7 Best Free Business Checking Accounts of 2020 – Latest News

Curated by WorkingFromHome

This article is an excerpt from the original article found in the Read More link – please follow for full article.

Every small-business owner knows the open secret about business banking: It’s just not as owner-friendly as consumer banking.

There’s a reason our roundup of the best online banks has few truly free business checking accounts — accounts with no monthly maintenance fees (and thus no overly burdensome monthly service fee waiver requirements) or monthly transaction limits. Unfortunately, monthly maintenance fees and transaction limits are par for the course in the business banking world.

That sets up a sharp contrast with the consumer banking space, where the free checking accounts and free high-yield savings accounts have proliferated since the global financial crisis of the late 2000s.

Free checking accounts aren’t entirely absent from business banking. They’re just more difficult to find — which means small-business owners and solopreneurs need to know where to look.

Best Free Business Checking Accounts

These FDIC-insured online banking accounts all waive monthly maintenance fees for all account holders, regardless of account balance, transaction volumes, or cash deposit requirements. They boast other user-friendly perks besides, such as mobile banking, bill pay capabilities, cash flow management tools, and ACH functionality. That puts them head and shoulders above your basic business checking account.

Here’s what you need to know about each.

1. BlueVine Business Checking

1.00% on All Balances With Qualifying Minimum Balance

BlueVine Business Checking is a truly free business checking account that offers a nice yield for higher-balance account holders and waives transaction limits, nonsufficient funds (NSF) fees, and ATM fees within an expansive network. Every new account holder gets two free checkbooks to begin, which makes BlueVine Business Checking an excellent choice for businesses with vendors who don’t take electronic payments.

  • Minimum Deposit and Balance Requirements: There’s no minimum balance requirement and no ongoing monthly maintenance fee.
  • Yield: Earn a 1.00% APY on all balances up to $100,000.
  • Rewards and Incentives: BlueVine has no transaction limits, waives fees at about 38,000 in-network ATMs, and delivers two free checkbooks with every new account.
  • Overdraft Options: BlueVine does not impose overdraft or NSF fees but may decline such transactions at its discretion.
  • Possible Fees: BlueVine has virtually no fees.

Apply Now


2. Axos Bank Basic Business Checking

Limited-Time Offer: $100 Account Opening Bonus

Axos Bank Basic Business Checking is a no-nonsense, maintenance-fee-free checking account that offers unlimited ATM fee reimbursements, a remote (mobile) deposit feature that’s perfect for business owners on the go, and a great welcome bonus offer.

For those keen on Axos Bank but hoping to avoid maintenance fees, Basic Business Checking is an excellent alternative to Axos Bank Business Interest Checking. And you can apply entirely online. Plus, Axos has multiple consumer bank accounts appropriate for business owners looking to manage their personal finances.

  • Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,000. There’s no monthly maintenance fee.
  • Yield: None.
  • Rewards and Incentives: To earn the limited-time welcome bonus, apply for a new Axos Bank Basic Business Checking account by Dec. 31, 2020. Then, maintain an average daily balance of at least $5,000 (new funds only) during the first three months your account is open.
  • Overdraft Options: Axos Bank offers an opt-in overdraft line of credit that covers overdrafts that would otherwise be returned unpaid. This line of credit has a variable interest rate comparable to a high-interest credit card. Payment of at least 5% of the balance or $25, whichever is greater, is due each statement cycle.
  • Possible Fees: $0.30 per item processed after the first 200 items each month.

For more information, read our Axos Bank review.

Apply Now


3. Azlo Business Banking

Powerful Third-Party Integrations; Virtually No Fees

Azlo Business Banking has virtually no fees of any kind — including, of course, no monthly maintenance fees.

This is a branchless, free business checking account designed for sole proprietors, microbusiness owners, and owners of smaller businesses with full-time employees, including rapidly growing startups. You don’t need to have a small-business plan or even formally incorporate to open an Azlo Business Banking account, making this an ideal choice for freelancers who earn significant income from self-employment.

Among Azlo’s key selling points is an impressive lineup of third-party integrations to serve a variety of business needs. These external links seamlessly hook your business bank account with popular merchant services, such as accounting, payment processing, and credit solutions. Collectively, they could help turn your Azlo account into a hub for your entire business finance ecosystem. Other selling points include no transaction limits, no minimum balance requirements, and a user-friendly mobile check deposit feature.

  • Minimum Deposit and Balance Requirements: There’s no minimum opening deposit or ongoing balance requirement.
  • Yield: None.
  • Rewards and Incentives: Azlo stands out thanks to third-party integrations with vendors like Kabbage, PayPal, QuickBooks Online, Stripe, Square, Xero, and Wave. You can accept payments, borrow or send money, and drill down on your transaction history right from your Azlo account.
  • Overdraft Options: Azlo never charges overdraft fees.
  • Possible Fees: Instant money transfers may incur a small processing fee. However, Azlo does not charge a fee for incoming wire transactions.

Apply Now


4. Brex Cash

50,000 Bonus Points After Account Approval; No Fees or Minimums

Brex Cash is the perfect replacement for your old business bank account: an easy-to-use cash account with no fees or minimums. New Brex Cash companies enjoy a generous welcome offer and ongoing rewards program, plus value-added perks worth $150,000, a user-friendly mobile app with impressive capabilities, and advance payment scheduling tools built to help you avoid late vendor payments.

