Best Free Checking Account For Small Business – You are here: Home / Banking / Top 6 Free Business Checking Accounts of 2023 (Rated and Reviewed)
As a small business owner, I know firsthand the importance of a business checking account. These accounts help you manage a company’s cash flow, pay bills and most importantly, pay yourself. For those looking to open an account, here are seven of the best business checking accounts to consider.
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BlueVine Business Checking Account is recognized with 2.00% APY on balances up to $100,000. At this rate, it pays more than any other existing business or personal checking account. And it can do this without paying a monthly fee.
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Live Oak Bank’s small business checking account is only available online and deposits are FDIC insured. If you are a new business owner, temporary worker or freelancer, this account was created for you.
If banks were first created in the Internet era, they would all be similar to Bank Novo. This is true even if Bank Novo is not a bank. It is a technology company that has built a banking platform. It’s a fancy story for a really cool banking app with an FDIC-insured checking account through its partner bank Middlesex Federal Savings.
Novo offers a list of features ideal for small businesses. Among other things, a business owner can integrate a number of apps directly with their Novo checking account. Novo’s key features include:
Lilly is designed specifically for freelancers. Users of the mobile app, which is the heart and soul of the account, score highly on both iPhone and Android devices.
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Axos Bank offers a full range of banking products, including personal and business accounts. For business accounts, it offers a basic business checking account and a business interest checking account. Both are suitable for small businesses.
The Basic Business Check Account currently offers a $200 welcome bonus for new businesses established after June 1, 2020 using promo code NEWBIZ200. Businesses established before this date can receive a $100 bonus using promo code NEWAXOSBIZ.
Chase Bank is the most popular bank among major financial institutions in the United States. The Job Completed Back Banking package offers relatively low fees if certain requirements are met. It also allows business owners to accept credit card payments directly into the account.
Chase offers what it calls Express Accept, a feature that allows businesses to accept credit card payments through the Chase Mobile App. If you are using a Quick Accept contactless mobile card reader, the cost per transaction is 2.6% and 10 cents. If you use the Chase Mobile App in addition to Express Admission, the cost increases to 3.5%.
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Brex is a cash management account and associated credit card specifically designed for businesses. It is noteworthy that it does not require a personal guarantee.
Brex Cash is a cash management account designed for small businesses. Deposits are FDIC insured through Brex Cash Partner Bank.
There are several things to consider when choosing a business checking account. As a business owner, I have found the following factors to be particularly important:
We tested 20 different banks and technology companies that offer business checking accounts. We focused primarily on fees and features. Banks that charge no fees or have easily waived commissions scored highly. We also looked for features that many small businesses want, including a solid mobile app experience and integrations with other technology platforms.
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Finally, we evaluated the interest rates and rewards. Some of the banks on this list offer one or both. However, this is not the primary consideration in our assessment. While most businesses don’t keep large amounts of cash in a checking account, those seeking returns may be better served with a business savings account.
There really is no answer to this question. It depends on the specific business and its requirements. From our list. We think BlueVine stands out both for its low fees, rich features and high interest rate on deposit accounts.
Most of the time you don’t. Owners of sole proprietorships operating under their own name with their own Social Security number can open a business checking account at most banks.
Its founder is Rob Berger. He has been writing about personal finance and investing since 2007 and is the author of the critically acclaimed book Retire Before Mom and Dad. He is a former securities litigation attorney and founding editor of Forbes Advisor. Open the best business bank account for consultants, lawyers, coaches and professional services. No hidden fees or monthly minimum fees.
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There are many things to consider when running a small or medium business; From choosing a business name to building type and figuring out the best way to manage your money.
If you have decided to structure your business as a sole proprietorship, you may be wondering what is the best way to manage your business expenses.
Does a Sole Proprietor Need a Business Bank Account? A sole proprietorship does not require you to open a business bank account, and keeping your business funds separate from your personal finances has many benefits for small business owners.
From building a business loan to keeping your accounting records organized for a hassle-free tax deduction, a business account will save you from any financial trouble in the future.
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However, let me help you understand which option is best for your business. Here are our top picks:
But first, let’s quickly review the key features to consider when shopping for a business bank account.
There is a big difference between a personal and business bank account. As your business grows, you will need to start better organizing your finances. This means you need to keep in mind your business needs and any growth plans for the near future, as this will determine the products and services you should be looking for. Let’s look at some of the most important things to consider before choosing a bank for your small business.
Some banks may charge a monthly fee to maintain your account. You want to look for a free business checking account, or at least an account with low monthly fees that you can ideally waive by meeting certain qualifications.
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Additionally, consider the benefits the bank provides if they charge a monthly fee. For example, some banks offer unlimited free transactions for a slightly higher monthly maintenance fee, which may be a good option depending on your business.
Not all business checking accounts require you to meet a minimum initial deposit before becoming a customer. However, it is worth paying attention to these requirements, as some banks may charge exorbitant amounts that could break the deal.
Banks may have a limit on depositing or withdrawing cash, and some may offer a fixed number of transactions for free. Since you’ll be managing your business’s day-to-day finances, it’s a good idea to ask about withdrawal and deposit limits, as well as any associated fees.
Consider your business model and transaction frequency to find an account that fits your needs, but overall, larger withdrawal limits are definitely more cost effective.
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Think about how you run your business on a daily basis; If your transactions are mostly digital, i.e. your payments, invoices and accounting are done electronically, you will definitely benefit from a business bank account that you can manage entirely online.
However, if you find that you need the option to easily withdraw cash or deposit large amounts of physical cash, you may want to look for an option at local branches where you can leave cash at the end of the day.
Remember, internet-only banks usually have lower fees and minimum balance requirements, so if personal banking isn’t part of your daily workflow, it’s definitely a good option.
As a start-up business, you may not have a large amount of funds on hand, so a high minimum balance can block your working capital. In addition to opening a business account with no (or low) minimum balance requirements, it’s always best to consider the fees that may apply if your balance drops below the minimum.
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Some banks may not have a penalty for not maintaining a minimum balance, but they may request this as a condition of waiving a monthly fee. So pay attention to that too.
Besides banking solutions, your business checking account can be a great way to handle many other aspects of your business, such as invoicing, online credit and debit card payments, or paying your payroll.
Ideally, you want to find a checking account that provides tools to better organize your funds and keep everything on one platform. For example, if you’re having trouble saving, find an online business checking account that can automatically determine the amount of money you need to save and allows you to create sub-accounts that give it a specific purpose.
Some banks also offer your connection option
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