Free business checking accounts don’t charge monthly account fees, but even “free” checking accounts vary. We looked at national providers and choose the seven best free business checking accounts. These accounts don’t charge monthly fees – although you may need to meet certain criteria – but limit monthly transactions and have additional costs for extra transactions and services.
Best Free Business Checking Accounts
| Chase | (Best Overall) Businesses owners who want the best traditional business checking and will maintain $1,500+ monthly balance. |
| Everbank | Businesses that want to earn interest on deposits and can handle all banking online. |
| Capital One | Business owners who want unlimited transactions, don’t require a physical branch and will maintain an average balance of $2,000. |
| Bank of America | Businesses willing to spend at least $250 per month on a BOA small business credit or debit card. |
| US Bank | Business owners who have fewer than 150 monthly transactions. |
| BBVA Compass | Another alternative free business checking account for sole proprietors. |
| First Citizens | Another free business checking account provider for startup businesses. |
How We Evaluated the Best Free Business Checking Accounts
A free business checking account is one that doesn’t have monthly maintenance fees, although they still have other costs. There are two types of free business checking accounts – those that don’t charge monthly maintenance fees at all and those that waive maintenance fees if certain criteria are met (which is most of the options included here).
Most free business checking accounts have low fees and limit the number of transactions in an account each month. However, the best free business checking accounts offer high numbers of transactions, access to sizable bank networks, introductory offers, and access to additional banking services at low cost.
We evaluated free business checking accounts on these factors to determine the best:
- Fees and Terms – What other fees or restrictions are placed on a free business checking account
- Introductory Offers – Whether you may be eligible for a sign-up bonus
- Size of Bank Network – Where a provider maintains branches or ATMs
- Other Account Benefits – Extra perks that come with a free business checking account
- Customer Service – The ability to get help from the bank on questions or account issues
- Account Availability – How easy it is to maintain an account
Based on the factors above, our best free business checking account is the Chase Bank Total Business Checking account. This free business checking account has one of the lowest required minimum balances ($1,500 month avg.) to maintain your free account. Chase also has a sizeable bank network with over 5,100 branches and 16,000 ATMs nationwide and offers an up to $200 bonus for new customers.
While Chase is our recommended free business checking account provider, there are benefits to using any provider on this list. Fit Small Business, for example, has been banking with Bank of America for five+ years and plans to continue using Bank of America for business checking. A Bank of America Business Fundamentals account is free if you maintain a $5,000 balance, and new customers may also qualify for up to $350 in sign-up bonuses.
We’ve also found that Chase offered the best small business checking account. With just $500 in monthly deposits, your monthly fees can be waived. Plus, first-time account holders are currently being offered a bonus of up to $200 for signing up.
Best Overall Free Checking Account: Chase Bank
Chase Bank is a national bank with everything you could want from a free business checking account so long as you maintain a $1,500 minimum balance – one of the lowest available. Clients can access over 5,100 branches and 16,000 ATMs nationwide, plus additional banking services for any other needs. Chase Total Business checking allows up to 100 free transactions per month and unlimited electronic deposits.
Fees
The Chase Total Business Checking account has the following costs:
- Monthly Fee: $15 if you don’t maintain a minimum balance of $1,500 or link your Total Business Checking account to a Chase Private Client Checking or Chase Premier Platinum Checking account; $12 if you fail to maintain a $1,500 balance but opt for electronic statements
- Cash Deposit Fee: $2.50 per $1,000 after you deposit $5,000 in a billing cycle
- Incoming Wire Fee: $15
- Outgoing Wire Free (Domestic Online): $25
- Outgoing Wire Fee (International Online): $40
- ATM Fees: N/A
- Transaction Fee: $0.40/each once you have more than 100 transactions in a month
Terms
Chase has the following terms:
- Minimum Deposit to Open an Account: $25
- Sign-up Bonus: $200 if you open a Chase Total Business Checking account, deposit $1,000 in new money in the first 10 business days, maintain at least a $1,000 balance for 60 days, and within 60 days complete five qualifying debit card purchases, Chase QuickDeposit, ACH transactions, or wire transfers
Bank Network
Chase has one of the largest bank networks on this list. Clients have access to more than 5,100 branches nationwide, as well as over 16,000 ATMs. Chase also offers web tools including Chase QuickDeposit and Chase Online Bill Pay, so business owners can handle banking anywhere they have an internet connection.
