As you search for a home for your business finances, you might prioritize the cost of your business bank account, looking first and foremost for free business checking accounts.
A free business checking account generally refers to a business checking account that does not require an annual or monthly fee. It’s important to keep in mind, though, that these accounts may charge fees for some services, like wire transfers, or in certain scenarios, such as overdraft fees.
On the other hand, several banks do charge annual or monthly service fees with the option to waive them if you meet a certain minimum balance or other requirements—once met, these accounts will essentially be free as well.
In this guide, we’ll break down some of the best free business checking accounts, explaining everything they have to offer—plus, share tips you can follow to compare accounts and find the product that’s right for your small business.
15 Best Free Business Checking Accounts
Online institutions, big banks, local banks, and credit unions can all offer free business checking accounts. Let’s take a look at what characterizes each of these different providers so that you can find the best business checking account for your needs.
- Online providers: These newer, digital-first providers are more likely to have a fast and online-based application process, as well as digital tools like mobile check deposit, online invoicing, and payment processing. On the whole, you’ll find that many online-based providers offer free business checking accounts with a variety of free features. However, these providers won’t offer branch access.
- Traditional, national brick-and-mortar banks: Typically, if you’re looking for branch and ATM access, cash deposits, and the ability to bundle multiple business products (like credit cards, savings accounts, etc.) with one provider, you’ll want to focus your free small business checking account search on these types of institutions.
- Local banks or credit unions: If you’re looking for personalized service and access that’s specific to your area, you might decide to focus your search on these types of financial institutions. Overall, local banks or credit unions are more likely to have similar account features to that of a traditional brick-and-mortar bank, although you’ll likely be restricted to ATM and branch access directly in your area.
With this background information in mind, let’s break down our list of the best free business checking accounts.
Novo is a free online business checking account that’s a great option for new business owners, freelancers, ecommerce businesses, or any small business owner that’s looking to manage their finances digitally. You can apply for a Novo bank checking account online in minutes.
- Make payments, send money, and transfer funds from your smartphone (the app is available for both Android and iOS devices).
- If you need to send a physical check, Novo will handle the processing and send the check on your behalf.
- No fees or minimum balances.
- No ATM fees; unlimited reimbursements for fees from ATM providers.
- Includes Mastercard debit card that’s also compatible with Google Pay and Apple Pay.
- Novo can’t accept cash deposits.
2. Brex Cash
The most important thing to know about Brex Cash is that it isn’t actually a business bank account. Instead, Brex Cash is a cash management account offered by Brex Treasury LLC, a registered broker-dealer that is a member of FINRA and SIPC.
Unlike a traditional business checking account, Brex gives you more flexibility in managing your funds—allowing you to deposit your funds as cash or invest all or a portion of it into a money market fund to earn yield.
- Free, online cash management account.
- Unlimited ACH, wire, and check payment options and no minimum balance requirements.
- Instant payouts for ecommerce companies that allow you to receive funds for your sales right away.
- Includes Brex credit card, which is paid daily, and earns points on your transactions.
- Cannot make deposits or withdrawals at an ATM.
- Account not available to unincorporated businesses.
Overall, Brex is a competitive alternative to the traditional free business checking account. If you’re looking to invest your funds and earn points for your everyday spending, Brex might be an option worth considering.
3. NBKC Business Account
The business bank account from NBKC gives you wide-ranging functionality for essentially no fees. There is no minimum opening deposit or minimum balance requirement for this free online business checking account.
- No fees for transactions, overdrafts, online banking, check deposits, estatements, stop payments, and incoming domestic wires.
- Access your NBKC business account easily online or on your mobile device.
- Utilize over 32,000 MoneyPass ATMs at no charge with your free NBKC Business Debit MasterCard.
- Receive up to $12 in monthly refunds for using any ATMs from other banks.
- Offers the ability to add extra account features, like desktop deposit or ACH credits and debits, for low monthly fees.
- $5 fee to send domestic wires, $45 to send or receive international wires.
