Editor’s note: This is a recurring post with regularly updated account details.
The best free business checking account should either be completely fee-free or allow you to easily waive any monthly fees. While some providers have free unlimited transactions, others offer a limited amount of free transactions before fees are charged.
The banks on this list also provide outstanding business support products and services, which include lending products, merchant services, and interest-bearing accounts. Additionally, some provide welcome bonus rewards for new account holders.
After reviewing more than 100 business bank providers, here are the 10 best free business checking accounts, with links directly to the providers:
- U.S. Bank Member Federal Deposit Insurance Corp. (FDIC) : Best overall for businesses that want free checking with a traditional bank
- Bluevine Provider is a financial technology (fintech) platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank. : Best for free business checking with a high interest yield and line of credit
- Chase Member FDIC : Best premium business checking account with a traditional bank
- Novo Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings. : Best digital-only bank for rapid access to funds and express payment processing
- Bank of America Member FDIC : Best free business checking with waivable fees and ongoing rewards
- Relay Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Thread Bank. : Best for businesses that need multiple accounts and debit cards
- Mercury Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Choice Financial Group and Evolve Bank & Trust : Best for tech companies, startups, and businesses that want additional FDIC insurance Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply.
- Found Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Piermont Bank. : Best digital-only provider for self-employed professionals and freelancers
- Grasshopper Member FDIC : Best digital-only bank for integrated free payment software
- North One Provider is a fintech platform backed and FDIC-insured by a supporting bank partnership with Thread Bank. : Best for allocating funds using a budgeting tool and software integrations
Best Free Business Checking Accounts at a Glance
Account Name | New Account Opening Bonus | Monthly Fee | APY | Free Monthly Cash Deposit Limit | |
|---|---|---|---|---|---|
 | Silver Business Checking | Up to $900 | None | N/A | $2,500 |
 | Bluevine Standard | $300 | None | ||
 | Business Complete Banking | $300 | $15; waivable | N/A | $5,000 |
 | Business Checking | None | None | N/A | |
 | Business Advantage FundamentalsTM Banking | Up to $200 | $16; waivable | N/A | $7,500 |
 | Relay Business Checking | None | None | N/A | |
 | Business Checking | Up to $300 | None | N/A | N/A |
 | Business Checking | None | None | N/A | |
 | Accelerator Business Checking | None | None | Up to 1.80% | N/A |
 | North One Standard Account | None | None | N/A | |
U.S. Bank: Best for Businesses Wanting Free Checking With a Traditional Bank
What We Like
- No monthly fee
- Free mobile check deposits
- Apply in person, online, or by phone
Drawbacks
- Expensive wire fees
- Limited free transactions
- Low cash deposit limits
Features
- Send and receive money through app
- Digital invoicing and payment systems integrated into your online dashboard
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Easy integration with overdraft protection or credit card processing services for your business
- Free debit card and 50% discount on first check order with Deluxe up to $50
- Integrations with QuickBooks and U.S. Bank Payment Processing
- Customer service online, by phone, or in-branch during business hours
- Other products include lending and cash flow products, other checking options, and point-of-sale (POS) services
When to Choose U.S. Bank
- Your business is looking for a free checking account with a traditional bank: U.S. Bank is your best option among many traditional banks, which often have monthly fee waiver conditions. Its Silver Business Checking has no monthly fees and offers 125 free monthly transactions and up to $2,500 in free cash deposits monthly.
- You want a great sign-up bonus: You can earn up to an $900 bonus when you open a new, eligible U.S. Bank business checking account (promo code: Q4AFL24) and complete qualifying activities, subject to certain terms and limitations—offer valid through January 15, 2025. Member FDIC. See our article on the best bank account promos and offers for details on how to qualify.
- You need other great business products and services: U.S. Bank also offers full-service business banking products, including SBA loans, business lines of credit, cash management, payroll services, and payment services. Its products can scale as your business grows.
