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Unlock the Secret Spell for Making Your Cash Turn Into More Cash With a Free Business Checking Account

Reviewed by Ty Crandall

November 13, 2023
Free Business Checking Account Credit Suite

Do you have any idea what a free business checking account can do for your business?  You might be surprised.

Turn Cash into More Cash: Start With a Free Business Checking Account

Imagine unlocking secrets that let you increase your cash simply by moving your money around. Of course, you have to have money to actually move and know where to move it. If you do, you can use free business checking accounts, cash bonuses, and interest-bearing accounts to add cash to your balance with minimal effort.

It still takes a little work. In this automated electronic age however, the work is minimal compared to the rewards received. For most, it could be well worth it. It’s a balancing act when it comes to minimum balances, number of free transactions, and other requirements you must meet to receive the incentives.

The Magic Words

This is where all magic starts right? “Ala peanut butter sandwiches,” “bippity boppity boo,” and even “please” all work their own kind of magic. The magic words for making your cash turn itself into more cash are pretty simple. Lean in close and I will tell you the secret words. They are “free business checking account.” That’s right. That is where it all starts. If you do not know the magic words, you can’t cast the spell, and there will be no magic for you.  

As with all things in life, nothing is truly free. If you meet all the requirements however, you can get a free business checking account.As in, there is zero cost to you. No money comes out of your pocket. Most are as simple as keeping a minimum balance and not going over the number of free transactions. Here are some great ones to start with, but remember that details can change frequently and vary by location.  Check with the bank directly for the most up-to-date information.

Discover our Get Business Credit guide, with everything you need to know about building credit for your business.

Free Business Bank Accounts to Start With

Chase Free Business Checking

The Chase free business checking account has one of the lowest minimum balance requirements available at $1,500. Up to 100 transactions are free each month, and you get unlimited electronic deposits for free. The minimum amount required to open the account is $25, but if you open it with less than the $1,500 minimum balance requirement you will have to pay the $15 monthly fee until you reach the minimum balance.

You could earn a $200 cash bonus if you meet certain requirements in the first few months, making this one a double whammy! Also, they have 51,000 branches and over 16,000 ATMs nationwide.

Capital One Business Checking

Technically this one is being revamped by Capital One and isn’t currently accepting new businesses. Keep an eye on it though, as it is sure to get even better.  In the meantime, check out their business savings account.  It earns 2% APY, and as you will see, this in important in the later portion of the spell. 

Current account owners enjoy a minimum balance for the Capital One Business Checking of $2,000. If you do not meet this the cost is $15 per month. There are currently unlimited free transactions each month, and there is no ATM fee if you use one of the 39,000 under the Allpoint partnership.  

Bank of America

The minimum balance for the Bank of America free business checking account is a little higher at $3,000. You get up to 200 transactions free per month.


There is no minimum balance requirement for the Axos free business checking account, but the minimum initial deposit requirement is $1,000. You get up to 200 transactions free per month as well as unlimited ATM fee reimbursement.  

This account operates online only. There are no branches to visit. Check out this Axos review from CreditDonkey for more information. 


Another online only free business checking account, Azlo has no minimum opening deposit or minimum balance. There is no ATM fee at BBV or Allpoint ATMs, and there are no paper statement, income wire, or stop payment fees.

UPDATE: As of 3/31/21 Azlo is closed.


While NorthOne isn’t completely free, they are currently offering one month free, and you can back out at any time. After the free month, they fee for the account is $10 per month. They are a great option for many, and the the chance to give the a try risk free, for free, makes giving them a shot easy.

Gather the Ingredients

Once you have the magic words, you can begin to gather the ingredients for your spell. There is no eye of newt here. These ingredients are much easier to come by.

Minimum Balance

The first, most basic ingredient, once you settle on a free business checking account, is the minimum balance. If you have enough cash on hand to hit it, then you can compare accounts based on other things.  

If you need time to save that amount, you may want to start with one that has no minimum balance and a low opening balance requirement. Then you can use that account to work on building your minimum balance.

Interest Bearing Business Checking Account

While you are working on building that minimum balance, or if you already have it, look for an interest-bearing business checking account. It is hard to nail down specific ones to show you because many banks offer different rates based on the area of the country they are in.

However, Axon does have a business interest checking account online that is actually free. There is a $100 minimum opening balance and a $5,000 average daily balance requirement for the account to be free. If you fall below $5,000 you will have to pay a fee. It pays .08% APY. 

If you shop around you may find others.


There are a variety of opportunities to earn cash bonuses on new accounts. Sometimes the bonus depends on a certain number of transactions or a particular deposit amount over a certain period of time. Keep an eye out for bonus opportunities when opening free business checking accounts. Most are temporary, so look continually.

As mentioned early, the Chase free checking does have a $200 bonus opportunity.

Discover our Get Business Credit guide, with everything you need to know about building credit for your business.

Cast the Spell

After you know the magic words and you have gathered your ingredients, the spell goes something like this. You have your free business checking account with no minimum balance. All deposits should go here initially. Pay attention to the requirements for the account to be free and make certain you meet them.

The following steps are an example of how the spell might work, but your ingredients may be different. The ones I use in these steps are just for an example.