4. Axos Basic Business Checking
A well-known name in online banking, the Axos Basic Business Checking account is a free business checking account designed for business owners with a lower volume of transaction needs. With this Axos Bank account, you have access to up to 200 fee-free items per month, as well as 60 fee-free remote deposits per month—each additional item (or deposit) will cost $0.30.
- No monthly fees.
- First set of 50 checks free.
- Unlimited domestic ATM fee reimbursements.
- Free mobile and online banking, including online bill pay.
- Dedicated relationship managers for account holders.
- $1,000 minimum opening deposit required.
- Can’t accept cash deposits.
- Limited number of fee-free transactions per month.
5. BlueVine Business Checking
Great For: NOTE: BlueVine has paused accepting new applications as of April 2021
Min to Open
No Fee Balance
With the BlueVine business checking account, not only will you have no monthly fee, but you’ll also be able to earn an impressive 1% interest on all balances up to $100,000. This free small business checking account is an ideal option for saving on your everyday funds.
- Includes unlimited fee-free transactions, 24/7 online and mobile banking, mobile check deposit, and a free business debit card.
- No minimum opening deposit, no minimum balance requirements, no incoming wire fees, no NSF fees, and no ACH payment fees.
- Offers the ability to schedule one-time and recurring payments, as well as transfer funds between your accounts.
- Gives you access to fee-free ATM withdrawals at over 38,000 MoneyPass ATMs across the U.S.
- Allows you to deposit cash using your debit card at any Green Dot location across the country.
- Each cash deposit requires a $4.95 fee.
As we mentioned above, many national brick-and-mortar banks, like Chase, are great for bundling multiple business financial products, as well as offering wide-ranging branch and ATM access. That said, however, many of these types of banks don’t offer truly free business checking accounts.
Instead, if you want a Chase business checking account without a monthly fee, you’ll have to meet their requirements to have your fee waived. If you’re looking for the easiest way to avoid a monthly fee, you’ll want to consider the Chase Business Complete Checking account.
This account gives you four different options to waive the monthly fee, including maintaining a minimum daily balance of $2,000—which is fairly inexpensive in comparison to other checking accounts.
- Unlimited electronic deposits.
- Includes $5,000 in cash deposits each month without a fee.
- Allows up to 20 monthly paper or teller transactions without a fee.
- Access to more than 4,700 Chase branches and 16,000 ATMs nationwide.
- Can get multiple business debit cards and customize account access.
- Limited number of fee-free in-person transactions per month compared to competitors.
- Not truly free—have to meet minimum daily balance or other qualifications to waive the monthly fee.
All of that said, however, if you outgrow the Chase Business Complete Checking account, you also can upgrade to one of the two additional business checking account products Chase offers, both of which offer fewer limitations.
7. BBVA Business Connect Checking
Although BBVA may not be the first name you think of in terms of a big-name bank, this financial institution does have a handful of physical locations around the country, as well as a wide network for ATM access. This being said, the biggest benefit of this BBVA business checking account is that it’s truly free. This account does not require a monthly service fee and only needs a $100 minimum opening deposit.
- Includes up to $5,000 in fee-free cash processing per month.
- Includes two free in-branch deposits per month and five free in-branch withdrawals or processed checks per month.
- Offers unlimited free digital transactions.
- Gives you access to mobile check deposit, free online banking, mobile banking, and bill pay.
- No fee to use any of the BBVA ATMs in the U.S.—which includes over 43,000 ATMs in the Allpoint network, as well as ATMs at 7-Eleven gas stations.
- Only sole proprietorships can apply online.
- BBVA branches are only located in seven U.S. states.
Overall, however, if you’re looking for a free business checking account from a brick-and-mortar bank with the access and affordability most often associated with online banks, the BBVA Business Connect Checking account is a worthwhile option.
8. U.S. Bank Silver Business Checking
For another truly free business checking account option, you might consider the Silver business checking account from U.S. Bank. This U.S. Bank business account has no monthly fee, includes 125 free transactions per month, and offers a 50% discount on your first check order, up to $50.
- 25 free cash deposits per statement cycle.
- Offers online and mobile banking with bill pay.
