Best Free Business Checking Account

Finding the best free business checking account for your small business isn’t easy. A business Checking account is vital to ensure that no business transaction is lost track during all circumstances. Though it is not mandatory for businesspeople to have a business checking account, it is highly recommended to ensure proper organization of business transactions. With a business checking account, you can easily make sure that all your business recorders in a well-organized fashion.

It would also help in having a clear separation between the personal and business-related transactions. All the transactions that are related to business would be on a separate statement. This separation would help in interpreting your business transactions and also in monitoring the profit of the business. When you don’t have a separate account for business transactions, you might end up facing great difficulty in determining your business profit margin.

Another biggest benefit of having a business checking account is that you can get clear, precise and accurate taxes. In order to file your business taxes, you will need to have the business transactions completely separated from personal transactions. Having a business checking account will help you in this making the task of filing taxes much simpler.

In addition, the process of deducting business expenses becomes extremely easier in the presence of a business checking account. Another biggest highlight of having a business checking account is that you can have multiple signers for it. This will allow the other people who have signed to use your business checking account. Here is a list of some of the best free business checking accounts that would help in managing your business transactions well.

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Compare the Top Free Checking Accounts for Small Businesses

Here’s a list of the best FREE business checking accounts that will help your small business get ahead without fees.

• Azlo
• Small Business Bank
• Axos Bank
• Citizens
• Huntington Bank
• US Bank
• KeyBank
• TIAA Bank
• SunTrust
• Bank of America

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Azlo: Best free small-business checking account

Azlo is one of the banks to offer free business checking account options along with other facilities that would help businesspeople. The highlight of this service from Azlo is that they don’t charge any kind of maintenance fees for their service. Azlo has made the process of opening the small- business checking account very simpler which can be done by accessing the official website of the Azlo bank. You might need to upload some supportive documents that would serve as additional proof to get yourself a small business checking account. The document list would vary completely because of your situation.

Azlo is one of the best tech-savvy kind of business checking account where you need not visit the physical bank in order to open the business checking account. Another highlight of their business checking account feature is that they are extremely good at integrating with various business finance software. Azlo’s business checking account feature supports most of the business industries other than internet gambling, virtual currencies, ATM-related business or cannabis sale. Some of the general basic criteria to open the business checking account include being at least 18 years of age, having a verifiable U.S address and some VISA requirements.

Pros

• Easy online process of opening a business checking account.
• No service fee, transaction fee, and invoicing fee.
• Extremely good at integrating with other business finance software like Wave, Xero.

Cons

• Cash deposit option not available with Azlo’s business checking account.
• Not suitable for business that would require cash deposits with their business checking account.

Features

• Azlo bank will allow you to open a business checking account without any maintenance fee. Opening the business checking account is easy with simple steps that are available on Azlo’s official website.
• It provides you clear information on how to submit the application to open the new business checking account.

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Small Business Bank: Most loved by customers

The Small Business Bank is well-known for its checking account service for the micro as well as a small business. Their main focus is to offer free business checking accounts to fit the specific business needs of the customers. The unique highlight of the Small Business Bank’s service is that you can use a MasterCard MICROPAYMENT card to open the free business checking account. Once you get qualified for the business checking account, you can use the MicroPayment Card as a means of ‘credit-charge’. Along with business checking account service, Small Business Bank also provides facilities that would help the Micro Business and Small Business.

A business checking account would be of great help to businesspeople who would want to have their business taxes calculated accurately based on their business transactions alone. You need to remember that if you are the sole proprietor, you can start the business checking account with the help of your social security number. In addition, you can also try signing up for credit processing services. Be sure to look into the processing fee structure before you sign up for those services. Small Business Bank provides you easy means to open the business checking account that would suit your business the best.

Pros

• No maintenance fee or service fee for the business checking account service.
• Easy online setup process to open a business checking account without the need to physically visit the bank.
• Very secure mobile banking and check deposit feature. 

Cons

• Not much clarity over accepting credit cards for payments.
• Lack of precise information on the steps involved in opening the business checking account.

Features

• Small Business Bank makes sure that the eligibility criteria to open the business checking account is made clear and simple.
• The MasterCard MICROPAYMENT card to open the new business checking account easily.

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Axos Bank: Best for established businesses

People who are very interested in obtaining a Business Checking Account for their well-established business would find the service of Axos Bank very fruitful. The process of opening a new business checking account is very easy and can be done by accessing the official website of Axos Bank. The best part of their business account service is that there is no need for business customers to pay the maintenance fee. Another highlight is that you can have an approximate average daily balance of nearly $5000. Axos bank provides a variety of useful features for business customers to easily get a business checking account.

The standout feature of Axos Bank’s business checking account is that you can easily earn 0.80% Annual Percentage Yield. The yield provided by the Axos bank is well- appreciated by many businesspeople. You can also enjoy the unlimited domestic fee reimbursement service that would be of great help while you try to grow your established business. You will need a minimum of 100$ that would serve as an opening deposit in order to open the business checking account. With these benefits, you will also be able to obtain the free image statements that would be helpful for you to calculate the business taxes accordingly.

