best no fee business bank account

Best for free account with no transaction limits: Bethpage Federal Credit Union · Best for outgoing domestic wire transfers: Capital One · Best. Whether you're a non-profit or a corporation, choose the account that best suits your business needs. All accounts have access to: Free Online Banking with. Best Business Checking Accounts · nbkc bank Business Checking Account · TIAA Bank Small Business Checking · LendingClub Tailored Checking Account.
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Business banking at your fingertips

Our mobile app gives you the easy access your busy day demands, with all the tools you need to keep your business going strong. Make payments a snap anywhere and everywhere. From the bank that puts you first.

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Helping local businesses and your community thrive, together

Experience a better kind of bank, bringing the best in smart small business banking to where you live. Your neighborhood is our neighborhood. Your success is our success. For all our neighbors, we are your bank.

Your debit card now comes with an On/Off switch

Card Valet is a mobile application that can help reduce debit card account fraud by giving you enhanced capabilities with your smartphone. You can monitor and control how, when, and where your debit card is used.

Card Valet

Zelle® is a great payment option for you and your customers

Zelle is a fast, safe and easy way for small businesses to send, request and receive money directly between eligible bank accounts in the U.S. If your customers use Zelle within their mobile banking app, they can send payments directly to your small business bank account that typically arrive within minutes.

Zelle for Business

Make deposits quickly and securely at your convenience

Spend less time at the bank and more time managing your business with Remote Deposit Capture. Deposit checks remotely without having to physically deliver them to the bank. Enjoy the convenience of depositing into one or multiple accounts from any of your business locations without leaving the office.

Remote deposit capture
Источник: https://www.investorsbank.com/small-business-checking

Business banking & cards

1 You can add your CommBank business credit cards and Visa Business Debit card to Apple Pay. Some CommBank cards are ineligible for Apple Pay including Mastercard Business Debit Card and Corporate card.

Apple, the Apple logo, Apple Pay, Apple Watch, MacBook Pro, iPad and iPhone are trademarks of Apple Inc., registered in the U.S. and other countries. 

Excludes non-Commonwealth Bank ATMs here and all ATMs overseas, EFTPOS transactions overseas, transfer group payments to third parties, international money transfers, CommBiz and NetBank service fees and separate services such as bank cheques, periodic payments and transfers/deposits to other banks. Wholesale relationship managed customers may be notified at any time that their account is subject to transaction fees on electronic transactions and Commonwealth ATM cash withdrawals.

To use CommBank Invoicing you need to be:

  • 18 or over with a Best no fee business bank account Business Transaction Account and a NetBank client number
  • An Authorised Operator on the CommBank Business Transaction Account, with method of operation set as one to sign
  • Registered for NetCode
  • A sole trader or a director of a private company (Pty Ltd) - only you will be authorised to use CommBank Invoicing 

* Excludes non-Commonwealth Bank ATMs and all ATMs overseas, EFTPOS transactions overseas, transfer group payments to third parties, international money transfers and separate services such as bank cheques, periodic payments and transfers/deposits to other banks. Separate fees apply to transactions made using NetBank and CommBiz.

The target market for these products will be found within the product’s Target Market Determination, available here.

As this advice has been prepared without considering your objectives, financial situation or needs, you should, before acting on the advice, consider its appropriateness to your circumstances. Applications are subject to the Bank’s normal credit approval. Fees and charges are payable.

Источник: https://www.commbank.com.au/business/banking-and-cards.html

The 7 Best Banks for Startups and Entrepreneurs

Best Business Checking Accounts for Startups and Entrepreneurs

It is important to consider the best business checking accounts for startups and entrepreneurs since business banking is a fundamental requirement for every business. Every entrepreneur needs a business bank account to pay their business insurance, take care of payroll, collect money, have a merchant account to accept credit card payments, and so forth.

Depending on your business type will determine which of the best business checking accounts you might want to consider. They each have their own advantages and disadvantages.

The top seven best banks for startups and entrepreneurs:

Best Online Bank Account for Startups: BlueVine

If you operate an online business, or a business that doesn’t often deal with cash, then having an online business bank account will provide you with many benefits that a brick and mortar bank won’t provide. 

For example, BlueVine lets any business make as many transactions as they like, without a fee. The biggest benefit, though, is that they don’t charge a fee for having the account. If you are operating a brand new business, it’s nice to know you don’t have to worry about where the money will come from to cover the bank account fee. It takes time to build a business, and sales don’t always happen overnight.

Benefits

BlueVine offers online entrepreneurs several benefits. You don’t have to worry about paying a monthly fee, you don’t have to worry about penalties for making too many transactions, but let’s see what else BlueVine has to offer.

Here are some additional business checking benefits offered by BlueVine:

  • 1% interest on your balance
  • No hidden fees (e.g., no incoming wire fees, etc.)
  • No ATM fees at over 38,000 Money Pass locations
  • No non-sufficient funds fees
  • Two free checkbooks
  • BlueVine mobile app 
  • Dedicated support

What to Look Out For

BlueVine is perfect for online businesses and even works for brick and mortar businesses in the sense that you can make cash deposits into your business bank account using any of the 70,000+ GreenDot locations nationwide. There is a caveat that you should know about before depositing money through GreenDot — BlueVine charges a $4.95 deposit fee for each GreenDot deposit.

Who Is BlueVine Best For?

BlueVine is great for businesses that primarily do business online. BlueVine is probably one of the best business checking accounts for online startups and entrepreneurs in particular. 

This is because they make business banking convenient and hassle-free. Their customer support is excellent. Their website and mobile app are user-friendly, cutting-edge, and ultra-convenient for the online business person who likes innovation without having to read the fine print.

Best National Bank for Startups: Chase

Chase is the best national bank for startups because it is the largest bank in the United States that has mastered how business banking should be done. 

They have everything a startup business needs, like no minimum deposit requirement for opening an account and many branches and ATMs throughout the country, which is extremely convenient.

Benefits

The Chase Business Complete Banking℠ account is arguably one of the best bank accounts for startups and entrepreneurs. Besides being the largest bank in the US with more than 4,700 branches and 16,000 ATMs, Chase bank offers many other perks for being a business banking customer.

Here are some additional business checking benefits offered by Chase Bank:

  • Mobile banking
  • Online banking
  • Send and best no fee business bank account wire transfers
  • Pay bills online through online bill pay
  • Setup and monitor accounts for employees
  • No fees for military members
  • Get free ATM/debit cards

What to Look Out For

Bigger may be better “sometimes,” but there are some things to look out for when you open an account.

Here are some things you need to know before opening a Chase Business Complete Banking℠ account:

  • Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
  • More ways to waive fees. Multiple options to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card
  • Built-in card acceptance. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAccept(SM).
  • Same-day deposits with QuickAccept(SM). Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost.
  • Alerts to help you stay on top of your account activity.
  • Easy account management through Chase Business online and the Chase Mobile® app.
  • Unlimited electronic deposits, ACH and Chase Quick Deposit(SM).
  • Convenient access to 16,000 ATMs and more than 4,700 branches.

Who Is Chase Bank Best For?

You can “bank” on Chase bank (pun intended) as being the best national bank for startups and entrepreneurs who want the best business bank account. 

The Chase Business Complete Checking best no fee business bank account offers every feature you might expect in a national bank, plus perks not offered by other national banks (e.g., $300 bonus, the most branches and ATMs, etc.). They can help you get your business off the ground and going.

Best Bank for Brick-and-Mortar Locations: Wells Fargo

The Wells Fargo Simple Business Checking account is the best business checking account for startups and entrepreneurs who need a local presence from their bank

This is true for one simple reason – Wells Fargo makes business banking simple because they offer four unique business bank accounts fitted for every stage a business is at. 

Benefits

Wells Fargo has been around for a long time. It is the oldest bank in America. It has a history that has helped it thrive and meet and exceed customer’s needs over the years. 

