As a business owner, you may ask how to open a free business checking account online with no deposit? Previously, brick-and-mortar banks were willing to provide free business checking accounts.
Now, you don’t have to visit a branch physically as online banks and financial institutions allow free business checking accounts without deposit.
BlueVine Business Checking and NBKC Bank Business Checking accounts are the best ones for a free business checking account with no deposit for small business owners. BlueVine is great for earning interests, and NBKC Bank is great for business owners who want more Cash Deposits over time.
Now you know the best banks, but what is the process to open a free business checking account online with no deposit? Let’s discuss the procedure below in detail!
- How To Open A Free Business Checking Account Online With No Deposit
- Put Your Basic Information
- Fill Out Your Business Details
- Comprehend The Terms & Conditions
- Submit Your Application
- What Is The Best Bank For A Free Small Business Checking Account
- 1. BlueVine Business Checking(Best For Earning Interest)
- 2. NBKC Business Account (Best For Cash Deposit)
- 3. American Express Business Checking (Best For Customer Service)
- 4. Mercury Business Bank Account (Best For Digital Businesses)
- 5. Novo Bank Business Checking (Best For ATM Access)
- What Is Required For Bank Of America Free Business Checking Account?
- How To Get Wells Fargo Free Business Checking Account Online
- Does Capital One Offer Free Business Checking Account?
- How To Get US Bank Free Business Checking Account
- How To Create Chase Free Business Checking Account
- What Is The Best Free Business Checking Account?
- Why You Need Free Small Business Checking Account?
- What Is The Most Used Free Online Business Bank Account?
- What Is The Advantage Of Free Online Business Checking Account?
- Final Verdict
How To Open A Free Business Checking Account Online With No Deposit
Above, we have briefly mentioned several best options for a free business checking accounts with no deposit from online platforms. Now, we’ll break down the explained process of opening these types of checking accounts.
Remember, not all banks have the same procedure; below, we will discuss the typical method. Based on banks, you may notice some slight changes in the account opening process.
Put Your Basic Information
First of all, enter into the bank’s home page, and click on the “sign up” or “getting started” options to open a bank account with no deposit. It is usual that, first, they’ll ask you for your basic info like name, address, mobile, email, ZIP code, etc.
After filling in your fundamental info, you need to select a password and log in with the confirmation email from your mail inbox. Regardless of the above details, you may need to provide details about your percentage of business ownership, your date of birth(DoB), or your SSN(Social Security Number).
If your business is shared with others, you may need to provide some basic info about them. With your SSN, you may need to provide your valid ID from the government or your driving license as evidence of identity.
Fill Out Your Business Details
After entering your personal details, you need to provide some fundamental info about your business. For instance, you may need to equip the permitted name of your company first of all.
Then, the DBA(If it is applicable), business entity type, actual address, EIN (optional), industry type, and the average annual revenue. Based on the business entity, you need to provide different documents/info to validate your business.
Here is a list of needed info based on business entity types to validate business formation-
Sole ownership: This is a usual entity type that will require your SSN without taking the EIN or the Tax ID number of your business. Besides, you have to provide data that verifies you are an owner of a registered business(business license or registration of name license).
LLC: In this case, you may need to provide or display the writings of an organization that is filed with the living state.
Partnership: You must provide the licenses of your business along with the partnership contracts(agreements) as proof.
Corporation: You may need to provide or show the writings of an organization that is filed with the living state.
Comprehend The Terms & Conditions
Once you have provided or shown the required information regarding your business and attached the documentation of business formation, you need to review the overall application.
You may also be required to review the documents regarding the agreement prior to submitting the application. Usually, in this step, you need to submit the application for approval with the chosen bank for a small business checking account.
Submit Your Application
After you have reviewed your application form with all the added documents, it’s time to submit your approval application. Since most banks providing free checking account number instantly, you will receive instant approval after the submission of the application.
After submitting and getting approval, you need to log into your bank website with your account details. Note that, in this stage, you need to transfer funds to check if the organizing process is flawless. You’ll also receive the login info, debit card, and other relevant elements from the bank to use your account.
What Is The Best Bank For A Free Small Business Checking Account
Now you know how to open a free business checking account online with no minimum deposit. You can also open a free business checking account online with no deposit bad credit, and your credits will not be affected.
Below we will discuss the top 5 banks with free business checking account approval, which we have sorted after thorough analysis. Let’s step forward!
1. BlueVine Business Checking(Best For Earning Interest)
BlueVine Business checking account is one of the best business checking accounts without any minimum deposit to open. It comes with one of the best-in-class and mobile banking features for Online business banking. It is best for small business owners who desire to earn profit and safeguard funds.
