A bank account is a key part of your business. However, when you open a bank account, banks charge for some services. For this reason, it is important to open a business bank account with the least fees. The following are some of the best free business bank accounts in the US in 2020.
Business bank account vs personal bank account
A business bank account has more requirements to open than a personal account.
Fees and required balances are usually higher for business bank accounts.
Interest rates are lower for most business bank accounts.
Azlo Business Bank Account
Azlo Business Bank Account is a digital business bank account that comes with an inbuilt invoicing feature. This is a good business bank account for small businesses. With the account, you can deposit checks, make direct deposits and transfer money from one account to another. When you open the account, you get a visa debit card that you can use to make purchases. Since it is a virtual bank and does not have branches, it does not accept cash deposits.
The advantage of Azlo business account is that you can integrate it with payment platforms such as Stripe, QuickBooks and Square. The bank has over 55,000 free networks across the US. You will need to verify your business before you can open a bank account.
NBKC Bank Business Account
NBKC Bank Business Account offers a wide variety of features freely. You do not need a minimum deposit when opening an account. The account does not charge transaction fees, overdrafts, online banking, eStatements, or check deposits. Charges that apply include $5 for domestic wires and $45 for international wires.
You can access the NBKC business account services through your mobile phone or MoneyPass ATM for free. When you use other ATMs, you can receive up to $12 in refund monthly. You can add account features such as desktop deposit or ACH credits and debits.
Bank Novo is a digital bank suitable for small businesses. You can open a business bank account in just a few minutes. Once you have set up an account, you can make payments, send money and transfer money using an app on your phone available for Android and iOS.
When you open a Novo account, you get a MasterCard which you can integrate with Google Pay and Apple Pay. The account is free, and you do not need to maintain a minimum balance. To activate the account, you will need to make a $50 deposit. When you sign up for an account, you get a bonus of $25. The only disadvantage of Novo is that it does not accept cash deposits.
BBVA Compass Bank Account
BBVA Compass Bank Account is a good option for a business that wishes to have online convenience and in-person customer service. The account offers two free deposits and five free withdrawals and checks every month. Other transactions are unlimited and do not attract any additional fees. This is a business bank account that you can use for online and in-person transactions.
AXOS Business Checking
AXOS Business Checking is a free online business bank account that offers services to small businesses. It has a $0 minimum deposit requirement and does not charge a monthly fee. To open the account, you need to make a minimum opening deposit of $1,000. The account offers 200 free transactions every month with unlimited domestic ATM fee reimbursements.
Chase Bank Total Business Checking
Chase Bank Business Checking is an excellent option for startups. When you sign up for a business account, you get up to $200 bonus. The account has $12 monthly charges, but if you retain daily minimum balance requirement of $1,500, you avoid the fee.
Once you open the account, you get up to 100 free transactions every month with unlimited electronic deposits. You can also make $5,000 in cash deposits every month free of charge. The bank has over 5,000 branches and 16,000 ATMs, making it convenient for in-person and online transactions. If the business has several owners, each one of them can get his debit card and access the online account.
Wells Fargo Simple Business Checking
Wells Fargo Simple Business Checking is a convenient bank for small businesses since it offers cheap loans and also a free checking account. If you maintain a $500 minimum balance every month in your account, it can help you to get a $10 service fee waiver. The account has a $25 minimum opening balance requirement while fees vary from one’s location. It is an excellent bank for businesses with small banking activities and non-profit making businesses.
As stated above, a business bank account is an essential part of your business. For instance, if you wish to apply for a loan for your business; you will need to open a business account. It is important to note that even those accounts known as free bank accounts are not entirely free.