Resources for Free Business Checking

Free business checking is a great way to reduce your banking expenses. Part of running a profitable business means always keeping an eye on cash flow. Knowing when money is coming in and when it’s leaving can make a huge difference when your purse strings are tight.

Take a look at your current business expenses. If you’re paying for your business checking account, it may be time to begin banking elsewhere. You shouldn’t have to spend money to store your money. Opening a free account will help you save on those monthly fees. There are a number of banks you can choose from; some key features to look for are:

• Free internet checking with ample transaction allowances. Some free checking accounts will charge you for overdrafts, excess transactions and other incidents.

• An account with no balance requirement or monthly fees. Your free business checking account shouldn’t have a monthly fee. If you have must have a minimum balance, make sure it is one you can easily maintain.

• A card with rewards your small business will be able to get easily, without changing spending habits. You should be able to earn and receive any associated rewards without much difficulty.

Take a look at our hand-picked banks to get started.

Find the Best Banks

Look for a bank that won't penalize you for running a business. The bank you decide to go with should have experience with business similar to yours. Small business owners have a lot to worry about. The last thing you want to have on your mind is whether or not you’ve hit the maximum number of transactions or will be charged with a low balance fee.

Banks are offering free small business checking accounts and online banking for businesses designed for companies on a budget. Are you aware of everything your local banks have to offer?

• Consider a local credit union. A study by NerdWallet.com of 130 business checking accounts found that 39 percent of business checking accounts offered by credit unions either had no monthly fees or had waived fee requirements. The study found that only 13 percent of similar checking accounts with banks had waived requirements or had no fees.

• Look into the bank that provides your business credit card. Some business owners have found great deals on their business checking accounts and more efficient credit card processing by opening their checking account with the same bank that handles their business’s credit card.

Sit down with the small business expert at your bank or local credit union to see if you’re missing out on any deals or special offers. Then, compare your bank's offering to free online business checking accounts. Online free business checking accounts allow you to pay bills, transfer money between accounts and track your finances right from your computer or mobile device. You can save on banking fees and postage! 

Compare Your Options

Before you sign on the dotted line, make sure you’ve done your research and compare the different options you have available. Here are some things to look out for:

• Free business checking accounts will help you save, but don't discount the importance of overdraft protection, a business line of credit or a linked savings account to protect you from any bookkeeping shortfalls.

• Make sure the rewards are within your normal spending realm.  While the rewards may seem great, if they aren’t earned with expenses your business already incurs or don’t yield a very good ROI, look at your other checking account options.

• Some banks will charge for each transaction over your limit. Some charge for online banking. Read the fine print and watch out for any hidden fees that aren’t noted in offers.

If interested in free business checking accounts, take a look at business credit cards and accounting software.