When to Choose an Alternative
- You require branch access outside of U.S. Bank’s operational footprint: While U.S. Bank business accounts are available nationwide, the bank has branches in only 27 states Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Texas, Utah, Washington, Wisconsin, and Wyoming. . If you are outside one of those states and need branch access, consider Chase, which has branches in all 48 states in the continental United States.
Bluevine: Best for Free Business Checking With a High Interest Yield and Line of Credit
What We Like
- $300 sign-up bonus for new business checking account holders (use referral code: FSM300) How to earn the bonus: To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 3/31/2025 using the referral code above. After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding: Deposit at least $5,000 from eligible merchant services to your Bluevine account, Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers, or Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
- Three checking options with competitive interest
- Unlimited 1.5% cash back business Mastercard
- Excellent line of credit product
Drawbacks
- No savings, money market, and certificate of deposit (CD) accounts
- No physical branch locations
- Fee for depositing cash
Features
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card (with up to 4 free additional debit cards for authorized users)
- Reduced standard payment fees for Bluevine Plus and Bluevine Premier Checking
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Wise, Venmo, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit and credit card
- Automatic transfers with sub-accounts
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees |
|
International Wire Transfer Fees |
|
ATM Fees | None at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use |
Cash Deposited |
|
APY | 1.5% on qualifying balances up to $250,000 |
Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
When to Choose Bluevine
- You want an online business checking account with no monthly fees: Bluevine has no monthly fees for its Standard business checking account. The only fees it charges are for outgoing wires, ATM withdrawals outside the MoneyPass network, and cash deposits. If you apply for higher-tier plans, you can reduce some banking service fees by as much as 50%.
- You seek to earn interest on your business checking account: Bluevine’s Standard business checking is our best online-only small business free checking account thanks to its interest-earning business checking. You can earn 1.5% APY on balances up to $250,000 if you spend at least $500 a month with your debit or credit card or receive $2,500 per month in customer payments via ACH, wire transfer, mobile check deposit, or directly from a merchant payment processing provider.
- You need access to a small business line of credit or a credit card: Bluevine offers the best small business line of credit on the market. Well-qualified borrowers can get a credit line of up to $250,000 in as little as five minutes. The provider also offers a credit card, which is why it is also one of our leading banks for small business loans.
When to Choose an Alternative
- You want free cash deposits: Bluevine doesn’t offer free cash deposits, so it may not be the best option if you deposit cash frequently. Deposits must be completed at either a Green Dot retail location for $4.95 per deposit or an Allpoint+ ATM for $1 per deposit plus 0.5% of the deposit amount. Many traditional banks like U.S. Bank provide a free cash deposit allowance each month.
Chase: Best Premium Business Checking Account With a Traditional Bank
What We Like
- $300 bonus when you open an account
- Multiple ways to waive the monthly fee
- Branch presence in 48 states
Drawbacks
- Limited number of free transactions
- Does not earn interest
- Fee for cash deposits of more than $5,000 per statement period
Features
- Built-in card acceptance with QuickAccept℠ via the Chase Mobile® app
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs depend on type ordered
- Chase Payment Solutions
- Live customer support online or in branch during business hours
- Other products include business savings, CDs, lending products, credit cards, merchant services, and collection services
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
ACH Fees | $2.50 per item for first 10 payments & 15 cents for succeeding payments 1% of transaction for same-day ACH or $25 per transaction, whichever is less. |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: Up to $35 |
International Wire Transfer Fees | Incoming: $15 Outgoing: Up to $50 |
ATM Fees | $3 at non-Chase ATMs, plus ATM operator fees |
Cash Deposited | $5,000 free per month, then $2.50 per $1,000 |
APY | N/A |
When to Choose Chase
- You want three great checking options with waivable fees: Aside from its basic business checking account, it offers Performance Business Checking and Platinum Business Checking. Both have higher fees but more features. Read our comparison of Chase business checking accounts to see which fits your business needs. For a more in-depth look at the features of its premium account, check out our Chase Platinum Business Checking review.
