A free online business checking account no opening deposit it easier to track business expenses, manage cash flows, and keep your personal and professional finances separate. Many online banks also offer features like mobile apps and customizable dashboards that can help you manage your funds on the go. Some, such as NBKC and BlueVine, even earn interest on your business balances. However, fees and transaction limits can make finding the best free business checking accounts a challenge.
Generally, you’ll be able to find a fee-free small business checking account that meets your needs with a little research. Start by comparing features like monthly transactions, minimum opening deposit, and whether you can access your money across major payment platforms. Look for the bank that offers the most convenient digital banking platform, and ensure it will integrate with accounting software you use to track your financials.
No Opening Deposit Required: Discover the Best Free Online Business Checking Accounts
Some small businesses may need a higher level of service, and for those it’s worth paying a monthly fee. Look for an account with a low monthly fee (around $7 per month based on Finder’s data), and consider how many transactions you typically make each month.
A small business checking account requires the same documents as a personal one, including your Employer Identification Number (EIN) or Social Security Number and your business’s formation papers and ownership agreements. You’ll also need your personal or business license, depending on your state’s requirements. Compared to traditional brick-and-mortar banks, online business accounts are more likely to require less documentation and have simpler application processes. You can typically open a business account in minutes online or through the bank’s app.