One thing we like about Wells Fargo is that you can open up a Wells Fargo Simple Business Checking account if you’re a sole proprietor business owner, but then as you have more monthly transactions, you can upgrade to the Wells Best no fee business bank account Best Choice Checking account. You’ll probably want to start with the Wells Fargo Best Choice Checking account if you want to form a limited liability company (LLC). 

From there, you can keep upgrading two more levels, depending on how well your business is doing. So Wells Fargo does a great job of giving options to businesses.

Here are some additional business checking benefits offered by Wells Fargo:

  • Zero Liability Protection on debit cards and 24/7 fraud monitoring.
  • Easily monitor business banking activity with account alerts.
  • Stay in control of cash flow with easy options to make and receive payments.
  • Access your account anytime on multiple devices or from one of more than 13,000 ATMs.
  • Fee waivers and discounts
  • Customize your business debit card with your logo and tagline

What to Look Out For

We love how Wells Fargo offers the best business bank account for brick and mortar businesses, but even so, there are a few things to keep in mind before opening an account with them.

Here’s what you want to look out for before opening a Wells Fargo Simple Business Checking Account:

  • Limited to 50 transactions per month
  • $10 monthly service fee if your account balance falls below $500 average balance

Who Is Wells Fargo Best For?

Wells Fargo is the best bank for brick and mortar businesses. This is true because they cater to businesses of every size, have branches throughout the United States, and have a history of successfully helping startup businesses and entrepreneurs to grow their business.

Best Ecommerce Bank for Startups: Capital One

The best business bank account for ecommerce startups and entrepreneurs is the Spark Business Checking Account from Capital One. The reason for being the best in this category is because Capital One is able to leverage its internet-based banking institution to implement low fees for its ecommerce banking customers.

An ecommerce business (electronic commerce) is a business model that connects buyers and sellers over the internet. 

This business model may connect businesses to businesses, businesses to consumers, or even consumers to consumers, but at the end of the day, it’s about doing business entirely online without the constraints of time and place. It is a great business model for setting up an autopilot business where a business owner can still make money, even when sleeping (think of Jeff Bezos and Amazon).

Benefits

Here are some benefits of opening a Capital One Spark Business Checking Account:

  • Unlimited transactions
  • No monthly service fee
  • No minimum balance
  • No ATM fees at over 39,000 Allpoint ATMs
  • No cash deposit fees up to $5000 per month
  • Free debit card
  • Highest interest rates
  • Remote check deposits
  • Killer mobile app
  • 700 brick and mortar locations
  • Helpful customer service 24 hours a day

What to Look Out For

Capital One offers the best business checking account for startups and entrepreneurs looking to build an ecommerce business empire. While you may have your head in a “cloud” (pun intended) with all the wonderful benefits just mentioned, it’s practical to note the flip side of the coin.

Here are some things to look out for when opening a Capital One Spark Business Checking Account:

  • You need to maintain a $2,000 balance to keep from paying a $15 monthly service fee. 
  • There is a $1 fee per $1,000 deposited in the account after the first $5,000 per month.
  • Watch out for ATM fees when you’re not at an Allpoint ATM.
  • Currently, Capital One has restricted access to this account, though they do have a message on their site indicating that access should resume soon for new business owners.

Who is Capital One Best For?

The Capital One Spark Business Checking Account is the best business checking account for ecommerce business owners. This is true because Capital One is matchless in its ability to provide every single benefit an ecommerce company would want in a bank. 

We could not find another bank that provided the 24 hours telephone banking and the zero fees for things that would matter to an ecommerce company like what Capital One delivers.

Best Bank for Tech Startups: Silicon Valley Bank

If you are curious about the best bank for tech startups that will offer you the best business checking accounts, then you’ll be surprised to learn that Silicon Valley Bank (SVB) is utilized by 50% of all venture-backed tech startups, and for good reasons. 

Benefits

SVB is the go-to-bank for tech startups. They have access to resources that benefit tech companies, specifically access to venture capital connections. Besides helping tech startups get their foot in the door, they offer a great business checking account for tech startups.

Here are some additional business checking benefits offered by Silicon Valley Bank:

  • Unlimited free wires – including incoming, outgoing, domestic, international, and all currencies
  • Multiple checking accounts available at no extra charge and an optional debit card
  • No minimum balance requirements
  • Proprietary reports
  • Peer insights
  • Practical finance and startup advice from the SVB team of startup experts
  • Network with investors and other founders at their local networking events

What to Look Out For

Silicon Valley Bank is the best bank for tech startups and offers the best business checking account for techs, but there are a few things you’ll want to look out for as you bank with them.

  • No maintenance fees for three years. After three years, the fee is a whopping $50 per month. The idea, though, is that, with their help, your tech firm will be able to easily justify spending the $50 by then.
  • SVB has only 12 brick and mortar locations, and they’re all in California. If your business is outside of California, you may want to consider other options.

Who Is Silicon Valley Bank Best For?

Silicon Valley Bank is best for tech startups and seasoned tech firms. If you’re considering starting a technology company, Silicon Valley Bank is definitely the best choice bank for getting your business off the ground and scaling it fast.

Check out Silicon Valley Bank’s Startup Banking on their website.

Best Bank for Startup SBA Loans: US Bank

US Bank offers one of the best business checking account for startups and entrepreneurs looking to build business credit and get a Small Business Administration (SBA) 7(a) loan. It’s helpful to bank and borrow money for your business under one roof. 

Besides being convenient, it is a great way to build a strong working relationship with your bank to help ensure your business’s success. This can also help you build business credit.

Getting a small business loan can be a real challenge if you don’t know what you’re doing. There is a process for getting a business loan that ideally starts when forming your business. The mistake most businesses make is not planning far enough in advance. 

The SBA 7(a) loan will require some time to get, plus there’s a mountain of paperwork to complete, plus you’ll want to establish business credit, so you have a chance of qualifying. That being said, US Bank is a great bank for businesses starting out. They don’t charge monthly fees for having an account, so new startups can rest easier knowing they’re not being charged money before they’re making money. They are also good at helping small businesses navigate the lending route, and customer service is great at this bank.

Benefits

Being a long-standing business bank with a good reputation, US Bank knows the business of business financing well. It’s no wonder they do such a great job helping startups to get the funding they need through the SBA loan lending program.

Here are some benefits of opening a Silver Business Checking Package account:

  • 25 free cash deposits per month
  • 125 free transactions per month
  • $100 minimum opening deposit requirement
  • 50% discount on your first check order up to $50
  • 50% discount on the personal Gold Checking Package monthly maintenance fee
  • Free mobile check deposit

What to Look Out For

Though US Bank offers the Silver Business Checking Package account with no monthly fees, something we love about this bank, they will hit you if you start going over the 125 free transactions per month. 

Here are some things to look out for with US Bank:

  • A $0.50 fee is charged for each transaction above the account’s limit of 125 per month.
  • A $5 fee is charged for paper statements.
  • If you’re an ecommerce company or restaurant or retailer with many merchant transactions each month, this account may not bode well for your bottom line given the higher rate charged per transaction over 125. In this case, you may want to reassess your banking options.

Who Is US Bank Best For?

US Bank is one of the best business checking accounts for startups and entrepreneurs wanting to learn how to build business credit and get an SBA 7(a) loan. This bank has lots of branches; last we checked, they had 3,067 branches. They also have great customer service and tend to work well with businesses seeking out business loans, especially through the SBA 7(a) loan program.

Read our full US Bank Business Checking Review on How to Start an LLC.

Best Real Estate Investment Bank for Startups: Consumers Credit Union

The best banks for real estate investors are credit unions, and we like Consumers Credit Union since they offer the best business checking accounts offering the highest interest rates

Benefits

High-interest accounts and zero transaction fees up to the first 100 transactions per month make Consumers Credit Union the best business checking account for startups and entrepreneurs pursuing real estate investing. Consumers Credit Union also offers business money market accounts, business credit cards, business loans, business savings accounts, and other business services.

