by Dan Sullivan
Contents
Money management is one of the most important matters when it comes to running a business. From getting money from the investors to giving it to the employees, each step in a business involves money. And it becomes quite hectic if you are not able to manage the finances properly. Business checking accounts are an excellent idea when you are looking for a solution to all your money handling issues. A business checking account does not only let you securely control your finances. But, it also helps to keep your personal and business capital separate.
Contents
Business accounts are great to pay your suppliers, vendors, or anyone else involved in the business. It lets you manage the transactions and transfers without frequent visits to the bank; as most of the business checking accounts have an online transfer and checking facility. A lot of them also offer mobile apps for prompt services. Almost all the banks offer business checking accounts, but some charge quite an opening sum that is not so considerate for small business. Yet, there are business checking accounts, either in online banks or physical banks, that charge you minimal - or nothing at all! Some of them also give you a bonus on signing up! So, it all depends on your needs and limitations when it comes to the selection of a business checking account.
It's an excellent decision if you have decided to get a business checking account for your venture! But, do you know the essentials when looking for a business checking account? If not, let us help you. There are three significant factors to consider when finding the right account for your business.
1. Fees required
2. Balance needs
3. Transaction limits
Always consider these three things while selecting a business checking account. As it is important to know your needs before you hunt for a checking account for your business.
Now that you are well aware of your needs and limitations, you can choose the perfect business checking account. There are the best accounts for you to choose from. Additionally, some of them are free! Yes, they do not need any fee to open the account.
Azlo is the best option for you if you are looking for a fee-free opportunity. Azlo is quite popular among small-business owners as it does not charge you any fee. It also does not charge any ATM or transaction fee. The only drawback is that Azlo does not have a cash deposit option because it is a branchless bank. Yet, it gives the facility of mobile deposits, mobile, and online banking. Azlo account holders also get a Visa card. And you can access the account anywhere online and 55,000 ATMs through Allpoint.
Best feature: Online accessibility and no transaction fees.
| Minimum to open $0 | Monthly fee $0 | Sign up bonus $0 |
Chase bank is considered to be one of the best free business checking accounts owing to several reasons. Primarily because it is free to open and secondly, it also offers a bonus of $200 when you open the account. Isn't that a fantastic offer? Let's tell you more about Chase Bank's business checking accounts.
The bank requires no least deposit for opening the account. You can make unlimited cash deposits - up to $5000 each month. Chase bank allows you to earn fee checking if you maintain a daily balance of at least $1,500. This can also help you waive off the $15 monthly fee. Chase is a convenient option for many people giving access to 16,000 ATMs and around 4,900 branches for their banking needs.
To get the $200 bonus as an introductory offer, you would have to:
Though Chase bank offers free opening of a business checking account, it charges you a minimal transaction and cash deposit fee.
Chase bank has made its name among the top banks to offer the best fee structures for small businesses.
Best feature: $200 sign up bonus and the waive-able monthly fee.
| Minimum to open $0 | Monthly fee $15 | Sign up bonus $200 |
Bank NOVO is a viable option for you, particularly if you would love discounts on business tools. It is one of the many merits of having a business checking account in Bank NOVO. You also would not have to pay any fee for opening a Bank NOVO account. The bank allows you to have some members-only perks, including discounts on business tools like Google Cloud, Hubspot, Stripe, etc.
It is the right choice for you if you want to do everything sitting at home, from making an account to transferring funds. Bank NOVO provides a lot of other internet facilities like
Though, the bank asks for a $50 least as a rule for opening a business checking account. It renders any other fees for you like Monthly fee, transfer fee, and even minimum balance maintenance. Bank NOVO also provides you with a free ATM, including waiving and refunding fees.
Best feature: Enjoy discounts on business tools and no monthly fee.
| Minimum to open $50 | Monthly fee $0 | Sign up bonus $0 |
US Bank's business checking account is among the best options for small businesses that do not require more than 150 transactions per month. It is incredibly convenient and comfortable as US Bank as over 3,000 branches and 5,000 ATMs extended in 28 states. And even if you don't have a US bank ATM near you, don't worry! It enables you free withdrawal at 25,000 ATMs nationwide.
Though US Bank does not give a bonus on opening a business checking account, it offers a 50% discount on your first check order, up to $50. Moreover it also gives you a 50% discount on a US Bank Gold checking account. If you are wondering that you would have to pay a hefty monthly fee for all this. You're not right! Us Bank Silver Business checking account does not ask for any monthly free. There are some other great benefits US bank gives:
If this is still not enough, US Bank offers you a mobile app that lets you keep an eye on all your accounts at just one click. You can transfer funds and deposit checks online through the iOS or Android app.
Best feature: 50% discount on a few other services and also, no monthly fee.
| Minimum to open $0 | Monthly fee $0 | Sign up bonus $0 |
Axos is another online banking solution to all money and finance problems. It is an exclusively-online bank that caters to all your business finance management needs. Axos Bank gives a bonus of $50 on the sign-up. You can avail the bonus by using the Promo code NEW50 while getting a Basic Business checking account. Yet, it is essential to maintain a balance of at least $1,000 in the first 60 days. Axos offers up to 200 free transactions every month. The only drawback is the inability to deposit cash as the bank has no physical branch.
The bank charges $0.30 on each transaction after the first 200. It does not occur to come to that number, but you can still minimize the chances by running majority of spending through a business credit card. Axos requires a minimum of $1,000 to open an account, but there are many more benefits you can avail by Axos Business checking account, like;
Best features: $50 sign-up bonus and up to 200 free transactions monthly
| Minimum to open $1,000 | Monthly fee $0 | Sign-up bonus $50 |
These are just some of the best business checking account options that we have mentioned though there are many others which are also good. Some other business accounts include:
All these business checking accounts are great for all the entrepreneurs who want to manage their business finance efficiently. Always consider all the essential details while selecting your business checking account to make sure it's the right one for you!
About Dan Sullivan
Dan Sullivan is a renowned professor and esteemed education writer with a passion for inspiring students and transforming the field of education. With a diverse background in academia and practical teaching experience, he has become a leading figure in educational research and pedagogy.
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