Financial institutions and entrepreneurs have a complicated historical relationship. Entrepreneurs need the means to finance their businesses and stay afloat, which means they rely on banks for everything from business loans to checking accounts. And banks need entrepreneurs too. Without small businesses driving the economy, there’s not many banks can do.

This (sometimes reluctant) codependency has made entrepreneurs more demanding in recent years. While there are more loan options available, business owners are finding it harder to secure financing. It seems like a double shock at a time when some entrepreneurs are struggling to cut operating costs or secure their cash flow against unforeseen disruptions – how can they sustain it? your business when money goes out and nothing comes in?

Others have struggled with high credit card interest rates, lame rewards programs, more complex business bank accounts and a lack of business credit. This makes them bitterly swallow and feel hesitant towards financial institutions.

But many companies are working to create platforms that help entrepreneurs rather than harm them. Here are three banking apps that aim to make life easier for entrepreneurs with no fees.

1. Chime 

Chime is a mobile banking app with the tagline “bank the way it should be” and it offers a two-pronged approach to helping entrepreneurs succeed:

save money and manage it. As one of the fastest-growing bank accounts in the United States, Chime offers spending accounts, Chime Visa debit cards, and savings accounts. Savings accounts can be set up for automatic savings by setting aside 10% of the deposit as savings or by rounding up purchases and transferring the difference to savings.

Entrepreneurs who have experienced the ups and downs of their business will rest assured that Chime does not charge overdrafts, monthly service, wire transfers or foreign transactions and that users are not required to maintain a minimum balance. The award-winning app provides real-time alerts, as well as daily balance notifications, and allows users to initiate transfers between accounts or with other people or businesses. It also integrates with other payment platforms to eliminate paper checks – and if business owners need to issue a check, they can submit a claim through the Chime app and have Chime send it. Even better for entrepreneurs worried about security breaches, Chime uses 128-bit AES encryption and secure processes for all of their checking accounts.

2. Wave

Wave offers free financial software to businesses with nine or fewer employees. This easy-to-use software supports contractors’ accounting tasks by helping them track expenses and revenue, manage invoices, accept payments and track customer accounts, issue payroll, Scan receipts and generate accounting reports. The company also offers free personal finance software that allows business owners to manage their personal and business finances through one platform while keeping them separate.

The app allows business owners to attach their bank accounts and credit cards and customize their dashboards instantly. Wave provides dual accounting and organized tracking to help entrepreneurs prepare for tax time; entrepreneurs can also invite people who help them manage their books — from CPAs to business partners — to collaborate through the app. For those who want to take control of their financial data on their own, the software helps them prepare P&Ls, balance sheets, sales tax reports, and more. And for the privacy-conscious, Wave offers 256-bit encryption and read-only connections to banking data and is PCI Level 1 certified for handling sensitive financial information.

3. Spending Tracker

For entrepreneurs who want to track their spending to build an accurate budget, the Spend Tracker is a free app that shows where the money is going. The intuitive app helps small business owners see how expenses have been allocated over a period of time, allowing them to see whether they should automate a simple but time-consuming process or hire an employee. other members. Users can attach their bank accounts and can also set goals for each type of budget so they can track their progress in any given month or year.

Many business expenses seem to be driven by the cost of doing business with customers or the financial landscape of the industry itself, but entrepreneurs also influence their spending. The free app’s easy viewing and syncing capabilities – business partners can sync their phones with the same account, for example – clearly show when a certain category is consuming. spend profits or fund others, helping entrepreneurs maximize their money.

While financial institutions and banks can be frustrating for some entrepreneurs, there are still a number of apps that help small business owners complete their financial tasks, save money, and make the most of their money. they earn. These three free apps can help entrepreneurs grow and support their businesses.