10 Best Free Business Checking Accounts for 2023
This article is part of a larger series on Business Banking.
The best free business checking accounts should have no monthly fees, or fees that are easily waivable, and limited and transparent routine fees. Some providers have next to no fees for typical banking services while others offer a limited number of free transactions before fees are charged.
The banks on this list have the best free business checking accounts while also providing you with the other business services needed for your company’s growth. These include interest-bearing accounts, lending products, personal accounts for you and your employees, and merchant services.
Here are the 10 best free business checking accounts:
- Bluevine: Best overall for free business checking with a high interest yield
- Bank of America: Best free business checking with a traditional bank
- Chase: Best premium business checking account with a traditional bank
- Capital One: Best for unlimited transactions with a traditional bank
- U.S. Bank: Best for businesses with minimal monthly transactions
- First Internet Bank: Best for full-service online banking
- Mercury: Best digital-only bank for tech companies and startups
- Novo: Best digital-only bank for rapid access to funds and express payment processing
- Grasshopper: Best digital-only bank for integrated free payment software
- Oxygen: Best digital-only provider for cash back on debit card purchases
Best Free Business Checking Accounts At a Glance
Provider | Monthly Fee | Transaction Fee | Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit |
---|---|---|---|---|---|---|
Business Checking | None | None | 2.0% on qualifying balances up to $100,000 | $4.95/deposit (Green Dot locations) | Free (MoneyPass network) $2.50 out-of-network | None |
Fundamentals Business Checking | $16; waivable | Free (first 200), then 45 cents/item | N/A | Free up to $7,500/month; 30 cents every $100 after | Free (more than 16,000 ATMs nationwide) | $100 |
Business Complete Banking | $15; waivable | Free (first 20), then 40 cents/item | N/A | Free up to $5,000/month; $2.50 for every $1,000 after | $2.50/ transaction + operator fees (non-Chase ATM) | None |
Basic Business Checking | $15; waivable | None | N/A | Free up to $5,000/month, $1 for every $1,000 after | Free (Capital One, MoneyPass & Allpoint ATMs) | $250 |
Silver Business Checking | None | Free (first 125), then 50 cents/item | N/A | None; limited to $2,500 in cash deposits each month | No charge out-of-network, operator fees may apply | $100 |
Business Checking | None | None | 0.50% on balances of $10,000 or more | Cash deposits not accepted | None; reimburses up to $10/month in ATM fees | None |
Business Checking | None | None | N/A | None; cash is deposited through money orders | Refunds all ATM fees | None |
Business Checking | None | None | N/A | None; cash is deposited through money orders | Refunds all ATM fees | None |
Innovator Business Checking | None | None | 1.5% | Cash deposits not accepted | Free (MoneyPass & SUM network ATMs) | $100 |
Business Checking | None | None | N/A | $4.95/deposit (Green Dot locations); Also through Plaid link to bank | Free at Allpoint ATMs; $3 out-of-network domestic; $5 out-of-network international | None |
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership.
Partnerships: Coastal Community Bank for Bluevine, Evolve Bank & Trust for Mercury, Middlesex Federal Savings for Novo, and The Bancorp Bank for Oxygen
Bluevine: Best Overall for Free Business Checking With a High-interest Yield
What We Like
- No monthly fees
- No transaction fees
- 2.0% APY on balances up to $100,000
What's Missing
- $4.95 fee per transaction for depositing cash
- No other business deposit accounts
- No branch locations
Features
- Free debit card, mailed within 10 business days of application approval
- Two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Live customer support from dedicated professionals
- Line of credit also available
Bluevine Business Checking Overview
Bank of America: Best Free Business Checking With a Traditional Bank
What We Like
- 200 free transactions per month
- $7,500 in free cash deposits per month
- Ongoing rewards
What's Missing
- Charges a monthly maintenance fee unless balance or transaction minimums are met
- 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
- Credit card processing and payroll services through ADP
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Allows you to check your business credit score through a partnership with Dun & Bradstreet
Bank of America FundamentalsTM Business Checking Overview
Chase: Best Premium Business Checking Account With a Traditional Bank
What We Like
- $300 bonus when you open an account
- Easy-to-waive monthly fee
- No opening deposit required
What's Missing
- Very limited number of free transactions in the basic business account
- ATM fees not reimbursed
- Fee for cash deposits of more than $5,000 per statement period
Features
- 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
Chase Business Complete BankingSM Checking Overview
Capital One: Best For Unlimited Transactions With a Traditional Bank
What We Like
- Unlimited transactions
- Full-service banking options and physical locations
