There are several options available for free business checking accounts. For businesses starting out these no fee business checking accounts are great at saving a few dollars every month. If you make few transactions and have a low cash balance then they may the right solution for you. Here is a comparison of the popular free business checking accounts available.
Free Business Checking Account Comparison
For this comparison of free business checking accounts I have focused on several criteria.
1. National Bank – Available to all readers in the US
2. No Minimum Balance – Free checking accounts that require a 15k minimum balance dont make much sense to small business starting up that require every dollar of capital for growth opportunities.
3. No or Few Extra Fees – Some no fee business checking accounts are free however offer very few transactions and charge a large amount of money every time you make a deposit or withdrawl.
Bank Package Name and Feature Comment Minimum Balance Monthly Fee
US Bank Free Small Business Checking
150 free transactions per month ($0.50 for each transaction above 150)
Businesses with low to moderate transaction volume No minimum balance No monthly maintenance fee
Bank of America Business Economy Checking
150 transactions plus unlimited online banking
Good for start ups looking to quickly grow beyond a free checking account $3,000 No fee if average balance is maintained. $15 otherwise.1
ING Direct Business Savings Account Business savings account on this list since it is the best business savings account available No minimum balance No monthly fee
Capital One Completely Free Small Business Checking Great no fee account for small businesses. However with a $5000 Cash monthly deposit limit you may outgrow it quickly No minimum balance No monthly fee
Here is a list of some other banks not included in the comparison that offer free business checking accounts…
HSBC (recommended by several readers)
Bank of America
Read the complete business bank account comparison
Ultimately the recommended no fee small business bank account is the capital one account for its simplicity. However, it has its limits and you should consider what your business will look like in 5 years and what financial services it will require. Transferring banks after start up can be a cumbersome and problematic experience make sure to do your research and pick a bank that can grow with you if growth is your plan.
Hopefully this has helped you determine what no fee small business checking account is right for you. If you have any suggestions as to what no fee bank account has worked for you in the past please comment below.