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free small business checking account california

Manage your account with mobile banking, receive ATM rebates, collect personal information from you for business, marketing, and commercial purposes. This account is ideal for the new or small business owner who generates a low number of monthly transactions. There is no monthly fee or minimum balance. This. Ability to link a savings account and make fund transfers. ATM transactions count toward the transactions allowed each month. ATM fees can be avoided by.
free small business checking account california

Free small business checking account california -

HSBC Fusion

1 Subject to credit approval. For business purposes only.

2 You earn points when you use your card to make new purchases (minus returns, credits and adjustments). Each eligible Account Holder enrolled in the BusinessCard Program will earn 1.5 Points for each U.S. Dollar in new, net purchases. Certain restrictions, limits and exclusions apply.

3 HSBCnet services provided in the United States by HSBC Bank USA, N.A. HSBCnet features and functionality may vary by country. Subject to U.S. sanction regulations. HSBCnet Mobile services are not available in connection with HSBCnet profiles in all countries and are subject to phone provider capabilities.

4 Total balance recognition is available for business banking customers with a Fusion Smart or Fusion Professional checking account.

5 HSBC Merchant Services and Payroll is provided by Heartland Payment Systems, LLC.

6 Refer to your HSBC business checking account Terms and Charges disclosure for fees associated with your account.  

Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated.

Investments and certain insurance products, including annuities, are offered by HSBC Securities (USA) Inc. (HSI), member NYSE/FINRA/SIPC. HSI and HSBC Insurance Agency (USA) Inc. (HIA) offer Insurance products. In California, HSBC does business as HSBC Securities Insurance Services, License # OE67746. HIA California License #: OD36843. Investment and Insurance Products: Not FDIC Insured

10 Best Business Checking Accounts In December 2021

Best Business Checking Accounts

Side hustlers and business owners have unique needs when it comes to setting up a business checking account. 

And for years, most banks made the bulk of their fees on business products - including business checking accounts. 

So, it's historically been frustrating as a side hustler or business owner to find a checking account because, unlike personal accounts which have lots of free checking account options, businesses typically didn't have that available.

But technology is changing that. And more banks are starting to offer great online business checking accounts with low or reasonable fees. 

Note: The banking offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all banking companies or all banking offers available in the marketplace.

Business Checking Account Options

Based on the criteria we share below, here are our choices for the best business checking accounts available. Some of these accounts are basically free, while others do require some minimum balances and/or other requirements to waive the monthly fees.

1. Novo

Novo is a no-fee digital banking platform for small business owners and side hustlers. This is the perfect online checking account for small businesses. 

They are very mobile friendly with a great app, photo check deposit, no fees, and they have a bunch of integrations to connect with the other tools you already use! That's awesome for a business bank account.

Why I Like It: Free, easy to use, online business checking.

Read our full Novo review here.

Open a Novo Bank Account here >>

Novo

Min Opening Deposit

$50

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

No

ATM Access

Unlimited Nationwide

Availability

Nationwide

Promotions

None

2. LendingClub Tailored Checking

The LendingClub Tailored Business Checking Account is a great solution for side hustlers and small business owners. 

The real plus with this account is that it pays interest! You can earn 0.10% APY on balances over $5,000. It's nearly unheard of to have a business checking account that pays interest.

They offer unlimited free transactions, which is very unlikely for a business bank account (banks usually charge a fee per transaction).  

They also have one of the easiest online applications - taking about 5 minutes! Most banks do not have complete online application and have to send in multiple documents that takes up a lot time.

This account does have a small monthly fee, but that can be waived with a $5,000 minimum balance.

This account also has the usual features you'd expect in a top notch business checking account:

  • Online banking
  • Free ATM withdrawals
  • Free online bill pay
  • Mobile check deposits

Plus, LendingClub Bank also offers cash-back debit when you use your your debit card. You can also earn unlimited 1% cash back on all purchases.

Read our full LendingClub Bank review here.

Why I Like It: A business checking account option that can earn interest.

Learn more about LendingClub Tailored Checking here.

LendingClub Tailored Checking

Min Opening Deposit

$100

Min Balance Requirement

$0

Monthly Fee

$10* (waived when requirements met)

Earns Interest

0.10% APY

ATM Access

Unlimited Nationwide

Availability

Nationwide

Promotions

None

LendingClub Bank Logo

3. Lili

Lili is an online business checking account that is designed for freelancers. With no monthly fees, no minimum opening deposit, and helpful tools built-in, it's a great online business checking account.

One thing that sets Lili has a great tax saving tool which allows you to automatically set money aside for taxes on every income, and an Emergency Bucket, which helps users set money aside for emergencies with daily deposits of small amounts.

They are very mobile friendly with online bill pay, invoicing, no fees, and they have a bunch of integrations to connect with the other tools you already use! That's awesome for a business bank account.

Why I Like It: Free, easy to use, online business checking.

Learn more in our Lili review here.

Lili Business Checking

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

No

ATM Access

32,000 Fee-Free ATMs

Availability

Nationwide

Promotions

None

4. AXOS Basic Business Checking

AXOS is an online bank that focuses on simple business banking online. It's free, but it does have some higher requirements compared to other banks.

With AXOS, you get no monthly maintenance fees, a low minimum deposit requirement, and unlimited domestic ATM fee reimbursements.

Their free tier comes with 200 transactions (deposits, transfers, ACH, etc) per month.

Read our full Axos Bank review here.

Why I Like It: Free mobile business banking.

Learn more about AXOS Basic Business Checking.

AXOS Basic Business Checking

Min Opening Deposit

$1,000

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

No

ATM Access

Unlimited ATM Free Reimbursement

Availability

Nationwide

Promotions

None

Axos Bank Logo

5. Chase Business Complete Banking

The Chase Business Complete Banking℠ is one of the more popular business checking account options because Chase has a huge number of branches and great service. It isn't truly free unless you meet the minimum monthly requirements to make it so, but we list it as a top business checking account because it's available nationwide, has branches nearly everywhere, and is one of the most robust banking products out there currently. Plus, the minimum requirements are super easy to meet - check it out.

