If you own a small business, having a reliable, free business checking account with services that meet your specific needs is important for your success and growth. And because the ultimate goal in business is maximizing your bottom line, it doesn't make sense for your "free" checking account to be loaded with hidden fees.
GOBankingRates surveyed more than a dozen free checking accounts for businesses and features such as minimum opening deposit requirements, number of free monthly transactions allowed, and availability of customer service and a live chat option. So that you can more easily decide which of these free checking accounts might be best for your small business, learn about the features, advantages and disadvantages each account offers.
Related: 10 Best Checking Accounts of 2016
Check out the features of these free checking accounts to see which are best for your business:
Liberty Bank's PayBack Business Checking
Compass Bank's BBVA Compass ClearConnect
Bremer Bank's Bremer Classic Business Banking
Great Western Bank's Primary Business Checking
FirstBank's Free Business Checking
BNC National Bank's Free Business Checking
ANB Bank's BusinessFREE Checking
Hancock Whitney Bank's Free Business Checking
First Niagara Bank's Biz200 Business Checking
First National Bank of Omaha's Business Free Checking
Flagstar Bank's SimplyBusiness Checking
Iberia Bank's Free Business Checking
FirstMerit Bank's Reality Business Basic
First National Bank of Pennsylvania's Free Small Business Checking
Ameris Bank's Business Checking
Free Business Checking Account
Monthly Fee
Minimum Opening Deposit Required
Minimum Monthly Balance Required
Free Monthly Transactions Allowed
Account Features
How to Apply
Liberty Bank's PayBack Business Checking
$0
$25
$0
Unlimited
• Free bill pay
• Business debit MasterCard
• Free online banking
Apply Now
Compass Bank's BBVA Compass ClearConnect
$0
$100
$0
Unlimited
• Account alerts
• Free online and mobile banking
• Live chat customer service
Apply Now
Bremer Bank's Bremer Classic Business Banking
$0
$100
$0
Unlimited (excluding deposited checks)
• Free debit MasterCard
• Free mobile and online banking
• Unlimited free transactions
Apply Now
Great Western Bank's Primary Business Checking
$0
$0
$0
300
• Free bill pay
• Free Visa Checkout
• Free phone banking
Apply Now
FirstBank's Free Business Checking
$0
$0
$0
150
• Free online banking
• Apple Pay and person-to-person transfers
• Text and email alerts
Apply Now
BNC National Bank's Free Business Checking
$0
$50
$0
1,000
• Free bill pay
• No minimum balance required
Apply Now
ANB Bank's BusinessFREE Checking
$0
$25
$0
150
• Free business debit card
• Free e-statements
• Free online banking
Apply Now
Hancock Whitney Bank's Free Business Checking
$0
$50
$0
500
• Visa debit card with Apple Pay access
• Free online banking with bill pay
Apply Now
First Niagara Bank's Biz200 Business Checking
$0
$0
$0
200
• Debit card with chip technology included
• Free online banking with bill pay
Apply Now
First National Bank of Omaha's Business Free Checking
$0
$0
$0
150
• Free online banking and bill pay
• $200 mortgage closing cost credit
• Free account alerts
Apply Now
Flagstar Bank's SimplyBusiness Checking
$0
$50
$0
200
• Live chat customer service
• ATM Visa debit card
• Free online banking
Apply Now
Iberia Bank's Free Business Checking
$0
$100
$0
500
• No charge for first instance of going over transaction limit
• Two free personal checking accounts
• Free mobile and online banking
Apply Now
FirstMerit Bank's Reality Business Basic
$0
$50
$0
250
• Credit card processing and merchant gift card program
• Free basic online bill pay
• Business debit MasterCard
Apply Now
First National Bank of Pennsylvania's Free Small Business Checking
$0
$0
$0
Unlisted
• Free online banking
• Free bill pay
Apply Now
Ameris Bank's Business Checking
$0
$100
$0
200
• Free mobile banking with mobile check deposit
• Free online banking with bill pay
Apply Now
Best Free Business Checking Accounts of 2016
Liberty Bank's PayBack Business Checking
Liberty Bank's business checking account is one of the best free business checking accounts thanks to its low minimum opening deposit requirement of $25 and unlimited free transactions. Other features include the lack of a minimum balance requirement, and refunds of up to $15 per statement cycle for out-of-network ATM fees.
Important to know: If 24/7 customer service is a priority for you, this checking account might not be your best bet as it does not offer a live chat feature and the customer service center is only available six days a week.
