How can I claim free money

The best free business accounts in comparison

There is now a wide range of options free business accounts. Many neobanks offer several business account models that are suitable for different types of companies. But what is the best free business account? What advantages does a free company account have to offer in order to stand out among the alternatives?

The best free business accounts in comparison

  • free Business account
  • Deposit insurance included
  • All functions of a traditional account
  • Optimized for smartphone use
  • Free Account management with FYRST Card
  • 50 free paperless Booking items included
  • Cheaper Foreign payment transactions
  • Cash withdrawals and deposits throughout Germany
  • free Business account
  • worldwide free of charge pay
  • withdraw free money within the euro zone
  • 0.1% cashback on all business purchases
  • free Business account
  • 1 business account and 1 Business Mastercard
  • Unlimited Transfers
  • Withdrawal fee 2,5 %

Fidor Bank Smart Business Account

  • Free digital debit mastercard
  • Simple and fast Account opening
  • Mobile, digital and contactless
  • Account management fee € 5, not applicable in the case of intensive use

In our business account comparison, we have already looked at many different business account models. But many of these company accounts, especially those of branch banks, are chargeable. Can you expect similar services with a free business account as with a paid company account and thus avoid the monthly fees? We have put together an overview of the best free business accounts for you.

Table of Contents

Who can open a free business account?

In principle, a business account is only required by law for corporations (such as UGs and GmbHs), so freelancers and sole proprietorships are not obliged to set up an extra account for business finances. Accordingly, it is up to freelancers and the self-employed whether they open a business account or prefer to use a private checking account. Those who prefer this variant for managing their finances can also use a free current account.

However, business accounts are usually tailored to the individual interests of corporate forms and thus offer many additional services that can make everyday business much easier. The separation of business and private finances is also highly recommended for a better overview. We have already introduced you to the best business accounts for freelancers and self-employed.

What services can you expect from a free business account?

Although there are now many different offers for free business accounts from digital neobanks, free does not mean free of charge. Even if there is no monthly account maintenance fee, banks can charge a fee for various services such as paperless or paper-based transfers or cash withdrawals. In any case, it is advisable to consider the various services that must be available in your business account.

Digital account management

Most free business accounts are offered in digital form by Neobanks. An online business account has many advantages, because with a mobile banking app you always have a flexible overview of your finances. The banking apps are mostly available for Android and iOS and are compatible with smartphones, tablets and desktops.

When choosing a suitable free business account, you should also pay attention to the security of the banking apps. Most of the time, your account details are secured using a two-step authentication system. You can also manage your finances either via Touch ID, face recognition, password or classic SMS-TAN.

Credit cards

Many branch banks as well as newer direct banks offer a free bank card when opening a free business account. Even if a physical card is not included in the financial package, you should at least expect a virtual bank card to manage your business finances. Here, too, they offer different advantages and designs. Most providers provide either a Mastercard or a Visa debit card.

Most free company accounts only include a free bank card, but additional cards can easily be ordered for employees if required, whereby only a small fee is incurred.

Financial management tools

In addition to the usual additional services, some banks also offer financial management tools in combination with the free business accounts. These can be particularly useful for bookkeeping and tax returns and are primarily aimed at sole proprietorships and freelancers who do not want to spend a lot of time on financial management. The respective accounting software and financial management tools usually provide a useful overview of the financial status and cash flow of your company.

When combined with the online banking app, many free business accounts have the advantage that they categorize and debit business income and expenses directly. In addition, some providers offer many other additional services, such as invoicing using templates and real-time notifications about transactions directly on the smartphone. Whether these services are included free of charge in the respective free business account or whether you have to book the accounting software separately also depends on the respective company account model.

Free Business Account Limitations

While free business accounts offer many different advantages, limited services can also be fatal. Of course, you save the monthly account management fee, but these missing costs are compensated in other places and can lead to some disadvantages.

Additional fees

As already mentioned, a free business account does not have to be completely free of charge. The direct banks offer some conditions for free, but you have to pay extra for certain services. Depending on the business account model, you can generally expect additional fees for the following services:

powerfee
Cash withdrawals0 to 7.50 euros or 1.5 percent per payout
Cash deposits0 to 4.90 euros or 2.5 percent per deposit (if at all possible)
Digital transfers 0 to 0.50 euros
Paper-based transfers0 to 3 euros per transfer
Foreign currency fee 1 to 2 percent per payment
Debit interest overdraft5 to 15 percent (if applicable)

Some additional services are also free of charge for a certain volume per month or year, but then costs are incurred beyond the specified quota. Furthermore, under certain circumstances a bank may charge additional fees for certain consultations. You should also take into account the cost of a business credit card.