Customer Service
Chase Bank has more than 5,100 branches nationwide where clients can get in-person customer service. In addition, Chase has incredibly robust web and mobile banking tools for clients to administer accounts. Additional issues that can’t be resolved online can be handled through one of Chase’s client service experts, who are available 24/7.
Other Benefits
In addition to their introductory offer, Chase allows small business owners to place controls on Business Debit, Deposit, and ATM cards so that only certain employees can access ATMs or make purchases. Chase also has special banking offers for military service members and their families.
What Chase Is Missing
While they are one of the best free business checking account providers, Chase Total Business Checking isn’t free unless you maintain a minimum average daily balance of at least $1,500 or meet other criteria. Chase also limits free checking customers to 100 free transactions per month.
How to Open a Chase Account
Visit Chase‘s website to get more information on account options, or find a branch office near you. You can start the process of opening an account online, but may need to visit a local branch to complete your account setup. New account holders can qualify for up to a $200 sign-up bonus.
Best Free Online Business Checking Account: EverBank
EverBank offers banking accounts, lending, and investment services exclusively online, over the phone, and through the mail. The company has virtually no fees, is easy to use as an online product, and pays 1.21% interest on deposits for the first year. This makes it the best small business checking account if you’re running a business and are comfortable handling all your banking online.
Fees
A free business checking account with EverBank has the following costs:
- Monthly Fees: None
- Outgoing Wire Fee (Domestic): $25
- Outgoing Wire Fee (Foreign): $35
- Cost per Transaction: $0.25 after the first 200 transactions in a month
Terms
- Minimum Deposit to Open Account: $1,500
- Introductory APY: 1.21% for the first 12 months on deposits up to $250,000
- Ongoing APY: 0.20% – 0.61%
Bank Network
EverBank has virtually no ATMs or branch offices around the country. However, they reimburse account holders for all ATM fees if they maintain an average daily balance of at least $5,000.
Customer Service
As an online provider EverBank doesn’t have branches or ATMs where customers can go to address questions or account issues. However, they still provide strong customer service online and over the phone and can provide a number of additional services to small business owners through their parent company, TIAA.
Other Benefits
Unlike other free business checking account providers, EverBank pays interest on deposits. After the introductory interest rate expires, EverBank pays 0.2% – 0.61% annual interest depending on the account total balance. EverBank also reimburses for all ATM fees if you maintain an average daily account balance of at least $5,000.
What EverBank Is Missing
EverBank is a great online provider, but doesn’t have branch offices or ATMs around the country. This makes it difficult – if not impossible – to deposit cash. However, EverBank does provide strong customer service online and reimburses for all ATM charges if you maintain a minimum average daily balance of at least $5,000.
How to Open an EverBank Account
You can open a free business checking account online through EverBank’s website. All of the forms can be completed online and you can start earning 1.21% on deposits up to $250,000. If you maintain a minimum average daily balance of at least $5,000, EverBank will also reimburse you for all ATM charges.
Best Free Business Checking Account for Unlimited Transactions: Capital One
Capital One leverages technology to offer a low fee structure because so much of their business checking works online. Business owners have unlimited free transactions, no minimum balance, and access to more than 700 branches and 39,000 ATMS nationwide. Capital One’s free business checking is ideal if you’re starting a business and want to bank online.
Fees
Costs for a free business checking account with Capital One include:
- Monthly Service Fee: $15 if you don’t maintain a $2,000 minimum balance over 30- or 90-day period OR have to two additional eligible business products
- Transaction Fee: Unlimited free transactions
- ATM Fee: None on more than 39,000 Allpoint ATMs nationwide
- Cash Deposit Fee: Up to $5,000 per month free, $1 for every $1,000 after that
- Incoming Wire Fee: $15
- Outgoing Wire Fee (Domestic): $25
- Outgoing Wire Fee (Foreign): $40
Terms
Capital One has the following terms:
- Minimum Balance: None
Bank Network
Capital One has only 700 branches nationwide. However, the bank has partnered with Allpoint to provide customers free access to more than 39,000 ATMs across the country. In addition, business owners can bank from nearly anywhere through Capital One’s web portal or mobile banking tools.
