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6 best free business checking accounts

Find a free business bank account that won’t charge you fees for doing business.

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 0.6% 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 for ATM reimbursements

Axos Bank Basic Business Checking

Finder rating 4.5 / 5 ★★★★★

Go to site
on Axos Bank's secure site

Best free checking account for online businesses

Novo

Finder rating 4 / 5 ★★★★★

Go to site
on Novo's secure site

Best free checking account for new freelancers

Lili

Finder rating 4.6 / 5 ★★★★★

Go to site
on Lili's secure site

Best overall

BlueVine Business Checking

Finder rating 4.5 / 5 ★★★★★

Best free checking account for large businesses

NBKC Business Checking

Finder rating 4.5 / 5 ★★★★★

Best free checking account for established freelancers

Wave Money

Finder rating 4.7 / 5 ★★★★★

How to find the best free business checking account

Find the best free business checking account for your needs by considering these factors:
  • Fees and transaction limits. It’s not uncommon for business bank accounts to have monthly fees — and it’s also not uncommon for banks to charge you even more fees once you’ve made 200 or 500 transactions a month to and from your account.
  • Account perks. Depending on the account, it could earn interest, integrate with your accounting software, come with free invoicing and more. Consider which features will help you grow your business.
  • Accessibility. Most free accounts don’t come with cash deposits, but some like BlueVine are starting to offer it. Others may not support wire transfers or ATM withdrawals. Think about how you’ll deposit and withdraw money and find an account that supports those methods.

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.

InstitutionMonthly feeMinimum opening depositAvailabilityFeatures
Huntington Business Checking 100 account
Go to site
$0$0CO, IL, IN, KY, MI, MN, OH, PA, SD, WV, WI
  • No charge for first 100 transactions and $5,000 in cash deposits per month
  • $200 sign up bonus when you deposit at least $2,000 within 60 days of account opening
  • $100 sign up bonus when you open a new Huntington Business Checking 100 account between November 1, 2021, and March 7, 2022, and deposit at least $2,000 within 60 days and keep the account open for at least 90 days.
BBVA Business Connect Checking$0$100AL, AZ, CO, FL, NM, TX
  • Up to $5,000 in free cash processing per month
  • Two free in-branch deposits monthly
  • Access to over 43,000 free ATMs
Citizens Bank Clearly Better Business Checking account$0$10CO, MA, NH, NJ, PA, RI, VT
  • Up to 200 free check transactions a month
  • Overdraft transfer or line of credit
  • Access to 1,100 branches and over 3,100 ATMs
First National Bank of Omaha Business Free Checking account$0$0CO, IA, KS, NE, SD, TX, IL
  • Up to 150 free transactions a month
  • Free online bill pay
  • $200 mortgage closing cost credit
Cathay Bank Business Checking$0$200CA, NY, WA, IL, TX, MD, MA, NV, NJ
  • 25 free deposits a month
  • 50 free checks paid a month
  • Free business bill pay
  • Business debit card
First Citizens Bank Basic Business Checking$0$0AZ, CA, CO, FL, GA, KS, MD, MO, NM, NC, OK, OR, SC, TN, TX, VA, WA, WV
  • 175 free transactions a month
  • $5,000 in free cash deposits a month
United Bank Free Business Checking$0$100DC, MD, VA
  • 500 free transactions a month
  • Free bill pay
  • Business debit card
First National Bank Free Small Business Checking$0$0MD, NC, OH, PA, SC, WV
  • 150 free transactions a month
  • Unlimited check deposits
  • Access to 550 FNB ATMs
America First Credit Union Basic Business Checking$0$0AZ, ID, NE, NM, OR, UT
  • 250 free transactions a month
  • Free online bill pay

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.

InstitutionMonthly feeMinimum opening depositFree monthly transactionsFeatures
Axos Bank Basic Business Checking account
Go to site
$0$1,000200
  • Unlimited ATM reimbursements
  • Compatible with Quickbooks
TIAA Bank Small Business Checking account
Read review
$0$1,500200
  • 10 free online bill pays a month
  • Earns 0.12% APY
  • Access to over 80,000 free ATMs nationwide
Navy Federal Credit Union Business Checking account$0$0Unlimited (Online) 30 (In-person)
  • Earns 0.05% APY
Bank of the Ozarks Small Business Checking account$0$100250
  • Free online bill pay
US Bank Silver Business Checking$0$0125
  • 25 free cash deposits a month

Accounts for online businesses

These free business checking accounts are offered online.

InstitutionMonthly feeMinimum opening depositFree monthly transactionsFeatures
First Internet Bank Small Business Checking
Go to site
$0$0Unlimited
  • 0.3% APY on balances over $10,000
  • Up to $10 in ATM free reimbursements each month
Novo Business Checking account
Go to site
$0$50Unlimited
  • Unlimited ATM refunds
  • Integrates with Slack, Xero and Zapier
BlueVine Business Checking account
Read review
$0$0Unlimited
  • Earns 0.6% APY on up to $100,000
  • Accepts cash deposits
  • Integrates with QuickBooks Online, Wave, Freshbooks, PayPal, Striple, Expensify and more
NBKC Business Checking account
Read review
$0$5Unlimited
  • No stop payment fees, no incoming domestic wire transfer fees, access to 32,000 free ATMs
  • Up to $12 in monthly ATM refunds
  • Free overdraft protection when you have an NBKC business savings account

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:

Pros

  • No fees. Nothing is better than free, and you won’t pay any monthly maintenance fees when you choose a free business checking account.
  • Features to help you run your business. Some free business checking accounts come with helpful perks like app integrations, payroll services and fraud monitoring that help you run your business with ease.
  • Low opening deposits. Most free business checking accounts are ideal for new and small businesses because they have minimal opening deposit requirements.

Cons

  • May not accept cash deposits. Because most free business checking accounts are offered by online-only banks, you may not be able to easily deposit cash.
  • May have limited transactions. Most free business checking accounts have a cap on the number of free transactions you can make a month. If you go over this limit, you’ll pay a small fee for each additional transaction.
  • Watch out for small fees. Just because a bank offers a free business checking account, it could still nickel-and-dime you for other expenses. Make sure you read the fine print to get a clear idea of how to avoid costly fees.

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

Name Product Fee Minimum deposit to open ATMs
NorthOne Business Banking
$10 per month
$50
withdraw cash at any Cirrus branded ATM location (+1,000,000 locations accross the U.S + 2m worldwide), including MoneyPass ATMs

A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.
First Internet Bank Small Business Checking
$0
$0
Up to $10 ATM fee reimbursements a month, plus free access to the ATM Plus Network
No minimum balance and no monthly service fee. Make unlimited deposits. Get reimbursed up to $10 per month in ATM fees
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
Axos Bank Business Interest Checking
$10 per month
(can be waived)
$100
ATM fees reimbursed at any ATM nationwide
Earn up to 0.81% APY and pay no monthly maintenance fee with an average daily balance of at least $5,000.
Lili
$4.99 for Lili Pro
$0
32,000 fee-free ATMs nationwide
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.
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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.

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