Pros

• Exclusive 0.80% Annual Percentage Yield for your business checking account.
• Free image statements as well as the first set of 50 free checks for your convenience.
• Easy reimbursement of the domestic ATM fee.

Cons

• Not many convenient interest rates and other facilities for people holding small businesses.
• Lack of clarity over the overhead costs related to your business checking account.

Features

• Axos Bank’s business checking account feature providing you a 0.80% Annual Price Yield that would be helpful to your business.
• No maintenance fee to open the business checking account.

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Citizens: Best customer service

Citizens Bank is well known for its excellent customer service ensuring that all businesspeople benefit from the business checking account feature. To know the various business checking account options, you need to access the Citizens Bank official website to view the various options. The three prominent checking account options include Business Advisor Checking, Clearly Better Business Checking and Citizens Analysis Business Checking. You can choose the option based on the scale of your business, maintenance fee range, credit line, and other benefits. The best aspect of their business checking account feature is that there is no fixed minimum balance to open the new account.

You will not need any maintenance fee if you opt for the clearly better business checking account feature. This option will be well-suited for the small business that is with modest monthly activity. Another feature of this option is that up to 200 check transactions for a specific period, it is completely free. Some of the major built-in benefits include funds being available until 10 PM of the same day and access to more than 1000 branches and 3000 ATM’s through mobile as well as phone banking. Maintenance fee can be waived on different options when you meet the specific criteria provided by the Citizen’s bank.

Pros

• Different Business Checking Account options for various businesses with unique features.
• No minimum balance required to open the business checking account.

Cons

• You will need to satisfy certain criteria in order to waive the maintenance fee for opening the business checking account.
• Lack of clarity over the monthly business transactions allowed.

Features

• Citizens Bank provides different business checking account options based on the business type and frequency of account activity.
• Easy online, mobile and phone banking access to an enormous number of bank branches and ATMs

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Huntington Bank: Best one-stop-shop

One has to definitely reach out to Huntington Bank if they desire to open a business checking account to assist their start-ups and small business. For people who will not require much of checking activity will enjoy the business checking account feature from Huntington Bank. The highlight of the Huntington Bank’s checking account feature is that you can enjoy a free 120-day trial which would be a bonus for you as a reverse positive pay option. In addition, you need not pay any maintenance fee to manage your business checking account with Huntington Bank.

There are three major business checking accounts that would be as unique as your business idea and scale. They are Unlimited Plus Business Checking, Unlimited Business Checking, and Business Checking 100. You can choose the option based on your scale of business and the number of monthly transactions that you would need for the growth of your business. Huntington Bank provides the option of the Huntington Debit Card Business Card to be the widely accepted payment method for various business banking as well as purchasing purposes.

Pros

• Free email as well as text alerts that would provide you instant updates on the usage of your business checking account.
• You will easily get up to 100 transactions per month.

Cons

• No clarity on the eligibility criteria for opening the business checking account.
• Lack of information on the phone and the mobile banking facilities.

Features

• Huntington Bank allows you to open the new business checking account with the help of the Huntington Debit MasterCard.
• The Bank also allows overdraft protection without any kind of annual fee.

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US Bank: Best for scaling businesses

US Bank is one of the renowned banks that offers great customer services for facilities like opening a new business checking account. The bank ensures that the customers can do online as well as mobile banking with their business checking account without any chaos. People holding scalable business will find US Bank’s business checking account feature very useful. In addition, you can find a very simple application process on their official website to open a new business checking account.

The other features of the business checking account feature include the remote check deposit wherein you can save a lot of time by skipping the physical visit to the banks. This will also help the flow of cash to be even more steady. The overdraft protection schemes are very precise and made easy for the customers. This would help protect your scalable business from the late payments and also help in managing the expenses, charges and business taxes accurately. 

Pros

• With the business checking account, the payments can be accepted in person, or online or through the banking process.
• A lot of discount offers that would help people scale their business.

Cons

• No clarity on the information related to the card payment processing.
• Lack of the features of the business checking account packages. 

Features

• S Bank account provides the Silver Business Checking Account package that includes features like a finite number of transactions per statement cycle.
• 50% discount on the checking monthly maintenance fee.

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KeyBank: Best for cash-heavy businesses

If you are looking to open a business checking account that would assist your cash-heavy business, KeyBank would be an excellent choice. They are well known for their extensive collection of features that makes the task of monitoring and tracking your business expenditure extremely easy. The highlight of their business checking account feature is that you need not spend any amount to access the services, online banking or for Bill Pay. In addition, the KeyBank also offers your discount banking services to the employees at literally no cost.

In order to open a new business checking account at KeyBank, all you need is $25 which would be the required minimum opening deposit. There are more than 1200 branches and you can find ATM’s at your nearest convenience as they are approximately more than 1500 in number. The currency handling would be $25,000 deposited for a single statement cycle without any form of service or maintenance charge. The monthly maintenance fee is very minimal and that can be waived if an amount of 1000$ average balance for a single statement cycle is maintained.

