Term life insurance is an important investment that can protect your family’s assets at any stage of your life and getting affordable life insurance rates is important for protecting your budget right now.
Depending on your age though will also determine how much you need, how long you need it for, is term or a guaranteed policy the best.
Below is a quick guide on the different ages and what you should consider when buying life insurance. I’ve also included links to relative articles that go more in depth on each age bracket.
Here’s what you need to know to get cheap life insurance at any age.
Whether you are single or married, a part of a large family or a small one, purchasing insurance is a responsible step that everyone should take so that loved ones will be provided for.
Know your family’s budget and how the life insurance rates will fit within your budget. Knowing this dollar amount will keep you from being “oversold” by an agent trying to earn higher commissions. The premiums must fit within your budget.
Be aware that each person’s life insurance needs for death benefit amounts are different. We will look at this in more detail later, but just because your buddy or co-worker bought a million dollar life insurance policy doesn’t mean that you need to.
Understand that life insurance companies have different underwriting guidelines and that you HAVE to compare rates from different companies to be confident you’re getting the lowest life insurance rates available for you based on your lifestyle, your medical conditions, and your age. (We compare rates from different companies for you.)
Be thinking about the following numbers (to help determine the death benefit needed):
How much family debt you have (mortgages, credit cards, autos, etc.)
College education dollars needed for children in the household
Ongoing income dollars for a surviving spouse (if applicable)
Estimated amounts of funeral costs
Any philanthropic dollars you might wish to leave to a favorite charity
How much life insurance do you have now, for how long (ie, 20-year term), and is it a permanent policy like whole life or universal life
This is related to #3. It might not be in your best interests to buy life insurance from agents that only represent one company and can’t offer you quotes from several different companies. Some of these life insurance companies are Northwestern Mutual, New York Life, and others who have agents that only sell their life insurance plans.
Life Insurance Rates By Age
Purchasing life insurance is very important, and generally speaking, one of the main factors in pricing life insurance from the insurance company’s viewpoint is how old you are.
Ads by Money. We may be compensated if you click this ad.Ad
Your age will help you determine how much death benefit you need to apply for, how long you need it for, and whether term or a guaranteed policy is the best plan that suits your needs.
Obviously, it just makes common sense that the older you are, the less number of years you are expected to live.
Life insurance companies call these “mortality tables”, and they use these mortality tables to actuarially determine how much they should charge for life insurance.
These CSO mortality tables have been adopted by most state insurance departments to allow companies to use them in determining the premiums they should be charging for their life insurance policies.@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-banner-1-0-asloadedmax-width:580px!important;max-height:400px!important
Remember though that even these life expectancy charts are used differently by different life insurance companies.
We can provide you with several life insurance company reviews such as Banner Life Insurance for you to learn more about what each company has to offer, so make sure to check those out as well!
Many people put off buying life insurance because it doesn’t seem to be an immediate need or priority to fit in the family budget.@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-large-leaderboard-2-0-asloadedmax-width:300px!important;max-height:250px!important
Here are 3 critical reasons to apply for life insurance now and to not put it off any longer:
You really aren’t getting younger. As just mentioned above, as you get older your rates are going to increase. The best day to buy life insurance is today.
If you don’t have any major health conditions that would cause your life insurance rates to be surcharged, get your life insurance now while you are in good health. If you do have medical conditions, get your life insurance now before your health gets worse. If it improves later, then you can always reapply for lower rates.
You never know what the future holds. Take care of your loved ones now and go ahead and check “buying life insurance” off your list. Whether you end up getting quotes from us (Compare Rates form on the right), or from someone else, go ahead and do it.
Now, let’s discuss issues based on various ages. We will first start with the Millennials……
Ads by Money. We may be compensated if you click this ad.Ad
Life Insurance for Your 20s
In your 20s, life insurance is inexpensive and easy to get. At this age, you can expect an enormous number of term life options at affordable prices. By getting life insurance at this early stage, you can protect a young and growing family from financial hardships and do so inexpensively.
Going ahead and buying life insurance now is a great decision to make at this young age. It is better than waiting until you are older, possibly having health issues and having to look into the option of life insurance without a medical exam, which is defaulted to a higher rate because of the poor health you may have at older ages. Starting young and healthy is the way to go!
Depending on your income and family budget, you could consider both permanent life insurance or inexpensive term life insurance.
If you don’t have children or large assets to protect, choose a policy of at least four times your annual income. If you do have children, the number of children, your spouse’s income and your other debts should all factor into the amount of insurance you purchase.
Read more on buying Term Life Insurance in Your 20’s
Life Insurance for Your 30s
In your 30s, you likely have a family and assets that need to be protected with a life insurance policy. Your income may be higher during this period, necessitating a larger policy to meet bigger financial needs. Some life insurance buyers purchase a second policy in their 30s to supplement the policy bought in their 20s.
If this is your first time to purchase term life insurance, be sure to get enough to cover your family’s needs and to pay off your home and other large debts. A general rule is to purchase at least 10 times your annual income, and in your 30s this is generally an affordable option.
@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-leader-1-0-asloadedmax-width:728px!important;max-height:90px!importantThis amount of death benefit may seem to be higher than what you would normally consider, however, if you lose one of your family incomes due to death, there would be a huge financial pressure to try and make up the difference, or either the surviving spouse would have to drastically reduce expenses.
The mortgage still needs to be paid, most kids still need to go to college, there would be funeral expenses, etc. Speaking of mortgages, we typically do not recommend buying mortgage life insurance from the letters you get in the mail from life insurance companies just after you have refinanced your house, for example.
They are usually overpriced. You can normally get much better rates by using our Compare Quotes tool as we compare rates with many different insurance companies.
During these years would also be a good time to consider a permanent life insurance policy, which begins to build some cash value. This would be a good discussion question for your life insurance advisor.
By your 40s, you likely have significant assets to protect. If you have not bought a life insurance policy yet, it’s important to do so before the rates rise even more in your 50s or future health conditions, such as diabetes, make it more difficult to get insurance.
Financial experts agree that even if you already have a policy in place, your 40s is a good time to sit down with your finances and reevaluate your insurance needs. You may find that you need a supplemental policy to take care of new responsibilities that weren’t present in your 30s.
