Saturday, October 15, 2022

Which Bank Offers Free Business Account

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Motusbank No Fee Chequing Account

US BANK $750 Business Checking Account and Payment Solution Bonus offer NATIONWIDE OFFER! #BIZBONUS

motusbank is Canadas newest online-only bank. They are owned by the popular Meridian Credit Union and offer a no-fee chequing account, high-interest savings, mortgages, personal loans, investments, and more.

Features of motusbanks free chequing account are:

  • $0 monthly account fees
  • Up to 0.15% interest payments on your account balance
  • Free and unlimited Interac e-Transfers
  • Unlimited free transactions, including debit purchases, withdrawals, and bill payments
  • First cheque book is free
  • Mobile app with easy mobile cheque deposits
  • Free access to more than 3,700 ATMs across Canada

A fee to note is their $30 inactive account fee if you dont use your account in 12 months.

Read my complete motusbank review.

Cibc Unlimited Business Operating Account

As the name suggests, this account gives you unlimited transactions with a cash, coin, and check deposit package for a $65 monthly fee. Looking at how few monthly transactions are included in most of the more inexpensive business bank accounts and how quickly additional transaction fees stack up, this may well be the most inexpensive option if your business has a lot of monthly transactions. CIBC also offers a smaller plan for a $35 monthly fee, which includes 100 transactions per month.

Banks That Waive Monthly Fees

If you cant find anything locally, and the accounts above dont work for you, you can still get free business checking through fee waivers. In most caseseven at small banks and credit unionsyou can bank for free simply by keeping a minimum amount in your account at all times.

Banks may also waive fees when you use multiple services: In addition to using the banks checking account, you might also use them for payment processing or payroll needs. That said, this page focuses on how you can minimize fees without using those additional services. Below are some banks that offer fee waivers.

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After Approval Download The Mobile App

Online banks dont have physical branches, so the institutions mobile app is the only way youll be able to deposit physical checks. In some cases, there may be no mobile app, but you can still get the services you need through your mobile browser.

Get to know the features of the mobile app. You should be able to review your daily balance, schedule online bill payments, and transfer money between accounts.

Chase Total Checking $225 Bonus

Bank Of America Promotions: $100, $150, $200, $250, $300...

Open a new Chase Total Checking® account and set up direct deposit within 90 days of coupon enrollment. Youll then receive a $225 bonus within 15 business days.

There is a $12 monthly fee, but its waived if you meet at least one of the following criteria in each monthly statement period:

  • Execute direct deposits totaling $500 or more made to the account.
  • Maintain a $1,500 minimum daily balance.
  • Maintain an average daily balance of $5,000 or more in qualifying linked deposits or investments.
  • Pay at least $25 or more in qualifying checking-related services or fees.

To receive this bonus, you can either apply online using the link above or enter your email here and take the coupon to a local Chase branch. You must apply by .

Chase has ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI. This offer is available online nationwide, except for residents of AK, HI, and PR.

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Pnc Bank Business Checking Or Business Checking Plus $200 Cash Bonus

New PNC Bank business checking account holders may qualify for a $200 bonus offer available through the end of the first quarter of 2021. Heres how it works:

  • Open an eligible account by .
  • Maintain a $5,000 average cycle balance for each of the first three statement cycles.
  • Complete 20 or more total qualifying debit card transactions within the first three statement cycles.

You should receive a $200 cash bonus in your new account within 90 days after completing these qualifying activities.

Moving forward, you may be able to waive monthly maintenance fees for Business Checking and Business Checking Plus.

This offer is available nationwide.

What To Look For In A Business Account

What bank has the best business account? Picking the right bank for your business is important. Aside from just checking, your bank should be able to provide solutions to help your business grow .

Here are some factors to consider:

  • Monthly fees and balance requirementsMost traditional banks have a monthly service fee. You’ll have to maintain a minimum balance or complete deposit requirements in order to waive the monthly fees. Can you meet that requirement?
  • Small or large bankLarge national banks are more convenient and may have more options. But small local banks or credit unions offer more personalized service.
  • Number of transactionsHow many transactions do you expect each month? Most banks offer a limited amount of free monthly transactions. See if the checking account meets your transaction and deposit needs.
  • Additional services and benefitsWill you potentially want a loan in the future? Or merchant services and payroll programs? If so, look for a bank that offers these services to small business owners. Having a personal relationship with your bank may help you obtain these services.
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    Suntrust Bank Checking & Savings Combo Up To $300 Cash Bonus

    For a limited time, open new eligible SunTrust Bank checking and savings accounts simultaneously using the promo code CHKSAVQ321 and complete qualifying activities to earn a cash bonus worth up to $300.

    Heres how it works:

    • Open a new eligible SunTrust personal checking account .
    • Complete at least two qualifying direct deposits totaling at least $500 within 90 days of account opening.
    • Open any new eligible SunTrust savings or money market account and deposit a qualifying balance within 30 days.
    • Maintain the qualifying balance in the savings or money market account for at least 90 days from account opening.

