If you’re searching for a business checking account that meets your specific needs, there are a variety of factors to consider—cost, features, accessibility, and more. In particular, and especially if you’re just starting your business, you might prioritize the cost of your business bank account, looking first and foremost for free business checking accounts.
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.
20 Best Free Business Checking Accounts
A free business checking account 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 an overdraft fee.
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—once met, this account will essentially be free as well.
With this in mind, let’s explore some of the best free checking accounts for small businesses. We’ve broken our guide down by online institutions, big banks, and local banks and credit unions, so you can find the best banking solution for your business.
1. Online-based banks: 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 banks offer free business checking accounts with a variety of free features. However, these types of banks won’t offer branch access.
2. Traditional, national brick-and-mortar banks: Typically, if you’re specifically 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.
3. 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.
Best Free Business Checking Accounts From Online Banks
If you’re looking for a free business checking account, turning to an online bank may be the simplest solution. While online banks will limit your ability to deal in cash, they will typically offer a variety of digital tools and the speed, ease of use, and affordability that larger financial institutions are criticized for lacking.
One of the biggest names in the online banking space, Azlo offers a fee-free business checking account with no opening deposit requirement. With an Azlo business checking account, you won’t pay monthly fees, transaction fees, overdraft fees, replacement fees, or fees to receive incoming wires. In addition, this free online business checking account will allow you to deposit checks, send ACH (direct deposit) payments, transfer money between accounts, and send invoices, all using Azlo’s powerful mobile app. The account also includes an Azlo Visa debit card for making purchases.
As Azlo is a branchless bank, you won’t be able to make cash deposits with this account. You will, however, be able to use your debit card at over 55,000 ATMs nationwide with no fees. Moreover, Azlo integrates with Square, Stripe, QuickBooks, and other payment tools you might already use to simplify both reporting and taxes.
This being said, although you can complete the Azlo application quickly and easily online, it’s important to note that you will need to go through business verification (such as confirming your business address and tax ID) before your account setup can be complete, which can take up to a few days.
2. NBKC Business Account
Similar to Azlo, 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. Additionally, NBKC has no fees for transactions, overdrafts, online banking, check deposits, estatements, stop payments, incoming domestic wires, and more. You’ll only be charged a $5 fee to send a domestic wire, and $45 to send or receive international wires.
Although you can access your NBKC business account easily online or on your mobile device, you can also utilize over 32,000 MoneyPass ATMs at no charge with your free NBKC Business Debit MasterCard. You’ll even receive up to $12 in monthly refunds for using any ATMs from other banks. Moreover, an NBKC business account includes unlimited transactions and the ability to add extra account features, like desktop deposit or ACH credits and debits, for low monthly fees.
3. Wise Business Checking Account
Not only is Wise a no-fee, no-minimum business checking account, but it also earns interest and includes a built-in payments platform. Plus, Wise is offering a special offer to accept your first $100,000 in credit card payments at 0% cost up to June 30, 2020. After you reach the $100,000 threshold, Wise will charge a 3% flat rate for card acceptance, with no fees for ACH deposits (in comparison, Square and Stripe charge 2.9% + $0.30 per transaction for online payments). This being said, Wise will allow you to accept and send payments as well as create and send invoices, and all while managing your business banking.
Additionally, with Wise, there are no monthly fees, no initial deposit minimum, and no other similar account fees. Your Wise checking account will also earn an impressive 1.0% APY, paid out monthly. Moreover, Wise includes free incoming wire deposits, digital and mobile account access, unlimited contact management, and a free business debit card that gives you access to 55,000 in-network, fee-free ATMs around the U.S.
For a fee-free, interest-earning account that also includes integrated payments (plus your first $100,000 in accepted payments free through June 30, 2020), there’s not going to be an option quite like Wise. With all of this in mind, however, it is important to note that Wise does not currently offer cash deposits or mobile check deposit.
Novo is another free online business checking account for small business owners. You can apply for a Novo bank checking account online in minutes. Once you’re set up with an account, you’ll be able to 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.
Your Novo checking account is FDIC-insured and comes with a Mastercard debit card that’s also compatible with Google Pay and Apple Pay. There are no fees or minimum balances, but you do have to make a minimum $50 opening deposit to activate the account.
This being said, however, like Azlo and Wise, Novo can’t accept cash deposits. You’d first have to use the cash to purchase a money order before you can deposit it into your Novo account. Along these lines, it’s also worth noting that although Novo won’t charge you to use an ATM, you will likely have to pay a fee from the ATM provider—unlike the other online-banks on this list, Novo does not offer a network of fee-free ATMs.
As you can see, a big benefit of many free online business checking accounts is that, in addition to not charging a monthly service fee, they don’t typically charge fees overall. Moreover, these accounts can offer some of the best digital banking tools as well as integration opportunities with software and programs you already use for your business. Plus, whereas business checking accounts from brick-and-mortar banks usually limit your monthly transactions, you’re less likely to find these limitations with an online-based bank.