Chase Business Complete Banking℠ has a $15 per month fee that's easily waived if you simply do the following in the month:

  • Keep a minimum daily balance of $2,000 or more in your account
  • Receive $2,000 in deposits from Quick Accepts transactions or other eligible merchant services
  • Chase Ink Business credit card purchases of at least $2,000
  • Link a Chase Private Client Checking account
  • Provide a valid, qualifying proof of military status (active or veteran)

Bonus Offer: Right now, you can earn $300 when you open a new Chase Business Complete Checking℠ account. This offer is for new Chase business checking customers with qualifying activities. Customers must deposit a total of $2,000 or more in new money within 30 days of account opening and maintain a $2,000 balance for 60 days. Customers must also complete 5 qualifying transactions within 90 days of opening account. Qualifying transactions include debit card purchases, Chase QuickAccept℠ Deposits, Chase QuickDeposit℠, ACH (Credits), wires (Credit and Debits).

Read our full Chase Bank Review here.

Why I Like It: A great account opening bonus, with one of the largest, most well known banks in the United States.

Chase Business Complete Banking℠

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$15* (waived when requirements met)

Earns Interest

No

ATM Access

16,000 ATMs nationwide

Availability

AL, AZ, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, NC, NE, NH, NJ, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WI, WV

Promotions

$300

Chase Free Checking

Get a $300 bonus!

6. NorthOne Business Banking

NorthOne Business Banking is a solid business banking account that offers unlimited transactions and ACH payments with a flat monthly fee. 

This account is a basic business checking account with online banking, mobile check deposits and one of the largest network of ATMs we've ever seen.

However, it does have a flat monthly fee of $10 per month. College Investor readers can get that waived for the first month if you sign up through our link - so you can try out the account features.

Unlike some other online business accounts on this list, NorthOne has high transfer limits for direct deposits and ACH transactions, which can be helpful if you're doing significant business.

Read our full NorthOne Business Banking review here.

Why I Like It: Unlimited transactions and you can send and receive ACH payments with high limits.

Learn more about NorthOne Business Banking.

NorthOne Business Banking

Min Opening Deposit

$50

Min Balance Requirement

$0

Monthly Fee

$10

Earns Interest

No

ATM Access

300,000 ATM via Multiple Networks

Availability

Nationwide

Promotions

Get 1 Month Free

NorthOne Logo

7. Navy Federal Business Checking

Navy Federal Credit Union Business Checking is one of the best business checking products available, if you qualify to be a member of Navy Federal Credit Union. 

This account is a basic business checking account with online banking, mobile check deposits and more.

But best of all, it pays interest (just a small amount, but that's something). Right now, the basic business checking earns 0.01% APY. You can get up to 0.45% APY on their Premium Business Checking.

NFCU Basic Business Checking is limited to just 30 transactions per month. That's low. If you need more, you might consider the Premium Business Checking. It does have a $20 per month fee, but that fee is waived with a $5,000 minimum balance.

Read our full Navy Federal Credit Union Review here.

Why I Like It: Interest bearing business checking.

Learn more about NFCU Basic Business Checking.

Navy Federal Basic Business Checking

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

0.01% APY

ATM Access

30,000 ATMs via Co-Op Network

Availability

Nationwide

Promotions

None

Navy Federal CU Logo

8. US Bank Silver Business Checking

The US Bank Silver Business Checking is one of the best deals in business checking accounts for side hustlers and small businesses. This account has $0 monthly maintenance fees, online banking, mobile check deposit, online bill pay, and more.

The big thing about this account is that there are limits. But, most small businesses and side hustlers won't hit these limits. The limits are:

  • 150 transactions per statement cycle (this includes deposits, transfers, etc)
  • 25 free cash deposits per statement cycle (so don't go to the bank everyday!)
  • They do charge $5 for paper statements (who gets these anymore?)

Why I Like It: A pretty much free business checking account option that also has the ability to connect to a business money market (which is rare).

Learn more about US Bank Silver Business Checking.

US Bank Silver Business Checking

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

No

ATM Access

 4,800 ATMs Nationwide

Availability

28 States

Promotions

None

US Bank Logo

9. nbkc Free Business Checking

nbkc is a Midwest bank that offers some very competitive checking account options. When it comes to business checking, they offer a monthly-fee free product that's very competitive.

This account has online and mobile banking (with mobile check deposit), a debit card, and has no minimum balance requirements. One of the features we love is that they don't charge anything for incoming wire transfers.

Read our full nbkc Bank review here.

Why I Like It: Great online banking with free incoming domestic wire transfers.

Learn more about nbkc Free Business Checking.

nbkc Free Business Checking

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

None

ATM Access

34,000 Free ATMs

Availability

Nationwide

Promotions

None

nbkc Logo

10. Bluevine

Bluevine has been a lender for small businesses for almost a decade, and it recently launched a business banking product that provides free business checking.

They offer free business checking with unlimited transactions per month. They also have no minimum balance requirements and free online statements. 

Unlike most business checking accounts, they also pay interest on balances up to $100,000. Right now, you can earn 1.00% APY on your balance up to the $100,000 limit.

Finally, you can deposit cash at over 90,000 locations via a partnership with Green Dot.

Read our full Bluevine Banking review here.

Note: Bluevine is currently in waitlist most, so you cannot open a new account at the moment.

Why I Like It: Free business checking that earns interest.

Learn more about Bluevine Business Checking.

Bluevine Business Checking

Min Opening Deposit

$0

Min Balance Requirement

$0

Monthly Fee

$0

Earns Interest

1.00% APY

ATM Access

38,000 ATMs

Availability

Nationwide

Promotions

None

Bluevine Logo

Why A Business Checking Account vs. A Personal Checking Account?

When you're running a business - even just as a side hustle - it's important to keep your business finances separate from your personal finances. For many people starting out, that can be as simple as having a PayPal account. But as your business grows, you start receiving check and ACH payments, you simply need more.

You should keep your business accounts separate from your personal accounts for a variety of reasons. First, it's simplicity. By keeping all your business stuff in one place, you can easily know what you made, what you spent, and what's left. 

Second, by mixing personal and business accounts, you can create bookkeeping, accounting, and tax headaches for yourself come tax time.

Third, you can also run into major liability issues - opening yourself up for personal liability if anything should happen to your business. If you're an LLC, S-Corp, or C-Corp, you definitely need to have a separate business bank account to maintain the liability protections a business offers. 