With today’s economy and lifestyles (increase in divorce rates), many individuals and families are still deep in debt. This is not a time to be slack in taking care of potential financial disasters (such as the loss of a spouse and their income), but rather a time to take care of life insurance needs.
Read more on buying Term Life Insurance in Your 40’s
Life Insurance for Your 50s
As you enter your 50s, you will have different insurance needs than you did in years past. You may have grown children who can provide for themselves. Your house may be paid off, and you may need to cancel that mortgage insurance policy if you had one.
However, there are still many expenses that a term life policy can assist your family with paying. A term policy can be used to fund a trust, to provide your family with inheritance and to provide a liquid asset for your estate. Life insurance will be more expensive at this age, and that expense will go up if you have significant health problems. However, even at the increased rates, term life insurance is still an affordable insurance option.
You may find yourself at this point either experiencing or have experienced the loss of a parent or loved one, and personally now understanding the financial aspects of that event whether good or bad.
@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-large-mobile-banner-1-0-asloadedmax-width:336px!important;max-height:280px!importantIf you have experienced that situation, you will have found out that life insurance proceeds are handled outside Probate Court, and are much easier to deal with than all the other legal issues of handling someone’s estate.
One other important issue to consider during this stage of life is if you might have some type of business life insurance need. This could be from a Key Man life insurance standpoint, or maybe life insurance to fund a Buy-Sell contract between partners that own a business. Additionally, if you are a Sole Proprietor that owns a business, you might want to have a one-way Buy Sell arrangement with a friendly competitor.
Life insurance rates for business policies may generally be lower per thousand dollars of death benefit because usually these type plans having higher death benefits. Companies usually have “life insurance rate bands” and there are discounts as the death benefits get higher.
Any of the above business life insurance needs are very critical, and can also help a surviving spouse if you have some type of “business will”. A death of a spouse is a traumatic event, even if expected, so minimize the additional responsibilities that person may have to deal with as much as possible by prior planning.
Read More On Buying:
Life Insurance for Your 60s
In your 60s, you may not have dependents who need your income, but term life insurance can still provide a level of support for your loved ones in the future. If you don’t have enough death benefit coverage by the time you reach your 60s, purchasing a policy as soon as possible is vital.
Hopefully during these years most of your debt is reduced to a manageable level, college debts for your kids have been taken care of, and your main need for life insurance would be to help pay for final burial expenses, ongoing income to supplement social security benefits for a surviving spouse, as well as to provide a charitable gift for a local nonprofit you might be actively involved in.
If you wait until age 65, you will have far fewer insurance options. Some companies simply won’t sell a policy to anyone 65 or older. At this stage of life, you can expect rates to be more expensive, but they will still cost significantly less than whole life policies.
Read More On Buying:
Affordable Life Insurance Rates For Seniors
Even seniors age 80 need life insurance coverage. With advances in medicine and health care facilities, people are living much longer. Some of the needs for life insurance for seniors are the same as those mentioned for folks in their 60’s.
Rates for life insurance for seniors do not have to bust your budget, however. It’s still possible to get affordable life insurance as a senior citizen.
Many times there are medical issues that do cause life insurance rates to be higher than they are for those without medical conditions.
However, even with medical conditions, there are many good guaranteed life insurance policies for the elderly.
If you’re ready to see real pricing, get a life insurance quote now.
Open a BMO Harris Premier™ Account online and get a $500 cash bonus when you have a total of at least $7,500 in qualifying direct deposits within the first 90 days of account opening. Expires 9/15. Conditions Apply.
Decision fatigue is a real thing for folks in the market for a new rewards credit card. If you’re tired of evaluating the ins and outs of credit card rewards programs, there’s no shame in settling for a simple, easy-to-understand alternative.
The SoFi Credit Card is just such an alternative. And it doesn’t require much in the way of settling. It earns a flat 2% cash back on most eligible purchases and 3% back on select travel purchases — plenty generous for a no-annual-fee credit card.
The SoFi Credit Card can’t be everything to everyone, of course. Before you apply, make sure it has all the features and benefits you expect from a rewards credit card.
What Is the SoFi Credit Card?
The SoFi Credit Card is a cash-back credit card with no annual fee. It earns 2% cash back on most eligible purchases and 3% cash back on eligible purchases through SoFi Travel, which uses Expedia’s booking engine.
The SoFi Credit Card is somewhat unusual in that it doesn’t require applicants to have a U.S.-based bank account to qualify. If you’re approved for the card and don’t have a bank account, you can make payments through the SoFi app. You don’t need to use any other SoFi products to qualify for the SoFi Credit Card.
The SoFi Credit Card has some benefits beyond its rewards program, including up to $1,000 in cell phone insurance and monthly credits against eligible Lyft purchases.
What Sets the SoFi Credit Card Apart?
The SoFi Credit Card stands out from comparable cash-back credit cards for a few reasons:
Up to 3% back on eligible travel purchases. You earn unlimited 3% cash back when you book travel through SoFi Travel, which uses Expedia’s travel booking platform. Travel purchases not booked through SoFi Travel earn unlimited 2% back.
Up to $1,000 in cell phone protection. This cell phone protection plan is more generous than most credit cards’, which top out at $600 to $800 per claim.
No bank account needed to qualify. You can qualify for this card without a bank account, though you still need the SoFi app to make payments.
No sign-up bonus. One notable drawback of the SoFi Credit Card is its lack of a sign-up bonus for new cardholders. This could change in the future, but it’s an issue as of now.
Key Features of the SoFi Credit Card
The SoFi Credit Card has a straightforward rewards program and some notable benefits beyond it. Take a few minutes to familiarize yourself with its features before moving ahead with your application.
Earning Rewards
Most eligible purchases earn unlimited 2% cash back. There’s just one exception: Travel purchases made through the SoFi Travel platform earn unlimited 3% cash back.
Redeeming Rewards
You can redeem your accumulated cash-back rewards for:
Cash deposited into a linked external bank account or a SoFi checking account
Investments (including stocks and exchange-traded funds) purchased through SoFi’s investing platform
Payments on eligible SoFi loans
Statement credits against prior SoFi Credit Card purchases
Redemptions for cash, investments, and loan payments are worth $0.01 per cash-back point. Statement credit redemptions are worth only $0.005 per point, so they’re best avoided.
