Every business needs a good business checking account. On top of keeping your personal and business finances separate, a business checking account can come with valuable tools to help keep your business running. While some banks charge monthly fees to keep an account open, there are plenty of great options for people looking to open a free business checking account online with no deposit requirements or fees.
Best Free Business Checking Accounts
These are some good banks for business accounts.
|BlueVine||1.2%||None||None||No minimum deposit, Unlimited transactions, Live customer support, Access to lending services, Manage your money with sub-accounts|
|Nearside||N/A||None||2.2%||No credit checks or income requirements, Discounts and credits for services like Yelp and Indeed, No minimum deposit, Access to lending services, Integrates with popular business tools|
|Novo||N/A||None||None||Send physical checks through the mail, Unlimited ATM fee reimbursements, Integrates with popular business tools|
BlueVine is a fully online business bank that offers a fee-free checking account. Despite being an online bank, it does offer options for cash deposits through Green Dot locations, though there is a $4.95 fee per deposit.
Beyond its lack of monthly fee or minimum deposits, there are some great perks for opening a BlueVine checking account.
One is that the account pays a solid 1.2% APY on balances up to $100,000. It also comes with bill pay tools you can send money to your vendors.
If you’re considering business finance, BlueVine can help there too. It offers lines of credit up to $250,000 based on your business’ revenue, giving you access to cash when you need it.
Nearside is another online business bank that doesn’t charge monthly fees or have a minimum deposit requirement.
What sets Nearside apart from the competition is that it integrates with many popular small business tools, including accounting, payroll, and tax software. You also get free ACH and bill pay tools you can use to keep your business running.
Nearside also offers cash back on debit card purchases, which can help your business save money.
Novo offers a business banking account free of minimum deposit requirements and fees. It takes less than ten minutes to open an account and there are no monthly charges or minimum balance requirements to meet.
Like Nearside, Novo integrates with popular business tools. Novo also offers valuable perks, such as discounts on Stripe, gusto, or Quickbooks service.
One unique feature of Novo is that it offers unlimited ATM fee reimbursements when you use its debit card to withdraw cash. However, it doesn’t give customers a way to make cash deposits. If you don’t receive a lot of cash, but often use cash to pay suppliers, this could be a useful feature.
How to Choose Free Business Checking Account
If you’re evaluating business checking accounts, these are things you should look for.
- Monthly fees and minimum balance requirements
If you’re looking for a free business checking account, the number one thing to keep an eye out for is a monthly fee. While most banks that charge these fees offer ways to avoid them, some do not. Ideally, you’ll find a bank that doesn’t charge a monthly fee. If you do go with one that has a fee, make sure the minimum balance requirement or other fee waiver requirements are easy to satisfy.
- Interest rates
While most business banks don’t pay interest, especially not on checking account balances, there are a few that do. If you can find a bank that offers interest, it’s like free money that you can use to reinvest in your company.
- Online vs. in-person
Whether you want to open an account with an online or physical bank depends on your business needs.
If you run a cash-heavy business, you’ll want to use a bank that has physical branches. That will make it much easier to deposit cash when you need to.
On the other hand, purely online companies can benefit from the perks offered by online banks, such as business banking accounts with no fees and minimum deposit requirements.
- Customer service
Customer service is essential for any financial institution, so make sure that the bank you work with has easy to contact support.
Some banks place limits on things like online transfers or cash transactions. If you’re thinking about opening an account, consider whether you’re likely to run into issues with the limits the bank places.
Some business banks, particularly online ones, offer perks you won’t find at most banks. For example, they might offer discounts on popular business services, offer business credit cards, or integrate with different tools to help you keep your company running smoothly.
If a bank offers perks that are valuable for your business, that can be a good reason to work with them.
Choosing the right business bank account is important because of the impact your bank account has on how you operate. Look for one that keeps fees low and offers services that your business will benefit from.
Can you open a business bank account with no money?
Yes, there are some business bank accounts, particularly online ones, that let you open an account with no minimum deposit requirement as long as you have the necessary paperwork needed.
Which banks offer free business checking accounts?
Many banks offer free checking accounts. If you want one that’s truly free and has no minimum deposit requirements, your best bet is an online bank like BlueVine or Nearside.
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