If you’ve been researching free business checking accounts, you’ve probably noticed that while an account itself may be free, the perks often aren’t.
Some banks provide a limited number of transactions and services for free, for example. Once you’ve reached the limit, the bank may charge fees per transaction on wire transfers, cash handling and withdrawals from ATMs.
So which bank should you turn to for a free business checking account?
Here’s a list of 10 banks offering the best free business checking accounts. See how we evaluated them and what sets them apart.
Money named Novo a Best Business Checking Account for Ecommerce. Additionally, Novo’s partner bank, Middlesex Federal Savings, based out of Massachusetts, has earned an A+ rating from the Better Business Bureau (BBB).
Here are the benefits of this free business checking account with no minimum balance requirement:
- No monthly fees
- Mobile check deposits, payments and transfers
- Free transfers and incoming wires
- Refund on ATM fees
- Third-party program integrations (e.g., Shopify, Stripe, QuickBooks)
- Exclusive perks (e.g., cashback and discounts)
While you can’t deposit cash at this online bank, you can withdraw cash using your issued debit card.
Additionally, Novo advertises that users can “apply for an account in minutes.” Needless to say, this is an easy-to-open business bank account with just a one-time $50 deposit needed for activation.
2. NBKC Bank
If you’re looking to open a free business checking account online with no deposit, check out this bank. While NBKC Bank branch locations are only in Missouri, you can make cash deposits or no-charge withdrawals at 1 of more than 34,000 MoneyPass ATMs.
Here are the perks:
- No minimum balance
- No service or transaction fees
- No charge on mobile deposits or bill pay
- Unlimited bill payments and deposits
- Free incoming wire transfers
- Business debit Mastercard
- $0 overdrafts or insufficient funds
- $0 for stop payments
- Up to $12 in monthly refunds for non-MoneyPass ATM fee charges
While this business checking account has no fees, if you want to send a domestic wire to anywhere in the U.S., the cost is $5 ($45 for international wire transfers).
3. Axos Bank
Axos Bank has earned a 4.6-star rating on Bankrate. It was also named one of 2021’s best business checking accounts by Money and was ranked No. 27 on Forbes’ list of America’s Best Banks.
Its basic business checking account offers the following benefits:
- $1,000 minimum opening deposit
- No balance requirement or monthly fees
- Visa debit card
- Free online bill pay
- First set of 50 checks free
- Mobile banking, including check deposits
- Low-fee accounts for employees
- 200 free debits, credits or deposits
- 60 remote deposits a month
- Unlimited ATM fee reimbursements
- QuickBooks compatible
Although subject to change, new business owners are eligible for a $100 welcome bonus with the promo code NEWBIZ100.
4. Wells Fargo Initiate Business Checking Account
Here’s another big-name bank that’s recognized in the industry, not surprising considering it’s been in operation since the 1800s. Among its recognitions, Wells Fargo has earned first in overall performance by digital banking insights company Keynova Group.
While availability may vary depending on your location, Wells Fargo offers the Initiate Business Checking account, for which account holders can qualify for a waiver of the $10 monthly fee. To qualify, there must be a minimum daily balance of $500 or a $1,000 average ledger balance.
You’ll need to deposit $25 for activation, and you can apply online. Access mobile or online banking any time, or visit a branch or ATM near you. Wells Fargo branches are found in most U.S. states.
- Up to 100 deposit, debits or withdrawals per month included with no fee
- Up to $5,000 in cash deposits per month with no fee
- Zero liability debit-card protection
- 24/7 fraud monitoring
- Mobile check deposit and payments
- Multiple payment services for paying vendors, employees and bills
There is a $2.50 charge for the use of non-Wells Fargo ATMs.
5. Citizens Bank Clearly Better Business Checking
This small business checking account from Citizens Bank has a $0 monthly maintenance fee and is a good option for companies with minimal account activity each month.
The account can be opened with any initial deposit amount.
Other benefits include the following:
- Up to 200 free transactions a month ($0.50 per additional)
- Debit card
- More than 1,100 branches
- More than 3,100 ATMs
- Online, mobile and phone banking
If needed, you could enroll in an overdraft line of credit for a $30 annual fee, with a $12 transfer fee per day for each day a transfer(s) occurs. Interest accrues on outstanding balances. A savings account overdraft transfer option is also available for a transfer fee of $12 for each day a transfer occurs.
Citizens Bank was another institution that ranked among Forbes’ best banks list.
6. Bank of America Business Advantage Fundamentals Banking
This Bank of America business checking account is free if you do one of the following each statement cycle:
- Maintain a $5,000 combined average monthly balance
- Spend $250 on new qualified purchases on your business debit card
- Become a member of the bank’s Preferred Rewards for Business program
Otherwise, the fee is $16 a month.