Finally, if your business fails and you need to declare bankruptcy, your personal assets become open to being used for your debts because there's no way for a judge to separate the two. 

The Process To Setup A Business Bank Account

Why most people hesitate to open a business checking account is because of the costs and the hassle to open one up.

The process to open a business checking account has traditionally be tedious - you need to bring documents, meet with a banker in person, and it takes time. However, technology is changing that and some companies are doing it all online (for example, LendingClub's Tailored Checking Account is 100% online). 

To open a business checking account, you'll need the following:

  • Your business employer identification number (EIN) - if you're a sole-proprietor, your SSN will work
  • Business documents: Articles of Incorporation, Articles of Organization, charter
  • Government issued ID

If you're a partnership or LLC with more than one member, you'll also need to have each member present to open the account.

What You Need In A Business Checking Account

Side hustlers and business owners have unique needs for their checking account. They also might not have a job yet (for direct deposit), or have other accounts at the bank.

As such, they have unique requirements that we wanted to share, so that you can see how we based our criteria for the best business checking account options.

In order to be one of the best business checking accounts, we put the following criteria in place:

  • No Monthly Maintenance Fees: This is a big one. All of the accounts we consider must not charge a monthly maintenance fee or they must waive it in a really easy way.
  • No Or Low Monthly Balance Required: You shouldn't have to have huge amounts of money to waive fees or qualify for a business checking account. We only look for banks that don't have a monthly minimum balance requirement or if they do, it's incredibly low.
  • Transaction Count: Most business banks charge you based on your number of transactions each month. We want to make sure each account listed has a good amount of transactions available so you don't get charged.
  • Awesome Online Access: The best business checking accounts will also have awesome online access, a great app or mobile site, and be accessible anywhere.
  • No ATM Fees: Today's entrepreneurs are on the move. They should be able to access their money for free, where ever they are.

Common Questions

Here is a FAQ of the common questions we see around business checking accounts:

Does my business need a checking account?

It's recommended to keep your business and personal finances separated, and having a business checking account helps with that.

What's the best business checking account?

The best business checking account depends on your needs as a business. For example, do you operate online? Do you have a lot of cash transactions or deposits? All of these will play a role in figuring out which business account is best for you.

Do I need an LLC to open an account?

No, but you do need an EIN. You can get an EIN for your business by following these directions.

Can I open a business checking account at a credit union?

Yes! Most credit unions offer business checking accounts, and some of our best accounts on this list are actually at credit unions.

Do business checking accounts charge fees?

Many business accounts do charge fees - and that makes operating as a small business owner challenging. However, the accounts on this list are pretty fee-free, which is great.

Final Thoughts

Hopefully you can see that there are good options for free business checking. You can also check out our guide to business saving and money market accounts.

You don't have to pay fees to have a business checking account - you just need to open your account at a good bank. 

Methodology

The College Investor is dedicated to helping you make informed decisions around complex financial topics like finding the best business checking account account. We do this by providing unbiased reviews of the top banks and checking accounts for our readers, and then we aggregate those choices into this list.

We have picked checking accounts based on our opinions of how easy they are to use, their costs and fees, any interest rates and bonuses provided, and a variety of other factors. We believe that our list accurately reflects the best business bank accounts in the marketplace for side hustlers, small business owners, and freelancers.

Источник: https://thecollegeinvestor.com/24366/best-business-checking-accounts/

I Want To

Insurance Products, Investments & Annuities: Not A Deposit

Best Banks for Small Businesses

Our editors independently research and recommend the best products and services. You can learn more about our independent review process and partners in our advertiser disclosure. We may receive commissions on purchases made from our chosen links.

If you run a small business, a bank account isn’t an option, it's a requirement. Every business should have its own dedicated checking account, and possibly savings, credit cards, and other accounts, to keep cash safe and build a financial record for the business.

But don’t just head to the closest bank and think they will offer the best deal or even all of the features you need in a small business bank. It is important to do research to choose the best bank for your unique business needs. When reviewing accounts, consider some of these features, which may or may not matter for your business: cash deposits, mobile check deposits, free ATMs, keeping all accounts at one bank, interest-bearing checking accounts and in-person customer service.

And while keeping in mind that business bank accounts tend to charge higher fees than personal accounts, you should still seriously consider the costs of a bank account. Major fees for business bank accounts include monthly account fees, excess transaction fees and excess cash deposit fees.

Because every business is different, there is no perfect account for small businesses. Some small businesses may be happy with an online-only bank that does not charge any monthly fees. Other businesses care more about frequent cash deposits and will never need to deposit a check from their phone.

The only universal desire in small business bank accounts is low fees, so be on the lookout for fees that you may be charged unless you meet specific criteria to avoid them.

Now that we have all that out of the way, let's take a look at the best banks for small businesses.

Best Banks for Small Businesses in 2021

  • Best Overall: Chase
  • Best for Online-Only Checking: Axos Bank
  • Best Credit Union: Navy Federal Credit Union
  • Best for Number of Branches: Wells Fargo
  • Best for Business Analysis: M&T Bank
  • Best Fee-Free Brick-And-Mortar Checking: US Bank

Best Overall: Chase


If you want the traditional bank experience, Chase is your best option as a small-business owner. Chase has locations around the country, offers business checking with no fee as long as you maintain a $2,000 minimum balance, plus one of the best online banking and mobile banking systems available.

Chase is also a great bank for business credit cards. Chase Ink Business Preferred, for example, offers high-value rewards you can use toward free and discounted travel. If you have your checking and savings accounts at the same place, it is easier to manage everything with one online banking login.

In summary, Chase takes the top spot because it offers everything your business might need, lots of locations, and options to dodge monthly service fees. Both small, solo businesses and brick-and-mortar businesses with many employees can easily find their needs met at Chase.

Best for Online-Only Checking: Axos Bank


While Capital One put its Spark Business Checking on hiatus, Axos Bank jumped up to claim the spot for the best online checking account that is currently available for small businesses. Axos Bank opened in 2000 and was a pioneer of online-only banking in the United States. The company has ample experience in providing banking services for both business and personal customers.

The Business Interest Checking account is free with a rather large $5,000 average daily balance, otherwise, you’ll pay a $10 monthly fee. The account includes up to 50 free items per month, so it is not ideal for the busiest businesses with a huge number of transactions or a smaller business that keeps a low daily balance. But it does offer interest, currently 0.80 percent, and great online and mobile banking options.