- Provides up to 1.20 percent interest if for the minimum balance of 1000 dollars
- Charges no monthly fees, overdraft fees, incoming wire fees, and ACH payments fee
- It gives access to more than 38000 charge-free ATMs across the nation
- You can deposit cash from more than 90 thousand Green Dot locations
- Your funds will be FDIC insured for up to 250 thousand dollars
With BlueVine’s free business checking accounts, you can go for mobile and online banking. It also offers to pay vendors and bills of the ACH payments or any site transfer checks. Moreover, opening a BlueVine account is super easy, which will take less than five minutes.
2. NBKC Business Account (Best For Cash Deposit)
Small business holders who want almost free-of-cost banking without any opening deposit can open an NBKC business checking account. It doesn’t require any minimum balances to open a checking account. Besides, you are not directed to yield any deposits when unlocking the checking account.
- Provides business banking with zero transaction fees without any limits or restrictions
- Get access to more than 32000 MoneyPass ATMs for cashouts
- If you use any other banks ATMs, you can get up to 12 dollars refund
- Provide a stable online platform and debit card for both way banking
- Offers up to 0.01 dollars Annual Percentage Yield on the minimum account balance of $1000
When using NBKC bank, you don’t have to pay any extra charges when paying bills or depositing funds. Besides this, NBKC bank doesn’t charge fees for incoming domestic wires, eStatements, Cashier checks, Stop Payments, overdrafts or NSFs, etc.
3. American Express Business Checking (Best For Customer Service)
If you want a free business checking account with 24/7 customer support, then American Express Business Checking will be your preferred choice.
It is also a free checking account that requires no opening deposits, and it offers a huge bonus on account opening for qualified business owners.
- Charges 0 dollars monthly fees and require no minimum opening deposit
- Provides up to 1.10 percent interest on balances for up to 500000 dollars
- You can get up to 300 dollars opening bonus if you qualify
- Allows making unlimited transactions per month without any transactions fees
- Get a satisfying 24/7 customer support without any hassles on account managing
It doesn’t charge any overdraft or stops payment fees. Note that the American Express Business Checking account doesn’t support depositing cash. Besides, the online or mobile-based baking application is only available for iOS devices.
4. Mercury Business Bank Account (Best For Digital Businesses)
If you are a business holder who wants to digitally manage the business funds, you can check Mercury Business Checking account. It is a free business checking account that is best for digitally-based businesses. One of the key features of Mercury is they allow single sign-on facilities.
- Provides Physical and virtual debit cards for easy & hassle-free banking
- Charges no monthly fees, overdraft fees, incoming wire fees, and ACH payments fee
- Gives access to more than 55000 charge-free ATMs across the nation
- Clients that have multiple businesses can access their diverse accounts through a single sign-on (SSO) feature.
- You can set customized consumer permissions for your business team members.
With all that features, you can also set your auto transfer rules for your business accounts. It offers checking accounts that are totally integrated with Quickbooks and Xero accounting software. But with Mercury, you can’t earn any interest.
5. Novo Bank Business Checking (Best For ATM Access)
Looking for small business checking accounts for ATM usage? The NOVO bank business checking account can be an excellent option for you. It offers ATM access across the country without any withdrawal charges. Besides, you can make international transactions based on ATMs.
- Charges no monthly fees, overdraft fees, incoming wire fees, and ACH payments fee
- You don’t have to pay any minimum opening deposits
- Requires no minimum balance for account opening
- Refunds all ATM fees, and you can make international transactions
- You can deposit cash with US Postal Service money orders
Since it doesn’t offer direct cash deposits, then you may need to toil much to make a deposit. Besides that, Novo is an online banking platform that doesn’t carry any material units. With Novo business checking, you can’t earn any interest.
What Is Required For Bank Of America Free Business Checking Account?
Before opening a Bank of America free business checking account, you need to have a minimum deposit of more than 250 dollars to qualify. You also need to preserve a customary balance of at least 1500 dollars. Enrollment into the Preferred Rewards(applicable for the first four checking accounts) is also required to qualify.
To open a bank of America free business checking account, you are required to provide these documents or information-
- EIN (Employer Identification Number) of your business entity. If you have sole ownership of the business, you need to provide SSN (Social Security Number)
- The formation documents of your business(such as Tax ID number or business registration)
- Show the agreements or contracts as evidence that confirms the ownership of the business.
- The license of your business(it can be the registration of the name of your business)
This checking account is best for cash deposits, and it allows you to deposit up to 7500 dollars monthly without processing fees. Bank of America free business checking account offers up to 200 free transactions per month, and you need to provide 45 cents after crossing the limits.
