15 Best Free Business Checking Accounts In 2022

Best Free Business Checking Accounts
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If you believe running business checking accounts should be free with very minimal expense for businesses, then this post is for you.

We also believe that your search for free business checking, free business checking account, best free business checking account, or free business checking accounts in 2021 might have landed you here.

Look no further, because the recent surge in the search for free business checking accounts online made us compile this update.

With many platforms offering free business checking accounts, our team has been able to narrow it down to 15 Best Free Business Checking Accounts in 2022.

These 15 best business checking accounts were compiled through in-depth industry analysis, user-friendliness, and expert ratings. Fintech is becoming far more disruptive than anticipated.

Hence, businesses are moving from traditional banking to more tech-savvy financial solutions. This and many more were the basis through which we could rate these 15 best free business checking accounts in 2022.

Check Out: 10 Best Joint Checking Accounts in 2022

What is a Business Checking Account?

A business checking account is an account that helps a business owner to keep his business financial transactions separate from his personal finances.

It comes with features that aid businesses to manage cash flow, track expenditures, payrolls, as well as calculate liabilities arising from taxes.

With business checking accounts, you can be able to secure loans, overdrafts, micro-credits as well as monitor the financial healthiness of your business.

Experts recommend that while choosing a business account, one should always look out for those that offer very low charges with good interest rates.

You should also look out for company policies as it affects big and small businesses and go for the one that best suits you.

Read Also: How to Separate Bank Accounts for Budgeting in 2022

Common Requirements to open a Business Checking Account

We normally get inquires from people asking what do I need to open a Business Checking Account. Unlike, your personal bank account a business bank account takes into recognition all details concerning your business,

Below are the requirements needed in opening a business checking account.

  • A social security number (SSN) or Employer Identification Number (EIN)
  • Personal details ( Phone number, email, DOB )
  • Business formation documents.
  • Deed of Partnerships as well as ownership agreements.
  • Business License.
  • Certificate of Business Registration and name.
  • A monthly credit card revenue.

If you can meet up these requirements then you are qualified for a business checking account.

Other things might be required based on the industry. However, there are the most commonly checked ones.

Related Article: Best High-Yield Savings Accounts In 2022

15 Best Free Business Checking Accounts in 2022

Choosing a business checking can be quite puzzling with the number of financial service providers in the market.

Virtually everybody provides the same service, therefore making the best choice will have to come with in-depth ground research.

Thanks to our team here we have been able to make that research for you which we have narrowed down to the 15 best free business checking accounts in 2021.

What every business is looking out for in business accounts are platforms and banks that don’t impose huge fees on transactions while also ensuring the best user experience for their customers.

From online service providers to traditional banks and credit unions our update seeks to equip you with the proper financial knowledge while looking for the best free business checking accounts to run your business with.

Whether you are looking for free small business checking accounts or free business checking account for LLC we have you covered.

Below are the 15 best free business checking accounts in 2021.

1. Novo

Novo has a long reputation as one of the best online business checking accounts with very minimal fees and great features for both small and big businesses. It is highly recommended if you intend to get good value at little or no cost.

Pros

  • Make transfers, receive payments, and send money all from the comfort of your phone with the mobile app.
  • Handles physical checks on behalf of users.
  • No ATM fees, unlimited reimbursements for fees at ATM.
  • Accepts and issues MasterCards with universal acceptance.
  • Accepts no fees or minimum balances.

Cons

  • Novo does not accept cash deposits.

2. Brex Cash

It might interest you to know that Brex Cash is not actually your typical kind of business checking account.

Rather it is a registered cash management account helping businesses manage their funds. They also provide other financial services like investment, cash deposit as well as business account management.

Pros

  • Offers free online cash management account.
  • Wire and check payment options, Unlimted transfers and no minimum requirements.
  • Offers Brex card, Users can earn points as they use the card.
  • Offers instant payout to e-commerce account holders.
  • Unlimited ACH.

Cons

  • You cannot make deposits or withdrawals with Brex.
  • Unincoporated businesses cannot use Brex.

3. NBKC Business Account

NBKC is championing a financial platform that makes everything almost free. Despite its wide range of functionality NBKC still gives entrepreneurs good financial services at almost no cost. It remains one of the most recommended free business checking accounts for small businesses.