- You seek an outstanding full-service business bank: Thanks to its excellent full-service business banking experience, it’s on our list of the best small business checking accounts. With three business checking accounts, business savings accounts, credit cards, lines of credit, and point-of-sale (POS) and software solutions, Chase is a bank that can scale with your business. You can also get a signup bonus of up to $300 for opening a new account and completing qualifying actions.
- You need many in-network ATMs and branch locations: With over 4,700 branch locations in 48 states and more than 16,000 ATMs, physical access to your Chase account is available nearly everywhere. The bank announced an expansion with 500 new locations along with 1,700 revamped locations.
When to Choose an Alternative
- You want a truly free business checking account: While Chase’s accounts come with waivable monthly fees, you must meet certain requirements to waive the fees. U.S. Bank and fintechs like Bluevine also provide business checking accounts without monthly fees.
Novo: Best Digital-only Bank for Rapid Access to Funds & Express Payment Processing
What We Like
- Monthly refunds up to $7 in ATM fees
- No maintenance fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lacks savings accounts
- Noninterest drawing account
Features
- Integrate with business tools, such as QuickBooks, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost in coordination with Stripe allows you to access funds faster
- Express ACH lets you accept or receive same-day ACH payments
- Quick financing option, merchant cash advance up to $75,000
- Virtual debit card available immediately, one free physical debit card per user
- Paper checks can be sent straight from the app
- Live customer support from dedicated professionals
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | $0 for regular ACH; 1.5% of the transaction amount for Express ACH |
Monthly Fees | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | None to receive, Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | None; refunds third-party ATM surcharges up to $7 monthly |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. | |
When to Choose Novo
- You seek faster access to your funds: If your business accepts payments through third-party software, especially Stripe, Square, or PayPal, Novo is an excellent choice. The company offers Novo Boost, which lets you receive payments sent through a Stripe, Square, or PayPal account faster than other providers. To further expedite the payment process, users can now connect Stripe, Square, or PayPal and get paid via card, Apple Pay, Google Pay, PayPal, or Venmo.
- You want to send same-day ACH payments: Novo also has Express ACH, which enables you to accept or send same-day ACH payments. The combination of Novo Boost and Express ACH allows you to access your money faster than other digital-only providers.
- You need mostly fee-free business banking with some refunded ATM fees: Novo’s business checking has no monthly fee, transaction limits, minimum opening deposit, or minimum balance requirements. Novo has strengthened its product by eliminating NSF fees and refunding up to $7 in ATM fees each month.
When to Choose an Alternative
- You want interest-bearing checking: One of the few features missing from Novo is an interest-bearing checking account. If you want your online business bank account to earn interest, you can choose Bluevine or Grasshopper.
Bank of America: Best Free Business Checking With Waivable Fees & Ongoing Rewards
What We Like
- 200 free transactions per month
- Free digital tools to track business performance
- Built-in fraud prevention tools
Drawbacks
- Doesn't earn interest
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
Features
- Deposit checks, view accounts, make transfers, and pay bills with the mobile app
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Check your business credit score through a partnership with Dun & Bradstreet
- Free debit card
- Physical checks’ cost varies depending on type ordered
- Integrations with QuickBooks, TurboTax, and Zelle
- Customer service during business hours in branch and via phone or via social media messages
- Merchant services available through Expensify
- Other products include business savings, CDs, lending products, and financial analysis through Merrill Financial Advisor
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees |
|
International Wire Transfer Fees |
|
ATM Fees | None at over 15,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $5,000 per month free, then 30 cents per $100 per statement cycle |
APY | N/A |
When to Choose Bank of America
- You seek an account with waivable monthly fees and substantial cash deposit allowance: The entry-level account, Business Advantage FundamentalsTM Banking, has a waivable $16 monthly fee and allows up to $7,500 in free cash deposits and 200 free transactions monthly.
- You want great ongoing rewards: Under Bank of America’s Preferred Rewards for Business program, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on business savings accounts. In addition, you can get up to $500 in cash back and statement credits when you open a new account and complete qualifying actions.