Axos also offers a basic business checking account with no monthly fee, up to 200 free items per month and other goodies with no interest. Depending on your needs, this may be better than the Business Interest Checking account.

Axos also offers money market and savings accounts for businesses, CDs, and a full suite of cash management services. It’s pretty impressive for any bank, not just online banks. If you don’t need to work with cash but do need a serious bank, consider Axos Bank for your small business banking needs.

Best Credit Union: Navy Federal Credit Union


While it is not technically a bank, Navy Federal Credit Union offers top quality business banking services perfect for a wide range of small businesses. Those include business checking and savings, loans, credit cards, payment processing and even retirement and insurance for you and your employees.

Credit unions are not-for-profit entities. This means they tend to charge lower fees and offer higher interest rates on savings than for-profit banks.

To open a business bank account at Navy Federal, you’ll first need to become a business member. This requires you to join the credit union yourself as an individual first. You’ll also need a $250 opening deposit for sole proprietorships or $255 for business entities to get started as a business member. Additionally, you already need to be a regular member of the credit union which requires a $5 deposit into a savings account.

Credit unions are typically geared more toward consumers than businesses​ but don’t overlook the big opportunity to save money with a business checking and savings account at a credit union.

Best for Number of Branches: Wells Fargo


Wells Fargo is a hugely popular bank, despite some recent bad PR. It is the largest Small Business Administration lender for SBA loans and has more branches than any other bank in the United States.

Wells Fargo offers four different business checking accounts. These accounts all have monthly fees, but you can avoid them with a minimum balance requirement in most cases. For the Initiate Business Checking Account, the minimum is $500 to avoid fees.

Because Wells Fargo is so big, it offers virtually any service your business might need. That includes things like payroll, HR and business tax services. But you may pay more to get many of those services from Wells Fargo than some companies that specialize in those various services.

If your small businesses use a lot of cash, Wells Fargo is one of your best options. Not only can you deposit cash at the largest branch network, but you can also withdraw fee-free from its massive network of ATMs.

Best for Business Analysis: M&T Bank


If you live on the East Coast, consider M&T Bank for your small business banking needs. M&T has 700 branches in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Washington, D.C., Virginia, West Virginia, Vermont, and Massachusetts. But M&T stands out for more than its branch network.

M&T Bank offers relationship managers who do more than offer you bank accounts and help you with customer service questions. These bankers review your business finances inside and out to help you better understand them and achieve best small business success.

M&T Bank is a top 10 SBA lender and offers a range of bank accounts. There are five checking options that may be a fit for most small businesses, plus specific accounts for medical and professional services industries. The biggest downside is that you need to maintain a big balance to avoid fees in most of those accounts. To avoid the $10 fee on the basic Simple Checking for Business account, you have to maintain a $2,500 average balance.

Best Fee-Free Brick-And-Mortar Checking: US Bank


US Bank isn’t quite as big as some of its competitors, but it still offers a large network of branches and ATMs around the United States. The biggest standout for small businesses is the Silver Business account, which offers checking with no monthly maintenance fee.

That account is great for smaller businesses with less than 150 transactions per month (you’ll pay .50 each for additional items). You can deposit up to 20 mobile checks each month with no fee and pay the same .50 for additional mobile deposits.

Like others on this list, US Bank offers additional services through a bundle including credit card processing, payroll servicing and invoicing. Other checking accounts have a higher number of free transactions, but require a large balance to avoid monthly services fees up to $25 per account.

Источник: https://www.thebalancesmb.com/best-banks-for-small-businesses-4169476

Business Checking Accounts

Simplify money management with business checking that works for you.

Accounts for most businesses

Transactions include teller deposits, ATM deposits, and check and debit card purchases.

Silver Business Checking Account Package

Best for new or small businesses with basic banking account needs

$0 monthly maintenance fee
125 free transactions per month1
$0.50 fee for each additional transaction

Gold Business Checking Account Package

Best for growing businesses with more banking activity

$20 monthly maintenance fee, waivable
300 free transactions per month1
$0.45 fee for each additional transaction

Platinum Business Checking Account Package

Best for mature businesses with higher balances

$30 monthly maintenance fee, waivable
500 free transactions per month1
$0.40 fee for each additional transaction

Nonprofit Checking Account

Ideal checking account features for nonprofit businesses

$0 monthly maintenance fee
1800 free transactions annually2
$0.50 fee for each additional transaction

Premium Business Checking Account

Premium services for complex banking needs

Analyzed account3
Earn credit on qualifying balances
24/7 telephone support

How to waive the monthly maintenance fees

Male restaurant owner standng in doorway

You can waive the monthly maintenance fee with one of the following:

  • U.S. Bank Payment Solutions Merchant Account
  • $10,000 average collected checking balance or $25,000 average collected checking balance on interest-bearing option
  • $20,000 in combined average collected deposit balances4 or $50,000 in combined average collected balance on interest-bearing option4
  • $50,000 combined average collected business deposits and outstanding business credit balances5
  • $75,000 in combined business deposit and outstanding business credit

You can waive the monthly maintenance fee with one of the following:

  • $25,000 average collected checking balance
  • $75,000 combined average collected business deposits4 and outstanding business credit balances5

Analyzed account;3 maintenance and transaction fees can be offset by an earnings credit based on account balance.

All our business checking accounts include:

More questions about business checking or handling cash flow? We have answers.

Eight ways small business owners manage cash flow

Ambition and unique vision aren’t all you need to have a successful small business. Keeping track of the day-to-day details is also required.

Learn more about managing cash flow

Does a side business really need a bank account?

Once a hobby morphs into a small business, you may find it needs its own business bank account. Here are five reasons why.

Reasons to get a business checking account

Three awkward situations Zelle can help avoid

Whether someone owes you money or you need to manage payroll, mobile payments can solve money matters for small businesses in minutes.

Learn about using Zelle

Top frequently asked questions

To open a business checking account, you’ll need:

  • Your business’s Employer Identification Number (EIN) or tax ID number, or your Social Security number if you’re a sole proprietorship.
  • Articles of Incorporation, Articles of Organization or a charter or similar legal document that indicates when your company was formed. (Not required for sole proprietors.)
  • Government-issued photo ID and Social Security number for you and anyone else authorized to sign checks or make transactions on behalf of your company.
  • Name, email address and phone number for any additional owners with 25% or more ownership in the company. 