Key features:
Free online banking and bill pay
Includes a business debit MasterCard with ATM access
Free e-statements
Compass Bank's BBVA Compass ClearConnect
Compass Bank's checking account landed securely on our list of best free business checking accounts. At $100, this account's required minimum opening deposit is notably higher than that of Liberty Bank. The BBVA Compass ClearConnect business checking account is one of only two in the top 15 that features customer service via live chat, so if you rely on this kind of service, the account might be a good fit for your business.
Important to know: One exception to the free unlimited transactions exists: You get only five in-branch withdrawals or processed checks and two in-branch deposits each month for free.
Key features:
43,000 in-network ATMs
Account alerts
Free bill pay and online and mobile banking
Customer service live chat
Bremer Bank's Bremer Classic Business Banking
If your business has straightforward financial management requirements, Bremer Bank's Bremer Classic Business Banking checking account might meet your needs. Though it does require a $100 deposit to open an account, Bremer Classic Business Banking features a lot of great conveniences, such as mobile and online banking, plus unlimited free transactions.
Important to know: If your business deposits a lot of checks, be careful: Bremer's business checking account allows just 100 deposited checks per month. The bank doesn't offer customer service via live chat or 24/7 phone customer service.
Key features:
Free debit MasterCard
Free mobile and online banking with bill pay
Unlimited free transactions -- excludes deposited checks
No minimum balance required
Related: What Are the Best 401k Providers for Small Businesses?
Great Western Bank's Primary Business Checking
Great Western Bank's business checking account features no minimum opening deposit requirement. Primary Business Checking provides up to 300 free monthly transactions per statement cycle.
Important to know: The Primary Business Checking account carries a relatively hefty monthly paper statement fee of $4.95. Online statements with check imaging are free, though, so be sure to opt out of paper statements. Also, using out-of-network ATMs will cost you $2.50 per instance.
Key features:
Free bill pay and check imaging
Free Visa Checkout
Free phone banking
No monthly service fee
FirstBank's Free Business Checking
FirstBank's Free Business Checking lets you open an account with no minimum deposit required. Account holders get 150 free transactions per month. The Free Business Checking account comes with free mobile banking, Apple Pay and person-to-person transfers.
Important to know: Once you surpass your monthly allotment of 150 transactions, a variety of fees kicks in for transactions like debits, credits and deposited items. The fees are small -- 10 cents, 20 cents, etc. -- but they can add up. The bank has a limited number of ATMs in its network and a lengthy basic fee schedule for some states: Arizona, California and Colorado.
Key features:
Free online and mobile banking with e-statements
Apple Pay and person-to-person transfers
Text and email alerts
BNC National Bank's Free Business Checking
Although this account requires a $50 minimum opening deposit, you can get half of that back by turning in the debit card and unused checks from your current checking account. Other perks include free bill pay, no minimum monthly balance requirement, and a thank-you gift upon opening a new account.
Important to know: BNC National Bank's Free Business Checking account comes with a limit of 1,000 free transactions per month. Also, if you deposit over $10,000 in one month, you'll be charged $1.50 per $1,000 thereafter.
Key features:
Free online banking with e-statements and bill pay
No minimum balance required
No monthly service charge
1,000 free transactions per month
ANB Bank's BusinessFREE Checking
Because of the relatively low number of free monthly transactions allowed by ANB Bank's BusinessFREE Checking, this simple checking account makes sense for small businesses who don't need to make a lot of transactions each month. A minimum opening deposit of $25 is required.
Important to know: You won't be charged for your first 150 transactions -- debits, deposited checks and deposits -- but after that it'll cost you 50 cents per item. Make sure you read the fine print for this account, as there are some surprising fees. For instance, there is a $5 monthly fee for front-of-check imaging and you'll get dinged $25 if you close your account within 90 days of opening it.
Key features:
Free business debit card
Free e-statements
Free online banking
Hancock Whitney Bank's Free Business Checking
The free business checking account from Hancock Whitney Bank is designed for startups or small companies that don't make a lot of monthly transactions. The account offers some helpful features such as online and mobile banking, seamless integration with QuickBooks and other accounting software, and a Visa debit card with Apple Pay access.
Important to know: If you want bill pay, this account charges $9.95 per month for up to 25 items; after that, it'll cost you 40 cents per item. If you use a debit card and online statements, however, the monthly fee will be waived. Your deposits are limited to $5,000 in cash every month, and for each additional $100 you'll be charged a 13-cent fee.