Best Free Business Checking Accounts From Big Banks
If you’re looking for the best free small business checking account from a big-name bank, you’ll find that many of these financial institutions don’t offer truly free business checking account options. Instead, as we discussed above, you’ll find that many offer business checking accounts that are free if you can meet the qualifications to waive the monthly service fee. This being said, there are some exceptions. Overall, you might start your search with these options:
5. Chase Total Business Checking
You may be searching for a free business checking account from one of the biggest banks in the country, Chase, because you already have a personal checking account or credit card with them, or if you want to bundle multiple business financial products (i.e. a business checking account and a business credit card) with one provider.
However, with Chase, as with many other similar banks, there are no truly free business checking account options. 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. Nevertheless, Chase’s business checking account products are considered some of the top options available for a variety of business owners.
If you’re looking for the easiest way to avoid a monthly fee, you’ll want to consider the Chase Total Business Checking account. This account requires a minimum daily balance of only $1,500 in order to avoid the $12 monthly service fee—which is still inexpensive in comparison to other checking accounts. The service fee is $15 if you’re not enrolled in paperless statements.
The Chase Total Business Checking account also allows up to 100 monthly transactions without a fee, plus unlimited electronic deposits (excluding wires). You also get $5,000 in cash deposits each month without a fee. With more than 5,000 branches and 16,000 ATMs nationwide, this makes it very convenient to bank in person or online.
Another notable perk is that if you have multiple business owners, each owner can get their own debit card, bank PIN, and online account access. Plus, if you outgrow the Chase Total Business Checking account, you can upgrade to one of the two additional business checking account products Chase offers, both of which offer fewer limitations.
6. 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, only a $100 minimum opening deposit.
Additionally, the BBVA Business Connect Checking account includes up to $5,000 in cash processing per month, unlimited free transactions, two in-branch deposits per month, and five in-branch withdrawals or processed checks per month. This free business checking account also gives you access to a Visa business debit card, mobile check deposit, and free online banking, mobile banking, and bill pay.
Moreover, if ATM access is a high priority for you, there’s 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. Plus, although the ATM provider may charge you a fee to use their ATM, BBVA will not charge you a fee for using an ATM outside of their network.
Therefore, 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.
7. 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.
Additionally, the Silver package offers 25 free cash deposits per statement cycle, gives you access to online and mobile banking with bill pay, as well as credit card processing, check fraud prevention, remote check deposit, and overdraft protection.
Moreover, with the U.S. Bank Silver Business Checking account, you’ll receive a free 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.).
All in all, like the BBVA Business Connect account, the U.S. Bank Silver account provides a great 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.
8. Wells Fargo Simple 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 Simple 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. This Wells Fargo business checking account also includes 50 free transactions per period, $3,000 in cash deposits per period, text and mobile banking, as well as access to a network of over 3,000 ATMs.
It’s important to note, however, that fees and account details may vary based on your location, so you’ll want to search the Wells Fargo site with your zip code to see the specifics for your area.
Overall, Wells Fargo recommends this account for home-based businesses, nonprofits, and other small businesses with limited banking activity. Once again, like with Chase, Wells Fargo offers additional account options with fewer limitations—these products, however, will have higher monthly service fees and higher requirements to waive those fees.
9. Bank of America Business Fundamentals Checking
At first glance, the $18 monthly fee on the Fundamentals Bank of America business checking account might seem a little high if you’re looking for a free small business checking account. You’ll want to keep in mind, however, that Bank of America not only offers one of the most competitive business checking accounts from a big bank, but they also offer five different ways to waive your monthly service fee:
- Spend $250 in net new purchases on a business debit or credit card
- Maintain an average monthly balance of at least $5,000
- Maintain a minimum daily balance of $3,000
- Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America accounts
- Qualify for and enroll in the Preferred Rewards for Business program
With this in mind, the Fundamentals account from Bank of America includes 200 free transactions per month (2x as many as the Chase Total account), $7,500 in cash deposits per month, and access to online banking, mobile banking, free bill pay, mobile check deposit, and business owner and employee debit cards. Plus, you’ll be able to use your debit card for free at any Bank of America ATM and visit any of their branch locations across the U.S.
Best Free Business Checking Accounts From Local Institutions
Compared to big-name banks, local brick-and-mortar banks, as well as small business-friendly credit unions, are more likely to offer free business checking account products. With fewer operational costs than a large financial institution, it’s easier for local banks to offer these benefits—plus, it’s often advantageous for them to make good relationships with local businesses.
Therefore, if you’re looking for a free business checking account in your area, you might consider some of the following options. Of course, there will likely be a variety of free banking options that aren’t listed here, so you may want to look into the other options in your area as well.