Customer Service
Most account administration can be handled seamlessly online through Capital One‘s website. They have fewer than 1,000 branches nationwide, so it can be difficult to get in-person guidance at a local branch. However, the bank is always ready to assist customers online or over the phone.
Other Benefits
Capital One also integrates seamlessly with independent accounting software, making it easy to track bills and reconcile accounts each month.
What Capital One Is Missing
While Capital One has no minimum balance requirement and offers unlimited free transactions for small business owners, they limit free cash deposits to $5,000, which can be a problem for some businesses that receive a lot of cash payments. They also only have 700 branches nationwide, so you may not have one close by.
How to Open a Capital One Account
You can open a new Capital One business checking account online or in person. Be sure and ask about current intro bonus promotions as they are updated frequently. Once you’ve opened an account, you can start banking with Capital One right away and use them to help with your business financing.
Another Free Traditional Business Checking Account Option: Bank of America
The Bank of America Business Fundamentals Checking account is one of the best free business checking accounts if you maintain a minimum balance of at least $3,000 or spend at least $250 on a Bank of America business debit or credit card. If you don’t, the account has monthly maintenance fees. Bank of America is the bank Fit Small Business has used for over five years and one that we recommend for small businesses that can qualify for a free account.
Fees
A Bank of America Business Fundamentals Checking account has the following costs:
- Monthly Fee: $15 if you don’t maintain a minimum daily balance of $3,000 or spend $250 on a Bank of America small business debit or credit card
- Account Management Fee: $15 if you integrate your account with QuickBooks
- Intuit Online Payroll Enhanced Fee: $36/month (free for the first three months) if you want to run your payroll through Bank of America using Intuit Payroll
- Transaction Fee: $0.45/each once you have more than 200 transactions in a month
- Cash Deposit Fee: $0.30 per $100 deposited after you deposit more than $7,500 in a month
- Transaction Fee: $0.40/each after you have 200 transactions in a month
- Incoming Wire Transfer Fee: None
Terms
Bank of America currently offers the following terms and sign-up bonuses:
- $100 for Business Checking when you open a qualifying account or deposit at least $1,000 in the first 60 days
- $50 for online bill pay when you pay at least two bills online within the first 60 days
- $200 for a small business credit card when you apply for a small business credit card, are approved, and spend at least $500 in the first 60 days
Bank Network
Bank of America has one of the larger bank networks on this list, serving more than 46 million clients in all 50 states. A free business checking account through Bank of America gives clients access to more than 4,600 branch offices and nearly 16,000 ATMs from Bank of America and the Global ATM Alliance.
Customer Service
It’s extremely easy to get good customer service through Bank of America’s website, over the phone, or in one of their 4,600 branch offices nationwide. Account administration can be handled in-person at one of their offices, through their website or with Bank of America’s mobile banking app.
Other Benefits
A free business checking account through Bank of America gives small business owners the ability to earn introductory rewards and gives you access to the Bank’s online and mobile banking tools. Small business owners can also deposit checks remotely and add on additional services, including credit card processing and payroll services through ADP.
What Bank of America Is Missing
The Bank of America Business Fundamentals Checking account offers great introductory rewards but the account isn’t free unless you meet certain criteria, including maintaining a minimum balance of $3,000 or spending $250 on a Bank of America business debit or credit card. Customers are also limited to 200 free transactions per month and free cash deposits of $7,500/ month, so it’s not great for cash businesses.
How to Open a Bank of America Account
Visit the bank’s website to set up a Bank of America Business Fundamentals Checking account or get more information. You can also go to one of the bank’s branch offices for in-person guidance or to see whether you qualify for their $350 in introductory rewards.