First, you’ll want to determine which features and benefits are the best fit for your business needs. Visit our business banking comparison chart to see all the flexible and convenient account options U.S. Bank has to offer, or take a short quiz to get a personalized recommendation.

  1. Turn over the check to the endorsement section on the back and write the name of the business, your name and title.
  2. Then add any restrictions, like "for deposit only," followed by your business account number.
Start of disclosure content

    Start of disclosure content

    BD-001 Deposit account disclosures

    Источник: https://www.usbank.com/business-banking/business-bank-accounts/business-checking.html

    10 Best Business Checking Accounts In December 2021

    Best Business Checking Accounts

    Side hustlers and business owners have unique needs when it comes to setting up a business checking account. 

    And for years, most banks made the bulk of their fees on business products - including business checking accounts. 

    So, it's historically been frustrating as a side hustler or business owner to find a checking account because, unlike personal accounts which have lots of free checking account options, businesses typically didn't have that available.

    But technology is changing that. And more banks are starting to offer great online business checking accounts with low or reasonable fees. 

    Note: The banking offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all banking companies or all banking offers available in the marketplace.

    Business Checking Account Options

    Based on the criteria we share below, here are our choices for the best business checking accounts available. Some of these accounts are basically free, while others do require some minimum balances and/or other requirements to waive the monthly fees.

    1. Novo

    Novo is a no-fee digital banking platform for small business owners and side hustlers. This is the perfect online checking account for small businesses. 

    They are very mobile friendly with a great app, photo check deposit, no fees, and they have a bunch of integrations to connect with the other tools you already use! That's awesome for a business bank account.

    Why I Like It: Free, easy to use, online business checking.

    Read our full Novo review here.

    Open a Novo Bank Account here >>

    Novo

    Min Opening Deposit

    $50

    Min Balance Requirement

    $0

    Monthly Fee

    $0

    Earns Interest

    No

    ATM Access

    Unlimited Nationwide

    Availability

    Nationwide

    Promotions

    None

    2. LendingClub Tailored Checking

    The LendingClub Tailored Business Checking Account is a great solution for side hustlers and small business owners. 

    The real plus with this account is that it pays interest! You can earn 0.10% APY on balances over $5,000. It's nearly unheard of to have a business checking account that pays interest.

    They offer unlimited free transactions, which is very unlikely for a business bank account (banks usually charge a fee per transaction).  

    They also have one of the easiest online applications - taking about 5 minutes! Most banks do not have complete online application and have to send in multiple documents that takes up a lot time.

    This account does have a small monthly fee, but that can be waived with a $5,000 minimum balance.

    This account also has the usual features you'd expect in a top notch business checking account:

    • Online banking
    • Free ATM withdrawals
    • Free online bill pay
    • Mobile check deposits

    Plus, LendingClub Bank also offers cash-back debit when you use your your debit card. You can also earn unlimited 1% cash back on all purchases.

    Read our full LendingClub Bank review here.

    Why I Like It: A business checking account option that can earn interest.

    Learn more about LendingClub Tailored Checking here.

    LendingClub Tailored Checking

    Min Opening Deposit

    $100

    Min Balance Requirement

    $0

    Monthly Fee

    $10* (waived when requirements met)

    Earns Interest

    0.10% APY

    ATM Access

    Unlimited Nationwide

    Availability

    Nationwide

    Promotions

    None

    LendingClub Bank Logo

    3. Lili

    Lili is an online business checking account that is designed for freelancers. With no monthly fees, no minimum opening deposit, and helpful tools built-in, it's a free small business checking account california online business checking account.

    One thing that sets Lili has a great tax saving tool which allows you to automatically set money aside for taxes on every income, and an Emergency Bucket, which helps users set money aside for emergencies with daily deposits of small amounts.

    They are very mobile friendly with online bill pay, invoicing, no fees, and they have a bunch of integrations to connect with the other tools you already use! That's awesome for a business bank account.

    Why I Like It: Free, easy to use, online business checking.

    Learn more in our Lili review here.

    Lili Business Checking

    Min Opening Deposit

    $0

    Min Balance Requirement

    $0

    Monthly Fee

    $0

    Earns Interest

    No

    ATM Access

    32,000 Fee-Free ATMs

    Availability

    Nationwide

    Promotions

    None

    4. AXOS Basic Business Checking

    AXOS is an online bank that focuses on simple business banking online. It's free, but it does have some higher requirements compared to other banks.

    With AXOS, you get no monthly maintenance fees, a low minimum deposit requirement, and unlimited domestic ATM fee reimbursements.

    Their free tier comes with 200 transactions (deposits, transfers, ACH, etc) per month.

    Read our full Axos Bank review here.

    Why I Like It: Free mobile business banking.

    Learn more about AXOS Basic Business Checking.

    AXOS Basic Business Checking

    Min Opening Deposit

    $1,000

    Min Balance Requirement

    $0

    Monthly Fee

    $0

    Earns Interest

    No

    ATM Access

    Unlimited ATM Free Reimbursement

    Availability

    Nationwide

    Promotions

    None

    Axos Bank Logo

    5. Chase Business Complete Banking

    The Chase Business Complete Banking℠ is one of the more popular business checking account options because Chase has a huge number of branches and great service. It isn't truly free unless you meet the minimum monthly requirements to make it so, but we list it as a top business checking account because it's available nationwide, has branches nearly everywhere, and is one of the most robust banking products out there currently. Plus, the minimum requirements are super easy to meet - check it out.

    Chase Business Complete Banking℠ has a $15 per month fee that's easily waived if you simply do the following in the month:

    • Keep a minimum daily balance of $2,000 or more in your account
    • Receive $2,000 in deposits from Quick Accepts transactions or other eligible merchant services
    • Chase Ink Business credit card purchases of at least $2,000
    • Link a Chase Private Client Checking account
    • Provide a valid, qualifying proof of military status (active or veteran)

    Bonus Offer: Right now, you can earn $300 when you open a new Chase Business Complete Checking℠ account. This offer is for new Chase business checking customers with qualifying activities. Customers must deposit a total of $2,000 or more in new money within 30 days of account opening and maintain a $2,000 balance for 60 days. Customers must also complete 5 qualifying transactions within 90 days of opening account. Qualifying transactions include debit card purchases, Chase QuickAccept℠ Deposits, Chase QuickDeposit℠, ACH (Credits), wires (Credit and Debits).

