6 Top Free Business Checking Accounts, August 2023

6 Top Free Business Checking Accounts, August 2023

Best Business Checking Accounts: Finding the Perfect Fit

Starting a new business can be an exciting journey, but it also comes with a unique set of financial challenges. One important step in managing your business finances is opening a business checking account. This allows you to separate your personal and business funds and provides a range of benefits tailored to your specific needs.

To help you make an informed decision, our experts have reviewed over a dozen financial institutions to find the best business checking accounts with no monthly bank maintenance fees. These top picks have consistently stood out for their minimal bank fees and a plethora of unique perks.

The Best Business Checking Accounts

Choosing the right business checking account involves considering factors such as maximum number of free monthly transactions, ATM fees, and wire transfer fees. Here are our top recommendations:

1. Axos Bank Basic Business Checking Account: This account offers a well-rounded package with no monthly fees and unlimited transactions. It also boasts a large ATM network, and if you use an out-of-network machine, Axos Bank refunds any fees charged by the ATM provider. Moreover, you may be eligible for a cash bonus of up to $200 based on specific requirements.

2. BlueVine Business Checking Account: This account stands out for its interest-earning capabilities, offering a competitive 2.00% APY on balances up to $250,000. Additionally, it allows cash deposits, which is a unique feature among online business checking accounts.

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3. Citizens Bank Clearly Better Business Checking Account: This account provides a traditional banking experience, with over 1,000 branches and 3,100 ATMs along the East Coast. It has no minimum opening deposit requirement and offers overdraft protection options.

4. Live Oak Bank Small Business Checking: If you prefer an online-only banking experience, Live Oak Bank is a great option. It offers a fee-free account with no monthly service fees, overdraft fees, or incoming wire transfer fees.

5. NBKC Business Checking Account: This account is known for its flexibility and freedom. It has no minimum opening deposit, no monthly service fees, and no overdraft fees. Additionally, NBKC is a solid choice for avoiding domestic wire transfer fees.

6. Novo Business Checking Account: Novo offers reimbursement for ATM fees from any provider, making it ideal for frequent ATM users. It also provides management tools such as Slack, QuickBooks, and Shopify integrations.

Expert Advice on Choosing a Business Checking Account

Our team of experts weighs in on how to select the right business checking account that suits your specific needs:

Tania Brown, Certified Financial Planner at SaverLife:

“When choosing a business checking account, it’s essential to consider how you will use the account and what features are crucial for running your business smoothly. Here are a few questions to ask yourself:

• What is your average account balance? If you are new and broke, a business checking account with free services for balances over $100,000 might not provide immediate benefits.
• What types of transactions do you perform most frequently? Whether it’s writing checks or making wire transfers, it’s crucial to choose a bank that charges the least or preferably nothing for these services.
• Do you want to integrate your accounting software with your bank? Check how easily your accounting software program integrates with potential banks.”

Roger Ma, Certified Financial Planner with lifelaidout®:

“Consider whether having a physical branch nearby is important to you. If so, a brick-and-mortar bank might be more suitable. Additionally, think about your business’s future financial needs and whether you may want to work with the same bank for services such as business credit cards, lines of credit, or business loans.”

Mykail James, MBA, Certified Financial Education Instructor at BoujieBudgets.com:

“Accessibility of the bank and its branches is crucial. Consider the availability of branches and how easily you can access your money, especially if you frequently travel.”

Sophia Acevedo, Certified Educator in Personal Finance and Banking Reporter at Personal Finance Insider:

“If you are more comfortable with a traditional bank experience, compare several nearby banks and accounts that allow you to waive most fees. Pay attention to monthly service fees, out-of-network ATM fees, and wire transfer fees when choosing a business checking account.”

When considering online banks, experts recommend examining online customer service availability, the level of security measures provided, and the ease of changing passwords and other security-related features. Online banks should offer adequate customer support within accessible hours.

Methodology for Selecting the Best Free Business Checking Accounts

At Personal Finance Insider, we prioritize helping individuals make informed financial decisions. To determine our top picks for free business checking accounts, we extensively compared and analyzed features and fine print across various financial institutions.

We specifically focused on accounts that are genuinely free, with no monthly service fees. Additionally, we considered factors such as the minimum opening deposit requirement and the maximum number of free monthly transactions. All of our top choices allow for a minimum of 250 free transactions per month, with some even offering unlimited transactions.

For the full overview of our ratings methodology, including checking, business checking, savings, and money market accounts, please refer to our detailed guide.

Frequently Asked Questions about Free Business Checking Accounts

We understand that navigating the landscape of business checking accounts can be confusing. Here are some commonly asked questions and their answers to help you gain clarity:

1. Which is the best overall free business checking account? The Axos Bank Basic Business Checking Account is our top pick due to its well-rounded features, large ATM network, and cash bonus potential.

2. Which free business checking account is ideal for earning interest? The BlueVine Business Checking Account is the best option for earning interest, with a competitive 2.00% APY on balances up to $250,000.

3. Which brick-and-mortar bank offers the best free business checking account? The Citizens Bank Clearly Better Business Checking Account provides a traditional banking experience with a vast branch and ATM network along the East Coast.

4. Which online-only bank offers the best free business checking account experience? Live Oak Bank Small Business Checking is an excellent choice for online-only banking, thanks to its fee-free structure and absence of monthly service fees, overdraft fees, and incoming wire transfer fees.

5. Which free business checking account is ideal for domestic wire transfers? The NBKC Business Checking Account offers great flexibility and low fees for domestic wire transfers, making it the best option for this particular need.

6. Which free business checking account reimburses ATM fees? The Novo Business Checking Account does not have its own ATM network, but it reimburses any fees charged by ATM providers, making it convenient for those who frequently use ATMs.

Other Business Checking Accounts Considered

While our top picks offer robust features and benefits, there are other notable options that may suit your specific requirements. These include:

• American Express Business Checking
• First Horizon Bank BizEssentials Checking Account
• Bank OZK Small Business Checking Account
• First Citizens Bank Free Checking Account
• Huntington Bank Business Checking 100
• OneUnited UNITY Small Business
• Navy Federal Credit Union Business Checking
• Chase Business Complete Checking
• Wells Fargo Initiate Business Checking
• Bank of America Business Fundamentals Checking
• U.S. Bank Silver Business Checking Package

Bank Trustworthiness and BBB Ratings

It’s crucial to consider the trustworthiness and BBB ratings of financial institutions before making a decision. Here are the BBB scores for our top picks:

• Axos Bank: A+
• BlueVine: A+
• Citizens Bank: NR (No Rating)
• Live Oak Bank: A
• NBKC: A+
• Novo: F

While most of our top picks have strong BBB scores, it’s essential to note recent controversies. Citizens Bank has faced consumer complaints regarding unauthorized credit card use and billing mistakes. Novo also received a cease and desist order for using the term “bank” despite not being licensed as a bank. Live Oak Bank, along with others, settled a lawsuit over employee hiring practices.

It’s important to assess these factors when considering your banking options.

Making the right choice for your business checking account is crucial for efficient financial management. Consider the advice of our experts, review the features of each account, and weigh the benefits against your specific business needs. Armed with the right information, you can confidently select the best business checking account that will help your business thrive.

See our disclaimer below for more information about how we review banking products and earn commissions from our partners.

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