Compare free business checking accounts

Best free business checking accounts

Go to site

Axos Bank Basic Business Checking account

Best free checking account for small businesses

• Minimum opening deposit: $1,000
• Monthly fee: $0

Pros

• 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.

Cons

• 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.

Read review

Azlo Business Checking account

Best free online business checking account

• Minimum opening deposit: $0
• Monthly fee: $0

Pros

• No fees or opening deposit requirements. This account has no monthly fees and you can get started with as little as $0.
• Unlimited transactions. Unlike other banks, Azlo doesn’t put a cap on how many free transactions you can make a month.
• Digital features. You can instantly freeze your debit card from the mobile app, create and send invoices to clients and integrate your Square and Stripe devices to receive in-person payments.

Cons

• No checks. This Azlo Business Checking account doesn’t come with checks. You can still receive checks from customers, but you can’t send them.
• No cash deposits. Azlo operates entirely online, so you can’t deposit cash. Instead, you’ll have to send a wire transfer or deposit money into another account and transfer it to Azlo.
• Doesn’t support all business types. If you have a limited partnership or limited liability partnership, you’re ineligible for this account.

NBKC Business Checking account

Best free checking account for large businesses

• Minimum opening deposit: $5
• Monthly fee: $0

Pros

• 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.

Cons

• 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.

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.

How do I compare free business checking accounts?

The type of free business checking account you need depends on your business structure and the number of monthly transactions you have. Here’s a look at some popular options.

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 checking 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 with other business checking accounts

Sort by:

Name	Product	Fee	Minimum deposit to open	ATMs
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...
Novo		$0 per month	$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, but you won’t be able to deposit cash.	Go to site More Info	Compare	loading Fetching your data...
Axos Bank Basic Business Checking		$0 per month	$1,000	ATM fees reimbursed at any ATM nationwide	No monthly maintenance fees, a low minimum deposit requirement and unlimited domestic ATM fee reimbursements.	Go to site More Info	Compare	loading Fetching your data...
Radius Bank Tailored Checking		$10 per month	$100	More than 20,000 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...

loading

Compare up to 4 providers

Clear selection

Compare

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.