Cell Phone Protection
This card comes with a complimentary cell phone protection plan that reimburses you up to $1,000 per claim. A deductible and annual claim limits may apply.
Other Benefits
This card comes with some other potentially valuable benefits, including:
Up to $5 in monthly credits against eligible Lyft purchases
A complimentary annual membership to Shoprunner, which offers free two-day shipping on eligible online purchases
A complimentary three-month subscription to DoorDash DashPass, which offers a $0 delivery fee on qualifying orders and other perks
Important Fees
The SoFi Credit Card has no annual fee or foreign transaction fee. Other fees may apply, including for balance transfers and cash advance transactions.
Credit Required
This card requires good to excellent credit. You’re unlikely to qualify with a credit score significantly below 700 on the FICO scale.
Pros & Cons
These are the most notable upsides and downsides of the SoFi Credit Card.
No annual fee
Up to 3% cash back on eligible purchases
Up to $1,000 in cell phone protection per claim
No external bank account needed to qualify
No sign-up bonus
No 0% intro APR offer
Few benefits beyond the rewards program
Pros
The SoFi Credit Card is a low-cost, relatively high-reward credit card with some potentially valuable benefits.
No annual fee. This card has no annual fee. You won’t pay anything out of pocket to keep it active, even if you rarely use it.
2% cash back on most eligible purchases. This card earns a flat, unlimited 2% back on most eligible purchases. That makes it an above-average credit card for everyday spending.
Up to 3% back on select travel purchases. You earn 3% cash back when you book travel through SoFi Travel, an online travel portal powered by Expedia. There’s no limit to how much you can earn on eligible purchases.
Unusually generous cell phone protection. This card’s cell phone protection plan covers more than the average credit card’s. It tops out at $1,000 per claim, against $600 to $800 elsewhere.
Credits against Lyft purchases and other potentially valuable perks. You get $5 off Lyft purchases each month, plus a free annual membership to Shoprunner, which could save you a bunch on shipping if you buy a lot online from participating merchants. The three-month complimentary DoorDash DashPass benefit is appealing if you regularly order delivery.
No foreign transaction fee. This card has no foreign transaction fee, so it’s useful if and when you travel abroad or make purchases with overseas merchants.
No bank account needed to qualify. You don’t need a bank account to qualify for the SoFi Credit Card. You can make payments through the SoFi app instead.
Cons
The SoFi Credit Card lacks the more generous features common to top cash-back and travel rewards credit cards.
No way to earn more than 3% cash back. There’s no way to earn cash back at a rate higher than 3% with this card. Some competing cash-back cards offer 5%, 8%, even 10% cash-back tiers.
No sign-up bonus. The SoFi Credit Card has no sign-up bonus. This is a notable drawback for new cardholders eager to start earning rewards.
No 0% intro APR offer. Unlike many competing credit cards, the SoFi Credit Card has no introductory interest-free period. This is a drawback if you need to pay down high-interest balances accrued on another card or you’re planning to make a big purchase that you’d rather not pay off all at once.
Limited travel perks. The SoFi Credit Card has little in the way of travel perks, such as discounts or rewards at participating hotels and airport lounge access.
How the SoFi Credit Card Stacks Up
The SoFi Credit Card is similar to numerous other cash-back credit cards that earn 2% back on most or all eligible purchases. Before you apply, see how it compares against another popular option: the Wells Fargo Active Cash Card.
SoFi Credit Card
Wells Fargo Active Cash
Sign-Up Bonus
No
Yes
2% Cash Back
Eligible purchases except SoFi Travel
All eligible purchases
3% Cash Back
SoFi Travel purchases
None
Annual Fee
$0
$0
0% Intro APR
No
Yes, 15 months on purchases and balance transfers
The SoFi Credit Card is the clear winner if you travel regularly thanks to its 3% cash-back rate on SoFi Travel purchases. But Wells Fargo Active Cash is a better choice if you’re seeking a sign-up bonus or 0% intro APR offer as a new cardholder.
Final Word
The SoFi Credit Card is a straightforward cash-back credit card that’s easy even for credit card novices to understand and use effectively. And that’s a good thing if you’re tired of comparing the minutiae of credit card rewards programs — or don’t want to start doing that in the first place.
Then again, the SoFi Credit Card has some important missing elements. It has no sign-up bonus or 0% intro APR offer, and it lacks some of its peers’ more generous travel perks. It’s not a bad card by any means, but you can do better if you’re willing to shop around.
Editorial Note:
The editorial content on this page is not provided by any bank, credit card issuer, airline, or hotel chain, and has not been reviewed, approved, or otherwise endorsed by any of these entities. Opinions expressed here are the author’s alone, not those of the bank, credit card issuer, airline, or hotel chain, and have not been reviewed, approved, or otherwise endorsed by any of these entities.
The Verdict
Our rating
SoFi Credit Card
The SoFi Credit Card is a straightforward cash-back card that earns 2% back on most purchases and 3% back on eligible travel purchases. With no annual fee and potentially valuable perks beyond its rewards program, it easily pays for itself. But the missing sign-up bonus and 0% intro APR offer lessen its appeal.
@media (max-width: 1200px)
body .ns-buttons.ns-inline .ns-button-icon width: 100%; .ns-inline .ns-button –ns-button-color: #000000;
Brian Martucci writes about credit cards, banking, insurance, travel, and more. When he’s not investigating time- and money-saving strategies for Money Crashers readers, you can find him exploring his favorite trails or sampling a new cuisine. Reach him on Twitter @Brian_Martucci.
Whether you are a freelancer, side hustler, or run a full-time business, opening a separate business bank account should be your first move after starting your business.
A business bank account helps you keep your business finances and personal income and expenses separate. Having a business bank account for all your business finances makes it easy to run records and track your costs and deductions at tax time.
Business checking accounts can also help business owners establish credit, which they can use for net terms with suppliers or to take out business loans or business credit cards.
But which business checking account is best? And can you find good options with free business checking accounts?
12 Best Free Business Checking Accounts
We’ve done the legwork for you, compiling a list of the 12 best free business checking accounts available in the U.S. today.