Here are some benefits of opening a Freedom Business Checking account:

  • The current interest rate is 5%
  • $0 minimum average collected balance to avoid monthly transaction fees
  • 100 transactions allowed with no charge
  • $0 monthly maintenance fee
  • Business online banking
  • Business bill pay
  • Electronic statements
  • Paper statements
  • Surcharge-free Pnc com login my account in the co-op network
  • Shared branching locations in the co-op network

What to Look Out For

Consumers Credit Union offers the best business checking account for startups and entrepreneurs looking to build a real estate investment empire. While they offer the best business checking account for real estate investors, there are some things you should note before opening an account with them.

Here are some things to look out for when opening a Consumers Credit Union Freedom Business Checking Account:

  • Midwest branch locations. Consumers Credit Union has its main credit union branches in Illinois, in and around the Chicagoland area. They do, however, offer complete online banking services and have partnered with the co-op network.

Who Is Consumers Credit Union Best For?

The Consumers Credit Union Freedom Business Checking Account is the best business checking account for real estate investment businesses. 

This is true because Consumers Credit Union really caters well to businesses with a whole suite of business products and account types. We could not find another national credit union that provided great interest rates, sought out by real estate investors, without the hidden fees many banks charge.

Check out Consumers Credit Union’s Business Banking options on their website.

Why Use a Business Bank Account?

We have discussed in detail the top seven banks for startups and entrepreneurs, detailing the best business checking accounts for startups and entrepreneurs for a range of uses, but we haven’t really explained why you should use a business bank account. It is important to know why your business needs a business checking account.

The most important thing a business can do is open up a business checking account, so owners and shareholders do not pierce the corporate veil. 

The verbiage “piercing the corporate veil” refers to a legal situation in which the courts get rid of “limited liability” and hold owners and shareholders personally liable for a business's actions. This means a business owner may risk losing their personal assets and property should the business get sued or run into other legal troubles, which is not a good thing. 

Having a business bank account protects the owners because it ensures that all business-related expenses are kept separate from personal expenses. You never want to make the mistake of mixing personal and business accounts, expenses, records, etc.

Once you open a business bank account, it is important to use the account. It helps you build business credit, establish a working relationship with the bank, and helps ensure you do not pierce the corporate veil.

Our Choice for the Best Business Bank Account

Choosing the best banks for startups and entrepreneurs was no easy feat; however, with loads of determination and countless hours of analysis, we feel sure we’ve picked the best business checking accounts for startups and entrepreneurs. 

The top two banks, BlueVine and Chase, are the most notable solutions for startups and entrepreneurs because of what they offer in particular.

BlueVine is outstanding because it was originally established as a business loan provider. Later it became a bank, offering a powerful business checking account designed to help startups and entrepreneurs take advantage and leverage the power of lending capital while managing and growing capital in a business checking account. BlueVine offers a solid 1% interest rate on funds in the checking account and great business loan rates too.

Though BlueVine is an entirely online bank, their customer service is unmatched in our opinion. They don’t hide behind the internet and are completely transparent about their rates and fees. They’re not out to “get you” or “pull the wool over your eyes”; rather, they seem to want to help startups and entrepreneurs succeed in business. They’re our top pick overall.

Chase is huge in terms of branch locations and the options they provide businesses for the long haul. Many businesses get started by opening a Chase business bank account and then staying with Chase as their business grows. They have case studies on their website to inspire the entrepreneurial spirit, and we feel they really get the mindset of investors overall.

Featured Articles

Источник: https://startupsavant.com/best-business-bank-accounts

Start-up business account

  1. Award-winning app with free invoicing feature

  2. Simple and secure Online Banking with group payments and cash collection booking tools 

  3. A UK-based team of business managers to help you manage and grow your business 

  4. Specialist advice from our international team of high-growth and entrepreneur experts

  5. Free banking for the first 12 months1

Banking with a personal touch

Advice for every day and beyond

We’re here to help with your day-to-day banking, while our UK-based team of business managers2 are on hand to offer advice and support for your growing business – from strategy, planning and cashflow to help with lending and trading abroad.

Insights to help your business grow

If you’re just getting started, our guides can help you with everything from business planning to cashflow forecasting.

Support wherever your business takes you

Price Plans

First 12 Months

Type of transactionPayment Plan
Electronic PaymentsFree
Cash payments Free
Cheques and assisted paymentsFree
Cash machine cash out and electronic internal transfer Free
Monthly account feeFree

After 12 months

We have two Price Plans to choose from, designed for the way your business makes and receives payments.

Mixed Payments Plan – If your business uses cash, cheques and electronic payments to make and receive payments.

e-Payments Plan – If your business mainly makes and receives payments via electronic payments, Online Banking and debit cards.

Type of transactionMixed Payments Plane-Payments Plan
Electronic Payments £0.35 per transactionFree
Cash payments £0.90 per £100£1.50 per £100
Cheques and assisted payments£0.65 per transaction£1.50 per transaction
Cash machine cash out and electronic internal transfer FreeFree
Monthly account fee£8.00£8.50

Price Plan guarantee

The way your business makes and receives payments can change over time. To make sure you’re always on the plan that offers the best deal, we’ll review this each year. We’ll contact you if we think a different plan could save you money and move you on to it, unless you tell us otherwise. However, if you think another plan would suit your needs better, you can move whenever you like – just let us know. 

Business banking on the move

  • Make payments and pay in cheques

Make third-party and international payments on the go using our app4. You can also pay in cheques without visiting a branch – just take a picture of your cheque and let us know the amount. You’ll usually get your money the next working day.

  • Keep track of your invoices

Your app shows you which invoices have been paid and when, and notifies you when an invoice has been settled. You can also send reminders for overdue payments.

    Forgotten your card reader and need to access your Online Banking? Mobile PINSentry in the Barclays app lets you log in to Online Banking without a card reader or debit card.

    Apply online for a start-up business account

    We’re getting a lot of applications at the moment and it’s taking us up to two weeks to process them.

    When you apply, you’ll need to give us some basic information. You can find the guide to what we need at UK Finance, the UK’s leading trade association for financial services.

    Apply by phone

    You can apply for a start-up business account by phone if

    • You don’t have and have never had an account with us, and
    • You’re a sole trader or a limited company with only one director and shareholder

    Please call us on 0800 515 4625 to start your application. 

    Apply at a best high yield savings rates

    If you have specific or more complicated needs, please call us on 0800 515 4625 to book a branch appointment with a Small Business Manager.

    Coronavirus help and support

    If you’re concerned about the coronavirus situation, we want to reassure you that we’re here to help you get through this difficult time. See what we’re doing right now.

    Have you been asked to use Barclays Verify?

    Find out how to verify your capital one 360 phone number with the Barclays app when applying for a business current account.

    Frequently Asked Questions

    • Here’s what we need from you

      • Your Companies House registration number, if you have one
      • Details about your business, including tax information and turnover
      • Details for your directors or partners, including their names, dates of birth, addresses and National Insurance numbers

      You can see the full list of requirements on the business banking checklist from UK Finance, the UK’s leading trade association for financial services.

    • When we process your application, we carry out credit and fraud checks on you and your business partners. These checks take into account your personal and business credit, and anything that might affect your ability to get short-term credit. If your application’s successful, we’ll share information with credit reference agencies about how you manage your account.

    • We’ll review your application and carry out our checks. Once we’ve completed our checks, we’ll send a text to the mobile number you provided to let you know your account’s open. 

    • We aim to open all business accounts within five working days of receiving your application – this could take longer if your business structure is more complex or if we’re receiving more applications than usual. We’ll update this page with information on any delays, so check here before you apply. We’ll also get in touch if any significant delays arise after you’ve submitted your application.

      We’ll send out your business account details and debit card within five working days of your account opening.

    • If you tell us within 14 days of opening your account that you want to cancel or switch to a different account, we’ll refund any account fees that you’ve paid. The 14 days will start from when you get your Business Customer Agreement or the date your account was opened, whichever comes later.

