Starting a small business can be an expensive endeavor. One of the most important things you can do is find a bank that will help cater to your needs. Often, new business owners turn to online banks in order to get free checking, but the money saved can often cost you when it comes to convenience. There are several national banks out there that can provide you with the services and accessibility you need at no cost. As long as you maintain the minimum balance, you can enjoy free checking from any of the following banks.
Chase Bank has a checking option devised especially for small businesses. With a minimum monthly balance of only $1,500, Chase’s Total Business Checking plan is perfect for start-ups that may not have a lot of liquid capital just yet. As long as you maintain the minimum balance, this Chase checking account offers free checking along with a variety of conveniences that can only come from a national bank. You may also want to check out their construction loan options, if you are in need.
Bank Of America
Bank of America offers two great checking account options for you to choose from. Business Fundamentals is designed for smaller businesses, while Business Advantage is made for larger businesses with greater spending. To avoid banking fees with this account, you can either maintain a minimum monthly balance of $5,000, or a daily balance of $3,000. Either way, if your business can manage to save up that amount of cash, this could be an excellent free checking option. You can also consider Bank of America for your credit needs, if you are looking for a considerable credit card limit.
US Bank is focused on helping you to minimize fees. In fact, they are so helpful that they waived the monthly maintenance fee for their Silver Business Package checking accounts. Perfect for small businesses, this plan requires no minimum balance. You can trust that your account will always be free. They also provide small business customers with additional benefits such as overdraft protection, free invoice creation and discounted card payment processing. For a bank that offers all of the convenience without any risk of extra fees, consider US Bank.
First National Bank
Along with US Bank, First National Bank also waives monthly maintenance fees. Without a required minimum balance, you can enjoy flexibility and control of your business finances. Their Business Free Checking plan also provides you with free online banking, BillPay and account alerts. To get the best free checking experience, consider First National Bank for your business.
PNC Bank offers three different checking services based on your business needs. The basic Business Checking plan is great for small businesses that have less available cash. Their monthly maintenance fee can be waived as long as you maintain a monthly balance of just $1,500. This may be one of the best checking accounts for business.
Capital One Bank
Capital One Bank is another well-known option for small businesses. Their monthly minimum requirement of just $2,000 makes it easy for successful small business owners to waive the service fee. You will also have plenty of branch locations accessible to get cash whenever you need it. The Spark Business Basic Checking plan allows you to enjoy all of the benefits of a national bank service without having to pay the extra cost.
If you not averse to them, online banks also have a bunch of free checking accounts available. Digital banking requires no physical branch locations to maintain. This is why there are so many more free online bank accounts than those offered by traditional financial institutions. If you are not against considering an online bank, Aspiration Summit and Bank5 Connect are two great digital banks with free accounts to consider.
Finding a free checking account is difficult, just like it is hard to find business credit cards with low APR. Rather than turning to smaller, online banks that may lead to inconveniences, consider opting for a national bank like those above. By maintaining a minimum balance, you can save your business a few dollars each month and still find accessible ATMs and places to make cash deposits.
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