1. Bluevine: Best Free Business Checking Account Overall
Bluevine offers one of the most comprehensive and best free business checking accounts you’ll find. It has no monthly maintenance fees, no overdraft fees, and an annual percentage yield APY of 2% on up to $250,000 of your balance if you meet monthly activity goals. To qualify, simply make $500 in debit card purchases with your Bluevine business debit or receive $2,500 per month in customer payments to your account.
Bluevine offers features that make it great for a team, including the ability to open multiple sub-accounts and even have separate logins for employees or contractors, like accountants and virtual assistants.
While some free business checking accounts have transaction limits, your Bluevine business checking account does not. Funds are backed by Coastal Community Bank, Member FDIC. Coastal Community Bank provides business banking services for Bluevine customers.
2. Capital One Business Bank Account: Best for Local Branches
If you’re looking for personalized service at local branches, consider Capital One business checking. Capital One offers two tiers of checking accounts: Basic and Enhanced. Both accounts offer unlimited digital transactions, free overdraft coverage, access to Capital One’s mobile app, no ATM fees at 70,000 Capital One, Allpoint, and MoneyPass ATMs, and low monthly fees that are easily waived when you meet minimum balance requirements.
Capital One Enhanced business checking is designed for larger businesses who can meet $25,000 average daily balance requirements needed to waive the $35 monthly service fee. Enjoy free incoming wire transfers, five free outgoing wire transfers monthly, and a remote scanner for mobile check deposits.
3. GO2bank: Best for Online Banking
GO2bank is a complete mobile banking solution with digital banking services provided by Green Dot Bank. The bank offers many features in its online business checking account that will appeal to business owners and their employees, including co-branded debit cards, optional overdraft protection, and a co-branded app for businesses. You can also get a secured business credit card through GO2bank.
Waive the monthly fees with qualifying direct deposits, and receive ACH payments up to two days early. You can also purchase eGift cards for yourself or as employee incentives and earn up to 7% cash back.
4. Found: Best for Freelancers
Hailed as the debit card for the self-employed, we rate Found as the best free business account for freelancers. It has no monthly maintenance fees, no minimum deposit or minimum balance requirements, and no credit check to open your account.
Found has a few features that can help you streamline your business. By evaluating your income and expenses, Found can calculate your tax bill, categorize tax write-offs, and even auto-save the correct amount from each deposit to cover your quarterly taxes. You can also send invoices from the app.
Found is a financial technology company, not a bank. Deposits are FDIC insured through Piermont Bank.
5. First Citizens Bank Basic Business Checking: Best for Checking Account Choices:
Most business checking accounts have one option for a business owner. First Citizens has four choices to help you choose the right business checking account with the features you need. The basic business checking account offers 100 transactions with no monthly fee, and has a minimum opening deposit of $100.
Business Banking I is free with a merchant account or a minimum daily balance of $25,000. It offers processing of up to $250 transactions per month, plus $10,000 in cash processing, including cash deposits. Business Banking II has similar features with 500 free transactions and $15,000 in cash processing, including cash deposits. There is a $50 monthly fee unless you have a merchant account or an average daily ledger balance of $50,000.
Business Banking III is best for larger enterprises who want choices and do a high volume of business. Process up to 750 transactions free each month, with $20,000 in cash deposits. You’ll need a merchant account or $75,000 in your average daily ledger balance to avoid the monthly maintenance fee.
Business Banking I, II, and III accounts also let you customize your plan with additional discounted services.
6. Novo Business Checking Account: Best for E-commerce and App Integrations
Novo is not a bank, it’s a financial technology company with deposits backed by Middlesex Federal Savings, Member FDIC. Novo is one of the most tech-forward financial institutions on our list, offering easy integration with apps like Shopify, Wise, Stripe, Square, and Quickbooks.
The Novo Business Checking account has no monthly fees, no minimum balance requirements, no cash deposit fees, and ATM fee reimbursement for out-of-network ATM use. Account holders can also get discounts on popular business software and services, including LegalZoom, Constant Contact, and Stripe.
7. Mercury Banking For Start-ups: Best for Start-ups
Bootstrapped and venture-backed startups of every size have unique needs in a business checking account. A Mercury free business checking account helps your money stretch further with no monthly fee, no minimum balance requirements, and no minimum deposit to open. You can earn 5.11% annual percentage yield APY with mutual funds invested through Mercury Treasury if you have an account balance of $250,000 or more.
Mercury free business checking offers unlimited free transactions, including no cash deposit fees, for businesses who process less than $200,000 per month. The account offers team management tools, debit cards for multiple employees, and capabilities to open multiple checking and savings accounts to manage cash flow.
Plus, your Mercury account is backed by up to $5 million worth of FDIC insurance through partner banks. Banking services are provided by Choice Financial Group and Evolve Bank & Trust, Members FDIC and deposits are held in various partner banks.
8. U.S. Bank Silver Business Checking: Best for Sign-up Bonus
If you’re looking to earn free cash to boost your business, consider a U.S. Bank Silver Business checking account with a $100 minimum deposit before June 30, 2023. You can earn a $500 bonus when you make new deposits of at least $5,000 and maintain a minimum balance of at least $5,000 until 60 days after the account opening. Increase that to $15,000 in new money deposits and maintain that balance for 60 days and earn $750 deposited into your new business checking account.
U.S. Bank offers tons of benefits for business owners, including no transaction fees for up to 125 transactions each month, 25 free cash transactions (or up to $2,500 in free cash deposits, whichever comes first), no monthly maintenance fee, and 50% off on your first check order, up to $50.
Larger businesses may prefer a Gold Business Checking Account, with no transaction fees for up to 300 transactions per month. It also has a waivable $20 monthly fee.
There is also a Platinum Checking Account Package with 500 free transactions and a $30 monthly fee. This fee is waived by meeting monthly minimum balance requirements.
9. Chase Business Complete Banking: Best for Payment Processing
For those who want to avoid online only banks and are looking for a big bank with international recognition and branches and ATMs across the U.S., Chase Business Complete Banking offers a solid solution. It comes with many ways to waive the monthly service fee.
Chase also makes it easy to accept credit and debit card payments without using a third-party payment processor. Chase QuickAccept is a built-in feature as part of Chase Business Complete Banking. You don’t need to apply for a separate merchant account, and the transaction fees are competitive with other credit card processing companies.