    1. Available for small businesses, including individuals setting up their first business bank account within the first 12 months of trading. There is no charge for standard transactions for 12 months (‘initial free banking period’) from opening a Barclays Business current account with us. Standard transactions include most payments out (debits) and payments in (credits). Automated transactions through telephone and internet banking are included, as are cheque transactions, cash handling and paper/online statement services. There are charges for non-standard transactions, such as audit letters, returned or stopped cheques, international payments and duplicate statements. See a full list of standard and non-standard transactions [PDF, 376KB]Return to reference

    2. Barclays Business Direct are here to support businesses with an annual turnover under £400,000.Return to reference

    3. To view PDF files, you’ll need a PDF viewer installed on your device.Return to reference

    4. You need to be aged 16 or over to use the Barclays app. Terms and conditions apply.Return to reference

    5. Lines are open 8am to 6pm, Monday to Friday. To maintain a quality service, we may monitor or record phone calls. Call charges.Return to reference

    Источник: https://www.barclays.co.uk/business-banking/accounts/start-up-business-account/

    19 Best Small-Business Checking Accounts of 2021

    Business banking is a little different from consumer banking. Our master list of the best online banks around is surprisingly short on business checking accounts with no monthly maintenance fees, minimum balance requirements, or monthly transaction limits.

    Also, most business bank accounts impose transaction limits and demand hefty minimum balances to waive high monthly maintenance fees (also known as monthly service fees).

    That puts microbusiness owners and solopreneurs at a distinct disadvantage. And it’s a stark contrast to the consumer banking world, where the best free consumer checking accounts cater to individuals and joint account holders who aren’t swimming in cash.

    But the picture isn’t uniformly bleak. Once you know where to look, you’ll find ample small-business checking options to choose from.

    Best Small-Business Checking Accounts

    The best small-business checking accounts have low minimum balance requirements to waive their monthly maintenance fees (or no monthly service fees at all) and enough fringe benefits to keep things interesting for account holders.

    Some pay interest as well. All are FDIC-insured. Read on for our list of the best business checking accounts available right now.

    1.Chase Business Complete Checking

    $300 Bonus for New Account Holders Who Open With Qualifying Activities

    Chase Bank Logo

    Chase Business Complete Checking has a category-leading bonus opportunity for new account holders: $300 when you open a new account online or in-person (with no minimum deposit required) and complete the required qualifying activities.

    Moving forward, you can avoid the $15 monthly maintenance fee in multiple ways, including maintaining a minimum daily balance or making qualifying purchases on your Chase Ink Business credit card.

    Plus, enjoy unlimited electronic deposits, ACH, and mobile check deposits via Chase QuickDeposit.

    Chase has ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI. This offer is available online nationwide, except for residents of AK, HI, and PR.

    • Minimum Deposit and Balance Requirements: There’s no minimum deposit or ongoing balance requirement.
    • Yield: None.
    • Rewards and Incentives: Open a newChase Business Complete Checking account and complete qualifying activities to earn a $300 bonus. This offer expires Oct. 21, 2021.
    • Possible Fees: Chase Bank offers multiple ways to waive the $15 monthly maintenance fee.

    Apply Now


    2. BlueVine Business Checking

    Totally Free Business Checking With No Minimums & Interest on Eligible Balances

    Bluevine Business Checking

    BlueVine Business Checking has no minimum balance requirements, no monthly fees, and unlimited transaction allowances for all users. It’s also quite rare in the free business checking world for paying interest on balances: 0.6% APY.

    BlueVine Business Checking has plenty of value-added capabilities for small-business users too. For example, you can easily connect your account to online accounting platforms like QuickBooks Online, Wave, and Freshbooks, as well as business revenue and deduction tools like PayPal, Stripe, and Expensify.

    • Minimum Deposit and Balance Requirements: This account has no monthly fees, minimums, or transaction limits.
    • Yield: All eligible balances earn 0.6% APY.
    • Rewards and Incentives: This account comes with a powerful mobile banking interface that offers mobile check deposit, debit card locking and unlocking, biometric security, custom account alerts, and more. Plus, you can deposit cash at more than 90,000 Green Dot retail locations, and you’ll pay no fees at more than 38,000 ATM locations nationwide.
    • Possible Fees: This account has no NSF, overdraft, or incoming wire fees.

    Learn More


    3. Axos Bank Basic Business Checking

    Earn a $100 Account Opening Bonus With Qualifying Activities

    Axos Bank Logo

    Axos Bank Basic Business Checking is a fantastic alternative to Axos Bank Business Interest Checking (which we cover further down).

    This free business checking account has no monthly maintenance fee, unlimited ATM fee reimbursements, a fantastic welcome bonus for both newly incorporated businesses and long-incorporated businesses that open accounts by the stated offer end date, and a nice remote deposit feature you can use just about anywhere.

    Apply 100% online (no paper forms required) and get your first 50 checks free. Plus, enjoy paperless statements once you’re signed up.

    • Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,000, but there’s no monthly service fee.
    • Yield: None.
    • Rewards and Incentives: Here’s how to earn the $100 welcome bonus: Apply for your new Axos Bank Basic Business Checking account, then maintain an average daily balance of at least $5,000 during the first three months (new funds only). This offer is subject to change or revocation at any time at Axos Bank’s sole discretion.
    • Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
    • Possible Fees: $0.30 per item processed after the first 200 items each month.

    For more information, read our Axos Bank review.

    Learn More


    4. Lili Standard

    Totally Free Checking With Automatic Tax Savings and Financial Insights

    Lili Logo

    TheLili Standard account is a truly free, all-in-one checking solution that’s built with freelancers in mind.

    In practice, it appeals to a much broader audience: side hustlers and gig workers supplementing W-2 income, established solo professionals (one-person businesses), and full-time freelancers. With Lili Standard, these folks don’t need separate bank accounts for personal and business needs — just Lili.

    Lili Standard’s signature benefits include a subaccount that simplifies tax savings, early payday for qualifying account holders, instant expense categorization, and a powerful cache of financial insights and expense management tools to help you spend (and save) smarter.

    Plus, its “emergency bucket” feature enables savings transfers as small as $1 a day. It all adds up to one of the best business checking accounts around.

    • Minimum Deposit and Balance Requirements: Lili has no account fees or minimums.
    • Yield: Lili Standard doesn’t pay interest. Check back often for the latest offers.
    • Rewards and Incentives: Lili’s referral program pays $50 per successful referral to Lili and promises a bonus of $1,000 when you deliver 10 successful referrals. Plus, Lili makes it easy to set aside funds earmarked for tax payments, has helpful expense management and categorization tools (like quarterly expense reports), promises an early payday for account holders bank of america in bryan tx direct deposit (up to two days early), enables cash deposit at more than 90,000 locations around the U.S., and delivers real-time alerts about transactions and other account activities.
    • Possible Fees: Lili Standard charges best no fee business bank account account fees.

    Learn More


    5. Hatch Business Checking Account

    Hatch Card

    Hatch is a free business banking platform that packs a tremendous amount of value into a lean, flexible account outfitted with a clutch Mastercard debit card. Take a few minutes to apply, then take advantage of these can’t-miss benefits:

    • Up to 5% cash back on eligible purchases, including car rentals (5% back), hotels and restaurants (4% back), and gas (1% back).
    • Exclusive Hatch Perks — discounts on the tools and services you need to run your business, like Yelp, Square, QuickBooks, and Zenefits
    • Free, flexible ACH transfers
    • Seamless Apple Pay and Google Pay integrations

    And Hatch has virtually no fees — no NSF, card replacement, or minimum balance fees.

    • Minimum Deposit and Balance Requirements: There’s no minimum deposit or monthly minimum balance requirement.
    • Yield: Hatch doesn’t pay interest on balances, but select transactions earn up to 5% cash back.
    • Rewards and Incentives: On top of 5% cash back, enjoy perks that can reduce the cost of the business products and services you need to succeed, fee-free access to 55,000 ATMs nationwide, and Mastercard Enhanced Debit benefits (including ID theft protection, car rental insurance, and Mastercard Airport Concierge).
    • Possible Fees: Hatch doesn’t charge NSF fees, monthly minimum balance fees, ACH fees, or card replacement fees.