Key features:
500 free transactions per month
Includes a Visa debit card with Apple Pay access
Free online banking
Free bill pay with active use of debit card and online statements
First Niagara Bank's Biz200 Business Checking
As the name implies, this business checking account allows 200 free transactions per month. It is designed for the small home business or one whose customers pay mainly with check or credit cards instead of cash.
Important to know: For each transaction after your first 200 free, you'll be charged 50 cents. Also, if you deposit more than $5,000 in cash and coin per month, each additional $100 deposit comes with a 20-cent fee.
Key features:
No balance minimums
Debit card included with chip technology
Free online banking and bill pay
First National Bank of Omaha's Business Free Checking
The Business Free Checking account from First National Bank of Omaha is aimed at small businesses and comes with a unique perk: a $200 credit for mortgage closing costs. The account does have a low monthly limit of just 150 transactions, though.
Important to know: After you have met your limit of 150 free monthly transactions, each additional transaction will cost 25 cents.
Key features:
Free online banking and bill pay
$200 credit for mortgage closing costs
Free account alerts
No minimum deposit to open an account
Flagstar Bank's SimplyBusiness Checking
With free monthly statements, including check images, customer service live chat, and no minimum balance requirements, there's a lot to like about this simple business checking account from Flagstar Bank. However, the relatively low amount of free transactions -- 200 per month -- might keep some small-business owners from signing up for this account.
Important to know: Although bounce protection is one of this account's features, the fine print outlines a nonsufficient funds fee of $36 per item. Additionally, a deposit of $50 is necessary to open an account.
Key features:
Customer service live chat available
Includes an ATM Visa debit card
Free online banking
No minimum monthly balance required
Iberia Bank's Free Business Checking
Iberia Bank's business checking account does a little better than many in the free monthly transactions category -- this account allows 500 -- but it lost points by requiring $100 to open an account. Still, that requirement should be easily met by most businesses, no matter how small.
Important to know: You can exceed the transaction limit of 500 per month one time without penalty. But if you exceed the transaction limit or the limit of $10,000 in cash deposits per statement cycle for any two cycles out of 12, your Free Business Checking Account will be automatically upgraded to a Business Checking Plus account, which charges 50 cents for every transaction over the monthly limit of 500.
Key features:
No charge for first instance of going over transaction limit
Two free personal checking accounts
Free bill pay and mobile and online banking
Read: Best Business Credit Card Offers of 2016
FirstMerit Bank's Reality Business Basic
The Reality Business Basic account from FirstMerit Bank is a basic checking account for small businesses with relatively simple needs. You'll need a minimum of $50 to open an account, but no minimum monthly balance is required. The account offers some interesting features, like its merchant gift card program, which is ideal for certificate programs, customer promotions or corporate incentives.
Important to know: If you exceed the limit of 250 free monthly transactions, each additional transaction will cost you $1.00. Exceeding the $5,000-per-month allowance for cash deposits will cost you 20 cents for each additional $100.
Key features:
Credit card processing and merchant gift card program
Free basic online bill pay
Free debit MasterCard
Optional MasterCard credit card with no annual fee
First National Bank of Pennsylvania's Free Small Business Checking
First National Bank of Pennsylvania's Free Small Business Checking makes sense for small businesses, sole proprietors and startups that have very few monthly transactions. You'll get free online banking, free bill pay and no minimum deposit or balance requirements.
Important to know: The Free Small Business Checking from First National Bank of Pennsylvania offers few perks and there is little information online, so make sure you get all the details when speaking to a bank representative before you sign up.
Key features:
Free online banking
No minimum balance requirement
Free bill pay
Ameris Bank's Business Checking
With 200 free monthly transactions, no minimum balance requirement, free online bill pay, account alerts, and mobile and online banking, Ameris Bank's Business Checking account is ideal for the small business looking for a hassle-free banking solution.
Important to know: E-statements are available for free, but paper statements cost $2.00. A deposit of $100 is required to open an account, and if you go over the 200 allowed transactions per month, each additional transaction will cost 25 cents. If you exceed the $10,000 monthly allowance for depositing cash, each additional $1,000 incurs a fee of $1.00.
Key features:
Free mobile banking with mobile check deposit
Free online banking with bill pay
No minimum balance requirement
Methodology: To form the list of top business checking accounts, GOBankingRates weighted four key features offered: (1) minimum deposit required to open an account, (2) number of free transactions allowed per month, (3) whether or not Live Chat was available, and (4) whether or not 24/7 phone customer service was available. Each bank received points based on these factors.
Disclaimer: GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article.
This article originally appeared on GOBankingRates.com: 10 Free Business Checking Accounts