- You need a bank with great customer service and online banking experience: Bank of America is known for its outstanding customer service and online experience. In the Keynova Group 2023 Small Business Banker Scorecard report, Bank of America once again ranked first for overall digital customer experience capabilities catered to small businesses.
When to Choose an Alternative
- You need a checking account with no monthly fee: Just like Chase, Bank of America’s monthly fee is waivable—if you meet specific balance or transaction requirements. U.S. Bank is the better choice if you want a traditional bank that offers business checking with no monthly fee, while Bluevine is a great choice for an online fintech.
Relay: Best for Businesses Needing Multiple Accounts & Debit Cards
What We Like
- No minimum balance or opening deposit required
- Wire transfers are very inexpensive and are free with Relay Pro
- No ATM fees charged by Relay, although third-party fees may apply out of network
Drawbacks
- No physical locations
- No interest-bearing checking
- No business loans
Features
- Fee-free online banking and money management platform
- Open up to 20 individual business checking accounts
- Issue up to 50 Visa debit cards
- Send and receive ACH transfers, checks, and wires
- Collect payments from PayPal, Stripe, Square, and more
- Relay Pro account available, which offers same-day ACH delivery, free wire transfers, and accounts payable support
- Customer service via email, mail, and web contact form, and the app
- Checks can be sent on users’ behalf for free; third-party checks unavailable
- Accounting software integrations with QuickBooks, Xero, and Plaid
- FDIC insurance coverage of up to $3 million
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees |
|
International Wire Transfer Fees |
|
ATM Fees | None at Allpoint ATMs; Relay doesn’t charge out-of-network ATM fees, although third-party fees will apply |
Cash Deposited | $0 through Allpoint+ ATMs and $4.95 per deposit at Green Dot retail locations |
APY | N/A |
Relay is a business fintech platform backed by FDIC-insured Thread Bank. | |
When to Choose Relay
- You need multiple checking accounts to separate business funds: Relay is an excellent choice if your business needs multiple accounts to separate business finances. You can get up to 20 checking accounts, which allows you to use accounts to set aside reserves for different expenses.
- Your team needs multiple debit cards for large teams: You can order up to 50 Visa debit cards, allowing you to track spending among individual team members. Relay’s app also offers great financial tracking.
- You want to deposit cash into your online account: Users can deposit cash at Allpoint ATMs. You are limited to just $1,000 per transaction, but this fee-free option to deposit cash is a large advantage over other fintechs listed in this guide. Additionally, you can make cash deposits at over 90,000 Green Dot retail locations for a fee of $4.95 per deposit.
When to Choose an Alternative
- You seek to earn interest on your business checking: While Relay offers great automated business savings accounts that earn 1.0% to 3.0% APY, its standard checking doesn’t earn interest. Choose Bluevine or Grasshopper to earn interest on checking balances.
Note: Relay is a fintech company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank; Member FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
Mercury: Best for Tech Companies, Startups & Businesses Wanting Additional FDIC Insurance
What We Like
- No monthly maintenance fees
- Physical and virtual debit cards
- Treasury product offers outstanding yield on balances over $500,000 Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser.
Drawbacks
- Accounts unavailable to sole proprietorships
- Lacks paper check-writing abilities
- Limited lending options and no cash deposits
Features
- FDIC coverage of up to $5 million
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Issue employee debit and corporate cards
- No overdraft fees
- Mercury bill pay
- IO Mastercard earns an automatic 1.5% cash back for all spending
- Integrate accounts with QuickBooks, Xero, and NetSuite accounting software
- Advanced accounting automation under paid plans
- Business payment integrations with Shopify, Stripe, Zapier, Amazon, and PayPal
- Savings account provided when you open checking
- Other products include Mercury Treasury Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser. , capital and venture debt, and credit card
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
Mercury is a business fintech platform backed by FDIC-insured Choice Financial Group and Evolve Bank & Trust. | |
When to Choose Mercury
- Startups and tech companies with large balances needing additional FDIC insurance: Mercury is a great choice for tech companies and startups looking for more FDIC protection. It offers Vault, which uses partner banks and a sweep network to provide FDIC insurance of up to $5 million Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. .