    Apply Now


    6. Lili Pro

    Premium Subscription Featuring Advanced Banking, Tax Management Features & More for Professional Freelancers

    Lili Pro Card 01

    Lili Pro builds on the already incredible value of Lili Standard with a premium subscription platform built for professional freelancers. It boasts all the features and capabilities Lili Standard users know and love, plus:

    • A premium Visa business debit card with increased transaction allowances and cash-back rewards at over 14,000 merchants
    • Yields up to 1% on eligible emergency savings balances
    • Free overdraft up to $200 with no extra fees
    • Unlimited invoicing that allows account holders to send and manage invoices from their Lili Pro accounts and get paid directly into Lili
    • Advanced expense management, including custom categorization and percentage allocations for work and life expenses
    • Automatic set-aside savings for taxes
    • Access to more than 38,000 fee-free ATMs
    • No hidden fees

    All this for just $4.99 per month.

    • Minimum Deposit and Balance Requirements: Lili Pro does not impose minimum deposit or ongoing balance requirements.
    • Yield: Emergency savings balances held with Lili Pro earn up to 1% APY.
    • Rewards and Incentives: Lili Pro has the same great referral program as Lili Standard. See terms and conditions for complete details.
    • Possible Fees: Lili Pro carries a low monthly subscription fee of $4.99. Lili Pro has no hidden fees.

    Learn More


    7. Brex Cash

    Up to 50,000 Bonus Points After Account Approval and Qualifying Spend; No Fees or Minimums

    Brex Logo

    Brex Cash is a user-friendly cash account for growing businesses. With no fees or minimums, a generous welcome offer and ongoing rewards program, and an expansive lineup of value-added perks worth $150,000, it’s difficult to find fault here.

    Take full advantage of the powerful mobile app and don’t miss the super-simple advance payment scheduling tools, either.

    • Minimum Deposit and Balance Requirements: Brex Cash has no account fees or minimums.
    • Yield: None.
    • Rewards and Incentives: Earn 30,000 bonus Brex Rewards points after opening your account and spending $3,500 on purchases within 30 days, or earn 50,000 bonus points after opening your account and spending $9,000 on purchases within 30 days. Plus, earn points on every purchase and enjoy perks worth $150,000.
    • Possible Fees: Brex Cash has no account fees.

    Learn More

    *Brex Treasury LLC is not a bank; Brex Cash is not a bank account.


    8. Novo Powerfully Simple Business Banking

    Thousands of Dollars in Exclusive Perks Available to Account Holders

    Novo Bank Logo

    Novo’s Powerfully Simple Business Banking product is another maintenance fee-free option for small-business owners and self-employed people (sole proprietors).

    An easy application process, nice account opening bonus, robust mobile features, integrations with other useful small-business tools, and virtually no fees all count as standouts here.

    If you’re done with branch-based business banking, put this free business checking account from Novo at or near the top of your list. It’s one of the best business checking accounts for smaller operators, period.

    • Minimum Deposit and Balance Requirements: The account opening minimum is $50, but there’s no ongoing minimum balance requirement and no monthly maintenance fee.
    • Yield: None.
    • Rewards and Incentives:  Enjoy thousands of dollars in exclusive perks — see Novo’s website for details.
    • Overdraft Options: If Novo chooses to honor an overdraft, there’s a $27 insufficient funds fee per item. The returned-item fee is also $27 per item.
    • Possible Fees: Other than its insufficient funds and returned-item fees, Novo has virtually no fees.

    Learn More


    9. LendingClub Bank Tailored Checking

    Up to 1% Cash Back on Signature Debit Card Transactions for Qualifying Customers; 0.10% APY on Balances Above $5,000

    Lending Club Logo

    LendingClub Bank Tailored Checking doesn’t have the best yield in the business checking space, but 0.10% APY on balances over $5,000 is better than nothing.

    Pair that yield with no limits or fees on transactions — ever — and you have an excellent account for active businesses able to keep some cash on hand.

    Mobile check deposits and a powerful debit card app (which includes a card-locking feature) simplify banking on the go.

    • Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. The $10 monthly maintenance best no fee business bank account is waived with a minimum daily balance of $5,000 or more.
    • Yield: 0.10% APY on balances over $5,000.
    • Rewards and Incentives: After your Tailored Checking account has been open for at least 30 days, keep an average balance of $5,000 or more in the account to qualify to earn up to 1% cash back on signature-based debit card purchases online and in-store. Cash back is automatically credited to your Tailored Checking account at the end of the month following the earning period. Plus, enjoy unlimited ATM fee rebates.
    • Overdraft Options: If you opt in to overdraft protection, there’s a $5 daily overdraft fee as long as your account remains overdrawn (up to 30 days). Fees begin accruing on the fifth calendar day after the first overdraft item hits.
    • Possible Fees: LendingClub Bank charges between $10 and $40 for wire transfers, depending on origin and destination.

    Learn More


    10. NorthOne Business Banking

    Unlimited Payments, Deposits, Transfers & Debit Card Usage

    Northone Logo 11 2 20

    NorthOne Business Banking is a refreshingly simple business banking platform that prides itself on “radically transparent pricing.”

    Just $10 per month unlocks its full slate of features, including unlimited payments, transfers, deposits, and debit card transactions; more than 300,000 in-network ATMs; mobile check deposit (and a slew of other mobile-friendly features); and unlimited subaccounts for payroll, taxes, and more.

    Plus, for a limited time, NorthOne is offering an exclusive deal for Money Crashers readers who sign up for a new account: one month of free business banking when you sign up using the link below.

    • Minimum Deposit and Balance Requirements: The minimum the huntington national bank inc deposit is $50.
    • Yield: None.
    • Rewards and Incentives: NorthOne Business Banking is chock-full of useful features, including more than 300,000 ATMs in-network, unlimited subaccounts for taxes and payroll (and other functions), mobile check deposit, and unlimited number of transactions.
    • Overdraft Options: NorthOne charges a one-time overdraft fee when your account balance drops below $0. See pricing terms for more details.
    • Possible Fees: The monthly maintenance fee is $10. NorthOne may also charge for wire transfers, overdrafts, NSF transactions, and ACH/PAD returns.

    Learn More


    11. Axos Bank Business Interest Checking

    Up to 0.81% APY on Eligible Balances

    Axos Bank Logo

    Axos Bank Business Interest Checking is the highest-yielding small-business checking account on this list — paying up to 0.81% annual percentage yield (APY) on qualifying balances.

    Throw in a low minimum opening deposit requirement, and you’ve got a solid online business checking account for business owners looking to earn a real return on working capital.

    • Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. You must maintain a $5,000 minimum average daily balance to waive the $10 monthly maintenance fee.
    • Yield: Earn 0.81% APY on balances up to $49,999.999. Earn 0.50% APY on balances between $50,000 and $249,999.999 and 0.20% on all balances above $250,000.
    • Rewards and Incentives: Enjoy unlimited domestic ATM fee reimbursements and 50 free checks when you open your account.
    • Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
    • Possible Fees: $0.50 per item processed after the first 50 items each month.

    For more information, read our Axos Bank review.

    Learn More


    12. BankProv Small Business Checking

    No Deposit or Balance Requirements; Higher Deposit Insurance Limits Than FDIC-Only Accounts

    New Project (4)

    BankProv Small Business Checking is one of the best small-business starter accounts around. With no minimum deposit requirements or ongoing balance requirements and unlimited deposit transactions per month, it’s perfect for entrepreneurs looking to decorah bank and trust routing number overhead low.

    • Minimum Deposit and Balance Requirements: There’s no minimum opening deposit or ongoing balance requirement.
    • Yield: None.
    • Rewards and Incentives: Enjoy 100% DIF insurance coverage — boosting your deposit insurance protection above the standard FDIC coverage limit.
    • Possible Fees: BankProv charges a per-item fee for ACH transfers after the first 50 each month. The monthly maintenance fee is $50, cut to $25 with a minimum daily balance of $100,000 and waived entirely with a minimum daily balance of $250,000. See terms for a complete accounting of possible fees.

