First National Bank Small Business Accounts Reviewed, Plus Top Alternatives

Sally Lauckner

Sally Lauckner is the managing editor at Fundera. Previously, she was senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has a decade of experience in digital media and has held various editorial roles at the Huffington Post, AOL.com, and Glamour magazine. Sally has a master's degree in journalism from New York University and a bachelor's degree in English from Columbia University. Email: sally@fundera.com.
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Starting a business is complicated and there’s a lot to think about. But if you open a business checking account early on, you’ll save yourself some hassle down the road. For one thing, you won’t have to keep track of which deposits are for your business and which are for your personal spending. For another, having a business checking account can protect your personal assets from liability in the event of a lawsuit against your LLC.

Once you’ve gathered the necessary paperwork to open a business checking account, you’ll need to decide where to open your account. You might find that a local bank that has branches near your home or office is the most convenient. And if you live and/or work near a First National Bank, you might be wondering whether the First National Bank small business accounts will fit the bill. That’s where we come in. We’ll walk you through the business checking accounts at First National Bank and offer some alternatives for your consideration.   

Choosing the Best Business Checking for Your Small Business

It’s always a good idea to have a little background knowledge before you start comparison shopping. There are several factors to consider when you’re comparing business checking accounts, but they all tend to come down to either cost or convenience.

On the cost side, you’ll want to consider the number of transactions that are free each month with the account, any fees attached to the account, and the minimum balance required for the account. Choosing an account with the wrong fee structure for your needs can be a costly mistake. If you make more transactions than you get for free each month, or you choose an account with a high minimum balance requirement that you consistently fail to meet, those fees will add up quickly.

When it comes to convenience, you’ll want to consider location, number of branches, hours, and any online or mobile banking options you may need.

first national bank small business account

The 2 First National Bank Small Business Accounts Reviewed

First National Bank Business Free Checking

If you’re looking for a basic, low-cost business checking account, you may be interested in the First National Bank Business Free Checking account. The name says it all. This is an affordable account designed to set your mind at ease about account fees. There’s no minimum deposit to open the account, and no minimum balance required to maintain the account. You’ll get 150 free transactions per months, and pay $0.25 per transaction after you hit that mark. If you end up seeking a mortgage with First National Bank, you’ll get a $200 credit toward your mortgage closing costs as a perk for being an account holder.

Monthly fees and limits:

  • No minimum initial deposit
  • No minimum balance requirement
  • 150 free transactions per month
  • $0.25 per transaction after 150

Best for:

  • Business owners making fewer than 150 transactions per month
  • Business accounts with a low average account balance

So, that covers the cost side of things. What about convenience? The First National Bank Business Free Checking account comes with free online banking, BillPay (for online bill pay), mobile banking, and custom alerts that can let you know when your balance is low. You’ll get a Visa® Business Debit Card with your account and you’ll be able to use Visa checkout for faster online shopping.

Top Alternative to First National Bank Business Free Checking: Azlo

If you’re not sure whether the First National Bank Business Free Checking Account is for you, not to worry. There are alternatives on the market that might fit the bill. One alternative is the Azlo business checking account. Azlo doesn’t have any physical branches, so you won’t be able to stop in and speak to a teller. It does have an extensive ATM network, however, so you won’t have any worries on that score.

Like other online-only bank accounts, the Azlo business checking account doesn’t let you write checks or deposit cash into the account, so if writing checks and accepting cash are big parts of your business model, you might want to skip to the next section.

Where the Azlo account comes into its own is on cost. There’s no minimum balance requirement or monthly fee, and no cap on the number of free transactions. You get unlimited transactions each month, which is a serious perk for some business owners.

Best for:

  • Business owners who don’t need checks or deal in cash and are looking for a free account with unlimited transactions

First National Bank Business 300 Class Checking

The First National Bank Business 300 Class Checking Account is a step up from the First National Bank Business Free Checking Account. The name gives it away. The First National Bank Business 300 Class Checking Account comes with 300 free transactions per month. After that, the same $0.25 per transaction fee applies.

The minimum balance on the account is $5,000. As long as your balance is at or below $5,000 you won’t be charged any account maintenance fees. Account maintenance fees are $10 if you don’t meet the minimum balance requirement. And if you get a mortgage through First National Bank, your status as a Business 300 Class Checking Account holder will earn you a credit toward your closing costs of up to $400.

Monthly fees and limits:

  • 300 transactions per month
  • $0.25 per transaction over 300
  • $5,000 minimum balance requirement (or $10/month maintenance fee applies)

Best for:

  • Business owners who have a moderate monthly transaction volume
  • Business owners who tend to have a high average balance (above $5,000)

The First National Bank Business 300 Class Checking Account has the same online, mobile, and alert features that the bank’s free checking account offers.

Top Alternative to First National Bank Business 300 Class Checking: Capital One Spark Business Checking

An alternative to the First National Bank Business 300 Class Checking Account is the Capital One Spark® Business Checking account. The account has a minimum first deposit of just $1, no monthly fee, and no minimum balance requirement. But here’s the kicker. The account comes with unlimited fee-free transactions, a real boon if you make a lot of transactions each month.

Monthly fees and limits:

  • $1 initial deposit minimum
  • No maintenance fee
  • No minimum balance requirement
  • Unlimited free transactions

Best for:

  • Business owners with a high monthly transaction volume

Plus, with the Capital One Spark® Business Checking account you can make free cash deposits of up to $5,000 each month. After that, you’ll owe $1 for every $1,000 in cash you deposit.

Who Are First National Bank Small Business Accounts Right For?

The main differences between the two First National Bank small business accounts are the transaction limit and the minimum balance requirement, which in the case of the First National Bank Business 300 Class Checking Account triggers a monthly maintenance fee if not met.

So how do you evaluate your business checking needs to choose the account that’s right for you? If your business is already up and running you’ll have an easier time of it. You can look back through your statements and records and figure out how many transactions you tend to make each month and how high your average balance tends to be. Armed with that knowledge, you can choose an account that will minimize your fees and costs.

If you’re still in the early stages of your time as a small business owner, you might have to make some educated guesses about what you’ll need from a business checking account. Do you expect to be dealing in cash? Will you have a high transaction volume? Do you have a financial cushion that will allow you to maintain a high average balance, or do you expect to be scraping by in the beginning? It may be hard to predict the answers, but thinking about these questions can help you make a better decision when selecting a small business account.

Unlike when you’re choosing a business credit card, when you’re choosing a small business bank account there aren’t typically complicated rewards programs to compare and optimize. Instead, it’s all about maximizing convenience and minimizing cost.

Editorial Note: Fundera exists to help you make better business decisions. That’s why we make sure our editorial integrity isn’t influenced by our own business. The opinions, analyses, reviews, or recommendations in this article are those of our editorial team alone. They haven’t been reviewed, approved, or otherwise endorsed by any of the companies mentioned above. Learn more about our editorial process and how we make money here.

Sally Lauckner

Sally Lauckner is the managing editor at Fundera. Previously, she was senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has a decade of experience in digital media and has held various editorial roles at the Huffington Post, AOL.com, and Glamour magazine. Sally has a master's degree in journalism from New York University and a bachelor's degree in English from Columbia University. Email: sally@fundera.com.

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