Another Free Business Checking Account with a Large Bank Network: US Bank
US Bank provides business owners with access to a huge network of over 3,000 branches nationwide, plus 4,700 ATMs. In addition, the Silver Business Package free business checking account allows for up to 150 free transactions per month, making it the best free business checking account for small business owners who want access to physical branches but have limited monthly transactions.
Fees
The US Bank Silver Business Package has the following costs:
- Monthly Maintenance Fee: None
- Transaction Fee: $0.50 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: $0.50 after the first 20 mobile deposits in a month
- ATM Fee: $2.50
Terms
US Bank has the following terms:
- Check Order Discount: 50% discount on the first order up to $50
- Optional Overdraft Protection: $20 fee waived the first year for a business line of credit for overdraft protection
- Introductory Bonus Interest Rate on money market deposits for the first year.
Bank Network
US Bank has more than 3,000 branches around the country and over 4,700 ATMs. Customers are also able to use out-of-network ATMs for an additional fee. In addition to their physical locations, US Bank gives customers access to accounts online and through their mobile banking app.
Customer Service
US Bank customer service is available through any of the bank’s 3,000 branches nationwide or you can access your account through one of their ATMs. US Bank also offers their customers access to a mobile banking app that makes it easy to bank from anywhere.
Other Benefits
For small businesses with extra cash each month, you can deposit those funds in a US Bank money market account to earn higher interest for the first 12 months. US Bank also offers 25 free cash deposits each month, remote check deposit, and easy integration to overdraft protection or credit card processing services for your business.
What US Bank Is Missing
The US Bank Silver Business Package has no monthly fee but is limited to 150 free transactions per month. Customers are also charged fees for ATMs and remote check deposit if you deposit more than 20 checks remotely per month.
How to Open a US Bank Account
To open a US Bank Silver Business Package, visit their website to start the process, where you can learn more about their services and the documents you’ll need to open a free small business checking account.
Another Alternative Free Business Checking Account for Sole Proprietors: BBVA Compass
BBVA Compass is the best free business checking account provider if you don’t need to regularly visit bank branches. However, according to bank policy, a BBVA Compass free checking business checking is only for sole proprietorships. Still, the account gives clients access to more than 650 branches and 43,000 ATMs, has no monthly fee, and requires no minimum account balance.
Fees
A free business checking account with BBVA Compass has the following costs:
- Monthly Fee: None
- ATM Fee: None at BBVA or Allpoint ATMs
- Withdrawal Fee: $1 each if you have more than five in-branch withdrawals per month
- Deposit Fee: $2 if you have more than two in-branch deposits per month
- Cash Deposit Fee: $0.003 per $1 if you deposit more than $5,000 per month
- Paper Statement Fee: $3 per month
- Incoming Wire Fee (Domestic): $15
- Incoming Wire Fee (International): $15.75
- Outgoing Wire Fee (Domestic): $25
- Outgoing Wire Fee (International): $45
- Inter-BBVA Transfer Fee: $5
Terms
BBVA Compass currently has the following terms:
- Minimum Initial Deposit: $100
- Minimum Account Balance: None
Bank Network
BBVA has a very large digital bank network but relatively few bank branches. Clients have access to about 650 branch offices and 43,000 ATMs through Allpoint. It’s expected that clients will take care of account administration online or through mobile banking apps, based on the additional fees or minimal in-branch activity.
Customer Service
BBVA maintains 650 branches nationwide where customers can go to address questions or account issues. Clients can also handle account administration online or over the phone as needed. With BBVA, you can handle everything online from account setup to maintenance, deposits, and bill payments.
Other Benefits
BBVA Compass offers small business owners access to a massive network of over 43,000 ATMs. BBVA customers also enjoy mobile deposit, free mobile banking, online banking, and bill pay. Account holders get one free Visa debit card per account signer and can set up account alerts as needed.
What BBVA Compass Is Missing
BBVA has a huge number of ATMs but only has about 670 branches spread over seven states, primarily in Texas. Their free business checking account product is also only available for sole proprietorships. Also, even if you have a branch nearby, you’re limited to five in-branch withdrawals and two in-branch deposits per month. You’re also limited to $5,000 in free cash deposits each month.