Payable transfers

As already mentioned, there may be additional costs for various services. The point of transfers is particularly interesting here, as some providers charge costs for all or a certain volume of transfers. In contrast, branch banks that charge an account management fee offer free transfers. The most renowned business account models of branch banks include the company accounts of Postbank and Commerzbank. These provide the following business account models:

If your company works a lot with transfers, it is more worthwhile to consider a business account at a branch bank. This also means that you can request personal advice in the branch if necessary.

Limited benefits

In some cases, free business accounts are also severely limited in their capacity. Certain services either require additional fees or are only available in higher account models, which in turn always receive an account management fee. Thus, these free company accounts are only useful for small or very young companies that do not have to use certain services too much. With brisk growth, however, certain business account models are no longer worthwhile because the additional fees become too expensive. The Fyrst Base business account is a good example of a free company account, as many services such as cash deposits and booking costs are limited. Companies with a brisk incoming payment must therefore switch to the higher account model:

Fyrst COMPLETE business account

  • 10 Euro per month
  • 75 paperless posting items included
  • free Use of Fyrst order management
  • Cash deposits on more favorable terms

It is therefore advisable to always weigh the conditions of the individual free business accounts with the interests and needs of your own company.

Limited legal forms

For one thing, with free business accounts you always have to keep in mind that different types of company may not be suitable for the respective account model. For example, some banks only offer business accounts for freelancers and self-employed, others completely exclude these professional groups from opening an account. In addition, it can happen that the respective business account is accessible for most types of company, but like the Fyrst Base business account is only free for certain groups. It is therefore worthwhile to keep a close eye on the conditions of the individual free business accounts.

When is a free company account worthwhile?

As you can quickly see, a free business account can have many advantages. However, disadvantages can also be found in other places. So when does a business account without an account management fee make sense? And for whom is such an account model worthwhile?

A free business account can be worthwhile for companies that particularly rely on digital account management. Innovative tools can make everyday financial life a lot easier here. However, you should also be careful of high additional fees. Many free company accounts do not require an account management fee, but this can be offset in other places for certain services. If, for example, a company carries out a large number of paper-based transfers, the conditions relating to this service should definitely be observed before the application.

It is therefore fundamentally true that a free business account only makes sense if the services cover the company's financial needs. Those who have to use certain functions more often prefer a more expensive business account, but consequently have to pay less. Basically, the overall impression of the product must always be right, regardless of whether it is a free company account or not.

The best free business accounts at a glance

So far, only neobanks have offered a free business account; most company accounts at branch banks have always been subject to a monthly fee. The free company accounts of the fintechs are completely digital and are characterized by quick account opening. However, when choosing a free company account, you have to be careful that the respective type of company is approved for the business account model. Some banks focus on certain types of company and offer a separate, fee-based company account for larger companies.

A few providers offer company account models that can be opened by most legal forms. This means that sole proprietorships as well as limited liability companies and civil law companies can benefit from the advantages. The following free business accounts can be opened by all types of companies:

  • Fyrst Base (free Fyrst Card, 50 free transfers per month, cash deposits and withdrawals)
  • Holvi Builder (free Business Mastercard, unlimited transfers, 2.5 percent withdrawal fee)
  • PayPal (free PayPal Business Debit Mastercard, PayPal Plus for online shops)

However, the PayPal business account is only an additional business account, as you have to have additional bank details.

Free business accounts for small business owners and freelancers

Since the financial requirements of small businesses sometimes differ from other forms of business, some providers also explicitly specialize in these needs. Kontist Free, for example, is an ideal free business account for small businesses, as it offers innovative financial management functions and can also be opened without a Schufa query.

Kontist Free business account

  • free online business account
  • virtual Visa business debit card
  • For freelancers, self-employed and small business owners
  • smart online banking app
  • Opening without SCHUFA inquiry
  • Dispo credit

This account model can also be advantageous for freelancers and the self-employed.

Private current account as a free business account?

This group can theoretically decide for themselves whether to use a personal checking account or a business account for professional finances. In contrast to the other types of company, the use of a company account for this purpose is not required by law. However, there are several reasons why it is advisable to separate private and business finances for a better overview. For this free business accounts that focus exactly on the needs of sole proprietorships. In addition to Fintech Holvi, N26 also offers a free company account, which is characterized by attractive conditions.