    Read our full Chase Bank Review here.

    Why I Like It: A great account opening bonus, with one of the largest, most well known banks in the United States.

    Chase Business Complete Banking℠

    Min Opening Deposit

    $0

    Min Balance Requirement

    $0

    Monthly Fee

    $15* (waived when requirements met)

    Earns Interest

    No

    ATM Access

    16,000 ATMs nationwide

    Availability

    AL, AZ, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, NC, NE, NH, NJ, NV, NY, OH, OK, OR, PA, RI, SC, TN, TX, UT, VA, VT, WA, WI, WV

    Promotions

    $300

    Chase Free Checking

    Get a $300 bonus!

    6. NorthOne Business Banking

    NorthOne Business Banking is a solid business banking account that offers unlimited transactions and ACH payments with a flat monthly fee. 

    This account is a basic business checking account with online banking, mobile check deposits and one of the largest network of ATMs we've ever seen.

    However, it does have a flat monthly fee of $10 per month. College Investor readers can get that waived for the first month if you sign up through our link - so you can try out the account features.

    Unlike some other online business accounts on this list, NorthOne has high transfer limits for direct deposits and ACH transactions, best grocery cash back credit card can be helpful if you're doing significant business.

    Read our full NorthOne Business Banking review here.

    Why I Like It: Unlimited transactions and you can send and receive ACH payments with high limits.

    Learn more about NorthOne Business Banking.

    NorthOne Business Banking

    Min Opening Deposit

    $50

    Min Balance Requirement

    $0

    Monthly Fee

    $10

    Earns Interest

    No

    ATM Access

    300,000 ATM via Multiple Networks

    Availability

    Nationwide

    Promotions

    Get 1 Month Free

    NorthOne Logo

    7. Navy Federal Business Checking

    Navy Federal Credit Union Business Checking is one of the best business checking products available, if you qualify to be a member of Navy Federal Credit Union. 

    This account is a basic business checking account with online banking, mobile check deposits and more.

    But best of all, it pays interest (just a small amount, but that's something). Right now, the basic business checking earns 0.01% APY. You can get up to 0.45% APY on their Premium Business Checking.

    NFCU Basic Business Checking is limited to just 30 transactions per month. That's low. If you need more, you might consider the Premium Business Checking. It does have a $20 per month fee, but that fee is waived with a $5,000 minimum balance.

    Read our full Navy Federal Credit Union Review here.

    Why I Like It: Interest bearing business checking.

    Learn more about NFCU Basic Business Checking.

    Navy Federal Basic Business Checking

    Min Opening Deposit

    $0

    Min Balance Requirement

    $0

    Monthly Fee

    $0

    Earns Interest

    0.01% APY

    ATM Access

    30,000 ATMs via Co-Op Network

    Availability

    Nationwide

    Promotions

    None

    Navy Federal CU Logo

    8. US Bank Silver Business Checking

    The US Bank Silver Business Checking is one of the best deals in business checking accounts for side hustlers and small businesses. This account has $0 monthly maintenance fees, online banking, mobile check deposit, online bill pay, and more.

    The big thing about this account is that there are limits. But, most small businesses and side hustlers won't hit these limits. The limits are:

    • 150 transactions per statement cycle (this includes deposits, transfers, etc)
    • 25 free cash deposits per statement cycle (so don't go to the bank everyday!)
    • They do charge $5 for paper statements (who gets these anymore?)

    Why I Like It: A pretty much free business checking account option that also has the ability to connect to a business money market (which is rare).

    Learn more about US Bank Silver Business Checking.

    US Bank Silver Business Checking

    Min Opening Deposit

    $0

    Min Balance Requirement

    $0

    Monthly Fee

    $0

    Earns Interest

    No

    ATM Access

     4,800 ATMs Nationwide

    Availability

    28 States

    Promotions

    None

    US Bank Logo

    9. nbkc Free Business Checking

    nbkc is a Midwest bank that offers some very competitive checking account options. When it comes to business checking, they offer a monthly-fee free product that's very competitive.

    This account has online and mobile banking (with mobile check deposit), a debit card, and has no minimum balance requirements. One of the features we love is that they free small business checking account california charge anything for incoming wire transfers.

    Read our full nbkc Bank review here.

    Why I Like It: Great online banking with free incoming domestic wire transfers.

    Learn more about nbkc Free Business Checking.

    nbkc Free Business Checking

    Min Opening Deposit

    $0

    Min Balance Requirement

    $0

    Monthly Fee

    $0

    Earns Interest

    None

    ATM Access

    34,000 Free ATMs

    Availability

    Nationwide

    Promotions

    None

    nbkc Logo

    10. Bluevine

    Bluevine has been a lender for small businesses for almost a decade, and it recently launched a business banking product that provides free business checking.

    They offer free business checking with unlimited transactions per month. They also have no minimum balance requirements and free online statements. 

    Unlike most business checking accounts, they also pay interest on balances up to $100,000. Right now, you can earn 1.00% APY on your balance up to the $100,000 limit.

    Finally, you can deposit cash at over 90,000 locations via a partnership with Green Dot.

    Read our full Bluevine Banking review here.

    Note: Bluevine is currently in waitlist most, so you cannot open a new account at the moment.

    Why I Like It: Free business checking that earns interest.

    Learn more about Bluevine Business Checking.

    Bluevine Business Checking

    Min Opening Deposit

    $0

    Min Balance Requirement

    $0

    Monthly Fee

    $0

    Earns Interest

    1.00% APY

    ATM Access

    38,000 ATMs

    Availability

    Nationwide

    Promotions

    None

    Bluevine Logo

    Why A Business Checking Account vs. A Personal Checking Account?

    When you're running a business - even just as a side hustle - it's important to keep your business finances separate from your personal free small business checking account california. For many people starting out, that can be as simple as having a PayPal account. But as your business grows, you start receiving check and ACH payments, you simply need more.

    You should keep your business accounts separate from your personal accounts for a variety of reasons. First, it's simplicity. By keeping all your business stuff in one place, you can easily know what you made, what you spent, and what's left. 