10. Apple Bank SimpleValue Business Checking
If you’re based in New York City, you might consider opening your checking account at Apple Bank. The Apple Bank free business checking account, called SimpleValue is an especially good option for quickly growing businesses that aren’t interested in a ton of frills attached to their banking experience.
True to name, the SimpleValue Business Checking account is straightforward, but you can get a lot of value out of the features. Most notably, you get 200 free transactions each month, and no monthly maintenance fee if you maintain a $5,000 average monthly balance. This being said, however, the SimpleValue account does require at least a $500 minimum opening deposit.
11. America First Credit Union Basic Business Checking
Utah and Nevada residents can apply for any of the four business checking options from America First Credit Union, including the free Basic Business Checking account. This America First Credit Union account is best for small businesses that have fewer than 250 transactions per month. If you reach this threshold, however, you’ll only have to pay an additional fee of $0.15 per transaction.
This local favorite is great for low-volume accounts and business owners who want personalized customer service without high monthly maintenance fees. You can also take advantage of America First’s online bill pay services.
12. Bank OZK Small Business Checking
Bank OZK, formerly called Bank of the Ozarks, offers small business checking for businesses in the Southeast and South that are looking for no monthly fees and no minimum monthly balance. The Bank OZK Small Business Checking account is best for startups and businesses with low transaction volumes.
An opening balance of just $100 gets you 250 transactions, no monthly service fees, and no minimum balance requirement per month. This being said, however, you’ll want to keep an eye on your transactions, as a $0.50 fee per additional transaction over the 250 threshold can quickly become costly.
13. Comerica Basic Business Checking
As a small bank in only five states, Comerica understands the challenges that small business owners face, and the bank’s basic business checking account features cater to small business owners. This account has no monthly maintenance fee, a low $50 opening deposit requirement, and 75 free transactions per month. They’ll also waive cash deposit fees for deposits over $2,500 per month.
Plus, available perks like credit card and payroll processing help fill in the gaps where new business owners need help the most. You can find out more about all of Comerica’s business checking account options here.
14. 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.
15. The First Bank First Free Business Checking
Mississippi, southern Alabama, and Louisiana business owners will like First Bank’s First Free Business Checking account’s generous terms.
Like others on our list, this free business checking account offers no monthly maintenance fees, no minimum monthly balance requirement, and free online banking. You can also enjoy 150 free transactions per month on this account, with additional transactions charged at $0.50 each.
16. 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. The account requires an opening deposit of just $100.
Plus, 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.
17. Huntington National Bank Business Checking 100
Huntington National Bank, located in eight midwestern states, has a great account for small businesses 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.
If you surpass the deposit limit, Huntington will charge you $0.30 for every additional $100 worth of deposits. This account comes with a handful of small business perks, including online bill pay, electronic transfers, overdraft protection, and a 120-day free trial of Huntington’s fraud detection tool.
18. 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 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.
Additionally, if you outgrow the Free Business Checking account, you can graduate to one of the bank’s four other business checking account options.
19. National Cooperative Bank Basic Business Checking
Nonprofits and cooperative businesses in Alaska, New York, Ohio, or the D.C. area should check out National Cooperative Bank’s Basic Business Checking account for no monthly fees and a low minimum balance requirement of just $100.
You’re limited to 50 free deposits per month and 100 free checks or debits per month, but the community-based experience of working with this cooperative bank will appeal to business owners who want to feel like more than just an account number. There are also online cash management features for business owners who prefer to do their banking digitally.
20. Popular Bank Popular Business Checking
As long as you’re processing under 200 transactions and $7,000 cash deposits per month, Popular Bank’s Popular Business Checking account truly lives up to its promise of being totally free.
With this account, you’ll see no monthly fee and no minimum balance requirement—and when you do hit that $7,000 monthly threshold, you can easily upgrade to the next account level, equally tailored to your business’s level of growth. One thing to remember, however, is that you must visit a branch to open your account, and branches are located only in New York and Florida.
How to Find the Best Free Business Checking Account for Your Small Business
Ultimately, finding the right business checking account is important. After all, opening a business checking account allows you to keep your personal and business finances separate—which is crucial for financial, legal, and organizational purposes.
As we’ve seen throughout this guide, although a free business checking account may be ideal, there a variety of other considerations to factor in to find the best checking account for your business.
Therefore, whether you’re comparing free business checking accounts, or comparing business bank accounts in general, here are a few factors you should keep in mind:
- 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
In addition to these factors, even if you are looking specifically for business bank accounts that don’t charge a monthly fee (or allow you to waive it), you should also make sure you understand any and all other fees that the bank might charge you in association with your account.
With all of this in mind, 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 your options to this list of requirements and quickly and easily determine whether it’s right for your business’s needs.