1. Open the Azlo free business checking account with no minimum balance and no minimum initial deposit.

2. After you reach $1,500, move that balance to the Chase free business checking account. Make sure you meet the requirements to keep the account free, and do what you need to do to get the $250 bonus. This may mean making some deposits into that account rather than the Azlo account for a short time.

3. As soon as you earn the bonus, continue making deposits into the initial free account. If you cannot meet the free transactions requirement, move money to the other account when you need to and use it for transactions. Be sure you move money so you do not drop below the minimum balance.

4. After you save $5,000, move that amount into the Axos interest bearing checking account. At this point, the game changes a bit.

5. Determine how much you need for operations each month. Keep that amount plus $1,500 in the Chase free checking account. Keep the original account open as a wash account for extra transactions over the free amount.

6. Any amount over what you need for operations plus $1,500 should transfer to the interest-bearing checking account. If you only keep the $5,000 minimum balance you will earn $400 in interest each year. Plus you earned the $200 one-time bonus on the Chase free business checking account.

7. Keep watch for other opportunities to earn bonuses or other interest-bearing checking accounts for which you can easily meet the minimum balance without jeopardizing your other minimum balance requirements.

It sounds complicated, but cast correctly, this spell allows you not only to save money on banking fees, but actually make money in the process.


As with any magic spell, there are risks. You may say all the words exactly right or you could end up with a train wreck. It is best to have these processes automated so that all of the transfers happen automatically each month.

It can take a few months to figure out operating balance needs and how many transactions you tend to run each month. Once you do however, you should be able to work with your finance people to automate processes and ensure they run smoothly.

If you neglect to do this, you could end up going over transactions or slipping under minimum balances. That could result in fees that negate the whole purpose of the spell.


Here are some tips to make sure the process is as profitable as possible.

  • Let the interest in interest bearing business accounts ride so the amount earned continues to rise.
  • Continually look for new bonus opportunities and take advantage of them if you can, without going under on a minimum balance.
  • Watch for free interest-bearing checking accounts that earn higher interest and take advantage.
  • After balances grow, consider putting some money in short term certificates of deposit that earn more interest than the interest-bearing checking account. Stick to 3 month or 6 months terms so you have the option to get cash out without penalty within a short time if needed.

Learn more here and get started a free business checking account and more.

What Not to Do When Opening a Free Business Checking Account

Here are some things that can spoil the whole spell.

Making it Too Complicated

Casting this spell can be addictive. It is amazing to see how you can make cash with minimum effort. Be careful that you pay attention to the cost vs. benefit aspect however. If you get too many ingredients in the pot at once, it could boil over. If you get too many witches stirring the cauldron, something could get missed. Find the balance between profit and functionality. Moving some money a couple of times per month is worth it for several hundred dollars per year.

However, if you are spending significant man power, or if the process is too complicated and the fees are washing out the profit, you may want to rethink your strategy.

Using Debt to Get Started

This whole thing works because it uses cash on hand. Resist the temptation to take a cash advance on a credit card or some other form of debt to kickstart if you do not currently have the cash needed to get started. It isn’t worth it. It could actually backfire and spoil your business credit.

Forgetting to Adjust

Do not forget to adjust your operating needs as necessary. This will impact the balances you need to keep in certain accounts, and it could affect transaction numbers as well. A month or two won’t hurt, but if the issue isn’t caught and continues for a whole year, you could find yourself with a more significant issue.

A Word About Debt and a Free Business Checking Account

But note that, if you have significant, high interest business debt, you may want to rethink how you use this spell. Depending on your situation, you may want to consider paying off debt before you get started.

Another option is to use the interest earned to pay down debt. So it just depends on what will best serve your business needs. If your business credit is suffering because you have too much debt, it is best to pay it off before you try to grow large cash reserves.

Discover our Get Business Credit guide, with everything you need to know about building credit for your business.

How Do you Know if Your Debt is Affecting Your Business Credit Negatively?Free Business Checking Account

The easiest way to find out what your business credit looks like and what is affecting it is to get a copy of your credit report. Dun & Bradstreet is the most commonly used business credit reporting agency, but Equifax and Experian are also out there.

You can request a copy of your credit report from each of these agencies. An easier option, however, is to sign up for a credit monitoring service like the one offered by Credit Suite. These types of services allow you to keep an eye on your credit score and what is affecting it on an ongoing basis. Checking your credit score through these services does not lower your it.

Not only can this help in making decisions like whether to cast this spell or pay down debt, but it can also help you catch mistakes. If you do see a mistake, notify the credit agency in writing. Be sure to include the correct information, and attach copies of all supporting documents. Do not send originals.

A Free Business Checking Account Can Cast a Far-Reaching Spell

Who knew you could do so much with a free business checking account. Not only can it save you money, but it can also help you make money. It takes some practice, but it is definitely a spell worth learning. Just be sure you pay attention to timing and cast it at the proper time, when your business credit and debt are in good shape.

About the author 

Faith Stewart

Faith has a BBA with a major in Accounting, and a combined 20 years of experience in the fields of finance and account.

Before switching to writing, she spent 10 years working in various areas of small business and personal finance and accounting, including working as a public auditor at BKD, LLP, Financial Director at Central Arkansas Development Council, and Commercial Credit Analyst at Farmer's Bank and Trust.

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