How to Open a BBVA Compass Account
To set up a BBVA Compass ClearConnect for Business account, visit BBVA’s website. You can learn more about their free business checking account as well as other options and services. If you want to open an account, you can complete the entire process online through BBVA’s website.
Another Free Business Checking Account Provider: First Citizens Bank
First Citizens Basic Business Checking is one of the best free business checking accounts if you’re just starting a business and need a simple business checking account with no minimum balance. First Citizens offers up to 175 free transactions each month, which is ideal for newer businesses that don’t have more than 175 transactions each month. You can also open an account with as little as $100.
Fees
A First Citizens Basic Business Checking account has costs including:
- Monthly Fee: None if you sign up for paperless statements
- Transaction Fee: $0.40/each if you have over 175 transactions in a month
- Cash Deposit Fee: $0.16 per $100 deposited if you deposit more than $5,000 cash in a month
- Mobile Check Deposit Fee: $0.50 per check after you deposit 10 checks in a month
- ACH Payment Fee: $3.00
- Wire Transfer Origination Fee (Domestic): $15
Terms
First Citizens has the following terms:
- Minimum Balance: None
- Minimum Initial Deposit: $100
- Free Visa Business Debit Card for new account holders
Bank Network
First Citizens has one of the smaller bank networks on this list. The bank has 500 branches and ATMs in about 21 states across the country, including those in the SUM and Money Tower networks. Customers can also handle banking needs online through the First Citizens website.
Customer Service
First Citizens has more than 500 branches where account holders can get individual customer service. Account issues can also be handled online or over the phone. Clients are also provided with access to mobile banking tools for phones and tablets.
Other Benefits
First Citizens offers a very simple free business checking account and one of the lower fee structures. In addition to its First Citizens Basic Business Checking product, First Citizens clients are given free access to First Citizens ATMs and the option of using one of four types of overdraft protection.
What First Citizens Is Missing
While First Citizens has no account minimum and one of the lower fee schedules on this list, it only has branches in 21 states. The bank also limited free business checking account users to 175 free transactions per month and free cash deposits to $5,000 per month.
How to Open a First Citizens Account
To open an account with First Citizens, start by visiting their website. You can get more information on their accounts and services, see what information you need to open a free business checking account for your company, and start the process online.
Bottom Line
Free small business checking accounts are a good option for small and growing businesses. While there are no monthly fees, free small business checking accounts still have fees for additional services like wire transfers and cash deposits. That’s why it’s important to look at the fee structure for each free small business checking account before deciding on an option.
We’ve researched free business checking accounts and found Chase Bank to be the best free business checking account provider for those who plan to maintain an average monthly balance of $1,500. You can get started online and new customers may qualify for an up to $200 sign-up bonus.
I agree with Capital One Spark being great, I’ve been very happy with them over the past year. Sadly they are currently not accepting new checking account applications and their customer support weren’t able to provide an estimated timeframe from when I could open an account again so I am left searching elsewhere for my new business.
It’s a shame as I don’t really like the other choices :-/
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Thanks for the comment, Jessica. We’re always updating articles, so be sure to check back for new rankings. We’ve noted that Capital One Spark isn’t currently accepting new business checking accounts while the bank updates their product. We’ve also noted that current account holders won’t be affected, which leads us to believe that it’s only a temporary hold. You might check back with Capital One in a week or 2 and see if they’ve started accepting new accounts.
Hope this helps!
Dock
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Rick Logan
I have had small business banking experience with both US Bank and BBVA. Both were unfavorable – US Bank was really unfavorable. So, I went to Wells Fargo for my non-profit – very happy. I’ve been with WFB on the personal side for 30 year without a problem. They even reversed fees charged by a foreign bank on an international transaction that didn’t go well. I will probably go with Capital One 360 for my new start-up checking account since I have a Capital One Quicksilver card that is awesome (best card ever for international travel). Hope this helps.
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Rick,
Thanks for sharing your experience with fellow readers.
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