- Includes access to credit card processing, check fraud prevention, remote check deposit, and overdraft protection.
- Includes a business debit card which you can use for free at any U.S. Bank ATM, as well as at any ATM in the MoneyPass network (32,000+ ATMs around the U.S.).
- Limited number of fee-free transactions and cash deposits per month.
- Fewer branches than competitors like Chase and Wells Fargo.
All in all, like the BBVA Business Connect account, the U.S. Bank Silver account provides a balance between accessibility and affordability. Although many U.S. Bank locations are centered in the Midwest and West and you are limited to a certain number of transactions per month, this account could be a particularly noteworthy option for newer and smaller businesses located in those parts of the country.
9. Wells Fargo Initiate Business Checking
There’s a reason why Wells Fargo tops our list of the best banks for small businesses. Not only do they offer a healthy small business loan program, but they also provide one of the best free checking accounts you’ll find for very small businesses.
With a Wells Fargo Initiate Business Checking account, you can easily waive the $10 service fee by maintaining just $500 per month in your account—one of the lowest minimum account balances out there. Additionally, you only need $25 to open your account.
- Includes 100 free transactions per period.
- Includes $5,000 in free cash deposits per period.
- Offers online and mobile banking with bill pay and mobile check deposit.
- Access to fee-free network of over 13,000 ATMs.
- Extended customer support hours through small business customer service phone center.
- Limited number of fee-free transactions per period.
- Not truly free—must meet the $500 minimum daily balance ($1,000 average ledger balance) to waive the fee.
Overall, Wells Fargo recommends this account for ambitious business owners building a foundation, the most common business banking needs, and reliable financial support. Once again, like with Chase, there are additional Wells Fargo business checking options with fewer limitations—these products, however, will have higher monthly service fees and higher requirements to waive those fees.
10. BB&T Business Value 50 Checking
If you’re just starting your business, BB&T’s free Business Value 50 Checking may be able to meet your needs. This BB&T business account has no monthly fee, a limited number of monthly transactions, and a robust online banking platform.
- 50 free items per month; $3,500 in free cash deposits per month.
- Discount of up to $25 on your first order of business checks.
- Free mobile app with mobile check deposit.
- Online banking platform with debit card management, expense management tools, and more.
- Access to over 1,700 branches, more than 2,400 BB&T ATMs, and over 2,000 SunTrust ATMs.
- Low number of free items per month compared to base-level accounts from competitors.
- Have to be located in one of the 15 states, plus Washington D.C., that BB&T serves to open an account.
Again, despite the low number of transactions, this free business checking account can be a great option for startups or sole proprietorship within BB&T’s service area.
11. Comerica Basic Business Checking
Finally, local brick-and-mortar banks, like Comerica, as well as small business-friendly credit unions, are more likely to offer free business checking account products compared to their larger competitors. In addition to the options below, you’ll likely want to check out other institutions in your area as well.
Comerica is a small bank in only five states and offers a simple, free small business checking account.
- No monthly fees.
- 75 free transactions per month.
- Up to $2,500 in free cash deposits per month.
- Low $50 opening deposit requirement.
- Additional services available like credit card and payroll processing.
- Only available in five states.
- Low transaction and cash deposit threshold.
You can find out more about all of Comerica’s business checking account options in our guide.
12. Citizens Bank Clearly Better Business Checking
The Citizens Bank Clearly Better Business Checking account offers an impressive combination of no minimum account balance, no minimum opening deposit, and 200 free transactions per month. This account is designed to specifically accommodate smaller businesses that don’t bank very much.
This bank has branches in 11 states—Connecticut, Delaware, Maine, Massachusetts, Michigan, New Hampshire, New Jersey, New York, Ohio, Pennsylvania, Rhode Island, South Carolina, and Vermont.
- $5,000 in free cash deposits per month.
- Option for savings overdraft transfer or overdraft line of credit.
- Online, mobile, and phone banking.
- Access to more than 1,100 branches and over 3,100 ATMs.
- Free business debit card.
- Have to visit a branch to apply.