There are no transaction fees for the first 200 checks paid, deposits and other debits. Thereafter, it’s $0.45 per transaction. This does not apply to debit card transactions, electronic debits and checks that are remotely deposited online or through a Bank of America ATM.
Additionally, there are no cash deposit processing fees for the first $7,500. Above that, the bank charges $0.30 per $100.
Bank of America ATMs do not charge a fee, though the use of other ATMs requires a $2.50 surcharge.
Fees apply for overdraft protection, paper documents, check orders, card replacement, stop payment and wire transfers.
Availability of this free business checking account may vary by location. Bank of America ranked No. 74 on Forbes’ list of the year’s best banks in the country.
7. Apple Bank SimpleValue Business Checking
If you’re located in New York, consider this bank, which offers the following features for its free business checking account:
- Monthly maintenance fee waived with $5,000 average monthly balance
- Up to 200 free transactions a month
- Minimum opening deposit of $500
- Free online and mobile banking
- Free business check introductory pack worth $100
- 150 business checks
- Deposit tickets
Branches are located in Manhattan, Brooklyn, Staten Island, Bronx, Queens, Westchester, Suffolk, Nassau or Rockland.
Apple Bank is A+ rated by the BBB.
This financial institution’s slogan is “banking built for startups,” and it claims its features are geared toward tech companies. If you’re looking to open a free business checking account online with no deposit, check out Mercury’s standard account.
Here are some of the highlights:
- Free account opening
- No minimum deposit
- No monthly or overdraft fees
- Debit card
- Free ACH sending and receiving
- Free incoming domestic wire transfers
- Free sending and receiving of checks
- Savings account included
If you need to send domestic or international wire transfers, the fees are $5 and $20, respectively.
Mercury deposits are FDIC-insured, and the company has a 4-star rating on Trustpilot.
9. Capital One Spark Business Basic Checking
Capital One ranked No. 44 on Forbes’ America’s Best Banks list for 2021.
If your business has simple cash-flow management needs, the Spark Business Checking account could be a good fit for you.
While there is customarily a $15 monthly fee, this can be waived if your prior 30- or 90-day account balance averages at least $2,000.
You’ll benefit from unlimited monthly transactions and free overdraft protection with a linked small business deposit account.
Up to $5,000 in cash deposits per month are allowed at no charge, then $1 for every $1,000 deposited thereafter.
The charge for incoming domestic wires is $15 and $25 for outgoing ones.
10. Chase Business Complete Banking
A recognized name in the banking industry, it’s no surprise Chase makes our list. The FDIC-insured Business Complete Banking account has no monthly service fee when any of the following requirements are met each month; otherwise, there is a $15 monthly fee:
- $2,000 minimum daily balance
- $2,000 in purchases on your Chase Ink Business Credit Card
- $2,000 in deposits from eligible Chase Merchant Services transaction or QuickAccept, which allows for same-day deposits at no additional cost
- Link to a Chase Private Client Checking account
Active or veteran military are also eligible for a monthly fee waiver.
Apply online or schedule to meet with a bank representative at a Chase branch near you for more details. Through July 23, 2021, new account holders can earn $300 with qualifying activities.
J.D. Power ranked Chase second for highest customer satisfaction rating.
While applications for BlueVine’s free business checking account are currently on pause (thanks to high demand), you can sign up to be notified when new account applications are being accepted.
Once applications begin to be accepted again, open a free business checking account online with no deposit, and benefit from these features too:
- No minimum balance
- Unlimited transactions
- No monthly fee
- No insufficient funds fee
- 2 free checkbooks
- Business debit Mastercard
- No ATM fees at MoneyPass locations
- Mobile check deposits accepted
- Cash deposits accepted at 1 of more than 90,000 retail locations
Additionally, Money ranked BlueVine’s business checking account as Best for High Yields, thanks to its 1.0% APY paid on customer deposits up to $100,000. BlueVine deposits are also FDIC-insured, and the company is accredited by the BBB, which has awarded it an A+ rating.
Are There Free Business Accounts With No Credit Check?
According to Business News Daily, banks will evaluate your business and personal credit history as part of their underwriting process for new checking account applications.
That said, if you have a low credit score and are approved for a business checking account, you could have restrictions, such as no overdraft protection or no business credit card.
Why Do You Need a Business Checking Account?
The main reason for opening a business checking account is it keeps business finances separate from personal finances.
Having a separate checking account for your business saves time and money come tax season, allowing you (or your accountant) to figure out taxable income and profits quickly.
Also, if you’re trying to secure a small business loan, some lenders require that you have a business checking account.
Now that you have a list of options, pinpoint the best free business checking account for your company and get started.