Best Free Business Checking Accounts

Every dollar is precious when you’re a small-business owner. Money spent on banking fees is money that can’t be reinvested in your business. A free business checking account helps keep your money where it belongs — with your company.

Online institutions, big banks, local banks, and credit unions can all offer free business checking accounts. These accounts don’t charge an annual or monthly fee, but they may charge fees for some services, like wire transfers, or in certain events, such as overdrafting.

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.

With the Bluevine business checking account, not only will you have no monthly fee, but you’ll also be able to earn 2.00% interest on all balances up to and including $100,000. Terms apply. This free small business checking account is an ideal option for saving on your everyday funds.

Pros:

• 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 37,000+ MoneyPass ATMs across the U.S.
• Allows you to deposit cash using your debit card at any Green Dot location across the country.

Cons:

• Each cash deposit requires a $4.95 fee.

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.

Pros:

• 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.

Cons:

• Novo can’t accept cash deposits.

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.

Pros:

• 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.

Cons:

• 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.

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.

Pros:

• 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 37,000 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.

Cons:

• $5 fee to send domestic wires, $45 to send or receive international wires.

A well-known name in online banking, the Axos Basic Business Checking account is a free business checking account designed for a variety of small business owners. With this Axos Bank account, you have access to unlimited fee-free transactions, as well as 60 fee-free remote deposits per month—each additional deposit will cost $0.30.

Pros:

• No monthly fees and no minimum opening deposit.
• First set of 50 checks free.
• Unlimited domestic ATM fee reimbursements.
• Cash deposit capability via MoneyPass and Allpoint networks.
• Free mobile and online banking, including online bill pay.
• Dedicated relationship managers for account holders.

Cons:

• Limited number (60) of fee-free remote deposits per month.

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.

Pros:

• 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.).

Cons:

• 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.

Truist’s Simple Business Checking account has no monthly fee, and a robust online banking platform, though it’s worth noting that free transactions are limited to 50 per month. (SunTrust and BB&T banks merged, forming Truist.)

Pros:

• 50 free items per month; $2,000 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 2,500 branches, more than 3,500 ATMs.

Cons:

• Low number of free items per month compared to base-level accounts from competitors.
• Have to be located in one of the 17 states, plus Washington D.C., that Truist serves to open an account.

Despite the low number of transactions, this free business checking account can be a great option for startups or sole proprietorship within Truist’s service area.

Comerica is a small bank in only five states and offers a simple, free small business checking account.

Pros:

• 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.

Cons:

• Only available in five states.
• Low transaction and cash deposit threshold.

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 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.

Pros:

• $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 1,000 branches and over 3,000 ATMs.
• Free business debit card.

Cons:

• Have to visit a branch to apply.
• Limited in-network ATM access; $3 for out-of-network ATM use.

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.

Pros:

• 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.

Cons:

• Need to be an existing First Citizen customer to open an account online.
• Only around 1,100 branch and ATM locations across service area.

Huntington National Bank, with branches in 11 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.

Pros:

• 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.

Cons:

• Only 1,700 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.

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.

Pros:

• 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.

Cons:

• Fewer than 200 branches across a 12-state coverage area in the Southeastern U.S..
• Limited in-network ATM access; $2 out-of-network ATM fee.

This account offers a competitive number of free monthly transactions and currency deposits, especially for a free business checking account, and is a good option for small-businesses located near one of Iberia’s branches.

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.