QuickAccept also allows you to access money faster with same-day deposits with no added fees. If you need a merchant payment processing provider that works in synch with your bank account, Chase Business Complete Banking could be the best choice for you.
Right now through August 3, 2023, businesses can earn a bonus up to $500 when they open a Chase Business Complete Checking account and meet requirements, which including total deposits of $15,000 or more. Deposit just $2,000 or more and snag an easy $300 for your new business checking account.
10. Huntington Business Checking 100 (Midwest): Best for Community Banking
Huntington National Bank, headquartered in Columbus, Ohio, since 1866, offers three business checking accounts, including a business interest checking account, Unlimited Plus Business Checking.
The top-tier account includes unlimited transactions, plus cash deposits of up to $25,000. Waive the $40 monthly fee with up to $50,000 in total deposit relationship balances across business accounts. Designed for larger businesses, the Unlimited Plus Business Checking allows you to choose two bonus services such as a fraud tool, waived returned deposited items fees on up to 25 items per month, or two free incoming domestic wires monthly.
The Unlimited Business Checking account offers similar features, with unlimited transactions, free cash deposits on up to $10,000 per month, and a choice of one bonus service. Waive the $20 monthly fee by maintaining a minimum balance of at least $10,000. A Business Checking 100 account offers up to 100 transactions per month, and up to $5,000 in cash transactions with no monthly fee.
Huntington is devoted to the local communities it serves and spotlights small business owners on its website. It also specializes in SBA loans and offers a linked business money market account to earn interest on savings with no monthly maintenance fee if you maintain an average daily balance of $10,000+.
11. Relay Business Checking: Best for Money Management
Relay online banking offers up to 20 primary business checking accounts for members of your team or for different business expenses, plus 50 virtual or physical Visa debit cards. Designed to assist with cash flow and money management, your Relay online banking account allows automated transfers into the various checking accounts based on percentage of income or flat-rate dollar figures.
Your Relay online and mobile banking account also includes up to two business savings accounts with APYs of 1% to 3%. Best of all, unlike many free business checking accounts that are only free if you meet transaction or balance requirements, Relay has no monthly maintenance fee, no transaction fees, no overdraft fees, no ATM fees, and no minimum balance requirements.
12. Axos Basic Business Checking Account: Best for No Fees
Axos Bank has been voted best online bank by Money Magazine and its business offering stands out for small business owners as a straightforward business checking account with no transaction fees, no monthly maintenance fee, and no minimum opening deposit. You also don’t have to worry about balance requirements or ATM fees. You’ll even receive unlimited reimbursements for using out-of-network ATMs within the U.S.
You will need to maintain a minimum balance of at least $5,000 for the first five statement cycles to earn a $100 account opening bonus. You will receive $25 into your business account each month you maintain the minimum requirements. However, if you close the account within 120 days, you might have to pay a $100 early closure fee.
What to Consider When Choosing the Best Free Business Checking Account
The best free business checking account for your business depends on the volume of cash deposits, number of transactions, the size of your company and your general banking needs.
It’s important for a business of any size, including a sole proprietor or 1099 contractor, to open a business checking account to keep business funds separate from your personal checking account and other personal finances. This is especially important at tax time.
Many of the business bank accounts on our list of best free business checking accounts make it easy for you to track your business finances. They offer end-of-month or quarterly reports or integrate with QuickBooks or other accounting software to make money management easy. This, along with costs, quality of customer service, mobile apps, and more should factor into your decision when you choose a small business checking account.
Monthly Maintenance Fee
Account fees have long been a fact of life for individuals and business owners, but they no longer have to be with so many free checking accounts available today. Some of the banks on this list, including Axos and Relay, offer no monthly fee of any kind. Others make it easy to waive the monthly fee by meeting balance requirements.
See if there are any balance requirements, direct deposit requirements, or minimum debit card purchases to avoid the monthly service fee, and if you will be able to meet those minimums easily each month.
Easy-to-use Online and Mobile Banking
Even basic business checking today should have a robust app and mobile banking solutions, including mobile check deposits, capability to turn your debit cards on or off, and to monitor spending in a user-friendly app.
You may think online-only banks have better mobile capabilities, but that’s not always the case. All the best business checking accounts on our list have intuitive, user-friendly mobile apps.
Low Minimum Opening Deposit Requirements
Most of the free checking accounts on our list have low minimum opening deposit requirements. Some may have higher minimums to earn a bonus on your business checking account. Make sure to read the fine print and know the minimum deposit requirements if you want to earn that sign-up bonus.
Reasonable Fees
While it’s possible to find a business checking account with no monthly service fee, your bank may have some fees. Read the fine print so you know exactly what you’re getting for your money. It should be easy to avoid ATM fees, overdraft fees, and even monthly fees.
However, you may have to pay for wire transfers, out-of-network ATMs, and other transactions. Unlike personal accounts, it’s common for business bank accounts to have fees if you deposit cash. Sometimes, a certain number of cash transactions is included in your monthly fee.
Customer Service
It’s important to research the bank’s customer service before you commit to a business checking account. Online only banks, especially, may have limited ways to reach customer support. Find out if they offer 24/7 service. Many people prefer online banking for the convenience and low account fees. But if you experience a problem, you want to make sure you can get help promptly.
Positive Customer Reviews
When you’re looking for the best business checking account, it pays to research the opinions of other business owners like you. Customer reviews can give you a feel for the level of customer service, ATM fees, monthly fees, fraud protection, and more.
Practical Transaction and Cash Deposit Limits
Many of the best business checking accounts offer unlimited transactions and reasonable monthly limits to deposit cash. Many banks offer different tiers of business checking accounts, so you can pay a set monthly fee for the level of service you need.
Linked Business Savings Account or Business Interest Checking Account
If you want to earn interest on your cash reserves, look for a checking account that pays interest or for a bank with a high interest savings account. Pay attention to account fees, withdrawal limits, and
Consider the Need for a Bank With Physical Locations
Online banking offers lower monthly fees and convenience. But if your business needs to deposit cash regularly or you just want personalized service and relationship banking, you might prefer a bank account at a financial institution with brick-and-mortar locations.
Questions to Ask Before Deciding on a Business Checking Account
When you’re shopping around for a free business checking account, consider your needs, the number of transactions you conduct daily, your account balance, and whether you prefer a traditional bank or are willing to consider online only banks for your business checking needs. Ask yourself the following questions so you can compare your options.