- Companies with large balances looking to earn interest on reserve funds: Mercury has a Treasury Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser. account, which you can request once you have $500,000 in your Mercury accounts. Money in the Treasury account can earn up to 4.88% APY, with rates changing weekly.
- Businesses wanting an exclusive cash back bonus for a new account: You can also get a $300 cash back bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening.
When to Choose an Alternative
- You run a trust or sole proprietorship: Most businesses incorporated in the United States are eligible for an account, except sole proprietorships and trusts. Trusts should open an account with a traditional bank like U.S. Bank or Chase, while sole proprietors should consider using Found.
Note: Deposits in Mercury checking and savings accounts are held by partner banks, Choice Financial Group and Evolve Bank & Trust, Members FDIC. Through sweep networks, these funds become eligible for up to $5M in FDIC Insurance. Visit Mercury’s website for more information.
Found: Best Digital-only Provider for Self-employed Professionals and Freelancers
What We Like
- No monthly fees, minimum balances, account fees, and sign-up fees
- Excellent expense tracking on both its desktop and mobile apps
- Helps you track tax write-offs and gives you real-time tax estimates
Drawbacks
- No lending products
- Interest earning only through paid-tier Found Plus
- Cannot purchase checks or issue them from the app
Features
- Provides a business debit Mastercard, which allows you to track expenses and receive purchase alerts
- Debit cards can be frozen in the Found app
- Desktop and mobile apps
- Connect to accounting software and payment apps, such as Cash App, PayPal, Square, Venmo, and Stripe
- Integrated bookkeeping allows you to categorize expenses, customize invoices, capture receipts, and set custom rules
- Track tax write-offs in the app
- View your tax estimate update in real-time
- Pay your taxes directly from the app
- Send your Schedule C directly from the app
- Allows cash deposits at over 80,000 retail locations
- Customer service via email, online form, and support guides on the website
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free incoming wires; outgoing wires only sent to Found customers |
International Wire Fees | Unavailable |
ATM Fees | Found doesn’t charge for ATM usage; third-party ATM fees will likely apply |
Cash Deposited | Accepted at over 80,000 retail locations; $2 fee per cash deposit |
APY | N/A |
*Found is a business fintech platform backed by FDIC-insured Piermont Bank. | |
When to Choose Found
- Self-employed and freelance business owners seeking detailed expense tracking: Found offers integrated bookkeeping software that allows you to categorize expenses, capture receipts, and set custom rules within the Found app. You get unlimited free invoicing, which can be customized with your company’s logo and colors. Payments can be accepted for those invoices through payment apps.
- Sole proprietors wanting tax preparation assistance from their online checking provider: Found provides robust tax tracking and preparation software, allows you to complete and send your schedule C, and allows you to pay your tax bill directly from the app.
- You need to withdraw and deposit cash and deposit checks regularly: Found doesn’t charge for any ATM withdrawals, although out-of-network ATM withdrawals would be subject to third-party fees. You can make cash deposits at over 80,000 retail locations listed in the Found App, likely for a fee, and you can deposit checks once your account is approved.
When to Choose an Alternative
- You want to earn interest on entry-level business checking: Found offers a higher-tier checking product called Found Plus, which offers 1.5% APY on balances up to $20,000. However, Found Plus is $19.99 a month or $149.99 a year. You can get interest-bearing checking in standard account tiers with Bluevine and Grasshopper.
Note: Found is a fintech company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The Found Mastercard debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc. Found’s core features are free. Found also offers a paid product, Found Plus.