    Second, by mixing personal and business accounts, you can create bookkeeping, accounting, and tax headaches for yourself come tax time.

    Third, you can also run into major liability issues - opening yourself up for personal liability if anything should happen to your business. If you're an LLC, S-Corp, or C-Corp, you definitely need to have a separate business bank account to maintain the liability protections a business offers. 

    Finally, if your business fails and you need to declare bankruptcy, your personal assets become open to being used for your debts because there's no way for a judge to separate the two. 

    The Process To Setup A Business Bank Account

    Why most people hesitate to open a business checking account is because of the costs and the hassle to open one up.

    The process to open a business checking account has traditionally be tedious - you need to bring documents, meet with a banker in person, and it takes time. However, technology is changing that and some companies are doing it all online (for example, LendingClub's Tailored Checking Account is 100% online). 

    To open a business checking account, you'll need the following:

    • Your business employer identification number (EIN) - if you're a sole-proprietor, your SSN will work
    • Business documents: Articles of Incorporation, Articles of Organization, charter
    • Government issued ID

    If you're a partnership or LLC with more than one member, you'll also need to have each member present to open the account.

    What You Need In A Business Checking Account

    Side hustlers and business owners have unique needs for their checking account. They also might not have a job yet (for direct deposit), or have other accounts at the bank.

    As such, they have unique requirements that we wanted to share, so that you can see how we based our criteria for the best business checking account options.

    In order to be one of the best business checking accounts, we put the following criteria in place:

    • No Monthly Maintenance Fees: This is a big one. All of the accounts we consider must not charge a monthly maintenance fee or they must waive it in a really easy way.
    • No Or Low Monthly Balance Required: You shouldn't have to have huge amounts of money university at buffalo north campus waive fees or qualify for a business checking account. We only look for banks that don't have a monthly minimum balance requirement or if they do, it's incredibly low.
    • Transaction Count: Most business banks charge you based on your number of transactions each month. We want to make sure each account listed has a good amount of transactions available so you don't get charged.
    • Awesome Online Access: The best business checking accounts will also have awesome online access, a great app or mobile site, and be accessible anywhere.
    • No ATM Fees: Today's entrepreneurs are on the move. They should be able to access their money for free, where ever they are.

    Common Questions

    Here is a FAQ of the common questions we see around business checking accounts:

    Does my business need a checking account?

    It's recommended to keep your business and personal finances separated, and having a business checking account helps with that.

    What's the best business checking account?

    The best business checking account depends on your bank of hawaii ala moana hours as a business. For example, do you operate online? Do you have a lot of cash transactions or deposits? All of these will play a role in figuring out which business account is best for you.

    Do I need an LLC to open an account?

    No, but you do need an EIN. You can get an EIN for your business by following these directions.

    Can I open a business checking account at a credit union?

    Yes! Most credit unions offer business checking accounts, and some of our best accounts on this list are actually at credit unions.

    Do business checking accounts charge fees?

    Many business accounts do charge fees - and that makes operating as a small business owner challenging. However, the accounts on this list are pretty fee-free, which is great.

    Final Thoughts

    Hopefully you can see that there are good options for free business checking. You can also check out our guide to business saving and money market accounts.

    You don't have to pay fees to have a business checking account - you just need to open your account at a good bank. 

    Methodology

    The College Investor is dedicated to helping you make informed decisions around complex financial topics like finding the best business checking account account. We do this by providing unbiased reviews of the top banks and checking accounts for our readers, and then we aggregate those choices into this list.

    We have picked checking accounts based on our opinions of how easy they are to use, their costs and fees, any interest rates and bonuses provided, and a variety of other factors. We believe that our list accurately reflects the best business bank accounts in the marketplace for side hustlers, small business owners, and freelancers.

    Источник: https://thecollegeinvestor.com/24366/best-business-checking-accounts/
    Not FDIC Insured

    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 Shore united bank hours 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 Free small business checking account california (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 with 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 no account fees.

    Learn More


    Nearside Temp Logo

    Nearside 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:

    • 1% cash back on all eligible debit card purchases
    • Up to 5% additional cash back on eligible purchases, including car rentals (5% back), hotels and restaurants (4% back), and gas (1% back).
    • Exclusive 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 Nearside 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: Nearside doesn’t pay interest on balances, but select transactions earn up to 5% cash back.
    • Rewards and Incentives: On top of 1% cash back on all purchases and up to 5% back on select purchases, 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: Nearside 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

    free small business checking account california height="196" src="https://www.moneycrashers.com/wp-content/uploads/2021/06/LILI-PRO-CARD-01-300x196.png" alt="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 fee 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 opening 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 keep 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 trade 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, it 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. Free small business checking account california 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 what is the routing number for renasant bank 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 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.


    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 navigate me to the nearest bank of america 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.

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

    The Best Free Business Checking Accounts in 2021

    Advertiser & Editorial Disclosure

    For small business owners, limiting expenses and maximizing profits are a top priority. But one area where it can be tough to save money is with your business checking account. There are very few options available that don’t charge a fee, and many “no-fee” business checking accounts require that you keep a minimum balance to qualify. 

    Opening a business checking account is crucial for keeping your business and personal finances separate. It can make filing taxes for your business simpler, too. 

    What to Consider When Choosing a Free Business Checking Account

    In addition finding a business bank account that doesn’t charge a monthly service fee and doesn’t what is the capital of wyoming cheyenne minimum balance requirements, what else do you want in an account? Consider the features your business needs.

    Do you need to do your banking transactions in person or are you okay conducting banking online? If you need a physical location, check for a bank that has convenient branch locations. If you like online banking, look for one that has mobile banking and online bill pay features. Some banking mobile apps even let you make remote deposits from your phone!

    There are other features to free small business checking account california for with a free checking account, including being able to get business debit cards for you and your employees, getting overdraft protection, and being able to open a business savings account.

    If you think you might apply for financing for your business down the road, look for a bank that offers business credit cards, small business loans, and lines of credit. Having an existing relationship with a bank may help you qualify for a good rate with the lender.

    How to Open a Free Business Checking Account Online with No Deposit

    Gone are the days when you were required to open a business checking account in person. While some banks still prefer it, you can save a lot of time by applying online. 