Pros

• You can access online banking with Bill Pay at no charge for any range of payments.
• Up to 200 combined transactions for a single statement cycle are allowed at no charge at all. The Bill Pay transactions are not counted in this which is a huge benefit.

Cons

• You will need to constantly monitor over your business checking account balance to ensure that you have your maintenance fee waived.
• No clarity on the use of Business Credit Card

Features

• KeyBank makes sure that the Automated Clearing House (ACH) and the Bill Pay transactions are not counted for the total number of transactions allowed
• You can access the Key@Work that would provide your free as well as discounted banking services.

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TIAA Bank: Most ATMs

If you have a business checking account in the TIAA Bank, you can be sure that you can access the amount from any place as they have plenty of ATM’s in all important places. The best part is that their official website has information regarding the interest rates and annual profit yield. One of the bank’s cool features related to the business checking account is that you can reimbursement the amount that you spend for withdrawing amount from ATM’s. You can easily find the small business checking account fee listed on their official website for overdraft protection and wired funds.

With the business checking account at the TIAA bank, you will most probably gain a huge profit yield on all balances. Another highlight is that you need not pay any sort of service or Maintenance service to access the bank’s business checking account and other features. You can also deposit checks from anywhere which would be of great help when you want to deposit checks instantly to get the money. You will find every day’s interest rates and the annual profit yield along with the balances that are required to achieve the profit yield.

Pros

• No maintenance or service fee for your business checking account at TIAA.
• You can easily reimburse the amount that you are charged for withdrawing money from ATM.

Cons

• You will compulsorily require $1500 to open the business checking account at TIAA.
• No precise information on the online or phone banking to your business checking account.

Features

• TIAA Bank makes sure that you can easily view the balances required to be maintained to achieves a specific annual profit yield by having them on their official website.
• You can deposit checks from anywhere without having to wait for a specific period.

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SunTrust: Best for a few transactions

People who think that they would have only a few business transactions happening over a period of time can definitely try using the business checking account feature from SunTrust Bank. Anyone with small business checking account requirements, SunTrust bank’s service would be the apt choice for you. With the SunTrust Bank’s business checking account, you will be allowed 50 transactions over a period of 30 days. In general, you will be charged $5 as a monthly maintenance fee. You have a couple of options to waive the monthly maintenance fee. You can enjoy without maintenance fee for the first 12 statements.

If you desire to waive the monthly maintenance fee after your first 12 statements, then just make 5 debit or credit transactions in a month. You can easily start your online application which is present in the Sun Trust Bank’s official website. You will find all information, document details and personal details to get your business checking account application submitted. Another highlight of Sun Trust Bank is that they have very good customer service which is always available to help people when they have queries over their business checking account and also other facilities.

Pros

• Sun Trust Bank will provide you a Sun Trust Business Debit card immediately after you open the business checking account.
• Maintenance fee can be waived as the requirement for the waiving is easy, simple and clear.

Cons

• When your business scales, you might find the Sun Trust Business checking account not useful as the number of transactions allowed in a month is limited.
• No clear information on the deposit of checks and ATM fees.

Features

• SunTrust Bank will provide you a 10% loyalty cash bonus whenever you redeem cask back from the SunTrust Credit Card to the business deposit account which is really helpful.
• You can also access the SunTrust Online Cash Manager, the tool for the business banking systems.

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Bank of America: Most locations

Bank of America is one of the renowned banks to excel in many features and it has a great customer service. You will find Bank of America to be located in most of the important regions which makes it easier for you to physically visit the bank when required. You can be sure of your business rolling as the cash will be in steady flow with the help of the business checking account from Bank of America. You can quickly access the funds. In addition, you can get a business credit card with absolutely no annual fee at all. You can also earn some cash rewards and some credits on specific cards.

You will find a variety of credit cards from which you can choose one based on your requirements. Bank of America also allows you to enroll in a remote deposit online method to easily make your deposit using a bank scanner instead of visiting the bank physically. Once you open a business checking account at Bank of America, you need not worry about the cash flow as they have very clear and good interest rates that will help you yield good annul profit yield. By accessing the official website of Bank of America, you can find plenty o clear information on the credit cards available, interest rates and about the rewards.

Pros

• Lower prices on the point-of-sale solutions which would give you great freedom in going the business your way.
• A variety of business credit card options and their specifications making it easy for you to choose the apt one for you.

Cons

• Not much information on the process, and eligibility to open the business checking account.
• Lack of statistical data on the interest rates, balances that need to be maintained to obtain a specific annual profit yield.

Features

• Bank of America allows you to start earning rewards for Business. You can find the benchmark to qualify for rewards, compare their benefits and also calculate rewards easily.
• In addition, they allow you to compare the various business credit card options and has many features in their online banking application that makes it easier for customers to use from anywhere.