    Learn More


    13. Citizens Bank Clearly Better Business Checking

    No Monthly Maintenance Fees, Ever

    Citizens Bank Logo

    Citizens Bank Clearly Better Business Checking is one of the only business checking accounts that never charge a monthly maintenance fee. That’s excellent news for business owners working on thin margins.

    This account also boasts a relatively high monthly limit for free transactions and generous overdraft options.

    On the negative side of the ledger, it doesn’t pay interest and isn’t available in all areas — Citizens Bank’s www prudential com online retirement com area is limited to the East Coast. But if you do live in an area served by Citizens Bank, you can hardly do better.

    • Minimum Deposit and Balance Requirements: There’s no minimum opening deposit or ongoing balance requirement.
    • Yield: None.
    • Rewards and Incentives: None.
    • Overdraft Options: Citizens Bank offers two overdraft options, both opt-in: an overdraft line of credit and overdraft savings transfer program. Both charge $12 for each day an overdraft transfer occurs, regardless of the number of transfers on that day. The savings transfer option is otherwise free, but the line of credit costs $30 per year. The required credit line payment is the greater of $20 or 2% of the balance.
    • Possible Fees: $0.50 per item above the 200 monthly transaction limit.

    Learn More


    14. NBKC Business Checking Account

    Virtually No Fees and No Balance Requirements

    Nbkc bank

    TheNBKC’s business checking account has no balance requirements, no monthly maintenance fees, and no transaction fees.

    As part of the MoneyPass ATM network, best no fee business bank account offers fee-free withdrawals at more than 32,000 ATMs in the U.S. and Puerto Rico.

    And its simple Desktop Deposit feature — with added support from a robust mobile banking app — makes it easy to deposit checks remotely.

    • Minimum Deposit and Balance Requirements: There’s no minimum balance requirement.
    • Yield: None.
    • Rewards and Incentives: Get up to $12 in monthly refunds for ATM fees charged by any other banks worldwide, plus mobile-friendly features like bill pay.
    • Overdraft Options: NBKC offers a courtesy overdraft sweep option. See account disclosures for details on how this works.
    • Possible Fees: Other than domestic and international wire fees — $5 to send a domestic wire and $45 to send or receive an international wire — NBKC has virtually no fees.

    Learn More


    15. Huntington Bank Unlimited Plus Business Checking

    Enjoy Access to Exclusive, Potentially Valuable Business Perks

    huntington bank logo

    Huntington Bank Unlimited Plus Business Checking is a powerful business checking account designed for larger businesses with high transaction volumes and complex treasury management needs. 

    It has a category-leading new account opening bonus opportunity as well. Through March 7, 2022, you can earn a bonus worth $750 when you open a new account and complete these qualifying activities: 

    • Open a new Unlimited Plus Business Checking account between Nov. 1, 2021, and March 7, 2022
    • Make cumulative new money deposits of at least $20,000 within 60 days of account opening
    • Keep your account open for a minimum of 90 days

    Look for your $750 bonus in your account within 14 business days after completing these activities. Then, enjoy benefits like:

    • Unlimited transactions§ and up to $25,000 in cash or currency deposits monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after
    • Waived monthly maintenance fee with $50,000 in combined deposit relationship balances (otherwise, $40/month)#
    • Your choice of two additional bonus services, such as up to 25 returned deposit items per month and two free incoming domestic wires

    Disclosures:

    o To be eligible for the $750 cash bonus, business customer must open a new Huntington Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by March 7, 2022 then make a minimum cumulative new money deposit into the new checking account of at least $20,000 within 60 days of account opening.

    o “New money” is defined as money that is not currently on deposit in any Huntington account
    (except maturing business CDs). Account must maintain an open status for at least 90 days
    before it is eligible for the bonus payment. All new accounts subject to account opening approval
    and account conversions are not eligible. An Early Account Closing Fee will apply to accounts
    closed within 180 days of opening.
    o Your $750 bonus will be deposited into your new checking account within 14 days of meeting the
    above requirements. Your business checking account must remain in an open status to receive
    the bonus.

    o This offer is only available to new business checking customers. All existing Huntington business
    checking customers, including those with business checking accounts closed within the last six
    months, are not eligible. Public Fund/Government Banking dollars and Brokers are not eligible for
    this offer.
    o Cash bonus does not count towards the deposit requirement. This offer cannot be used in
    combination with any other offer. For tax purposes, the bonus will be reported on IRS Form
    1099-INT for the year in which you receive your bonus. Huntington reserves the right to limit an
    individual business owner with multiple businesses to one account-related gift incentive per
    rolling 12-month period across all deposit account relationships.

    §A “transaction” is any combination of checks paid, deposit tickets, deposited checks (except those you process through a remote deposit scanner), incoming ACH debits and credits, debit card purchases and bill payment transactions made through Huntington’s Online Bill Pay service.

    #The business can avoid the monthly checking maintenance fee ($20.00 for Unlimited Business Checking and $40.000 for Unlimited Plus Business Checking) for any statement period on this checking account when the business keeps a total deposit relationship balance of at least $10,000 for the Unlimited Business Checking account and $50,000 for the Unlimited Plus Business Checking account in a combination of deposits held directly by us. Eligible deposits are this checking account and any other checking, money market, savings, or certificate of deposit (CD) account(s) owned by the business, but deposits owned by separate legal entities (even those that share EINs or TINs) are not eligible. We figure the total relationship deposit balance each month by adding the average daily balance for all eligible deposit account balances of the business for the applicable statement period. We calculate the average daily balance by totaling the balances in your account from the end of each day in the applicable

    statement period and dividing that amount by the number of days in that period. However, for new accounts or closed accounts, we only count the number of days that the account was open during the applicable statement period for purposes of determining the average daily balance.


    16. Huntington Bank Unlimited Business Checking

    Access to Exclusive, Potentially Valuable Business Perks

    huntington bank logo

    Huntington Bank Unlimited Business Checking is built for growing businesses with higher transaction volumes and steadily increasing cash flows. 

    For a limited time, it also boasts one of the best small-business bank account promotions around. Through March 7, 2022, you can earn a bonus worth $400 when you open a new  account and complete qualifying activities. Just do the following: 

    • Open a new Unlimited Business Checking account between Nov. 1, 2021, and March 7, 2022
    • Make cumulative new money deposits of at least $5,000 within 60 days of account opening
    • Keep your account open for a minimum of 90 days

    You should receive your $400 bonus in your account within 14 business days after completing these qualifying activities. And you can always look forward to these great Unlimited Business Checking benefits:

    • Unlimited transactions§ and up to $10,000 in cash or currency deposits monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after
    • Waived monthly maintenance fee with $10,000 in combined deposit relationship balances (otherwise, $20/month)#
    • Your choice of one additional bonus service, such as two incoming domestic wire transfers per month

    Learn More

    Disclosures:

    o To be eligible for the $400 cash bonus, business customer must open a new Huntington Unlimited Business, Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by March 7, 2022 then make a minimum cumulative new money deposit into the new checking account of at least $5,000 within 60 days of account opening.

    o “New money” is defined as money that is not currently on deposit in any Huntington account
    (except maturing business CDs). Account must maintain an open status for at least 90 days
    before it is eligible for the bonus payment. All new accounts subject to account opening approval
    and account conversions are not eligible. An Early Account Closing Fee will apply to accounts
    closed within 180 days of opening.
    o Your $400 bonus will be deposited into your new checking account within 14 days of meeting the
    above requirements. Your business checking account must remain in an open status to receive
    the bonus.
    o This offer is only available to new business checking customers. All existing Huntington business
    checking customers, including those with business checking accounts closed within the last six
    months, are not eligible. Public Fund/Government Banking dollars and Brokers are not eligible for
    this offer.
    o Cash bonus does not count towards the deposit requirement. This offer cannot be used in
    combination with any other offer. For tax purposes, the bonus will be reported on IRS Form
    1099-INT for the year in which you receive your bonus. Huntington reserves the right to limit an
    individual business owner with multiple businesses to one account-related gift incentive per
    rolling 12-month period across all deposit account relationships.

