Opening a checking account is one of the first steps you should take when establishing your small business. Starting out is expensive, though, and the last thing you need is another fee to worry about on top of everything you’re already investing to pursue your entrepreneurial vision. There are a number of free accounts designed just for small business owners like you who prefer to avoid being charged for routine banking.
On average, a checking account without any free options costs $8 to $12 per month in maintenance fees; some banks charge even more. This can add up to quite a bit in fees over the course of the year and seriously impact your bottom line if your business is still in the growth stages.
Banks also set limits on the number of transactions you can have per month before paying a fee, usually around 200. After this, you may pay up to $0.75 per transaction. If your business makes a lot of cash sales, the bank will likely set a cash handling limit and charge $0.20 to $0.30 for every $100 above the maximum.
On top of all this, there are fees for domestic and international wire transfers to consider. You can see why looking for a free checking account for your small business is a smart idea if you want to hold onto more of your profits!
Of course, you could just deposit business assets into your personal account in an attempt to avoid fees altogether, but financial experts advise against this practice.
Why? When you have a business checking account, you:
Seeking a free checking option lets you access these benefits without the burden of monthly payments.
When comparing business checking providers, look at how much you get for free each month and any related qualifications or restrictions. The best account for your company is one where:
Here are a few top choices to consider when you’re ready to explore free small business checking account options:
It’s much easier to keep your finances in order when you don’t have banking fees to worry about, but as your business grows, it can be beneficial to outsource your accounting duties. National Business Capital and Services offers automated bookkeeping software and support from a dedicated accounting team to help you maintain accurate records.
With automated bookkeeping, you know at a glance the exact number of transactions you’ve had each month and how much money you have available. Use this information to budget for any fees you might incur for exceeding your checking account’s limitations or to shop around for an account with fewer restrictions so that you can keep growing your business without paying more than is necessary.
With 24/7 support from a staff of expert advisors, National is ready to get you on track so that you can focus on running your business.
Call (877) 482-3008 for a free consultation, or fill out a 1-minute application online to get the funds you need to start financing your growth, and decreasing costs in as little as 24 hours.
National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.
Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.
We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!
Megan Capobianco is the Marketing Manager at National Business Capital & Services. Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.