    Also, you’re more likely to find a free online business bank account with no strings attached than you are with a traditional bank.

    If you’re looking for a no-fee account that doesn’t require an upfront deposit, here’s how to open a business bank account.

    1. Provide Details on Your Business

    At the very beginning of an online application for a business checking account, you’ll be asked for your name as the business owner, as well as the name, address, email address, and phone number of your business. If you’re not the sole owner, you’ll also need to provide the names of your partners.

    If you’re running a business out of your home, consider setting up a P.O. box or a forwarding address to keep your business and personal mail separate. 

    2. Get a Little Personal

    If your business is a sole proprietorship, you’ll need to provide your Social Security number because that’s also the tax identification number for your business. The bank may also ask you to upload a copy of your driver’s license or another government-issued photo ID to prove your identity.

    If your business is structured as a limited liability company (LLC) or corporation, you’ll likely be asked for your employer identification number (EIN) instead of your Social Security number. If you don’t have one yet, you can apply for an EIN for free on the IRS website. They’ll also likely still ask for a photo ID to make sure you are who you say you are.

    3. Provide Your Business Structure Documents

    Depending on the type of business you have, you’ll need to provide certain documents to prove that it’s formed legally as a business:

    • Sole proprietorship: You may need to provide your business license. Also, if the name of your business does not include your legal first and last name, you may need a fictitious name certificate or statement or a certificate of assumed name.
    • Partnership: You may need to provide your business license, fictitious name certificate or statement, certificate of assumed name, or the partnership agreement. If you have a limited partnership, you’ll also need a certificate of limited partnership or a limited partnership document. And if you have a limited liability partnership, you may need a statement of qualification, a limited partnership document, or a limited liability partnership election.
    • LLC:The bank may require your articles of organization, certificate of organization, or certificate of formation.
    • Corporation:You’ll need your articles of incorporation or a certificate of good standing.

    Just keep in mind that while these are general documents that banks may ask for, it’s not a comprehensive list. Each bank is different, so check before you apply to make sure you have what you need.

    4. After Approval, Download the Mobile App

    Online banks don’t have physical branches, so the institution’s mobile app is the only way you’ll be able to deposit physical checks. In some cases, there may be no mobile app, but you can still get the services you need through your mobile browser.

    Get to know the features of the mobile app. You should be able to review your daily balance, schedule online bill payments, and transfer money between accounts.

    Free Online Business Checking Accounts that Require No Deposit

    Here are a few of thebest business checking accounts that offer free monthly transactions and have no minimum opening deposit.

    Novo

    Novo’s web business mayo health clinic mankato platform is built for today’s business owners. It’s a good fit for both Android and iPhone users, making it convenient from desktop to mobile. 

    The bank offers a largely fee-free small business checking account — there is a $27 fee if someone tries to cash a check you wrote and you don’t have sufficient funds, but that’s it. There’s also no minimum balance. 

    Features include:

    • Integration with tools like Xero, Zapier, and Slack
    • Free and fast transfers and paper checks
    • Works with Apple Pay and Google Pay

    BlueVine

    Another of the best free business checking accounts comes from BlueVine. Not only can you get unlimited withdrawals and cash deposits, but you also can earn 1% interest on your account balance! Note: there may be fees for wire transfers.

    Features include:

    • No ATM fees at 38,000+ network ATMs
    • No transaction fees
    • Pay vendors and bills by ACH, wire, or check

    Mercury

    Mercury offers online business checking services for startups. Its free account has zero fees, and there is a second-tier account if you have over $250k+ in deposits that offers free outgoing and incoming wires, dedicated support, and access to special events.

    Features include:

    • No minimum balance
    • No overdraft fees
    • Savings account available

    Frequently Asked Questions

    As we did our research on the topic of opening a free business checking account with no deposit, we came across several questions that business owners have. Here are some of the common ones along with their answers.

    What Banks Have Free Business Checking Accounts?

    Novo is one of our favorite free bank accounts, but there are also several other options out there including those we’ve listed above. 

    Also, credit unions typically offer bank accounts to their members with no monthly maintenance fee. However, they may not provide the same level of features that you can get from banks with a national presence. 

    Other traditional banks may charge fees that can be waived if you meet certain criteria, such as a minimum daily balance or other accounts with the bank.

    Do You Need Money to Open a Business Checking Account?

    Some banks do require you to deposit at least a nominal amount when you open your new business checking account, though the ones we’ve listed in this article do not.

    Can You Open a Business Checking Account Online?

    Absolutely. Online business checking accounts are an excellent option for freelancers and other businesses that don’t need to accept cash. They tend to be cheaper and still provide all the necessary features.

    If you do accept cash, however, you may be better off with a business checking account from a traditional bank or credit union with physical branches.

    Do You Need a Tax ID to Open a Business Checking Account?

    Not necessarily. If you’re a sole proprietor, you don’t need a business tax ID (specifically, an EIN) to open a business checking account. In fact, you don’t need one at all unless you have one or more employees.

    You will, however, need a tax ID number if your business is structured as an LLC or a corporation. Also, keep in mind that having an EIN is required to start building a business credit history. So if that’s a priority to you, it may be a good idea to get one anyway.

    The Bottom Line

    Unless your new business has very specific needs, it’s unlikely that you need a business checking account that charges a monthly fee. A fee-free business checking account with no deposit is best suited for companies that conduct their business online, don’t take cash, and don’t have a lot of transactions. 

    As you search for and open a free business checking account with no deposit, look online for options that are inexpensive but also come with solid features. If you want in-person service, though, check out your local credit unions and brick-and-mortar banks to see what they have to offer.

    Can’t get enough?

    Can’t get enough?

    We've got tons of FREE business tools and resources right here.

    Learn more

    This article was originally written on October 4, 2019 and updated on October 5, 2021.

    Rate This Article

    This article currently has 51 ratings with an average of 4.5 stars.

    Susan Guillory

    Susan Guillory is a Senior Content Writer for Nav. She’s written books on business and travel, and blogs about small business on sites including Forbes and AllBusiness.

    Источник: https://www.nav.com/blog/open-a-free-business-checking-account-online-with-no-deposit-252942/

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    2 FREE Business Checking Accounts - Why I left Chase Bank and CHOSE an Online Bank - THE RESET SHOW

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