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 2022.
Free business bank account
- A business bank account has more requirements to open than a personal account. Generally, fees and required balances are usually higher for business bank accounts. However, there are banks that offer free business bank accounts. Depending on the specific bank, this means you wont pay monthly maintenance fees, account set up fees, overdraft fees, ACH fees, ATM fees, incoming wire fees, etc. And in most cases, there are no minimum opening deposit or balance. They may charge fees for other services.
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BlueVine Business Checking Account
BlueVine is an online bank that offers free small business checking account in the US. In addition to zero monthly charges, you get your first two checkbooks for free and access to fee-free ATM transactions at MoneyPass locations nationwide. There are no minimum deposit or minimum balance requirements for your business account. For checking account balance up to $100,000, you will earn 1.5% interest. While many traditional banks have transaction limits or transaction fees, BlueVine imposes no transaction limits.
Other benefits that come with BlueVine business checking are the following:
- BlueVine business debit Mastercard.
- Integration with business tools such as QuickBooks, PayPal, Stripe and Expensify.
- Mobile banking using BlueVine app and mobile check deposit.
- You can add up to 2 sub-accounts so you can manage budgets for taxes, payroll, etc.
- Bill Pay features allows you to schedule recurring payments and pay with credit cards even to vendors who don’t accept credit cards.
- You can get BlueVine business line of credit up to $250,000.
BankProv is a crypto friendly bank that offers small business checking account in the US that comes with cash management features, banking API, business credit card, remote deposit capture, etc.
Revolut Business Account
Revolut business banking is a free business account in the US that allows you to hold, receive, and exchange 28 currencies, and spend in over 150 currencies. Revolut business offers Corporate and Freelancer business accounts. The business account transactions can be incoming or outcoming transfers, direct debits, or payments. Revolut offers a number of free services including monthly maintenance, 5 free local transfers, free 10 team members (to be added to the account), and free transfer to another Revolut account.
Other features are:
- Multicurrency account with local account details in USD and GBP.
- Plastic and virtual cards for your team members with individual limits and spending set by you.
- Connect with everyday apps and accounting software such as Zapier, QuickBooks, Slack, Xero, Sage, etc.
- Revolut Payment Gateway allows you to accept payments directly from your website.
- Revolut API allows your company’s own applications to your Revolut Business account.
Wise Business Account
Formerly TransferWise, Wise business banking is a no monthly fee business account in the US. It is one of the best business bank accounts for ecommerce. Wise offers cheap and fast money transfers with no hidden fees. Your first Wise business debit card is also free. The business account is a multi-currency account that enables you to hold and receive more than 55 currencies.
Other notable features include:
- The ability to invoice customers, make batch payments, and QuickBooks and Xero integration.
- Wise for e-Commerce Businesses allows you to withdraw money from platforms like eBay, Shopify, Amazon and Stripe
- You can pay international invoices, vendors, and employees in over 80 countries and in over 50 different currencies with the real exchange rate. It’s cheaper than traditional banks or even Paypal.
- You can get local bank details for 10 different currencies so you get paid on time and for free like a local. US, UK, Euro and Australian dollar accounts support direct debits to pay your taxes or bills abroad.
NBKC Business Checking
NBKC business checking 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.
Other beneficial features and products include the following:
- You can access the NBKC business account services through your NBKC mobile banking app or MoneyPass ATM for free.
- You will receive up to $12 in refund monthly for using ATMs from other banks.
- You will get a free NBKC business debit MasterCard.
- The bank offers no minimum opening deposit Money Market business accounts.
- Online small business loans from $25,000 to $75,000.
Novo Business Checking
Novo offers free business checking for a variety of small businesses including freelancers, entrepreneurs, and ecommerce businesses. The account has zero fee services including monthly charges, incoming and outgoing ACH transfers, incoming and outgoing wires, early account closing, etc. You do not need to maintain a minimum balance. Once you have set up an account, you can make payments, send money and transfer money using Novo app for Android and iOS. To activate the account, you will need to make a $50 deposit. The bank supports U.S. based businesses, whether you are a U.S citizen or an international founder.
Benefits of opening Novo business banking include:
- When you open a Novo account, you get aNovo business MasterCard which you can integrate with Google Pay and Apple Pay.
- You get a bonus of $25 when you open Novo business checking account.
- Refunds for all ATM fees.
- Account integration with business tools and apps such as Xero, Stripe, eBay, QuickBooks, PayPal, Etsy, qb, etc.
- In order to make your international business banking pain-free, Novo has partnered with Wise for a cheaper, faster way to send money abroad.
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 and frst set of 50 checks are free.
Other benefits and features of Axos business banking are:
- New business owners get a $200 welcome bonus.
- Axos mobile app allows you to view account balances, deposit checks, automate your bills, etc.
- Workplace Banking feature offers low-fee accounts for your employees.
- Earn up to 0.81% APY and pay no monthly maintenance fee with an average daily balance of at least $5,000.
- Axos business checking is compatible with QuickBooks.
Conclusion
As stated above, a business checking 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.
