6 best free business checking accounts

The best free business checking account offers unlimited transactions and built-in tools to help you manage your cash flow. But unlike personal checking accounts, there’s usually a limit to how many deposits and transfers you can make each month. Once you hit that limit, you pay a fee for additional transactions.

We researched over 50 accounts to bring you the best free business bank accounts available today. This meant zeroing in on accounts with no monthly fees, then digging into other factors like opening deposit requirements, number of free monthly transactions and availability.

What’s changed in 2021?

We removed Azlo from our list because BBVA is discontinuing it. We replaced it with BlueVine because it has unlimited transactions, a 1% APY and integrates with major accounting and bookkeeping platforms.

We added Lili as the best checking account for new freelancers because it has built-in tools to help you set aside money for taxes and track expenses. We added Wave Money as best for established freelancers because it integrates with Wave’s bookkeeping software and has higher transfer limits than Lili.

Novo was named the best account for online businesses because it has unlimited transactions and no monthly fees, but you can’t deposit cash.

Closer look at the best free business checking accounts

Do a deep dive into the best free business bank accounts by comparing their pros and cons:

Best free checking account for small businesses

Axos Bank Basic Business Checking

Finder Rating: 4.5 / 5

★★★★★

Apply now at Axos Bank's secure site

N/A
APY

None
Fees

$1,000
Min. opening deposit

• Pros & cons
• Details

• No fees or minimum balance requirements. This account is free to open and you won't get penalized for running low on funds.
• Unlimited ATM refunds. Axos refunds any and all domestic ATM fees you incur each month.
• Quickbooks compatibility. If you use Quickbooks for your business, you can link up your accounts to budget and manage your money all in one place.

• No interest. Axos offers some interest-bearing checking accounts, but this Basic Business Checking account isn't one of them.
• Inconvenient cash deposits. Axos doesn't let you deposit cash through an ATM, so you'll need to send a wire transfer to deposit cash.
• Limited in-person support. You can visit one of its six offices for in-person support. Otherwise, you'll need to be comfortable with phone or email support.

APY	0%
Account fees	$0 monthly
Can the fee be waived?	Yes
Insufficient funds fee	$25
ATM transaction fee	$0

Best free checking account for small businesses

Novo

Finder Rating: 4 / 5

★★★★★

Apply now at Novo's secure site

N/A
APY

None
Fees

$50
Min. opening deposit

• Pros & cons
• Details

• No hidden fees. With Novo, you won't pay anything for monthly maintenance, ACH transfers, stop payments, debit card replacements and more.
• Integrations. Novo integrates with Wise, Slack, Xero, Stripe, Square and more to help you seamlessly manage cash flow.
• Discounts and perks. Sign up for an account and get discounts to popular services like Hubspot, Quickbooks, Gusto, Google Ads, Zendesk and more.

• No recurring payments. You can't schedule automatic payments from this account. You'll have to do it manually.
• No payroll providers. Novo doesn't currently integrate with any payroll providers, although it's looking to offer this feature in the future.
• No cash deposits. As with most digital banks, Novo doesn't accept cash deposits of any kind.

APY	0%
Account fees	$0 monthly
Can the fee be waived?	Yes
Insufficient funds fee	$27
ATM transaction fee	$0
Paper statement fee	$0
Foreign transaction fee	0%
Overdraft fee	$0
Accout closure fee	$0

Best free checking account for new freelancers

Lili

Finder Rating: 4.7 / 5

★★★★★

Apply now at Lili's secure site

N/A
APY

None
Fees

None
Min. opening deposit

• Pros & cons
• Details

• No fees. Lili never charges fees for monthly maintenance, overdrafts, account inactivity, bill pay, card replacements and more.
• Savings buckets. Stay on top of taxes by having a percentage of your paycheck automatically sent to a tax savings bucket each time you get paid.
• Early direct deposit. Freelancers can get deposits up to two days quicker than they would with a traditional bank account.
• Supports cash deposits. Unlike most digital banks, this one accepts cash deposits at over 90,000 Green Dot locations.

• Limited customer support. Lili's customer support team is only available weekdays from 9 a.m to 7 p.m. ET.
• Low transfer limit. You can't transfer more than $1,000 a day to your linked bank account, which could be restrictive if you typically pay yourself more than that.
• No EINs. You can only set up your Lili account using a Social Security number. No business EINs allowed.

