- Editor Rating
- Rated 3.5 stars
- Very Good
- Bank of Internet Basic Business Checking
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Bank of Internet Federal Bank’s Basic Business Checking account is an online account, and makes it onto our list as one of the best free Business Checking accounts.
BofI Federal Bank is an online-only financial services company that started in the early 2000s and is headquartered in San Diego, California. Operating solely online gives them the ability to provide better rates and lower fees, but at the sacrifice of no in-branch service.
We’ll review the Basic Business Checking account below.
BofI Federal Bank Basic Business Checking
The Basic Business Checking account is considered a free Business Checking account and has no Monthly Fees to worry about. It does have a Transactions Limit of 200, so is marketed as a fundamental Checking solution for small and growing businesses.
This account is only suitable for businesses that can handle all of their banking needs electronically. Many people also use it in conjunction with another primary Checking account that has the in-branch option.
If you happen to go past the 200 monthly transactions limit, you’ll be charged 30 cents for each transaction overage. You can make up to 60 scanned check deposits monthly, and you can also mail in check deposits.
With it being online-only, you’ll get unlimited ATM fee reimbursements for U.S. locations.
This account from BofI Federal Bank is a good option for a free Business Checking account, but we think the Capital One Spark Business account edges it out. The Spark Business account is also online-only, but it doesn’t have any limits on monthly transactions and you’ll have access 2,000 fee-free Capital One ATMs, as well as 38,000 fee-free Allpoint ATMs. Read about it here, along with other free Business Checking options.
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