There are many great types of business bank accounts with no fees. All businesses need bank accounts for making deposits, paying bills, budgeting, and other various financial management processes. In fact, many CFOs split their business and personal expenses with business checking accounts. This way, they better prepare for tax season and establish their business’s finances more credibly. As a financial professional, you should eliminate fees and provide monetary accessibility with the right bank account type for your business. In this post, we will discuss the best types of business bank accounts with no fees.
App Accessible Options
Business bank accounts accessible via apps are the first type of fee-less account. Many financial institutions offer robust online and mobile apps. Often, they ensure every possible feature is included within their apps. For example, you can transfer funds, deposit checks, and pay bills anytime and anywhere using a mobile app. Additionally, account opening processes become more accessible due to the 24/7 nature of mobile apps. Moreover, many of these banking apps integrate with several of the most popular business collaboration and CRM software features. Surely, maximize account accessibility with robust mobile app accessible-type banking.
Online Checking Options
Online-only checking options are another great type of business bank account with no fees. While many financiers prefer the backing of brick-and-mortar institutions, many online-only banks are FDIC insured. In fact, their FDIC insurance often matches that of physical banks. Additionally, these online banks offer 24/7 account and financial management. They often feature generous interest rates several times more than industry averages. This way, your business’s liquid capital maintains and increases in value over time. Absolutely, provide around the clock access to your financial services while growing your capital with online checking account types.
Small Business Credit Union Options
Credit unions offer many fee-less account types great for small businesses. These account types offer basic financial management features at no costs or fees. Account packages typically include up to three accounts and hundreds of transactions per month. Additionally, the initial deposits required to open these accounts are often significantly lower than many traditional banks. However, these features are designed for small businesses. As your business grows out of the “small” stage, features of these accounts may become inadequate. Definitely, eliminate fees and other costs with a credit union for small business.
Cash Management Account Options
In addition, cash management accounts are a non-traditional fee-less account type. These accounts are not bank accounts, but are designed to perform traditional banking functions. Just like traditional banks, cash management accounts are FDIC insured and offered by registered brokers and dealers. These accounts offer unlimited free ACH, check, and wire payment options. Additionally, they feature instant ecommerce payouts, so you receive sales funds quickly. Moreover, they offer investment options for deposited funds. You can deposit in cash, or invest part or all of your deposit into Money Market funds. Certainly, offer financial freedom and grow your capital using various cash management account type features.
Scalable Business Options
Lastly, scalable banking options without fees are the final account type. As businesses grow, they need banking services that scale with their increasing needs. Partner with banks who have large location and ATM business operations networks. This way, your financial management is easily enhanced as your needs increase. Additionally, large financial institutions often offer extra financing and investment services at significant discounts to account holders. Moreover, several allow you to personalize your debit cards with your business’s logo and mission statements. Of course, ensure your accounts scale with your business as it grows with scalable account types.
There is a myriad of best types of business bank accounts with no fees. For example, maximize account accessibility with robust mobile app accessible-type banking. Second, provide around the clock access to your financial services while growing your capital with online checking account types. Third, offer financial freedom and grow your capital using various cash management account type features. Next, eliminate fees and other costs with a credit union account type tailored to your small business. Finally, ensure your accounts scale with your business as it grows with scalable account types. When searching for the best types of business bank accounts with no fees, consider the types described above.