APY	0%
Account fees	$0 monthly
Can the fee be waived?	Yes
ATM transaction fee	$0
Foreign transaction fee	0%
Overdraft fee	$0

Best overall

BlueVine Business Checking

Finder Rating: 4.5 / 5

★★★★★

Read review

Up to 1%
APY

None
Fees

None
Min. opening deposit

• Pros & cons
• Details

• Unlimited transactions. Open a BlueVine account with as little as $0 and enjoy unlimited transactions and no fees for monthly maintenance, incoming wires and non-sufficient funds.
• Earns interest. You'll earn 1% APY on balances up to $100,000 — a rate higher than most high-yield savings accounts available today.
• Software integrations. Sync your BlueVine account to QuickBooks Online, Wave, Freshbooks, PayPal, Stripe and more for easy money management.

• Fee for cash deposits. You'll pay $4.95 when you deposit cash at a Green Dot location. This is a standard fee charged by the retailer, not BlueVine.
• No savings account options. BlueVine doesn't have any other bank accounts, but considering your balance earns 1% APY, this may not be a big deal.

APY	1%
Account fees	$0 monthly
Can the fee be waived?	Yes
Insufficient funds fee	$0
ATM transaction fee	$0
Overdraft fee	$0

Best free checking account for large businesses

NBKC Business Checking

Finder Rating: 4.5 / 5

★★★★★

Read review

N/A
APY

None
Fees

$5
Min. opening deposit

• Pros & cons
• Details

• No fees. You won't pay anything for overdrafts, stop payments, incoming domestic wires or monthly transactions.
• Large ATM network. You get free access to over 32,000 MoneyPass ATMs nationwide. Plus, NBKC reimburses up to $12 in non-network ATM fees a month.
• Allows cash deposits. Even though NBKC is almost entirely an online bank, you can deposit cash through any in-network ATM that accepts cash.

• Other fees. You'll pay $5 to send a domestic wire transfer and $45 to send or receive an international wire transfer.
• Limited in-person support. NBKC operates almost entirely online and only has four branch locations in Kansas, so you'll need to be comfortable chatting with customer service online.

APY	0%
Account fees	$0 monthly
Can the fee be waived?	Yes
Overdraft fee	$0

Best free checking account for established freelancers

Wave Money

Finder Rating: 4.7 / 5

★★★★★

Read review

N/A
APY

None
Fees

None
Min. opening deposit

• Pros & cons
• Details

• Built-in bookkeeping. Most accounting software costs $70 or more a month, but you get access to Wave's software for free when you open this checking account.
• Free instant payouts. Instant payouts typically have a 1.5% fee on other platforms, but you'll receive them for free when someone pays you using Wave Payments.
• Third-party app integrations. Wave Money connects to Shopify, Stripe, PayPal and Square for faster payment processing.

• No joint accounts. You can't currently open a Wave Money account with a business partner, but it's hoping to change this in the future.
• Not fully available yet. Wave Money has rolled out to active Wave users, but it's not available to the general public as of January 2021. Still, you can reserve your spot on its website.

APY	0%
Account fees	$0 monthly
Can the fee be waived?	Yes
ATM transaction fee	$0
Overdraft fee	$0

Free business checking accounts by state

Generally, you must open your business bank account in the same state where you conduct business. These free business checking accounts are offered throughout several states.

Compare free business checking accounts by monthly transactions

Compare which free business checking account you need depending on monthly transactions and your business type.

Accounts for small businesses

Here’s a list of free business checking account options for startups and small businesses.

Accounts for online businesses

These free business checking accounts are offered online.

What are the pros and cons of free business checking?

Most free checking accounts are offered by online-only banks or small credit unions. Let’s take a look at some pros and cons:

How do I know if it’s really a fee-free business checking account?

Usually, a free business checking account doesn’t have monthly fees. But a fee-free checking account takes it a step further by doing away with common fees charged by most banks.

If you’re looking for a business checking account that’s truly free, watch out for these small charges that could eat up a chunk of your profits:

• Minimum balance fees. If an account requires a minimum balance, make sure you can comfortably maintain it each month. Otherwise, you may pay a fee.
• Transaction fees. Some banks give you a set number of free monthly transactions, but then charge you a fee if you go over this limit. Make sure you choose an account that won’t charge you an arm and a leg if your business performs better than usual.
• Overdraft fees. What happens if your account balance drops below $0 after a big purchase? The bank may cover the overdraft and charge a hefty fee, automatically decline the transaction or move money from your savings account.
• ATM fees. Either look for a bank with a large ATM network or find one that reimburses fees.
• Transfer fee. Check to see if you’ll pay a fee to transfer money to a checking account at another bank. ACH transfers are typically free, but outgoing wires can be expensive.

