Which Checking Account is Right for Your Business | Peoples Bank

A supportive and reliable bank will provide the essential features your business needs to get up and running, like a checking account that meets your needs. Peoples Bank offers multiple options for business checking, plus we make it easy to transition your account type as your business grows and your needs evolve.

Simply Free Business Checking

If your business is just getting started, a Simply Free Business Checking account from Peoples Bank may be the best option for you. Accounts are easy to open with a $50 minimum deposit to open, and easy to maintain with no minimum balance and no monthly service charge. Account holders are allowed 500 free monthly transaction* items, which includes all debit and credit transactions. If your business provides a service, for example freelance graphic design, you likely won’t have trouble staying within the transaction limit. You can also deposit up to $10,000 per month in currency without paying a fee.**

Ideal for: Small businesses with a low volume of monthly transactions or deposits

Business Interest Checking

Sole proprietorships and not-for-profit businesses can open a Business Interest Checking account that will pay interest on checking account balances at a variable, competitive rate. The Business Interest Checking account has a low monthly service charge of $10, which is waived so long as the account balance remains at or above $1,000. Similar to Simply Free Checking, this account also allows 500 free monthly transaction items* and up to $10,000 free currency deposits per month.**

Ideal for: Sole proprietorships or not-for-profit organizations (business must be one of the two)

Business Checking

For higher volume business owners, such as a retail store or restaurant, the Business Checking account is a great option. This account comes with a monthly service charge of $20. Debit and credit transaction items are just .15 cents each and users can make coin and currency deposits for .50 cents per $1,000.

Ideal for: Businesses with a moderate to high transaction volume

As a local, community bank, we take pride in meeting the needs of our fellow local business owners. Our competitive business banking solutions coupled with our personal approach to customer service means you can experience a local bank with national perks.

At Peoples Bank, all business checking accounts include:

  • Free Online Banking
  • Positive Pay (you must enroll in service)
  • Free Mobile Banking
  • Free eStatements with online check images
  • Free Thank You gift (may be reported on a 1099-Int or 1099-Misc)
  • Buy Back of unused checks and debit cards from another financial institution (up to a total of $10 for checks and debit cards)
  • Access to the MoneyPass ATM Network (thousands of surcharge-free ATMs across the U.S.)

*Transaction items include all debits and credit. If the Simply Free Business or Business Interest Account exceeds 500 free monthly transactions, the account may be converted to another checking product.

**Includes coin and currency. If the Simply Free Business or Business Interest Account exceeds $10,000 in monthly coin and currency deposits, the account may be converted to another checking product.

To learn more about opening a Business Checking Account with Peoples Bank, visit any of our eight convenient area branch locations.