- Low or no monthly fee
What's Missing
- Has $250 opening deposit
- Accounts cannot be opened online
- Account doesn’t earn interest
Features
- Pay bills, track accounts, transfer funds, and deposit checks with the mobile app
- Integrates with Xero and other top accounting software
- Free overdraft protection when linked to another small business deposit account
Capital One Basic Business Checking Overview
U.S. Bank: Best for Businesses With Minimal Monthly Transactions
What We Like
- No monthly fee
- Free mobile check deposits
- Apply in person, online, or by phone
What's Missing
- Expensive wire fees
- Limited free transactions
- Only available to residents in 26 states
Features
- Send and receive money through the 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
U.S. Bank Silver Business Checking Overview
First Internet Bank: Best for Full-service Online Banking
What We Like
- Fee-free banking
- Up to $10 refund for ATM fees
- Other interest-bearing business accounts available
What's Missing
- 0.50% APY only available with average daily balance of $10,000
- No cash deposits
- No physical branches
Features
- Small Business Administration (SBA) loans and commercial loans
- Other business bank accounts available, including savings, money markets, and CDs—ranked among the best business savings accounts
- Personal accounts
- Health savings accounts (HSAs)
First Internet Bank Business Checking Overview
Mercury: Best Digital-only Bank for Tech Companies & Startups
What We Like
- No minimum deposit to open an account
- Physical and virtual debit cards
- Mercury Treasury account allows you to earn interest once you qualify for the account and request it
What's Missing
- Accounts unavailable to sole proprietorships
- Lacks paper check-writing abilities
- No cash deposits
Features
- Accounts integrate with major accounting software
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrates fully with QuickBooks and Xero accounting software
Mercury Business Checking Overview
Novo: Best Digital-only Bank for Rapid Access to Funds & Express Payment Processing
What We Like
- Zero maintenance fees
- Refunds all ATM fees
- Novo Boost and Express ACH allow faster access to your funds
What's Missing
- Unable to deposit cash directly
- Lack of savings accounts and lending products
- Non-interest drawing account
Features
- Integrates with other business tools, such as QuickBooks, Slack, 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 let you accept or receive same-day ACH payments
Novo Business Checking Overview
Grasshopper: Best Digital-only Bank for Integrated Free Payment Software
What We Like
- Cash back on debit card purchases
- Interest-bearing account
- No monthly fees or transaction fees
What's Missing
- No physical location
- $100 minimum deposit required to open
- Cash deposits not accepted
Features
- 1% cash back on all online and in-store debit card purchases
- Earn 1.5% APY with no minimum and no cap
- Autobooks software purchased by Grasshopper for all small business banking customers for digital invoicing and online payments
- No monthly fees or transaction fees; no minimum balance required
- 24/7 online and mobile banking
- Unlimited free ACH and incoming wires
Grasshopper Innovator Business Checking Overview
Oxygen: Best Digital-Only Provider for Cash Back on Debit Card Purchases
What We Like
- Rare fintech that offers both personal and business banking
- No monthly fees or transaction fees
- Single-use virtual cards available for online shopping provides extra security
What's Missing
- No free cash deposits
- Only one authorized user allowed per account
- No physical locations
Features
- Nationwide LLC creation available through the Oxygen App
- 5% cash back rewards on everyday purchases with your debit card
- Ability to create single-use virtual cards to keep your business bank account secure
- Business savings product available with 1% APY on balances up to $20,000
- Multiple personal checking accounts available
Oxygen Business Checking Overview
How We Evaluated the Best Free Business Checking Accounts
When we evaluated the best free business checking accounts, we considered
- 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 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
Frequently Asked Questions (FAQs)
What bank doesn’t charge monthly fees for a business account?
Many online-only banks and some traditional banks, such as U.S. Bank, provide business checking accounts with no monthly fees. Others, such as Bank of America and Chase, offer easy ways to waive monthly fees.
What banks have free checking with no minimum balance?
Several online-only banks offer free checking with no minimum balance, including Bluevine, Novo and First Internet Bank. Some traditional banks, such as Capital One, have waivable monthly fees with unlimited free transactions. Even if a bank has waivable monthly fees, check the free transaction limit and ensure your business won’t exceed that each month.
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 deciding which provider to choose, first figure out what you need from your business bank. Decide whether online-only banks or traditional banks provide the services you need, then select the bank and checking account that best meet your business needs.