Will you be making regular cash deposits?
Many business checking accounts charge a fee if you want to deposit cash. Sometimes, a number of cash deposits will be included in your monthly fee. Make sure to pick an account with the capabilities you need.
Do you prefer a bank or credit union?
You might prefer the personalized service of a credit union instead of choosing a large bank or an online bank. When you’re evaluating credit unions, compare all the features and fees the same as you would evaluate business bank accounts.
Do you need to process customer transactions?
Banks like Chase offer credit card processing as an add-on feature to their services. If you are using an online bank, you might want one that integrates with Stripe, Square, or other payment processors. The capability to process customer transactions is one element that sets a business bank apart from a personal checking account.
Do you want to earn interest on your balance?
Several banks on our list offer high yield savings accounts, which is a benefit for small businesses, start-ups, and any business that wants to earn free money from their balance. You might also consider an interest earning business checking account like Bluevine, which pays interest on your checking account balance.
Business Checking vs. Money Market Account
A money market account is a special savings account designed to hold money that you may need to access in the short term. Some money market accounts offer higher APYs than other savings accounts. A money market account often has limits on the number of fee-free withdrawals per month.
Most business owners will want to open a free business checking account and link it to a money market account to earn interest on cash reserves.
What You Need to Open a Small Business Checking Account
You may not need an Employer Identification Number or Tax ID number to open a business checking account. If you have one, you should open the account using that number instead of your Social Security number to help keep your business and personal funds separate.
But if you are a freelancer and file taxes as a sole proprietor/self-employed, you can open your business checking account with your SSN. However, if your business has a DBA (doing business as) you will need a certificate or paperwork showing that name.
Likewise, if you are an LLC, you’ll need your business registration along with your EIN. If you have a partnership, you’ll need your partnership agreement and paperwork showing the business name.
Beyond that, you can open a business checking account with your business address, a phone number, email address and the minimum deposit (if required). Visit a branch for personalized service or open your free business checking account online.
FAQs
See what people are asking about free business checking accounts.
Do you need to pay account or transaction fees?
Some business checking accounts have monthly fees that you can waive by meeting specific requirements. You may also pay ATM fees, fees for cash deposits, and fees for wire transfers or international transactions.
Read the fine print or speak to a personal banker to choose the account that’s right for you.
Can you open a business checking account with no credit check?
Most banks and credit unions will allow you to open a business checking account with no credit check. By maintaining a positive balance in your account, you can build your business credit. A credit check may be required for business loans, lines of credit, or “net” terms with vendors.
What are the most important features of business checking accounts?
Most business owners are looking for business checking with no ATM fees and no monthly fee or easy ways to waive the monthly fee. Beyond that, consider the type and number of transactions you complete monthly, whether you need payment processing capabilities, and if you want a linked savings account to earn interest.
What banks offer free business checking accounts?
Many online and traditional banks offer free business checking or easy ways to waive the monthly fee. The list above describes 12 of our favorite options in free business checking.
Purchasing airfare can be a complicated process, and it can take considerable skill and patience to find the best possible ticket prices. To demystify the process and help you snag a great price on your next trip, we gathered 11 of our tried-and-true strategies for finding the best prices on airfare.
Every situation is unique, so you may not be able to apply every single one of these strategies every time you fly. Your mileage may vary based on your desired route(s) or planned date(s) of travel.
Regardless of where or when you’re going, bookmark this story so you can easily reference these strategies for finding cheap airfare.
Start with Google Flights
When shopping for a flight, the first thing you’ll want to do is figure out which airlines operate a given route and get an idea of the average prices.
Instead of visiting each airline’s website individually, start by searching a site like Google Flights that will produce results from numerous airlines. Google Flights is a robust search tool that not only shows you pricing based on your date and route but also displays alternate pricing via a date grid and price graph that can help you save money.
You can even set up tracking alerts to receive email notifications if the price for your desired route drops.
Related: What you need to know about using Google Flights for award flight searches
Keep in mind that Google Flights is not a booking platform, so you can’t actually make a reservation or pay for your ticket through the site. When you click on a flight you want to book, it will take you to that airline’s website to complete your booking.
Check carriers that don’t appear on third-party sites
One of the main weaknesses of online search engines is that they often won’t list the flights of all carriers, such as Southwest and some ultra-low-cost carriers, like Allegiant and Frontier.
Sign up for our daily newsletter
The best way to find out which of these carriers serves a particular airport is to search for the route map on each airline’s website (or Google the airline name with “route map”). Once you know about any alternate carriers, you can check their pricing and compare it to the pricing you found for the airlines listed on Google Flights.
Search one-way and round-trip flights
More often than not, round-trip tickets are cheaper than purchasing two one-way flights, but we all know there are exceptions to every rule.
For example, JetBlue and Southwest typically price their tickets on a one-way basis; a round-trip flight is simply the sum of the two one-way prices. Occasionally, though, you may get the best round-trip deal by pairing two one-way tickets, potentially on two different airlines.
Remember, Google Flights is a terrific tool to show you when separate one-ways could be the cheapest option.
Just be aware that booking two one-way flights does carry some risk if you need to cancel or change your trip. If you book your outbound and return flights on different carriers and both charge $200 change or cancellation fees, you’ll be hit twice if you need to adjust your travel plans. Changing both ends of a round-trip flight booked on a single airline would only incur that fee once.
Related: How to avoid airline change and cancellation fees
Search one seat at a time
There’s a little-known quirk in how airlines price seats that can result in much higher prices when searching for multiple passengers versus a single ticket. Airlines place their inventory in fare classes (sometimes called “buckets”) that aren’t always clearly visible to consumers.
For example, there might be only three seats left in a fare bucket for $300 each, and the next higher bucket might be $400 per ticket. However, if you were to search for four seats, everyone would fall into the $400 fare bucket.
By searching for a single seat, you’ll see one of the three remaining $300 tickets. With a little trial and error, you’d then know to book one reservation with three tickets at $300 each and another reservation for the fourth ticket at $400. In this example, applying this simple strategy would save you $300 from what you’d pay by booking all four seats on a single reservation.