Pros

  • Transactions are free of charge on NBKC.
  • No minimum balance requirement.
  • Free NBKC business Master Card.
  • You will receive over 12$ in monthly return when you use any ATM from other banks.
  • With low monthly fees you can add extra account features, like desktop deposit or ACH credits and debits.

Cons

  • NBKC charges 5 and 45 dollars for domestic and international money wires.

4. Axos Basic Business Checking

Axos is a well-known free business checking account of the modern age. Its features are designed in such a way that businesses with a lower volume of transactions benefit from them. Axon also presents fee-free transactions for its users.

Pros

  • Nomonthly fees.
  • Offers fee-free first set of 50 checks.
  • Reimbursements for domestic ATM fees are free.
  • Account managers for each user.
  • User friendly interphase.

Cons

  • Minimum of $1000 for opening deposit.
  • Doesn’t accept cash deposit
  • A limited number of free transactions.

5. BlueVine Business Checking

If you are looking at getting interested in saving on your everyday fund, then BlueVine Business checking account might just be the ideal service provider. Apart from the free monthly maintenance, users also get 1% interest when they retain up to $100,000 in savings.

Pros

  • Fee-free transactions.
  • Mobile check deposits with free business debit cards.
  • No minimum deposit requirements.
  • No ACH, incoming wire, or NSF fees.
  • Users can enable recurring payment options and also transfer funds between accounts.
  • No ATM withdrawal fees in over 38,000 MoneyPass ATMs in the states.
  • With BlueVine, you can deposit cash using your Debit card at any Green dot location accross US.

Cons

  • Charges $4.95 on each cash deposit.

6.Chase Business Complete Banking

Chase remains one of the for-most banks in the United States. It has been revolutionalizing along with the financial sector. And at such cannot be left out as one the best business checking account service providers.

Unlike others, users that intend to use Chase free features must meet some criteria before such fees can be waived.

However, with their advanced business checking account features, business owners are exposed to different options that help in the smooth running of businesses.

Pros

  • Unlimited e-deposits.
  • Users can make 20 monthly paper or teller deposits without a fee.
  • You can customize how you access your account in addition to having multiple universal business debit cards.

Cons

  • Fee waiving comes with conditions. Therefore it is not entirely free.
  • Limits the number of waived-transaction feed unlike other service providers.

7. BBVA Business  Checking Account

With lots of physical locations and ATM access machines, BBVA has a lot of backup as a big player in the financial sector. The list of 15 Best Free Business Checking Accounts in 2021 will be incomplete if we fail to mention BBVA.

Pros

  • Freemonthly cash processing.
  • No maintenace fee.
  • Unlimited free online transactions.
  • Allows check deposits, bill payment, as well as mobile and online banking.

Cons

  • Only sole-proprietors can sign up on BBVA
  • Branches are not widely spread. Only seen in 7 U.S states.

8. US Bank Silver Business Checking

Another service provider worth using is the US Bank silver business checking account.

It has transparent features that allow users many options. It allows very minimal fee options with many key free features like a 50% discount on your first check order.

Pros

  • Allows up to 25 free cash deposits monthly.
  • Full digitalized banking system.
  • Processes credit card, check deposit, and overdraft protection.
  • Their debit card can be used at any U.S. Bank ATM, as well as at any ATM in the MoneyPass network.

Cons

  • There is a limit to free transactions and cash deposits.
  • Few Branches.

9. Wells Fargo Initiate Business Checking

It will be hard to mention the full list of best banks in the United States without mentioning Wells Fargo.

Therefore, it is not surprising to see it among the key players providing the best free business checking accounts for LCC and others.

Similar to some other platforms, you will have to maintain at least a minimum of $500 monthly balance to waive off transactional fees. The minimum required to start a business checking with Wells Fargo is $25.

Pros

  • Allows 100 free transactions per period.
  • Up to $5000 in free cash deposits.
  • Secured digital banking getway.
  • One of industry best customer service support.
  • Access to a handful of ATM machines.
  • Multiple business checking account options.

Cons

  • WellsFargo limits the number of free transactions per period.
  • Must maintain a minimum balance of $500 monthly in order to waive some transactions fee. Therefore it is not entirely free.

10. BB&T Business Value 50 Checking

Entrepreneurs looking at saving transaction expenses from their business might have to consider BB&T. Their secured e-banking system gives users total independence in fund management and transactions.

