As a business owner, it’s important to maximize profit and minimize expenses to increase your bottom line. So why not open a free business checking account? You can avoid the monthly fees while taking advantage of all the great benefits a business checking account provides.
Riverview Bank believes in supporting a community’s small business owners and entrepreneurs. That’s why we offer financial solutions that make it easier to run your business—including banking solutions such as free business checking.
Keep reading to explore the many perks of free business checking accounts and learn more about your business banking options.
Easily Manage Daily Transactions
When you opened your personal checking account, you likely received a check register to help you manage daily transactions. A check register is where you can write down your deposits and deduct your purchases, allowing you to stay on top of your finances.
It’s just as important that you balance the books for your business. Balancing your account is helpful in a number of ways. For example, it may allow you to avoid the temptation of spending more than you have by ensuring you know exactly how much money is in your account at any given time. It also helps you spot overcharges, unexpected fees, such as autorenewals, and suspicious transactions fast.
By staying on top of regular transactions, you may also identify ways to optimize your cash flow. Free business checking accounts also come with many benefits that personal checking accounts may not.
For instance, some business checking accounts offer competitive interest rates. By accruing interest on your account balance, you have the opportunity to convert idle cash into compounding revenue. You earn more money simply by banking smartly.
Separate Business/Personal Finances
It’s wise to separate your business and personal finances for both bookkeeping and tax purposes. When your business and personal accounts are intermingled, your finances can quickly get muddled. By separating the two, you’ll be better able to separately budget business expenses and personal expenditures and know exactly how much money you have to allocate to each.
In addition to better budgeting, the Internal Revenue Service recommends keeping your business and personal finances separate for better recordkeeping. It’s also essential for limiting your personal liability in legal matters.
For instance, if your business is structured as a limited liability corporation (LLC), you may have certain legal protections that prevent you from being personally responsible in the event your company is sued or creditors come after you for unpaid debts. However, lines can easily get blurred if your business and personal finances are commingled in a single account.
Having separate checking accounts also helps safeguard your assets. For example, the Federal Deposit Insurance Corporation (FDIC) insures deposit amounts up to $250,000 at FDIC-insured banks. This protects you should the bank ever go under.
However, since this amount applies per ownership category, you could qualify for more than $250,000 of coverage if you have both a personal account and a corporate/partnership account—up to $250,000 per account type. If your funds are kept in a single account, on the other hand, your deposits may only be eligible for the minimum amount of coverage.
To protect your assets, particularly if you plan on carrying a large balance, it’s wise to keep personal and business funds completely separate.
Minimize Fees
Business checking accounts often come with a lot of perks, so naturally, they may also come with monthly maintenance fees, which can quickly add up over time. Keep more of your hard-earned money by opting for a free business checking account instead.
If your bank does charge a monthly fee, find out if it can be waived if you meet certain conditions, such as maintaining a minimum daily balance. Combine a low-fee or free business checking account with one that offers a competitive interest rate, and make it possible to grow your money more quickly.
Free Business Checking Options at Riverview Bank
Non-Profit Checking
Riverview Bank believes in the value of giving back to those who give to others. If you run a non-profit, you can qualify for a free business checking account—no strings attached. Our Non-Profit Checking account also features a competitive interest rate. It’s our way of supporting non-profits that do good work throughout our communities.
Business Checking
Our Business Checking account provides up to 1,000 monthly transactions completely free. Plus, you can deposit up to $10,000 in currency each month free of charge as well. While our Business Checking account does have a $7 monthly service fee, we will waive it as long as you maintain a minimum daily balance of $2,500.
Business Interest Checking
Want to make your money work harder for you? Consider opening a Business Interest Checking account. This account is similar to our Business Checking account with a couple of key differences.
This account accrues at a competitive interest rate so you can earn passive income on the revenue you generate. The monthly service fee is $9, but again, it’s waived with a minimum daily balance of $2,500.
In addition to our free business checking accounts, we also have an Analyzed Checking option. Simply contact us to find out which solution is right for you. Once you open your account, we have a free thank-you gift waiting for you.
Are you ready to take your business to the next level? If so, we’re ready to help you bank smarter so your business runs better, now and in the future.
Setting your business up for success starts with the steps you take today. Fortunately, Riverview Bank makes it easy. The best part? It doesn’t have to cost you a thing. Sometimes the best things in life truly are free.