To make this a bit easier, many airlines will even tell you how many are left at that price, like this example from Miami International Airport (MIA) to New York’s LaGuardia Airport (LGA) on Delta.
If you had searched for three or four tickets, the price of that one-way flight jumps to $249.30, an increase of $56 per passenger. This trick also works when you need to book multiple award flights that aren’t all available at the lowest mileage levels.
Search alternate airports
Sometimes the cost of a flight is just so high that it can make sense to use your second or perhaps third choice of airports. Many airlines allow you to search all airports in a region by specifying the destination as the city (e.g. New York City) instead of a particular airport.
For example, the New York area has three large airports: John F. Kennedy International Airport (JFK), Newark Liberty International Airport (EWR) and LGA. However, you’ll find even more flights if you expand your search to nearby Long Island McArthur Airport (ISP), Westchester County Airport (HPN) and Stewart International Airport (SWF).
When you use Google Flights, for example, you can enter your origin and destination cities instead of a specific airport name. This opens up more – and possibly cheaper – flight options.
Leverage elite status
Having elite status won’t get you discounted tickets, but you might be able to use it to save money another way. Having elite status with most carriers will allow you to stand by for earlier flights or perform same-day confirmed flight changes.
This could allow you to book a discounted flight at an inconvenient time, only to change it to the flight you want at no additional cost. Even if you don’t have elite status, the charge to stand by or make a same-day confirmed flight change might be less than the fare difference between the flight you want and the cheapest option that day.
For details on the major airlines’ elite status programs, check out the following guides:
Use the right credit card
The right credit card can offer you significant savings on airfare in a variety of different ways. For example, The Platinum Card® from American Express offers 5 points per dollar on all airfare purchases made directly with the airline or through the Amex travel portal (up to $500,000 in annual purchases), worth 10 cents per dollar spent, according to TPG’s latest valuations.
Related: The best credit cards for airfare purchases
Chase Sapphire Reserve cardholders can earn 5 points per dollar on flights booked through the Chase Ultimate Rewards portal. You can also use your $300 annual travel credit toward airfare purchases because they typically code as travel.
Other cards, including the Chase Sapphire Preferred, the American Express® Green Card and American Express® Gold Card, also have elevated points earnings for flights.
Check first class
Don’t ask us why, but once in a blue moon, you may find that a first-class ticket can be very close to the price of one in economy class — or sometimes even less. Some possible explanations are that people forget to check the price of first class and that many companies don’t allow their employees to book first class, even when it’s less expensive. Also, discounted first class fares might exist when only full-fare economy class tickets are for sale.
Related: Are first-class tickets worth the splurge?
Either way, always check the price of a first-class ticket before paying for an above-average economy class fare. When you factor in the additional miles you will receive as well as the free baggage allowance, lounge access and in-flight amenities, it may justify a modest premium in fare.
Look for coupons and other offers
Like any business, airlines occasionally offer coupons and other discounts. For example, your Amex Offers could feature airline rebates, or you could save money with an all-you-can-fly pass like those offered by Frontier. Other low-cost carriers like Southwest often offer flight deals that can save you hundreds of dollars on airfare.
Buy miles
When faced with an expensive fare and a shortage of miles, consider buying the miles you need for an award ticket, especially when they are on sale. It rarely makes sense to purchase miles without a bonus and without a specific award in mind, but when you can save money by purchasing miles and immediately redeeming them for an award flight, it can be a great idea.
Reprice, reprice, reprice
Many airlines allow you to rebook your airfare if the price drops after you book your flight. For example, if the price of your Southwest flight drops after your initial booking, you can rebook your flight and receive a credit or a cash refund, depending on your fare type.
Delta Air Lines, American Airlines and United Airlines also have a “no-change-fee” policy for most flights and fare types. Once you book, check for fare drops on a regular basis and snag that refund if the price drops.
Bottom line
Purchasing airfare can be a complicated endeavor, with so many carriers competing for customers and adjusting prices frequently.
Thankfully, there are several simple strategies you can use to minimize your out-of-pocket expense for booking flights. Even if you pick two or three of these as a starting point, you’ll be well on your way to finding the best flight prices for your next trip.
Editor’s note: This is a recurring post, regularly updated with new information and offers.
Virgin Atlantic has a great new offer to save thousands of points on your next redemption.
Virgin has discounted the cost of all redemptions between the U.S. and the U.K. by 30% for travel from now until Sep. 30. The carrier is following the lead of Air France-KLM’s Flying Blue Promo Rewards and Singapore Airlines’ Spontaneous Escapes,
The offer isn’t quite as generous as the “redemption deal of the year” we saw in 2022, which offered a 50% reduction in the Virgin points required for redemptions to almost all destinations. This new offer is only 30% off the cost of a standard redemption. However, all classes of service are included, and there are no blackout dates this summer.
The 30% off applies to Virgin Atlantic flights between London’s Heathrow Airport (LHR) and:
Hartsfield-Jackson Atlanta International Airport (ATL)
Austin-Bergstrom International Airport (AUS)
Boston Logan International Airport (BOS)
Los Angeles International Airport (LAX)
Miami International Airport (MIA)
New York’s John F. Kennedy International Airport (JFK)
Las Vegas Harry Reid International Airport (LAS)
Orlando International Airport (MCO)
San Francisco International Airport (SFO)
Seattle-Tacoma International Airport (SEA)
Tampa International Airport (TPA)
Washington’s Dulles International Airport (IAD)
Virgin Atlantic’s routes from New York, Atlanta and Orlando to Manchester Airport (MAN) are also included — as is the nonstop flight from Orlando to Edinburgh Airport (EDI).
The discounts apply to flights in either direction, in any cabin with award availability. This offer is available for redemptions, upgrades and companion tickets. Virgin Atlantic must operate the flights to qualify for the promotion.
Related: Video alert! TPG reviews all cabins on Virgin Atlantic’s brand-new Airbus A330-900neo
Even for peak summer travel, round-trip redemptions start from just 28,000 Virgin points from the East Coast or 35,000 from the West Coast. You’ll see the points discount applied when booking online.