Pros

  • Upto $3,500 in free cash deposits per month.
  • Allows 50 free monthly transactions.
  • Allows check deposit with a discount $25 on the first order.
  • Provides free debit card as well as other free business management tools.

Cons

  • BB&T free transaction limit is small compared to what is obtainable in other places.
  • Businesses are expected to be located within the areas BB&T owns branches.

11. Comerica Basic Business Checking

Core traditional banking institutions like Comerica have also carved a niche for themselves in the business of providing financial services for entrepreneurs.

The bank offers a very simple model of free business checking accounts that businesses benefit from. Compared to others, Comerica adopts a user-friendly, transparent model that distinguishes it from others.

Pros

  • Minimum deposit of just $50.
  • Free account maintenance with no monthly service charge.
  • Up to 75 fee-free transactions.
  • Additional business features like credit cards and payroll processing.
  • Allows $2,500 in free cash deposits per month.

Cons

  • Available in only 5 states.
  • Very small deposit threshold compared to other competitors.

12. Citizens Bank

Citizens Bank Clearly Better Business Checking is designed in a way that smaller businesses with a little volume of transactions will not have to worry about the service fees.

The bank has physical locations in 11 states of the U.S making access to support and inquiry easy for clients.

Pros

  • Citizens Bank allows savings overdraft and transfer overdraft.
  • Secured online banking platform.
  • Allows up to $5000 free deposit per month.
  • Free business debit card.

Cons

  • Application is only done in the branches.
  • Charges $3 for out-of-network ATM use.

13. First Citizens Bank Basic Business Checking

Another big player on our list of 15 best free business checking accounts in 2021 is First Citizens Bank. They offer features and free services that reduce the stress of banking for small business owners.

First Citizens also offer additional business support like overdraft protection to its customers.

Pros

  • Users enjoy service fee waiving on over 170 transactions.
  • Access to ATM branches spread across 19 states.
  • Allows up to $5000 in free deposits every month.

Cons

  • Only existing customers can open business checking accounts with First Citizens.

14. Iberia Bank Free Business Checking

Iberia does a bit more than business checking. Users can use their personal checking account to keep track of their capital in one place. Iberia boasts of an industry experience that has made it the favorite of many businesses seeking free business checking accounts in 2021.

Pros

  • No minimum balance required.
  • Allows 500 fee-free transactions for each cycle.
  • Iberia sends out e-transaction notices to users.
  • Secured digital banking platform.
  • Issues out free Visa business debit card.

Cons

  • Has only 12 network coverage.
  • Charges $2 for out of service ATMs

15. Huntington National Bank

Huntington maintains a prideful place as a foremost banking institution.

It’s coming on the list of 15 best free business checking accounts is not surprising owing to the length of experience they have in providing financial services to both businesses and individuals.

Small businesses subscribe to Huntington National Bank Business Checking 100 because of the independence it gives them in running their ventures.

Pros

  • Huntington sends text and email alerts to customers free of charge.
  • Issues free debit MasterCard.
  • Extra business features and tools used in cash flow forecasting, revenue, and expense planning.
  • Free fraud detection tool (120 days free trial)
  • Overdraft protection.

Cons

  • Has physical ATM networks of 1200.
  • Business must be within areas covered by Huntington’s service

In Conclusion

Prudency in financial management remains a pivotal part of running a successful business. All the banks and platforms listed above bring a unique kind of service that serves entrepreneurs.

Ensure you access your business and the volume of transactions you currently make as well as external engagement. We believe it will help in choosing the right free business checking account package that best suits your venture.

Furthermore, you can also look up ratings and experiences of previous and current users of the platforms. It will go a long way in making an informed decision on your choice among the 15 best free business checking accounts in 2021 listed above.

FAQs

Is it easy to open a Business Checking Account?

A business Checking Account is quite easy to open. Provided you have the necessary requirements.

Do you need money to open a Business Checking Account?

No, because some banks like BlueVine and NBKC allow one to open an account without any initial deposit.

Why did I get denied a Business Bank Account?

Declines can be as a result of a business being illegitimate or prohibited, bad credit history, Tax liens, or other business background history your service provider is not comfortable with.

Can I use my personal Bank Account for my small business?

Yes, you can use it. But, it is not advisable because it can affect the legal liability of the business and also inhibit business growth.

References

  • funderacom – 15 Best Free Business Checking Accounts of 2021
  • 16 Free Business Checking Accounts – LendGenius

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