    §A “transaction” is any combination of checks paid, deposit tickets, deposited checks (except those you process through a remote deposit scanner), incoming ACH debits and credits, debit card purchases and bill payment transactions made through Huntington’s Online Bill Pay service.

    #The business can avoid the monthly checking maintenance fee ($20.00 for Uk phone country code from usa Business Checking and $40.000 for Unlimited Plus Business Checking) for any statement period on this checking account when the business keeps a total deposit relationship balance of at least $10,000 for the Unlimited Business Checking account and $50,000 for the Unlimited Plus Business Checking account in a combination of deposits held directly by us. Eligible deposits are this checking uk phone country code from usa and any other checking, money market, savings, or certificate of deposit (CD) account(s) owned by the business, but deposits owned by separate legal entities (even those that share EINs or TINs) are not eligible. We figure the total relationship deposit balance each month by adding the average daily balance for all eligible deposit account balances of the business for the applicable statement period. We calculate the average daily balance by totaling the balances in your account from the end of each day in the applicable

    statement period and dividing that amount by the number of days in that period. However, for new accounts or closed accounts, we only count the number of days that the account was open during the applicable statement period for purposes of determining the average daily balance.


    17. Huntington Bank Business Checking 100

    Enjoy Access to Exclusive, Potentially Valuable Business Perks

    huntington bank logo

    Huntington Bank Business Checking 100 is a maintenance-fee-free small-business checking account for startups and established businesses. It’s ideal for entities with modest account balances and lower transaction volumes.

    For a limited time, Business Checking 100 has a solid account opening bonus opportunity too. Open a new Huntington Bank Business Checking 100 account and complete the following qualifying activities for the opportunity to earn a $100 bonus:

    • Open a new Business Checking 100 account between Nov. 1, 2021, and March 7, 2022
    • Make cumulative new money deposits of at least $2,000 within 60 days of account opening
    • Keep your account open for a minimum of 90 days

    Look out for your $100 bonus in your account within 14 business days after completing these activities. Then, take advantage of Business Checking 100 benefits like:

    • 100 monthly transactions§
    • Deposit up to $5,000 in cash or currency monthly in-branch or at an ATM#
    • Free 120-day trial of a fraud tool: Reverse Positive Pay
    • No monthly maintenance fee

    Disclosures:

    o To be eligible for the $100 cash bonus, business customer must open a new Huntington Business Checking 100, Unlimited Business, Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by March 7, 2022 then make a minimum cumulative new money deposit into the new checking account of at least $2,000 within 60 days of account opening.
    o “New money” is defined as money that is not currently on deposit in any Huntington account
    (except maturing business CDs). Account must maintain an open status for at least 90 days
    before it is eligible for the bonus payment. All new accounts subject to account opening approval
    and account conversions are not eligible. An Early Account Closing Fee will apply to accounts
    closed within 180 days of opening.

    o Your $100 bonus will be deposited into your new checking account within 14 days of meeting the
    above requirements. Your business checking account must remain in an open status to receive

    the bonus.
    o This offer is only available to new business checking customers. All existing Huntington business
    checking customers, including those with business checking accounts closed within the last six
    months, are not eligible. Public Fund/Government Banking dollars and Brokers are not eligible for
    this offer.

    o Cash bonus does not count towards the deposit requirement. This offer cannot be used in
    combination with any other offer. For tax purposes, the bonus will be reported on IRS Form
    1099-INT for the year in which you receive your bonus. Huntington reserves the right to limit an
    individual business owner with multiple businesses to one account-related gift incentive per
    rolling 12-month period across all deposit account relationships.

    §A “transaction” is any combination of checks paid, deposit tickets, deposited checks (except those you process through a remote deposit scanner), incoming ACH debits and credits, debit card purchases and bill payment transactions made through Huntington’s Online Bill Pay service.

    #Deposit up to $5,000 in cash or currency monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after.


    18. TIAA Bank Business Checking

    High Monthly Transaction Limit

    Tiaa Bank Logo

    TIAA Bank’s business checking account boasts low- or no-cost overdraft protection options and a robust suite of mobile-friendly features.

    It’s ideal for customers who can make the $1,500 minimum opening deposit and keep enough cash on hand ($5,000 or more) to waive the monthly maintenance fee

    A reasonably high monthly transaction limit appeals to businesses with active cash flows.

    • Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,500. You’ll avoid the $14.95 monthly maintenance fee if you have a minimum daily balance of $5,000 or more.
    • Yield: None.
    • Rewards and Incentives: None.
    • Overdraft Options: There’s no monthly or per-item fee for TIAA Bank’s overdraft protection services, which include money market transfers (with a qualifying linked account) and a credit line. If you enroll in an overdraft protection line of credit, the late payment fee is $25.
    • Possible Fees: $0.25 per item above the 200 monthly transaction limit; $0.50 per item above the 10 monthly online bill payments limit.

    Learn More


    19. U.S. Bank Silver Business Checking Package

    No Monthly Maintenance Fee; 50% Discount on Your First Check Order

    TheU.S. Bank Silver Business Checking Package is one of the few maintenance-fee-free small-business checking accounts offered by a major national bank. 

    Designed for sole proprietors, high-growth startups, and established mom-and-pop businesses alike, it’s ideal for entities with relatively low transaction volumes and straightforward money management needs. 

    Highlights include 25 free cash deposits each statement cycle, deep discounts on fees for personal banking through U.S. Bank’s Gold Personal Package account, and overdraft protection with a Business Reserve Line. 

    • Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. There’s no ongoing monthly balance requirement.
    • Yield: None.
    • Rewards and Incentives: Get 50% off your first check order up to $50. Plus, get 50% off the monthly maintenance fee on a U.S. Bank Gold Personal Package (personal bank account).
    • Overdraft Options: Open a Business Reserve Line of credit with U.S. Bank and link it to your U.S. Bank Silver Business Checking Package for overdraft protection. All business credit lines are subject to credit approval and fees may apply on overdraft transfers. Speak with a banker for more information.
    • Possible Fees: $0.50 per item above the 125 free monthly transaction limit. The first 25 cash deposits each month are free at U.S. Bank branch locations or ATMs.

    Learn More


    Final Word

    These small-business checking accounts aren’t always the stars of the show at their respective online banking institutions.

    Most of these banks offer multiple personal and business deposit accounts. Several make our lists of banks with the best CD rates and the best money market rates, and some offer enticing high-yield savings accounts to boot.

    So even if you come for the low-cost small-business checking, you could find yourself staying for more. There’s something to be said for doing all your banking under one roof — and your bank certainly won’t mind.

    Источник: https://www.moneycrashers.com/best-business-checking-accounts/

    Unlike many personal accounts, some business bank accounts are not free. With some banks, you pay a monthly or annual fee to have the account whilst some challenger banks do not charge a fee. But you’ll have to pay for everyday activities, such as paying in money. So, which is better – no fee or fee-paying business bank accounts?

    Choosing the right small business bank account is essential. The right one will help you manage cash flow and improve your accounting measures. But they all come with a price tag attached, whether that is a monthly or annual fee, and/or fees for activities such as paying in cash.

    Whether you opt for fee or free, depends on what you need from a business account.

    Fee or Free – which is better?

    The answer lies in what you want from a business account. There is no such thing as free business banking, but the financial landscape is competitive and that means banks will attract customers with promises of free banking and minimal fees. 

    What can you expect to pay for as part of a business account?

    • Paying money and cheques in over the counter – banks charge to process payments made over the counter. This can be a flat fee or a % fee for the total value each time you pay into your account. Some banks have variable fees too, with the rate increasing the more times you pay in each month or increasing fees when a certain amount is paid in.
    • Withdrawals – it is also possible that a bank will charge each time you use a best no fee business bank account bank account to withdraw cash either over the counter or from an ATM.
    • Bank transfers – businesses conduct a lot of their banking activities online, using digital banking apps and software to make payments and manage their finances. Thankfully, in most cases, ‘domestic’, that is UK bank transfer payments, are free. International bank transfers, especially when they are made in different currencies, can incur a charge, which varies from one bank to the next. 

