Novo Bank offers its Novo Business Checking Account with no monthly maintenance fees, no minimum balance requirements and an easy online application process. However, BofA offers ways to waive the fee, such as spending at least $250 with your debit card each month, maintaining a $5,000 combined average monthly balance or becoming a Preferred Rewards for Business member. Bank of America Business Advantage Checkingīank of America offers two business checking accounts: Bank of America Business Advantage Fundamentals™ Banking and Bank of America Business Advantage Relationship Banking.īoth accounts have monthly fees: $16 for Business Advantage Fundamentals and $29.95 for Business Advantage Relationship. One major drawback is the $1,500 minimum deposit. A standout feature is the APY on the Small Business Checking. You need at least $1,500 to open any of the business checking accounts. The Small Business Checking account has no monthly maintenance fee and earns 0.50% APY on all balance tiers. The Business Checking account has a monthly maintenance fee, waived for balances of $5,000 or more. TIAA Bank offers four business checking solutions: TIAA Business Checking, Small Business Checking, Non-Profit Checking and Analysis Checking Solutions. Here’s how the bank compares to some of its main competitors. No overdraft fees are charged if you overdraw your account by $5 or less ($10 or less for Business Advisor Checking). All business checking accounts at Citizens do come with small overdraft protection. However, its accounts charge more fees than some of the top accounts and don’t earn interest. If you decide to open a Citizens Bank business credit card, the bank will waive the annual fee.Ĭompared to the best business checking accounts, Citizens Bank boasts no minimum opening deposit, high transaction limits and multiple account options. Other perks with this account include 10% off payroll services with Paychex and up to $100 off your first order of checks through Citizens Bank’s preferred check provider. Earnings credit rates are usually lower than interest rates, so don’t expect to earn much from this.Ĭustomers must speak with their relationship banker for more information on transaction limits. However, the earnings credit, which is only available for this account, is meant to help offset the costs. The $20 monthly maintenance fee can’t be waived. Mid to large-sized businesses may find the Citizens Bank Analysis Business Checking account suitable for their needs, as it’s designed for businesses with high-volume account activity. You won’t be charged an overdraft fee if you overdraw your account by less than $10. There is a monthly maintenance fee of $25, which can be waived if you maintain an average daily balance of $10,000 or a monthly combined balance of $35,000 across your Citizens Bank accounts. If you exceed the limit in any given statement period, you pay 30 cents per additional transaction. You receive 500 free check transactions per month. Business Advisor CheckingĬitizens Bank Business Advisor Checking is best for businesses that want room to grow. Checks are available for purchase through Deluxe, Citizen’s preferred check provider. You can deposit checks and pay bills with the bank’s convenient mobile app. You won’t be charged an overdraft fee if you overdraw your account by $5 or less. If you exceed the monthly transaction limit, you pay 50 cents per additional transaction for the rest of the statement period. You receive up to 200 free check transactions per month, making it a great option for small businesses with minimal banking activity. Clearly Better Business CheckingĬitizens Bank Clearly Better Business Checking is a free business checking account. However, some accounts have monthly maintenance fees. None of the accounts have minimum opening deposit or monthly balance requirements. Citizens Bank has three main business checking accounts.
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