Can You Open a Free Business Checking Account Online with No Minimum Deposit?

As a business owner, you already have a lot on your plate to worry about. The last thing you should worry about is how to open a business bank account. 

When opening your business checking account, you need to pull together several documents and pieces of information. This information typically includes your Social Security number or EIN (Employer Identification Number), personal identification, business license, and organizing document filed with the state. 

Before opening a bank account, you also have to take into consideration whether there is required minimum opening deposit. 

Wouldn’t it be nice to not have to worry about putting money into your new account when you first set it up? Most business consultants recommend opening a business account as one of the first things you do as a new business owner, even before you start selling your products or services. So, a no-deposit setup takes away an important barrier faced by many new business owners—and it allows you to have a professional look from the get-go.

The good news is there are business checking accounts that don’t require an opening deposit. Banks that offer a no-deposit setup are likely to have a good understanding of your needs as a small business owner, and are probably a good bet for you.

Business Banking: Things to Consider

In addition to finding a financial institution that doesn’t require an up-front deposit, we recommend that you make sure the bank or credit union you’re working with offers no or low fees and charges, no minimum daily balance requirements, online banking and mobile banking, online bill pay, an easy-access debit card and direct deposits.

Does Kabbage Offer a Checking account with No Deposit?

Yes. You can open a Kabbage Checking™ account without an initial deposit. You can then add funds to your bank account whenever you’re ready.

Kabbage Checking comes from a partnership between Kabbage and Green Dot Bank. Together, they’ve created a full-service checking account for small businesses with a top 1.10% APY interest rate.

Kabbage Checking Accounts: All of the Features, None of the Strings

In addition to being able to open up a bank account with no cash deposit, you can take advantage of no monthly fees, no ATM fees and no minimum daily balance requirements. 

Also, for easy bill pay, you can set up your vendors, organize your bills and issue payments electronically. To help you manage your money better, we enable you to organize your income streams or set aside money for specific goals.

You can access your bank account when and where you need it. Use your Kabbage Debit Mastercard® to withdraw cash through a network of free ATMs, and deposit cash at over 90,000 retail locations nationwide. 

Our checking accounts are FDIC-insured up to $250,000, and backed by Green Dot Bank, Member FDIC. 

We also offer a top interest rate of 1.10% APY.

Kabbage Checking Is Fast, Flexible, Technology-Driven and Secure

  • Fast: We use your online data, rather than manual processes, so you’re up and running in no time.
  • Flexible: Your business is unique, so we make sure our solutions work for you. Sign up for the services you use without worrying about the ones you don’t.
  • Technology-driven: Put your financial information to work for you. Connecting your accounts to our technology gives you the ability to see all your finances in one place.
  • Secure: We have review-only access to your accounts, so we do not store your login credentials. We always use advanced encryption and other security measures to keep your information safe.

At the end of the day, you need a straightforward way to manage your business money that is FDIC-insured. A checking account with Kabbage can be your banking solution.

Want to dig deeper?