Although business owners traditionally have had to visit a physical branch to open a bank account, there are now a variety of options available to open a business bank account online—including free options that don’t require a minimum opening deposit.
So, what are those options? And how do you open a free business checking account online with no deposit?
In this guide, we’ll break down two of the top free business checking accounts with no opening deposit—plus, we’ll explain how to actually open one of these accounts.
Best Options for Free Online Business Checking Accounts With No Opening Deposit
Although you may be able to find a free business checking account that you can open online with no minimum opening deposit from your local brick-and-mortar bank, you’re much less likely to find one from a large national bank like Chase or Bank of America.
Instead, most no-deposit business checking accounts are available from online-based banks, as you’ll see below.
NBKC Business Checking
Best for limit-free, digital banking.
For another business checking account option that requires no opening deposit and is essentially fee-free, you might consider NBKC. You can open an NBKC business account quickly and easily online (in just five minutes according to their website) and manage all of your finances using your computer or smartphone.
With NBKC, you’ll have no limits or restrictions: no minimum balance, unlimited transactions, and access to over 32,000 MoneyPass ATMs around the country with your free NBKC debit card. Plus, you’ll receive up to $12 in monthly refunds for ATM fees from any other banks.
You can both deposit and withdraw cash using your NBKC debit card, as long as you’re using an individual ATM that accepts cash deposits. Moreover, as a virtually fee-free business checking account, you won’t face fees for:
- Returned items
- Overdrafts or NSFs
- Online or mobile banking
- Bill pay
- Depositing checks
- Cashier checks
- Stop payments
- Incoming domestic wires
The only two instances in which you’ll face fees are what NBKC calls “optional instances”—$5 to send a domestic wire and $45 to send or receive an international wire.
Plus, if at any time you decide you want to open a business savings account, NBKC also offers their Business Money Market Account—which is also a no opening deposit, free account that you can open online. And, unlike BlueVine’s checking account, which requires $1,000 to start earning interest, you can earn interest on this savings account with just $0.01.
BlueVine Business Checking
Best for earning 1% interest.
If you’re looking to open a free business checking account online with no deposit and earn interest on your funds, consider BlueVine business checking.
With BlueVine business checking, you have no minimum opening deposit, no minimum balance requirement, no monthly fees, no incoming wire fees, no NSF fees, and you earn 1% interest on any account balance over $1,000. Plus, this no-deposit business checking account also includes features such as:
- Unlimited transactions
- Fee-free ATM access at over 38,000 MoneyPass locations
- Deposit cash fee-free at over 90,000 GreenDot locations
- Two free checkbooks
- Pay vendors and bills by ACH payment, wire transfer, or check
- Schedule one-time and recurring payments
- Mobile and online banking
You can open a BlueVine account in just minutes online or through the mobile app.
How to Open a Free Business Checking Account Online With No Deposit
Now that we’ve reviewed some of the best options available for no-deposit, free business checking accounts that you can open online, let’s break down the steps you can follow to actually open one of these accounts.
Of course, these will vary slightly depending on the individual account and the platform you’re using (desktop vs. mobile). In general, however, here’s what you can do to open a free business checking account online with no deposit:
1. Input your basic personal information.
When you click the “sign up” or “get started” button to open your free online business checking account, it’s very likely the first step will involve filling in some basic personal information. In some cases, you may be first asked to create an account, where you fill in your name, email address, and create a password—and then log in after receiving an email confirmation.
In any case, as the business owner, you’ll be asked to provide your first and last name, home address, email address, and phone number. You’ll also likely be asked for your date of birth, social security number, and percentage of ownership in the business. Depending on the specific small business bank and how much of the business you own, you may have to provide the same information for other owners of the business as well, if there are any.
In addition to your social security number, you may be asked for a copy of your driver’s license or other valid government ID as proof of identity.
2. Enter information about your business.
After completing all of your personal information, you’ll next provide information about your business. It’s likely you’ll be asked to provide your business’s legal name, DBA (if applicable), address, entity type, industry, approximate annual revenue, and EIN (if you have one).
Depending on your entity type, you’ll likely be asked to include different documentation to validate your business’s formation:
- Sole proprietorship: This is typically the only entity type where you’ll be allowed to use a social security number instead of an EIN, or business tax ID number. Additionally, you may have to provide documentation that shows you’ve registered for a business license or registered for a business name (i.e. DBA).
- Partnership: You may need to provide proof of a business license, as well as a partnership agreement.
- LLC: You’ll need to show your articles of organization filed with the state.
- Corporation: You’ll need to show your articles of incorporation filed with the state.
3. Agree to the terms and conditions and submit your application.
Once you filled in all of the information about your business and attached your business formation documents, you’ll likely be asked to review an agreement document before submitting your application. Then, you’ll be able to submit your application for approval with the bank.
Generally, because these are all online-based banks, you should receive approval very quickly—as long as all of the information in your application checks out. If you’re approved, you’ll receive your login information, business debit card, and you’ll be able to sign in and start using your account.
Of course, at this point, you’ll likely want to transfer funds to start managing your finances—but you’re not required to—that’s the benefit of a free business checking account with no opening deposit.
Use our guide for more tips on how to open a business bank account online.
The Bottom Line
At the end of the day, more and more business owners—especially freelancers, contractors, and startup entrepreneurs—are turning toward digital-first banks that allow them to open a free business checking account online with no deposit. After all, these accounts give you the ability to manage your funds wherever you are without having to worry about excessive fees, transaction limits, or maintaining a specific monthly balance.
Therefore, whether you’re looking to open your first business checking account or switch your existing business bank account, it’s certainly worth considering some of these fee-free, no opening deposit options, like BlueVine and NBKC.
Brian O’Connor is a contributing writer for Fundera.
Brian writes about finance, business strategy, and digital marketing. He is the former director of digital strategy at Morgan Stanley, and has worked at Foreign Affairs magazine, Student Loan Hero, and as a partner of a small consulting firm, too. Combined, these experiences allow him to offer a unique perspective on the challenges small business owners face.