How to get Free Business Bank Accounts
There’s no need to pay fees to banks if you are a business customer especially if you are a small business owner – this guide shows you how.
The main banks make much of their monies by charging customers fees and this goes for business customers as well but it doesn’t need to be that way if you own a business as there are many banks that offer free banking in the US and UK.
In the UK you can get a free business bank account for the life of your business. There are 2 or 3 banks that offer this real free deal and there are absolutely no catches whatsoever. These banks do promote these deals and you can compare business bank accounts to see what the others will charge you. In the UK the top 4 banks offer free banking for about 18months to new business owners and then after that you go onto their standard tariff. But the banks mentioned above do not do that and the free banking offer lasts forever. So if you are a UK customer check out those deals.
If you are a US based business there are some deals for you also. Here are a few we have researched that you can check and save money for your business.
- You can get a free business account from Citizens bank that allows you up to 200 free transactions each and every month with no monthly account fee. This is ample for most smaller businesses. If you go over this allocation you pay just 50c per transaction. There are other options for a smaller monthly fee where you receive more “free” transactions but their base offer looks good.
- Bank of America offer free banking but only if you keep a certain balance in your checking account which for most small business owners is not possible especially during the credit crunch. Have a look at the account but there are other options that offer real free banking for businesses.
- HSBC in the US have a whole range of business checking accounts for small and large businesses and some come with free transactional costs although have some limits but should be fine for most businesses. These carry no monthly fees and don’t require you to have a minimum balance in your account either. The account to check out are their Business Direct and Free Business Checking accounts. More information on all their business accounts can be found here.
- BB&T offer a free checking account for businesses that allow up to 150 free transactions through your account each month with no monthly fees or minimum balance requirement. You can see their free account here.
- US Bank has free accounts mainly designed for the smaller business owner and like some of the above allow up to 150 fee free transactions each month with no monthly fees. If you are a larger business they have accounts with low monthly fees and up to 500 transactions will be processed at no additional cost. You can compare all their business checking accounts here.
So there you have it. If you are a small to medium sized business and process up to 150 transactions through your business checking account each month in the US you can get everything for free. And if you are in the UK you can have unlimited banking so there’s no need to pay any costs to your bank as a business owner any longer.
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