- Limited in-network ATM access; $3 for out-of-network ATM use.
13. First Citizens Bank Basic Business Checking
With no maintenance fees, no minimum balance, and overdraft protection, the First Citizens Bank Basic Business Checking is as easy as it gets for small business owners who don’t want to think too hard about their banking. This free business checking account requires an opening deposit of just $100.
- Up to 175 free transactions per month.
- Up to $5,000 in free coin and currency deposits per month.
- Online and mobile banking access.
- Free access to First Citizen branches and ATMs across 19 states.
- Need to be an existing First Citizen customer to open an account online.
- Only around 1,100 branch and ATM locations across service area.
Moreover, if you want to avoid paying fees for passing your transaction and deposit limits as your business grows, First Citizens has three additional business checking accounts that you might consider.
14. Huntington National Bank Business Checking 100
Huntington National Bank, located in seven midwestern states, has a great free small business checking account called Business Checking 100. There’s no monthly service fee or minimum balance required on this account. This Huntington Bank business checking account includes 100 monthly transactions and $5,000 in monthly fee-free ATM and branch cash deposits.
- Online banking and mobile app.
- Hub digital tools for cash flow forecasting, managing revenue, and planning expenses.
- Email and text alerts.
- Free Huntington debit MasterCard.
- Overdraft protection options—line of credit with no annual fee (approval required) or deposit-to-deposit account transfers with no fee.
- Free 120-day trial of Huntington’s fraud detection tool.
- Only 1,300 free ATMs in Huntington network.
- Have to be located in Huntington’s service area to be eligible for an account.
And—like many of the other local institutions that offer free business checking accounts, Huntington also provides additional options for small businesses that want to upgrade their accounts. In fact, Huntington offers two other business checking accounts with unlimited fee-free transactions.
15. Iberia Bank Free Business Checking
Business owners hoping to build a relationship with their bank should definitely look into Iberia Bank’s business checking accounts. In particular, if you open an Iberia Bank Free Business Checking account (which has no monthly service charge or minimum balance requirements), you can also get up to two free personal checking accounts. With this option, you might able to keep all your capital with one financial institution.
- Up to 500 free transactions per statement cycle.
- Up to $10,000 in free currency deposits per statement cycle.
- Free online banking with bill pay.
- Free mobile banking.
- eStatements, eNotices, and email alerts.
- Free Visa business debit card.
- Only 191 branch offices across 12-state coverage area.
- Limited in-network ATM access; $2 out-of-network ATM fee.
Overall, if you’re located in the Southeastern U.S.—this account offers a competitive number of free monthly transactions and free monthly currency deposits—especially for a free business checking account option.
How to Find the Best Free Business Checking Account
Ultimately, although a free business checking account might be your first qualification, there are a variety of other features to consider when choosing a checking account for your business.
Here are some factors to keep in mind when comparing business checking accounts:
- Number of included monthly transactions (and associated fees)
- Average daily or monthly account balance requirement (if needed to waive fees)
- Minimum opening deposit requirement
- Availability of a physical branch and online services
- ATM access and cash deposit capabilities
- Ability to send and receive wire transfers, as well as ACH deposits
- Integration with payment and accounting software
- Size and location of the banking institution
That said, whether you’re looking for a truly free business checking account—or you’re okay with an account that has a waivable monthly fee—you’ll want to make sure you understand any and all other fees that the bank might charge you in association with your account.
At the end of the day, we’d recommend creating a list of qualifications (based on the factors above) detailing exactly what you’re looking for in your free small business checking account.
This way, you can compare different account options to this list of requirements and quickly and easily determine whether an account is right for your business’s needs.
Priyanka Prakash, JD
Priyanka Prakash is a senior contributing writer at Fundera.
Priyanka specializes in small business finance, credit, law, and insurance, helping businesses owners navigate complicated concepts and decisions. Since earning her law degree from the University of Washington, Priyanka has spent half a decade writing on small business financial and legal concerns. Prior to joining Fundera, Priyanka was managing editor at a small business resource site and in-house counsel at a Y Combinator tech startup.