Grasshopper: Best Digital-only Bank for Integrated Free Payment Software
What We Like
- Cash back on debit card purchases
- Interest-bearing account
- No monthly or transaction fees
Drawbacks
- No physical location
- Minimum $100 deposit required to open
- Cash deposits not accepted
Features
- Free physical and virtual Visa® rewards debit cards
- Unlimited 1% cash back on online and signature-based purchases
- Free bill pay, check deposit services, and digital invoicing tools
- Free domestic ACH and wire transfers when a balance greater than or equal to $25,000 is maintained
- International US dollars (USD) and foreign exchange (FX) wire transfers also available
- Autobooks, QuickBooks, and Plaid integrations with additional financial data management tools available
- Access to multimillion-dollar FDIC insurance up to $125 million
- Earn up to 3.55% APY on balances greater than $50,000 when bundled with an Accelerator Savings Account
- Personalized support from a US-based Client Services team available by phone, email, chat, and secure message
- Other products include savings accounts, startup banking services, treasury management, CRE loans, and SBA loans
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees |
|
International Wire Transfer Fees |
|
ATM Fees | None at 45,000 MoneyPass & SUM network ATMs |
Cash Deposited | Cash deposits not accepted |
APY |
|
When to Choose Grasshopper
- You seek online banking that includes payment software and great integrations: One of Grasshopper’s biggest perks is providing payment software Autobooks for free with each new account. Grasshopper also has a great QuickBooks integration built in.
- You need excellent interest-bearing checking: Grasshopper has tiered interest earnings on its business checking, with accounts earning as much as 1.80% APY. However, customers must maintain a minimum average balance of $10,000 with no nonsufficient funds (NSF) items during the preceding 12 calendar months.
- You want cash back earnings on debit card purchases: Grasshopper’s debit card earns 1% cash back on all online and in-store debit card purchases.
When to Choose an Alternative
- You need to deposit cash: Cash deposits are not permitted with Grasshopper. Online fintechs Bluevine and Relay are great options if you need to deposit cash, but fees may apply. You may also want to choose a traditional bank like U.S. Bank or Chase, which provides a monthly cash deposit allowance.
North One: Best for Allocating Funds Using a Budgeting Tool and Software Integrations
What We Like
- It connects sales, payments, spending, and budgeting in one place.
- Co-owners get individual debit cards and login access.
- It offers Envelopes to separate funds into different categories for easy budgeting.
Drawbacks
- It has no physical locations.
- There are cash deposit fees.
- It has no APY.
Features
- Physical and virtual cards for each owner
- Desktop and mobile app banking
- Ability to receive unlimited ACH and domestic wire deposits
- Free bill pay
- Integration with QuickBooks, Wave, Patriot Accounting, and Zoho
- Compatible with Stripe, PayPal, Square, Shopify, Amazon, and eBay
- Ability to send paper checks from your North One account
- Perks include discounts and free trials of business software and productivity tools
- Local customer support available through phone, email, and live chat
- Other products including lines of credit and term loans
| |
|---|---|
Required Opening Deposit | $50 |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fee | None |
Domestic Wire Transfer Fees | $0 for incoming and $20 for outgoing |
Same-Day ACH Fees | 1.5% fee (minimum of $1 and maximum of $15) |
ATM Fees | Cash withdrawals through Mastercard®, Maestro®, or Cirrus® ATM network |
Cash Deposited | Up to $4.95 per transaction at Green Dot retail locations
|
APY | N/A |
Customer Service | By phone, email, or live chat during weekdays from 9 a.m. to 6 p.m. Eastern time |
Other Products | North One Plus account, business line of credit, and business term loan |
North One is a business fintech platform backed by FDIC-insured The Bancorp Bank N.A. | |
When to Choose North One Standard Account
- You want a budgeting system to dedicate funds for every business expense: North One features a budgeting tool called Envelopes, where small business owners can separate funds for different expenses. You can set up unlimited envelopes per expense category and create rules over how much money to allocate daily, weekly, or monthly.
- You seek multiple business software integrations: The North One account is compatible with over 50 accounting software, financial management tools, invoicing software, payroll, payments, and productivity tools. This includes QuickBooks Online, Wave, FreshBooks, Sage, Zoho Books, Patriot, Expensify, Etsy, Venmo, Wise, Gusto, and ADP. In addition, small businesses can save with North One’s different discounts and free trial offers for popular business software. Check out North One’s Perks page.