  • Minimum Deposit and Balance Requirements: Brex Cash has no account fees or minimums.
  • Yield: None.
  • Rewards and Incentives: After your account is approved and open, spend $1,000 to earn 50,000 bonus Brex Rewards points. You’ll earn points on every purchase, every day, too.
  • Possible Fees: Brex Cash has no account fees.

Learn More

*Brex Treasury LLC is not a bank; Brex Cash is not a bank account.


5. Novo Powerfully Simple Business Banking

Opportunities to Earn Thousands in Free Perks

Novo’s Powerfully Simple Business Banking product is another branchless, free business checking option geared toward self-employed users and microbusiness owners. Its key selling points include an easy application process, opportunities to earn thousands in free perks with approved partner vendors, few if any fees, and a host of third-party integrations.

  • Minimum Deposit and Balance Requirements: The account opening minimum is $50. There’s no ongoing minimum bal

Commentary:
Quite useful information and links can be found on the full post.

For the Full Article
You can Find it Here: 7 Best Free Business Checking Accounts of 2020

You May Also Like…

How to Give Your Employees Bonuses as a Small Business Owner – Latest News

How to Give Your Employees Bonuses as a Small Business Owner – Latest News

As a small-business owner, you know employees are your greatest asset. Quality over quantity is the name of the game for small companies. Showing your appreciation helps keep your best and brightest on the payroll. Employee bonuses serve the dual purposes of motivating employees to do their best while rewarding them for their contributions. Before you dole out holiday bonuses and gift cards, however, you’ll need to put a plan in place. Employee bonuses might seem like a fun perk to you, but to your employees, it could mean so much more. The U.S. Small Business Administration estimates that 35% of small-business owners offer some type of end-of-year bonus, but there is a wide spectrum of methods, amounts, and types of employee bonuses. Choosing the right strategy means getting an inside look at how, when, and why small businesses reward their employees. The Small-Business Owner’s Guide to Types of Bonuses I…

15 Tips for Working From Home – Increase Productivity & Avoid Distractions – Latest News

15 Tips for Working From Home – Increase Productivity & Avoid Distractions – Latest News

I’ve been working from home for the past 14 years, and it’s been interesting to watch the shift between in-office and at-home workplaces in 2020. A survey conducted by PwC found that 55% of employers expect that working from home will be a long-term arrangement. Thanks to my own long-term work-at-home arrangement, complete with three kids and a busy household, I’ve had ample time to perfect a productivity strategy that works for me. I’ve learned that if you take the time to prepare to work from home and create an atmosphere conducive to professionalism and productivity, it’s more than possible to build a thriving career. Tips for Working From Home to Increase Productivity Staying on task in a workspace that includes kids, instant access to social networks, and an infinite number of other distractions can be tough. Here’s how to keep the distractions at bay and boost your productivity when working from home.…

Working From Home TV …

Tips to enhance your own website…

14 Best WordPress Testimonial Plugins (Compared) – Website Tips

14 Best WordPress Testimonial Plugins (Compared) – Website Tips

Are you looking for the best testimonial plugins for your WordPress website? Testimonials and reviews are a great way to add social proof to your website and help build trust among your users. In this article, we have hand-picked the best testimonial plugins for WordPress that you can use on your website. Why Use a Testimonial Plugin for WordPress? Using a testimonial plugin lets you easily add customer or client testimonials, reviews, or feedback to your WordPress website. This adds social proof to your site and helps you win new customers and boost sales. You could add testimonials by manually copying them into your posts or pages. However, a testimonials plugin lets you display them attractively in a slider, carousel, grid, and other beautiful layouts. Depending on the plugin you choose, you can show testimonials with photos, a short blurb, reviewer’s name, title, business, or star ratings. That being said,…

How to Add a PayPal Donate Button in WordPress – Website Tips

How to Add a PayPal Donate Button in WordPress – Website Tips

Are you looking to add a PayPal donate button on your WordPress site? PayPal makes it super-easy to accept donations on your website. It is convenient, cost-effective, secure, and already used by millions of users around the world. In this article, we will show you how to easily add a PayPal donate button on your WordPress site. Why Use a PayPal Donate Button in WordPress? Many bloggers add PayPal donate buttons on their WordPress sites to help cover the website’s running costs. Non-profit organizations also use their websites to fundraise for their causes. Paypal donate button provides them an easy way to accept donations. Tip: If you want a more fully-featured fundraising solution, check out these best donation and fundraising plugins for WordPress. Before you start, you will need to create a PayPal account or log in to your existing account. Since this is a comprehensive guide, we have created…

5 Best WooCommerce Spin a Wheel Coupon Plugins (Compared) – Website Tips

5 Best WooCommerce Spin a Wheel Coupon Plugins (Compared) – Website Tips

Are you looking for a spin a wheel coupon plugin for WooCommerce? Spin to win wheel is a gamification technique that helps you generate leads and boost overall sales conversion. In this article, we will share the best WooCommerce spin a wheel coupon plugins that you can use to grow your sales. Why Do You Need a Spin a Wheel Coupon Plugin? The hardest part of running a WooCommerce store is keeping your visitors engaged and converting them into customers. A simple way of doing this is by using a spin a wheel discount popup. It uses gamification techniques by rewarding users when they interact with your discount wheel. For example, when someone enters their email address to spin the wheel, you can offer different incentives such as free shipping, discount coupons, recommend products, and much more. This helps you build loyal customers and increase your sales on your WooCommerce…

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.