How To Get Wells Fargo Free Business Checking Account Online
Opening a Wells Fargo free business checking account is almost similar to the procedures of typical banks. You need to enter their website and provide the basic information.
After that, you need to provide the documentation that verifies the formation of your business. Following this, you need to provide certain data regarding your business.
Afterward, select your business entity, and provide the shareholder’s data if your business has multiple shares. You may require to provide the business formation documents. Before opening a Wells Fargo Free business checking account, you need to qualify with some specific documents.
Here is the list of papers you must show-
- Registration proof of the Business Trade Name
- Made-up Name certificate or some of the relevant statements
- Certification if the assumed business name
- Lastly, you may have to show your business license
- Need to show partnership agreements if the business has shareholders
If you open the account from any physical branch, you and all the owners, partners, or executives need to have an in-person presence during the opening.
When applying online, the bank authority will show you the guided instructions, which will allow you to accomplish the process online effortlessly.
Does Capital One Offer Free Business Checking Account?
Yes, Capital One offers a free business checking account, but you may need to visit the physical branch to open a business checking account. Capital One Free Business Checking account provides Unlimited transactions, and it also has some easy ways to waive the monthly fees.
Capital One free business checking accounts may require at least 250 dollars minimum opening deposit, and they don’t provide any interest with transactions of account balances. However, it offers engaging integration with leading accounting software like Xero, which is convenient to use.
How To Get US Bank Free Business Checking Account
With a US Bank free checking account, you can easily organize the funds of your small businesses, and it also simplifies business money management.
US Bank free checking accounts can be opened simply, and it has similar procedures like the other banks that offer free checking accounts for small businesses.
Here is the methodology that you require to follow open a US Bank Free Business Checking Account-
- First of all, enter into the bank’s website, and click on the “sign up” or “get started” options to open an account.
- Then, put the basic info like name, address, mobile, email, ZIP code, date of birth or SSN, etc.
- You may need to provide the EIN of the business if you are not the sole proprietor of the business
- You have to provide data that verifies you are an owner of a registered business
- After submitting all the data and documents, you need to review the application and submit the application.
How To Create Chase Free Business Checking Account
Chase Free business checking account is available for businesses with categories like a corporation, LLC, Partnership, Sole Proprietorship, Unincorporated, etc.
When you apply for a business checking account from Chase, you must provide some basic info about you, business shareholders(if have), and details of your business.
Here is the process of creating a Chase Free Business Checking Account:
- Enter their website, and provide the basic information regarding you
- After that, you need to provide the documentation that verifies the formation of your business.
- Following this, you need to provide certain data regarding your business.
- Afterward, select your business entity, and provide the shareholder’s data if your business has multiple shares.
- You must provide the business formation documents.
- Lastly, review the application and submit it.
What Is The Best Free Business Checking Account?
BlueVine Business Checking and NBKC Bank Business Checking accounts are the Best Free Business Checking Account without deposits and monthly fees for small business owners.
BlueVine is great for earning interests, and NBKC Bank is best for owners who want more Cash Deposits over time. If you want to separate your business and personal finances, BlueVine is best.
Why You Need Free Small Business Checking Account?
Free Small business checking accounts can have a greater impact on these businesses & industries. According to the IRS(Internal Revenue Service), all small business owners need to have a distinct bank account for the purpose of easy fund management of their business.
Another privilege of free business checking accounts is the no minimum balance requirements, no fees, and no opening deposits. If you are a sole owner of a business, then you will be individually responsible for the debts of the business, so it is not fairly needed to use a business checking account.
What Is The Most Used Free Online Business Bank Account?
Amongst the free small business checking accounts, the Novo Bank checking account and BlueVine checking account is the most used. However, Chase Bank, Bank of America, and US Bank are on the list of some of the leading banks providing free business checking accounts.
What Is The Advantage Of Free Online Business Checking Account?
A free online business checking account comes with multiple perks and benefits. With a business checking account to can get these advantages:
- Provides financial protection for you and your businesses
- You can easily organize your business funds and expenses
- During tax payment seasons, you may need to have fewer headaches
- Your business clients can make checks through your business without contacting the proprietor
- It safeguards your business and simplifies your tax returns
We have compiled the methods and other relevant facts on how to open a free business checking account online with no deposit. We have added some of the best free business checking accounts providing banks. BlueVine, NBKC, American Express, Mercury, and Novo are best for a free checking account with no deposit.
Before picking the best one, you need to consider fees & minimum balance requirements, look at transaction & cash deposit limits, evaluate additional account features, think about why you prefer to open a business account. Always choose one that goes competently with your business entity and proprietorship.