Sign up for our daily newsletter
1 of 2
VIRGINATLANTIC.COM
Unfortunately, the full fees, taxes and substantial surcharges are payable on all routes in all cabins. Unlike British Airways, there is no way to reduce the carrier-imposed surcharges by redeeming more points. Even in economy, you can expect to pay hundreds of dollars extra; in business class, the total is more than $1,000 round trip. These surcharges remain the biggest frustration with the Flying Club program.
Related: Is Virgin Atlantic premium economy worth it on the A330-900neo?
To take advantage of this great offer, you must book by July 24 and complete travel by Sep. 30. Unfortunately, the discount does not apply to existing bookings. You may consider canceling and rebooking if your existing flight falls within the eligibility window. However, availability is not guaranteed.
If you need to earn Virgin points for one of these awards, you can transfer them from American Express Membership Rewards, Bilt Rewards, Capital One, Chase Ultimate Rewards and Citi ThankYou. All of these transfers process at a 1:1 ratio and should post instantaneously to your Virgin account.
This is a great initiative from Flying Club, and it is generous, given it covers peak summer travel across the Atlantic in all classes. Just be mindful of those pesky surcharges when booking.
Grandma probably doesn’t want another scented candle, but she could very well use a ride to the store. Your underemployed nephew would likely prefer a little help filling the pantry instead of a jokey T-shirt. And the sister who’s staying home with her kids may not be able to afford any extras just now. Instead of dropping $40 on a sweater, why not put that money toward a membership to the local museum?
You’ve still got a few weeks to think about Christmas gifts. Make this the year when you pick presents that actually help.
Giving gifts that help
I’ve put together a list of items that save the recipient money or fill a specific need. Prices range from as little as $5 to upwards of $50 or more — and some of the suggestions will cost you little except time.
Warehouse club membership
If you’ve got $40 or $50 to spend, why not make it possible to buy in bulk all year long? Note that this gift isn’t suitable for folks who don’t buy much at a time or who have limited storage space — unless you offer to split some big buys with them. Frugal hack: If you’ve got a membership already then make up a gift certificate that says, “I will take you shopping once a month for 12 months.”
Greeting cards
Some of us dinosaurs still like to send snail-mail birthday, get-well or “thinking of you” cards. You can get decent ones two for a buck at some dollar stores. I got an even better deal on Hallmark assortments at Walgreens: 10 cards to a box, two boxes for $5, or a quarter apiece. Ideally, you’ll spring for at least a 10-pack of stamps along with this gift. Frugal hack: Shop thrift stores and rummage or yard sales — a lot of really nice card sets end up deeply discounted in both places.
Annual pass
A season’s membership to a local zoo, museum or theater company may cost less than you think. You’re not only giving someone a year’s worth of entertainment, you’re investing in community organizations. Frugal hacks: Social commerce sites like Groupon or Buy With Me sometimes offer annual passes; sign up for a few of these services right away and see what pops up in the next few weeks. Be sure to buy the social commerce vouchers through a cash-back site for a 6% rebate.
Pet supplies
People who have recently lost their jobs or who are living on fixed incomes could be hard-pressed to provide for Fluffy or Fido. Find out what kind of kibble the animal eats and drop off a jumbo sack of the stuff, or one of those huge buckets of kitty litter. Possible frugal hacks: Watch for loss leaders at places like Petco and PetSmart, and pay with a discounted gift card.
Yard work
Aging or chronically ill relatives might not be up to mowing, weeding, shoveling snow or cleaning out the gutters. Give a homemade gift certificate good for a certain number of hours of work each season.
Supermarket or drugstore gift card
Your giftee can shop the best sales or treat himself to an item that’s normally out of his price range. Since some supermarkets sell gasoline, that card might come in real handy during a particularly tight week — you can’t get paid if you can’t get to work, right? Frugal hacks: Some drugstores give free gift cards if you fill or transfer a prescription. Some rewards programs and rewards credit cards offer them. Discounted gift cards for merchants like Shell, Exxon, Walgreens, Jewel-Osco, Safeway and Albertsons are often available for about 3% off; see above link for how to buy them.
The Entertainment Book
It’s got discounts for food, movies, cultural attractions, sporting goods and all kinds of services. Frugal hack: Buy it through a cash-back site and you’ll get a rebate of up to 35% plus free shipping.
Transit pass
For those of us who don’t own cars, the prospect of a month’s worth of public transit sounds mighty fine. Or how about paying for a year’s membership in a car-sharing service? Frugal hack: If you’ve got a car, make your gift “I will take you to do one errand a week (with advance notice) for the next year.”
Community-supported agriculture
If money is no object, buy that special someone a CSA share. He’ll eat fresh produce from late spring until early fall, and you’ll be helping a local farmer stay in business. Go to this U.S. Department of Agriculture site and scroll down to “Find a CSA farm.”
Prepaid calling card
Not everyone has unlimited minutes on his cell phone, or a cell phone at all for that matter. The card lets the recipient talk with relatives and friends without worrying about the phone bill. Frugal hack: If you’ve got unlimited minutes on your cell, arrange to let your relative or friend use it once or twice a month.
Socks and underwear
Yes, you are turning into your mother. But these are the kinds of things we all need to replace. So if you know the person well enough to know his or her needs (and size!), then watch the clearance tables or use a price-comparison website to find the best deals. If this is a family with young kids, buy a size or two up.
Green ’em up
Make your gift a bunch of compact fluorescents, faucet aerators and low-flower showerheads to reduce the giftee’s utility bills. Offer installation if necessary. If you’ve got money to burn consider installing a water-saving toilet, too. Frugal hacks: Pay with a discounted gift card from Lowe’s or Home Depot, or buy through a cash-back site, specifying “local pickup” (i.e., order online but go get it yourself) if free delivery isn’t offered.
Car care
Buy a case of motor oil and filters and offer to do the changing if they’re unable and you’re handy. Or spring for a set of replacement wiper blades, some new floor mats and a gallon or two of windshield washer fluid. Frugal hack: Watch auto-supply store ads for sales and rebates.
Medicine cabinet
Buy that special someone any or all of the following: a year’s worth of vitamins and supplements; cold or allergy medicines, nighttime cough syrup, lip balm, throat lozenges and those tissues with the lotion in them; analgesics, antibacterial ointment, bandages and the like. Frugal hack: Many of these items can be obtained cheaply or free after rebate.
All right, dear readers, it’s your turn: What suggestions do you have for gifts that help?