N26 Business You account

  • Premium business account - 9.90 euros per month
  • Free Maestro and Mastercard Credit card
  • Insurance package to travel
  • Unlimited paperless Transactions free of charge
  • Five free withdrawals in Germany per month
  • Unlimited free withdrawals outside of Germany
  • No fees whatsoever for payments in foreign currencies
  • Modern banking via smartphone app

Neobanken Fyrst also offers integrable financial management tools that make day-to-day bookkeeping much easier. However, this service is associated with additional costs for full use or is only available in a paid business account model.

Fyrst Base business account

  • free online business account
  • free Fyrst Debit Card
  • For freelancers, start-up companies and legal entities
  • Cash deposits and withdrawals
  • integrable accounting software
  • Foreign transactions on favorable terms

Open a free business account - requirements and documents

The documents you need to open a free business account depend heavily on the individual bank. Since the fee-free company accounts have so far only been offered by Neobanks, the account is usually opened digitally. As a rule, at least the following documents are required to open a free company account:

  • Proof of identity (ID card or passport)
  • Tax identification number

At some banks, proof of identification is also provided via video legitimation. Whether it is necessary to submit additional documents may vary depending on the company account model. For the Neobanken N26 and Fyrst, for example, it is a prerequisite to present an extract from the commercial register and a registered office in Germany.

Account switching service

Some free business accounts also offer a free account switching service, which makes the transition to the respective business account much easier. So if you already have a business account, the data will be completely transferred to the new business account and you can use its advantages directly. For example Fyrst but also Kontist advertise to take over the relocation of the account data. This is particularly useful because it avoids annoying paperwork and does not have to search through the account records forever.

What are the alternatives to free business accounts?

Since many free business accounts incur additional fees for money transfers or cash withdrawals, it is worth taking a look at the paid alternatives. Which chargeable alternatives are interesting for your individual company depends heavily on the legal form, as not all groups can open a business account with the same banks.

Neobank Penta only offers a business account model with monthly fees, but there is a free trial period of 2 months. In addition, all types of companies and companies in the process of being set up can open a business account, which is not a matter of course in the financial market.

Penta Advanced business account

  • Digital Business account
  • Free Test phase of 2 months
  • Free Penta Debit Card
  • For all types of companies and companies being established
  • Mobile online banking
  • No SCHUFA query
  • Integrated financial management

Otherwise, you can expect the monthly fees from branch banks such as Commerzbank and Postbank. In return, they also offer personal advice in the branch as well as favorable conditions for cash withdrawals and transactions. The following business account models are interesting for the banks mentioned:

Many company account models, with their individual conditions, are more geared towards larger corporations. For smaller companies or freelancers, these business accounts are then rather less interesting, as a comparatively high account maintenance fee is not particularly worthwhile for them. Branch banks such as Sparkasse, Deutsche Bank and Volksbank offer significantly more expensive business account models, which are usually only useful for large companies with a lot of payment transactions. In addition, most neobanks also offer higher company account models with monthly fees, which are therefore also more worthwhile for large companies. One example is the Fyrst Complete business account, which increases the quota of certain services to higher monthly fees.

Fyrst COMPLETE business account

  • 10 Euro per month
  • 75 paperless posting items included
  • free Use of Fyrst order management
  • Cash deposits on more favorable terms

Conclusion on the best free business accounts

Since you can quickly lose track of the wide range of free business accounts available, it is worthwhile to identify the individual needs of a company for the time being. Many different providers offer free business accounts that are tailored to different types of companies. Although there are no monthly account fees for free company accounts, additional services or brisk payment transactions and cash handling can be associated with additional costs. For larger companies in particular, it is also worthwhile to consider paid business accounts.

Frequently asked questions about free business accounts

What are the benefits of a free business account? +

A free business account is especially useful for those who want to rely on flexible online banking. In addition, free corporate accounts can provide free credit cards and financial management tools.

Which banks offer free business accounts? +

Free business account models are only offered by digital neobanks. The main providers include Kontist, Holvi, Fyrst and N26.

Who can open a free business account? +

Not all free business accounts are available to all forms of business. The fintechs N26 and Kontist, for example, offer their free company accounts exclusively for freelancers and sole proprietorships.

What fees can I incur with a free business account? +

Not all free business accounts are created equal. Various additional services such as cash withdrawals and deposits, transactions and international payments can also result in additional costs. It is therefore advisable to check the conditions of the respective free company account beforehand