Once you start a business, it’s immensely crucial to manage your business transactions and keep every record of them. Many entrepreneurs don’t focus on it and thus pay the price later on.
Let us know how.
Imagine it’s the end of the first financial year of your business and you are excited to know whether you have crossed your financial projections or not.
You start estimating but after a while, you find yourself in bloodsucking chaos. Why?
Because you were using your personal account for business purposes and now it’s frustrating to separate business and personal transactions.
It happens with many new entrepreneurs and the only solution is – a free business checking account.
As an entrepreneur, your responsibility is not to work for the most number of hours but to make complex processes simpler.
By making things simpler, you save time that you can use to grow your business.
Not only this, a Business checking account makes your entrepreneurial journey a little easy in many ways.
Keeping your business accounts separate safeguards personal assets.
When money realizes it is in good hands, it wants to stay and multiply in those hands
Name of the Bank | Monthly Maintenance Fees | Transaction Limit | Minimum Opening Deposit |
---|---|---|---|
$16 for a Business advantage fundamental checking account.
$29.95 for a Business advantage relationship checking account. |
200 free transactions for Business advantage fundamental checking account.
Unlimited free transaction for Business advantage relationship checking account. |
$100 | |
$0 | Unlimited free transactions | $0 | |
$0 | Unlimited free transactions | $0 | |
$0 | Only 20 free transactions | $0 | |
$0 | Unlimited free transactions | $0 | |
$0 | Unlimited free transactions | $0 | |
$0 | Unlimited free transactions | $0 | |
$0 | Unlimited free transactions | $0 | |
$0 | Only 50 free transactions | $100 | |
$0 | Only 500 free transactions | $25 |
If your business deals with a lot of cash deposits then it would be ideal for you to sign up for a business checking account at Bank of America.
You need to deposit $100 to open a business checking account.
You will also get free access to 16,000+ ATMs across the United States. Having said that, you will have to pay $2.5 per transaction if you use any third-party ATM.
Bank of America provides two kinds of accounts – Business advantage fundamental and Business advantage relationship.
Here are a few points you must consider before opening a Business advantage fundamental checking account –
Now let’s know what the Business advantage relationship
A $29.95 monthly fee is charged which gets waived off if you maintain an average monthly balance of $15,000.
Bluevine is an online business bank account, ideal for entrepreneurs who do not need a physical branch and are looking for a business loan.
Here are a few things you must know before opening a business checking account at Bluevine –
Novo is an online platform providing banking services to business owners.
The best thing about Novo is that it refunds all the ATM fees including fees deducted by International ATMs.
So if you think your business loses money as ATM fees you must read further to know what else Novo offers –
Balancing your money is the key to having enough
Chase is one of the best small business checking accounts with zero opening deposits.
Remember only go for it if you own a small business as it has certain limits which are not healthy for large businesses. Let’s know what all it has –
Mercury provides everything that strengthens its nomination for being the provider of an online business checking account.
It is a completely online financial platform backed by Evolve Bank and Trust.
Let’s know what mercury offers –
Axos is yet another completely online platform providing one of the best business checking account services.
Here are things Axos is known for –
Brex offers one of the best Business checking accounts only for incorporated businesses.
It doesn’t provide a debit card but gives you a credit card with a lot of rewards. Also, you cannot deposit cash at Brex.
Let’s know what else Brex offers –
NBKC provides services in online mode but also has one physical branch in Kansas City, Missouri.
Let’s know what a business checking account at NBKC looks like –
SunTrust and BB&T Banks came together to form Truist simple Business checking account.
It is probably one of the best online business checking accounts for startups and sole proprietors.
If you own a young startup or working as a sole proprietor, have a look at what Truist offers –
Iberia Bank’s free business checking account is ideal for entrepreneurs looking to have only one financial institution for all their banking needs.
If you open a business checking account at Iberia, you might also get 2 personal checking accounts for free. This is what makes Iberia best for new entrepreneurs.
However, an opening deposit of $25 is required to open a business checking account at Iberia.
Here’s more about what Iberia Bank Free Business Account offer –
There are a lot of options available to open a free business checking account. But every business has different banking needs and therefore you must sign up with a bank that can fulfill your needs.
3 Things You Must Consider Before Opting for a Business Checking Account –
If your business deals with a lot of cash on a daily basis you must look for a bank that allows huge cash deposits without any extra charges.
Many banks have a free transaction limit of 200 transactions per month which includes ATM deposits, teller deposits, and transactions through debit and credit cards.
If you think this won’t meet your needs, you should go with a bank that provides more no. of free transactions.
A lot of banks deduct monthly maintenance fees to let you use their services. You must ensure it before opening the business checking account.
Now when you have decided which bank you would give a chance to serve your business, it’s time to know the things you need to open a free business checking account.
Well, using a personal checking account for business transactions seems to be simple but in reality, it causes a lot of headaches.
A business checking account helps you in monitoring the growth of your business.
Moreover, it also leaves a great impression on people from whom you receive or send money.
Yes, you can deposit the check in a business checking account. And as far as depositing is concerned, anyone can deposit a check but not everyone can cash out the cheque.
If you need an answer in one word, it would be TODAY. Yes, don’t wait to hit that revenue goal for opening a business checking account.
A business checking account will make your processes smoother and will eventually help you reach your goals.
A Business checking account has many use cases including ease in tax filing, getting loans, etc.
If you are still building a business without a business checking account, you are missing out on a lot of perks. Also, the credibility it adds to your business is something you need in the early days of your business.
Opening a business checking account is one of the most underrated and underappreciated moves by an entrepreneur.
After opening a business checking account, you need to work on growing your business.
And if you want to grow it 2X Faster, check out Upmetrics.
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