    You should receive your $300 cash bonus within four weeks of completing the qualifying activities, contingent upon SunTrusts verification.

    Additionally, depending on your total relationship balance with SunTrust and your account type, you could qualify for a loyalty cash bonus of up to 50% when you use your SunTrust Rewards Credit Card to earn cash rewards on purchases.

    Card approval is required to earn the loyalty cash bonus and is not guaranteed.

    This offer applies to new SunTrust checking customers. New customers are defined as those without existing accounts or accounts closed within the past 180 days living in states in which SunTrust Bank has branches: AL, AR, FL, GA, MD, MS, NC, SC, TN, VA, and DC.

    Check SunTrust Banks website for availability in your area. This offer is available for accounts opened by .

    Provide Details On Your Business

    Huntington Bank Up to $750 Business Checking Account Bonus! No Direct Deposit Required!

    At the very beginning of an online application for a business checking account, youll be asked for your name as the business owner, as well as the name, address, email address, and phone number of your business. If youre not the sole owner, youll also need to provide the names of your partners.

    If youre running a business out of your home, consider setting up a P.O. box or a forwarding address to keep your business and personal mail separate.

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    Are Bluevine And Other Online Banks Legitimate

    Yes, BlueVine and all the other online banking companies featured here are legitimate. They all have plenty of positive customer reviews, and in most cases, weve personally communicated with their customer service departments.

    And if you think it will make you feel better, you can always look up a banks Better Business Bureau profile to verify that it’s real and legit.

    Huntington Unlimited Plus Business Checking $750 Bonus Cash

    Through , you can earn a bonus worth $750 when you open a new Huntington Bank Unlimited Plus Business Checking account and complete qualifying activities. Heres how it works:

    • Open a new Unlimited Plus Business Checking account between , and
    • Make cumulative new money deposits of at least $20,000 within 60 days of account opening
    • Keep your account open for a minimum of 90 days

    After completing these qualifying activities, you should receive your $750 bonus in your account within 14 business days.

    Moving forward, enjoy these great Unlimited Plus Business Checking benefits:

    • Unlimited transactions§ and up to $25,000 in cash or currency deposits monthly in-branch or at an ATM at no charge $0.30 fee for each $100 after
    • Waived monthly maintenance fee with $50,000 in combined deposit relationship balances #
    • Your choice of two additional bonus services, such as up to 25 returned deposit items per month and two free incoming domestic wires

    Disclosures:

    §A transaction is any combination of checks paid, deposit tickets, deposited checks , incoming ACH debits and credits, debit card purchases and bill payment transactions made through Huntingtons Online Bill Pay service.

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    Where To Get Free Business Checking Accounts

    Cash management is critical to the success of your small company, and the right checking account makes it easy to conduct business and minimize expenses.

    Free business checking accounts are easy to find. Plus, they help you keep track of revenue and expenses as well as gain legitimacy. They might even help you reduce your personal liability.

    There are two ways your business can bank for free:

  • Find a bank that offers a truly free checking account.
  • Qualify for fee waivers at banks that ordinarily charge fees.
  • Weve listed several good options below. Review each banks account agreement carefully before you open an account.

    Business bank accounts do not enjoy the same consumer protections that you have for your personal accounts, so monitor your accounts carefully.

    As you may know from your personal accounts, it’s not uncommon for banks to charge fees in checking accounts. Consumers can often bank for free by setting up direct deposit or keeping a minimum amount on deposit with the bank. But with a business account, you might need substantially more to qualify for fee waivers. Fortunately, there are still free checking accounts for both consumers and businesses.

    What You Need In A Business Checking Account

    Centier Banks Free Business Checking Offers Stability ...

    Side hustlers and business owners have unique needs for their checking account. They also might not have a job yet , or have other accounts at the bank.

    As such, they have unique requirements that we wanted to share, so that you can see how we based our criteria for the best business checking account options.

    In order to be one of the best business checking accounts, we put the following criteria in place:

    • No Monthly Maintenance Fees: This is a big one. All of the accounts we consider must not charge a monthly maintenance fee or they must waive it in a really easy way.
    • No Or Low Monthly Balance Required: You shouldn’t have to have huge amounts of money to waive fees or qualify for a business checking account. We only look for banks that don’t have a monthly minimum balance requirement or if they do, it’s incredibly low.
    • Transaction Count: Most business banks charge you based on your number of transactions each month. We want to make sure each account listed has a good amount of transactions available so you don’t get charged.
    • Awesome Online Access: The best business checking accounts will also have awesome online access, a great app or mobile site, and be accessible anywhere.
    • No ATM Fees: Today’s entrepreneurs are on the move. They should be able to access their money for free, where ever they are.

