6 Best Free Business Checking Accounts 2021

There are two types of free business checking accounts: those that don’t charge monthly account fees and others that do but make them relatively easy to avoid by meeting minimum balance requirements. Both types typically also offer an allowance of free monthly transactions and cash deposits. The checking account that gives you enough monthly transactions and cash deposits to cover your needs is usually the best account for you.

The best free business checking accounts are:

• Chase Bank: Best overall for free business checking with an easy-to-earn cash bonus
• Capital One: Best for free checking with unlimited transactions
• Bank of America: Best for earning bonus rewards with an existing Bank of America relationship
• U.S. Bank: Best for low transaction volume
• First Internet Bank: Best for opening multiple online accounts
• Novo: Best for free ATM use through an online bank

Chase Bank: Overall Best Free Small Business Checking Account

If you’re looking for an account with an extensive branch network and a simple-to-earn cash bonus, Chase has the best free business checking account for you. You’ll need to maintain a minimum balance to avoid the monthly fee, but Chase makes that easy. This business bank account also allows up to 20 free transactions per month and unlimited electronic deposits.

Who it’s best for: Owners who handle cash transactions and need to visit a physical branch location.

Fees & Terms

• Monthly fee: $15, waived if you meet one of the following criteria:
  • Maintain a minimum daily balance of $2,000
  • Spend at least $2,000 in purchases (minus returns or refunds) using your Chase Ink® Business Card(s)
  • Deposit $2,000 into your Chase checking account from your QuickAccept℠ and/or other eligible Chase Merchant Services transactions at least one business day prior to the last day of your bank account statement period
  • Maintain a linked Chase Private Client Checking℠ account
• Transaction fee: First 20 free, then 40 cents per transaction
• Cash deposit fee: $2.50 per $1,000 after you deposit $5,000 in a billing cycle
• ATM fee: $2.50 per transaction at any non-Chase ATM, plus ATM operator fees
• Minimum deposit: None; this is a free account with no deposit required
• Minimum balance: None

When opening a business bank account with Chase, consider opening a business credit card to help separate your business and personal expenses.

Why We Like It

What we like about Chase is that it allows depositors to earn a sign-up bonus of $300. It has several branch locations and a large ATM network across the country, making it easy to access your funds. We also like that business owners can control which employees can access ATMs or make purchases. Chase Bank also made our list of the best banks for small businesses.

Capital One: Best for Unlimited Transactions

Note: Capital One currently requires a branch visit to complete an application.

Capital One is one of the few checking accounts that offer unlimited transactions. With Capital One, you can access more than 39,000 ATMs nationwide and around 750 branches across eight states. It offers an easy-to-waive monthly fee and up to $5,000 fee-free cash deposits per month.

Who it’s best for: Business owners who want to avoid all transaction fees and live near one of Capital One’s branches.

Fees & Terms

• Monthly service fee: $15, waived if you maintain a $2,000 minimum 30- or 90-day average balance or have two other Capital One accounts
• Transaction fee: Unlimited free transactions
• Cash deposit fee: Up to $5,000 per month free; $1 for every $1,000 after that
• ATM fee: None at more than 39,000 Allpoint ATMs nationwide
• Minimum deposit: $250
• Minimum balance: None to maintain the account

Why We Like It

The best thing about opening a business checking account with Capital One is that you can enjoy unlimited transactions without having to worry about transaction fees. It also provides seamless integration with independent accounting software, making it easy to track bills and reconcile accounts each month.

Bank of America: Best for Bonus Rewards & Free Cash Deposits

Bank of America stands out because it gives you a chance to earn a $500 sign-up bonus. It also allows up to $7,500 fee-free cash deposits and 200 free transactions per month. Bank of America gives clients access to more than 4,300 branches and about 16,000 ATMs nationwide.

Who it’s best for: Businesses that want a free checking account that offers $7,500 in free cash deposits each month.

Fees & Terms

• Monthly fee: $16; waived if you meet one of the following criteria during each checking statement cycle:
  • Spend $250 on new net purchases with your Bank of America business debit, credit card, or charge card
  • Maintain a $5,000 combined average monthly balance
  • Become a member of Preferred Rewards for Business (first four checking accounts, per enrolled business)
• Transaction fee: No fee for the first 200, then 45 cents per item
  • No excess transaction fee for automated clearing house (ACH), debit card transactions, online bill pay, electronic debits, and checks deposited through remote deposit online
• Cash deposit fee: No fee for first $7,500, then 30 cents per $100
• ATM fee: Free access to more than 16,000 ATMs nationwide. $2.50 per transaction on out-of-network ATMs
• Minimum deposit: $100
• Minimum balance: None

Bank of America and Chase offer very similar accounts, so if you’re stuck in between the two, read our comparison article.