How to open a free business checking account

How you open a free business bank account varies from institution to institution. But these are the general steps you’ll take:

1. Visit the financial institution’s website to see if you qualify for the free business checking account.
2. Determine if you can open the account online, by phone or in person.
3. Gather the appropriate documents, including your Social Security number, government-issued photo ID, Employee Identification Number (EIN) and business certifications.
4. Fill out the application either online, by phone or at a local branch.
5. Give the bank the required paperwork and pay the minimum opening deposit.

Compare other business checking accounts

Sort by:

Name	Product	Fee	Minimum deposit to open	ATMs
Brex Cash account		$0	$0		Brex Cash is an innovative cash management account that lets business owners choose whether to save or invest funds.	Go to site More Info	Compare	loading Fetching your data...
Chase Business Complete Banking		$15 per month (can be waived)	$0	over 16,000 in-network ATMs	This Chase business checking account has built-in card acceptance using a smartphone card reader. $300 bonus offer	Go to site More Info	Compare	loading Fetching your data...
Lili		$0	$0	32,000 fee-free ATMs nationwide	A checking account designed for freelancers with no account fees and no minimum balance.	Go to site More Info	Compare	loading Fetching your data...
Square		$0	$0	Anywhere Mastercard is accepted	Use your business debit card anywhere Mastercard® is accepted, with no monthly fees, sign-up fees, or annual fees.	Go to site More Info	Compare	loading Fetching your data...
Novo		$0	$50	Novo doesn't charge ATM fees and will reimburse any non-network fees you incur	A low-fee online checking account designed for small businesses and startups.	Go to site More Info	Compare	loading Fetching your data...
NorthOne Business Banking		$10 per month	$50	More than 300,000 ATMs across America.	A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.	Go to site More Info	Compare	loading Fetching your data...
Radius Bank Tailored Checking		$10 per month (can be waived)	$100	More than 325,000 ATMs + unlimited ATM surcharge rebates	with Tailored Checking get free ATMs worldwide and unlimited penalty-free transactions.	Go to site More Info	Compare	loading Fetching your data...
Axos Bank Basic Business Checking		$0	$1,000	ATM fees reimbursed at any ATM nationwide	No monthly maintenance fees, a low minimum deposit requirement, unlimited domestic ATM fee reimbursements and $100 bonus	Go to site More Info	Compare	loading Fetching your data...
Axos Bank Business Interest Checking		$10 per month (can be waived)	$100	ATM fees reimbursed at any ATM nationwide	Earn up to 0.50% APY and pay no monthly maintenance fee with an average daily balance of at least $5,000.	Go to site More Info	Compare	loading Fetching your data...

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Bottom line

Whether you started your business today or have been making money for years, there’s a free business checking account out there to meet your banking needs. Be sure to find one that can accommodate the size of your business and won’t hit you with little fees if you have a better month than usual. The best business checking accounts are ones that offer a perfect mix of features, high transactions and low fees.

Frequently asked questions

• What information do I need to open a free business checking account?

  The information you need depends on your business structure and the state you conduct business in. But generally, you should have this information on hand when you open your free business checking account:

  • Social Security number
  • Government-issued photo ID
  • Employer Identification Number (EIN)

  • Legal document identifying your business structure and the operating name of your business
  • Minimum opening deposit, if needed

• Can I open a free business checking account in a different state?

  Generally, no. You must open your free business checking account in the same state where you work and at least one LLC member lives.

  But there are several banks that operate nationwide, so you’re not limited to local banks in your area. You can look for free business checking accounts at big-name institutions.

• Can I open a free personal checking account for business purposes?

  You technically can do this, but you shouldn’t. It’s considered best practice to keep your business income and expenses separate from your personal checking. Not only does this make it easier to report your revenue when you file your taxes, but the IRS may not consider certain expenses legitimate if you pay for them with a personal account.

• What is a borderless account for businesses?

  Borderless accounts give business owners an easy way to send, receive and hold money in different currencies.