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    Td Bank Promotions: Td Canada Trust

    • The gift: $300 Cash
    • Deadline for account sign up: October 31, 2021
    • TD Unlimited Chequing Account: $15.95 monthly fee but it is waived if you have a minimum of $4000 in your account. You also get Interac e-Transfer® and unlimited transactions.
    • TD All-Inclusive Banking Plan: $29.95 monthly fee but it is waived if you have a minimum of $5000 in your account at all times . Same free Interac e-Transfer® and unlimited transactions. Also an annual $120 rebate for certain TD credit cards . You also get free personalized cheques, a free small safety deposit box, and free certified cheques and money orders.
    • The ask: Open a new TD Chequing Account and have it in good standing for 90 days after account opening
    • Open an eligibleTD Savings Account before October 31, 2021 for another $50 Cash
    • Open an eligible TD credit card before October 31, 2021 for another $50 cash
    • The downside: Youll have to have $4000-5000 locked in just to save on the monthly bank fees. To me though, this isnt a downside as I see it as a 7% return since we are saving the $29.95 monthly fee over one year.
    • If you currently have a TD Chequing Account or work at TD, you are not eligible for this offer
    • This is the one we signed up for and we got our $300 cash deposited quickly after we jumped through the hoops
    • You are not eligible if you have received any bonus or gift from TD in 2018, 2019, 2020, 2021

    For more information, heres a link to the TD bank offers for new accounts which is the $300 Cash offer from TD Bank

    The Best Free Business Checking Accounts In 2021

    Advertiser & Editorial Disclosure

    For small business owners, limiting expenses and maximizing profits are a top priority. But one area where it can be tough to save money is with your business checking account. There are very few options available that dont charge a fee, and many no-fee business checking accounts require that you keep a minimum balance to qualify.

    Opening a business checking account is crucial for keeping your business and personal finances separate. It can make filing taxes for your business simpler, too.

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    Best For Business Analysis: M& t Bank

    M& T Bank

    If you live on the East Coast, consider M& T Bank for your small business banking needs. M& T has 690 branches in New York, Pennsylvania, Maryland, Washington, D.C., Virginia, West Virginia and Florida. But M& T stands out for more than its branch network.

    M& T Bank offers relationship managers who do more than offer you bank accounts and help you with customer service questions. These bankers review your business finances inside and out to help you better understand them and achieve best small business success.

    M& T Bank is a top 10 SBA lender and offers a range of bank accounts. There are five checking options that may be a fit for most small businesses, plus specific accounts for medical and professional services industries. The biggest downside is that you need to maintain a big balance to avoid fees in most of those accounts. To avoid the $10 fee on the basic Simple Checking for Business account, you have to maintain a $2,500 average balance.

    Digital Federal Credit Union: Best Credit Union

    Kabbage $300 AMERICAN EXPRESS Business Checking Account Bonus! Nationwide Offer! #AMEXBIZCHECKING!

    Digital Federal Credit Union is among the best credit unions for small business owners. Itâs easy to join offers a free, interest-bearing business checking account has multiple business savings options and a business lending program.

    You can become a Digital Federal member if you:

    • Are a member or become a member of a participating community organization
    • Worked for or are retired from a participating employer
    • Live, work, worship, or attend school in select communities in Massachusetts
    • Reside in certain condominium associations in Massachusetts or New Hampshire

    Digital Federal Credit Union Business Checking

    Digital Federalâs free business checking account has no minimum opening deposit and earns interest as long as your balance is at least $0.01. You can become a member and open an account online.

    Key features of Digital Federal business checking include:

    • Free ATM access at any DCU ATM, plus more than 80,000 free ATMs through the Allpoint, SUM, and CO-OP networks
    • No charge for out-of-network ATM use, plus reimbursement of fees charged by ATM providers
    • Online banking, bill pay, and mobile check deposit
    • Up to 20 free deposits per day
    • Up to four DCU Visa debit cards per account

    Additional Services From First Tech Credit Union

    • Business savings accounts, including business money market and certificates of deposit
    • Two IRA options for employees
    • Two business credit cards with rates as low as 9.99% APR
    • Commercial vehicle loans and business equipment loans

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    Why We Like It

    Unlike some of the other accounts on our list, the Chase Business Complete Checking account does charge a monthly maintenance fee however, there are several ways to have the fee waived. For small businesses that have minimal monthly banking transactions, this account can be fee-free. The benefit of banking with Chase lies in the nearly 5,000 branches and 16,000 ATMs nationwide that make it easy to find a Chase branch near you. For those that prefer to conduct their banking transactions in person or require other services provided by a brick-and-mortar bank, Chase is a great choice for your business banking needs.

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    Earn $300 with a CIBC Business Operating Account

    Incorporate your business with MyCorporation® and open a new CIBC Business Operating Account to get cash back.

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