- You want to monitor your sales from all your payment platforms: You can connect your account to different payment platforms, including POS, ecommerce sites, and online marketplaces. All your gross revenue, transaction volume, and cost of returns can be tracked and viewed easily on your account dashboard. You can link your North One account to Stripe, PayPal, Square, Shopify, Amazon, eBay, and more.
When to Choose an Alternative
- You require in-person banking services: Since North One provides digital-only banking services through its partner, The Bancorp Bank, N.A., you can opt to open an account at a traditional bank like Chase if you need to bank in person.
How We Evaluated the Best Free Business Checking Accounts
In compiling this buyer’s guide, we reviewed more than 100 banks and their primary business checking accounts. When we evaluated the best free business checking accounts, we considered the following:
- Which accounts had no monthly fees or easily waivable monthly fees
- Required opening deposit and balance minimums
- Transaction limits before fees
- ACH and wire transfer fees
- ATM fees and availability
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services provided
- Lending products provided
- Customer service
- Customer reviews
What to Consider When Choosing the Best Free Business Checking Account
While we used our criteria to select the best free business checking accounts for this list, here are some things you should consider before making a selection:
1. Understand the Fee Structure and How It Will Apply to Your Business
While some providers in this guide are largely fee-free, others offer waivable monthly fees and limited free transactions each month. Before signing up for an account that has waivable fees or limited free transactions, determine the following:
- Can you meet the criteria to get the monthly fee waived?
- Does the account offer enough free cash deposits or transactions to meet your business needs?
- Does the bank offer features that competitors do not to make it worthwhile to pay certain monthly fees?
Some businesses don’t consider the last factor when opening an account. They might hesitate to use a bank with a waivable monthly fee. However, if that bank offers features unavailable to fee-free accounts, it might be worth paying a small monthly fee. For instance, the wide range of products and services offered by Bank of America can be worth the monthly fee to help your business grow.
2. Consider the Need for a Bank With Physical Locations
The majority of traditional banks offer accounts with waivable monthly fees., and U.S. Bank is the only traditional bank listed in this guide that doesn’t charge a monthly fee. However, if you need to visit a physical location for your business needs occasionally, choose a bank with a physical branch near your business.
3. Read Customer Reviews
We include a customer review section in each of our bank reviews. This can give you an idea of the bank’s level of customer service and potential issues you might encounter if you sign up for an account. However, customer reviews often include both business and personal accounts, so some might not apply to your potential business account.
For more information, check out our guide detailing how to choose a bank for your small business.
What You Need to Open a Small Business Checking Account
Though each provider on this list may require different documents to open a business bank account, here is a general list of what you will need:
- Employer identification number (EIN) or Social Security number if you’re a sole proprietor
- Fictitious business name certificate or doing-business-as (DBA) certificate
- Business formation documents
- Organization documents, including your ownership agreements
- Business licenses
- Government-issued photo ID, such as a passport or driver’s license
For a downloadable checklist of documents banks typically require, see our guide on how to open a business bank account.
Frequently Asked Questions (FAQs)
Many online-only banks and some traditional banks, such as U.S. Bank, provide business checking accounts with no monthly fees. Others, like Bank of America and Chase, offer easy ways to waive monthly fees.
Several online-only banks offer free checking with no minimum balance, including Bluevine, Novo, and Mercury. Some traditional banks, such as Chase and Bank of America, allow monthly fee waivers if you maintain certain balances. Even if a bank has waivable monthly fees, check the free transaction limit and ensure your business won’t exceed that number each month.
Once you decide to open a business bank account, you will have several types of accounts to choose from. The four most common account types when opening a business bank account are a free business bank account, a traditional business checking account, an online business checking account, and a business savings account.
Bottom Line
If you are looking for a business checking account with no or easily waivable monthly fees, the providers on this list are all outstanding choices. When selecting a provider, learn what you require from your business bank first. Decide whether online-only banks or traditional banks have the services you need, then pick the bank and checking account that best meet your business needs.
