monthly service fees and higher requirements to waive those fees. From Chase Business Complete Banking and Chase Performance Business Checking to Chase Platinum Business Checking, there is a checking account to manage your cash flow, deposits, incoming wires, and payroll. If you’re searching for a business checking account that meets your specific needs, there are a variety of factors to consider—cost, features, accessibility, and more. Additionally, you only need $25 to open your account. We’ve designed our Cash Flow Management solutions to help you make the most of your working capital --ensuring you get paid and are able to pay others quickly and efficiently. Like others on our list, this free business checking account offers no monthly maintenance fees, no minimum monthly balance requirement, and free online banking. Subject to FDIC limitations. For another truly free business checking account option, you might consider the Silver business checking account from U.S. Bank. A free business checking account refers to a business checking account that does not require an annual or monthly fee. Additionally, NBKC has no fees for transactions, overdrafts, online banking, check deposits, estatements, stop payments, incoming domestic wires, and more. LRC-0920 You’re limited to 50 free deposits per month and 100 free checks or debits per month, but the community-based experience of working with this cooperative bank will appeal to business owners who want to feel like more than just an account number. Novo is another free online business checking account for small business owners. The amount of the fee varies by location and will be displayed on the ATM screen. Priyanka Prakash is a senior contributing writer at Fundera. The products, account packages, promotional offers and services described in this website may not apply to customers of International Personal Bank U.S. in the Citigold ® Private Client International, Citigold ® International, Citi International Personal, Citi Global Executive Preferred, and Citi Global Executive Account Packages. From our beginnings over 250 years ago, Lloyds Bank has always had a keen focus on business banking. Upon expiration, the standard interest rate in effect as of that date will apply to entire balance. Who it’s best for: Owners who handle cash transactions and need to visit a physical branch location. MoneySupermarket business bank account comparison. Digital-only banking or high street banking: You can open a business account with your personal high street bank account provider, a different high street bank provider, or, if you’re a sole trader or the owner of a limited company, a digital-only bank. A business bank account is an account which is specifically devoted for the company’s financial dealings with banks and other financial institutions, and not with individuals. An opening balance of just $100 gets you 250 transactions, no monthly service fees, and no minimum balance requirement per month. If you’re looking for the easiest way to avoid a monthly fee, you’ll want to consider the Chase Business Complete Checking account. How can I learn more about future business banking services offered by Capital One. However, these types of banks won’t offer branch access. Moreover, with the U.S. Bank Silver Business Checking account, you’ll receive a free business debit card which you can use for free at any U.S. Bank ATM, as well as at any ATM in the MoneyPass network (32,000+ ATMs around the U.S.). We are here to help tailor business banking solutions and offers to your business goals, whether you are just starting up your business with financing, expanding to create growth, or investing in property and equipment. Please see www.fdic.gov for additional information. Moreover, Azlo integrates with Square, Stripe, QuickBooks, and other payment tools you might already use to simplify both reporting and taxes. A business bank account can be used to pay bills, purchase new assets, set aside money for a rainy day and receive payments from customers. A business bank account typically includes a business checking account and a business savings account. This America First Credit Union account is best for small businesses that have fewer than 250 transactions per month. Interest earned is compounded monthly and will be credited on the last day of each cycle. Additionally, the Silver package offers 25 free cash deposits per statement cycle, gives you access to online and mobile banking with bill pay, as well as credit card processing, check fraud prevention, remote check deposit, and overdraft protection. Personal service for every business customer, no matter how small. Premium accounts Smart Business Account 2.0 Platinum, Smart Business Account 2.0 Gold, Classic 2.0. In essence, like any savings account, a business savings account is an account you open with a bank in order to store extra capital, and hopefully, grow the funds that you store. Check out our merchant services and business credit card offerings. 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