    Traditionally, fees by high street for business bank accounts have been high but the emergence of challenger banks onto the landscape in the last few years has led to many changes. Starling Bank has just recorded a profit of £800k, the first of the challenger banks to do so, and it offers free business banking. So how do the high street and challenger banks compare for fees and costs? 

    No fee business bank account comparison table

    Every bank attracts business customers with different packages. It is important to check the small print so that you pay as little in the way of fees as possible.

    • Free but check the fees – many challenger banks offer free business banking but check the fee structure as you may find that to complete basic accounting activities, you’ll pay each time.
    • Free for a period of time – most high street banks will offer a free business current account for 12 or 18 months. The Yorkshire Bank is currently offering 25 months free. Once this time has passed, you’ll need to check the monthly or annual fee. 
    • Limits – some banks charge a lower fee for certain transactions when the accumulative value is below a certain amount. If, however, you go over this limit, you may be charged more. This could be the amount paid in each month, for example.
    BankFree or fee?Monthly feeGood to know
    Starling BankFree business banking forever£0Most features are free for businesses with fewer than 10 employees and a turnover of less than £1.7 million annually.

    Some charges for paying in cash at the Post Office.

    Practical app and great support in-app and on the phone.

    No credit check.

    Widely credited with being the leading challenger bank.  
    Barclays12 months£6.50 monthlyFor small businesses setting up their first business bank account and in their first 12 months of trading. 

    A high street bank with many branches, ideal if you want to pay in over the counter or want in-branch support.

    Fees vary depending on whether a business turns over less or more than £5 million. 
    NatWest18 months£5 monthlyThis 18-month free business bank account is available to new businesses who have been trading for less than 12 months and with a turnover of less than £1 million.

    No transaction fees for the first 18 months – check tariffs for latest fees.  
    HSBC12 or 18 months depending on which account you choose£5.50Fees vary after the free qualifying period has ended depending on business turnover.

    Fees vary from 23p per internet bill payment to 30p charge per cheque.

    You’ll also pay for debit and credit card payments, and a % charge of the value of money withdrawn using an ATM. 
    Lloyds18 months for new business, 6 months when switching accounts£7Electronic payments in and out are free.

    The first £1500 paid into the account each month is charged at £1 per £100, dropping to 90p per £100 after this.

    Cheques in and out cost 85p each time. 
    Bank of Scotland18 months£7The transaction fees on business accounts with Bank of Scotland are the same as for Lloyds Bank above. They are part of the same group and so your decision can be based on which branch is closest and most convenient.  
    Yorkshire Bank25 months£6.50This bank has been on a considerable drive to attract more business customers and two years of free banking for small businesses has certainly proved attractive. 

    Direct debits, standing order and credits are all charged at 30p each.

    Cheques at 30p and payments in and cash withdrawals are charged at a flat fee of 65p per £100. 
    TSB25 months£5 – £40You can choose between 5 plans, scaling up and down during busy and quiet periods to take advantage of better fees.

    Each package has a limit for payments in, cash out and cheques processed so make sure you buy into the right package.

    Cash withdrawals from TSB ATMs are free, providing they remain within the set daily limit. 
    Royal Bank of Scotland24 monthsFrom £5They have recently introduced a pay-as-you-go account to attract new business customers, but you’ll need to have been trading for less than 12 months.

    Automated transactions are 35p each and manual transaction (i.e., over the counter) are 70p per item or for cash in payments, 70p per £100. 
    Ulster Bank18 months£8 per quarterCharges and fees are very similar to Bank of Scotland although the bank has a poor rating in a recent Which? Review. 
    Co-Op Bankmonths£7**If, as a business, you maintain a balance of £1,000 each month, there is no account maintenance fee, including transaction fees, after the 30-month free period has passed. 

    Has a range of accounts to choose from. 
    Clydesdale Bank25 months£6.50Also keen to attract business customers, Clydesdale is following the lead of other banks with a generous free business banking period.

    Direct debit and standing orders are 30p each and cheques are charged at 70p each.

    Cash paid in over the counter is charged at 65p per £100.  
    ANNA6 months£5, £11 or £49A popular challenger bank that promises a simple no-nonsense approach.

    The basic business bank account has limits for payments in and out so check you buy into the right package. 
    RevolutForeverFree or £25The basic free business account will serve the needs of most startups and small businesses.

    If you plan on accepting or making payments in other currencies, the £25 a month business account will provide the better package.  
    CountingupForeverFree or £4.95 or £9.95You can scale this bank account as your business grows. Linked to the value of cash going through your account each month, there are limits for each package. 

    ATM and cash withdrawals at the Post Office incur a flat fee of £1. Online transactions are free. 
    CoconutFree account available£3 or £10Offering two packages, Coconut charges similar fees to Countingup with flat fees of £1 for withdrawals at ATMs or in the Post Office. The first batch of 10 or 50 bank transfers are free (depending on which package you choose) and then after this, they are 20p each. 
    MettleFreeFreeFree.

    Offered by NatWest, this online bank account is similar to that of challenger banks and providing everything is done through the app, it declares that ‘everything is free’, although opinion on what Mettle offers and how it does so offer seems polarised. 

    It doesn’t automatically compute that if a bank offers a free business account that the fees it charges will be higher. In fact, the fees on offer from some digital banks are much more competitive than those offered by high street banks and they don’t charge an account maintenance fee either. 

    Charges and fee can, in some cases, be negotiable too. The banking industry is a competitive one and with challenger banks shaking things up, high street banks are having to work hard to attract attention to their products.

    Always check the terms and conditions of all fees and costs as they can add a significant sum to banking costs at the end of every month.

    FAQ 

    What’s the difference between a personal and business bank account?

    A personal account is for your own personal use to pay expenses and bills that are your own. A business account allows you to ring-fence money that belongs to your business.

    Keeping accurate financial records is a regulation of running a business, especially limited companies. As a director, you have the responsibility to do all you can to keep the business solvent and in profit.

    A business account, free or otherwise, also shows professionalism and is often a requirement for loans and investors too. 

    Which banks offer free business banking?

    All banks, in some shape or form, offer free business accounts but will seek to recoup costs by charging transaction fees. Challenger banks, also known as online or digital banks, have drastically changed the landscape by offering free or almost-free business bank accounts in the UK.

    Increasingly, businesses are making and receiving payments online and so the need to pay in cash over the counter in a bank or at the Post Office is radically reduced. However, banks are still charging some transactions fees.

    When signing up for a business account, you should bear in mind:

    Monthly or annual account maintenance fees – Starling Bank promises free business banking forever whilst other banks, such as those high street ones, have free banking periods ranging from 6 to 30 months. After this time has elapsed, you will pay a monthly or annual account maintenance fee.

    Transaction fees – this can include accepting or paying direct debits and standing orders, as well as paying in cash and cheques. Fees vary with some charging a flat fee and other a % of the amount paid in or out.  

    Does any bank offer free business banking forever?

    Yes, some of the challenger or online digital banks have promised free business banking forever. Leading the charge is Starling Bank.

    What is a good basic bank account?

    A good basic bank account is one that offers the flexibility to complete a range of everyday banking activities and transactions both online, in-app or in branch.

    ✓ Cash and cheque payments – these will become increasingly rare as consumers are using both far less than we once did. However, some business will still have some level of cash or cheques payments to make.

    ✓ Direct debits and standing orders – a good basic bank account should allow a business to pay and receive payments using these two methods.

    Different currencies – some basic business accounts, such as that from Starling Bank and other online banks, allow for payments to be made and received in other currencies, such as Euros.

    Flexibility and accessibility – businesses have finite control over their finances with both app and online access to their accounts. 

    Our website content is for general interest use and should not be taken as advice for you or your business. You should always talk to an accredited professional advisor if you require advice. Read our full disclaimer.

    Источник: https://www.creative.onl/startupsgeek/no-monthly-fee-vs-free-bank-accounts/

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