Why We Like It

We like Bank of America because of its 200 free monthly transactions and up to $7,500 fee-free cash deposits. This is an excellent option for businesses that handle cash frequently. Another great thing about this checking account is that business owners can add on extra services based on their unique needs.

U.S. Bank: Best for 150 Monthly Transactions

If you have limited monthly transactions but still want to access a physical branch location, U.S. Bank’s Silver Business Checking package will suit your business well. What’s nice about this account is you’ll not only receive 125 free transactions per month, but you can also make up to $2,500 fee-free monthly cash deposits without monthly fees and balance requirements.

Who it’s best for: Businesses that want to receive 125 free transactions per month.

Fees & Terms

• Monthly fee: None
• Transaction fee: 50 cents per transaction after the first 150 transactions in a month
• Cash deposit fee: None on the first $2,500 in cash deposits each month
• Mobile check deposit fee: 50 cents after the first 20 mobile deposits in a month
• ATM fee: No charge for out-of-network ATMs, although operator fees apply; free access to more than 3,200 ATMs nationwide and free withdrawals from 25,000-plus MoneyPass ATMs
• Minimum deposit: None
• Minimum balance: None

Why We Like It

We like the U.S. Bank because there is no monthly fee, so you don’t have to worry about meeting any waiver requirements. We also like the fact that you have access to physical branches and a wide network of ATMs.

First Internet Bank: Best for Earning Interest & Opening Multiple Online Accounts

Saving your money in an account is one thing but being able to earn interest on that money takes that account to the next level. First Internet Bank allows you to do just that with its checking account while also letting you open a business savings account that pays an annual percentage yield (APY). Having two accounts that offer an ongoing APY will help you maximize your business’ money. Since this is an online-only bank, only open this account if you don’t need access to a branch location or handle daily cash transactions.

Who it’s best for: Business owners who are comfortable with an online-only bank and want to earn interest on their business checking account.

Fees & Terms

• Monthly fee: None
• Transaction Fee: None, offers unlimited transactions
• ATM fee: None, reimburses up to $10 per month in ATM fees
• Minimum deposit: $100
• Minimum balance: None
• Ongoing APY: 0.30% on balances of $10,000 or more

Why We Like It

First Internet Bank made it to our list because it allows unlimited transactions without any monthly fees. Another great thing about this digital-only bank is that it offers both business checking and savings accounts that allow business owners to earn interest from their deposits.

Novo: Best for Free ATM Use

Novo offers a free business checking account with limited services. With Novo, you can open an account online with no minimum deposit and unlimited free transactions. It has no physical branches but allows you to send checks directly through its mobile app and refunds all ATM fees.

Who it’s best for: Business owners who don’t handle cash transactions and are looking for an online-only bank that offers free ATM use.

Fees & Terms

• Monthly fee: None
• Transaction fee: None
• Cash deposit fee: None; cash is deposited through USPS money orders
• ATM fee: Refunds all ATM fees
• ACH fee: None
• Minimum deposit: None
• Minimum balance: None

Why We Like It

We like Novo because its fee-free business checking account integrates with point-of-sale (POS) and other business tools like Stripe, QuickBooks, Xero, and Wise. The fact that it offers unlimited free transactions and refunds all third-party ATM Fees make this online-only bank worth considering.

Honorable Mention: BlueVine Business Checking

BlueVine has made a name for itself through its business lending products. It also offers a free online checking account that pays an ongoing APY of 1% on balances up to $100,000. This product can bring ease into your business while rewarding you for having an account with BlueVine. Although it’s a completely online account, you can expect to have a stellar experience coupled with the customer service you’d receive in your local branch. Accounts also integrate with accounting software and payment solutions like QuickBooks Online, Wave, PayPal, and Stripe.

Who it’s best for: Businesses that want to earn interest on their deposits while paying no fees.

Fees & Terms

• Monthly fee: None
• Transaction fee: None; offers unlimited transactions
• ATM fee: No fees at more than 38,000 ATM locations nationwide
• Minimum initial deposit: None
• Minimum balance requirement: None
• Ongoing APY: 1% on balances up $100,000 (no interest earned on balances over $100,000)

Why We Liked It

We liked BlueVine because it offers fee-free banking and a variety of loan products that can help business owners with their financing needs. The 1% APY on balances up to $100,000 is a plus, as it allows business owners to earn interest from their deposits.

How We Evaluated Free Business Checking Accounts

While a free small business checking account typically doesn’t have monthly maintenance fees, it can still have other costs like wire transfer or transaction fees. We took all fees into account along with other factors, such as introductory offers and the size of the bank’s network, and account benefits like free accounting software and ongoing interest payments on your deposits.

Bottom Line

Free business checking accounts are a good option for small and growing businesses. These accounts typically do not have monthly fees or offer easy ways to waive the fees. However, they may still charge for additional services like wire transfers and cash deposits. It’s essential to look at the fee structure for each free small business checking account before deciding on an option.