Editor’s note: This is a recurring post with regularly updated account details.
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 bank 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
- BlueVine: Best for earning interest while paying no fees
- 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
Chase Bank
What We Like
- $300 cash bonus
- $0 opening deposit
- Easy-to-waive monthly fee
What's Missing
- More than 100 free transactions
- Availability in more than 29 states
- No-fee cash deposits over $5,000
Additional Features
- Integrates with accounting software like QuickBooks
- 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
- Offers several Chase business credit cards
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 100 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
These and other features explain why Chase also tops our list of best banks for small businesses. When opening a business bank account with Chase, also consider opening a business credit card to help separate your business and personal finances.
Capital One: Best for Unlimited Transactions
Capital One
What We Like
- Unlimited monthly transactions
- Easy-to-waive monthly fee
- Integrates with accounting software
What's Missing
- $0 opening deposit
- Online application
- An introductory reward like Chase or Bank of America
Additional Features
- Seamless integration with independent accounting software, making it easy to track bills and reconcile accounts each month
- A mobile app that businesses can use to deposit checks, track accounts, pay bills, and make transfers
- Five small business credit cards
Note: Capital One currently requires a branch visit to complete an application.
There are very few checking accounts on the market that offer unlimited transactions; Capital One happens to be the best of them. If you need to make more than 200 transactions each month, this account is built for you. Plus, as an expert who’s looked at just about every major business checking account on the market, the standout feature is these unlimited transactions come without a minimum balance requirement to avoid the monthly fee.
Who it’s best for: Business owners who want to avoid all transaction fees and live near one of Capital One’s 700 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
Bank of America: Best for Bonus Rewards & Free Cash Deposits
Bank of America
What We Like
- Largest introductory offer on our list
- 200 free monthly transactions
- Up to $7,500 in fee-free monthly cash deposits
What's Missing
- Easy-to-waive monthly fee
- Multiple criteria required to earn the introductory offer
- $0 minimum deposit
Additional Features
- Provides online and mobile banking tools
- Allows business owners to deposit checks remotely and add on additional services, including credit card processing and payroll services through ADP
- Offers five small business credit cards
This account stands out because it gives you a shot at earning a $450 sign-up bonus and access to $7,500 in free cash deposits each month. On top of that, you get 200 free monthly transactions if you maintain a minimum balance of $3,000 or make at least $250 worth of transactions a month on a Bank of America business debit or credit card. Bank of America gives clients access to more than 4,300 branches and about 16,000 ATMs.
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: $13 to $18, depending on the state in which you open your business account; 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 an average monthly balance of $5,000 on the primary account
- Maintain a minimum daily balance of $3,000 on the primary account
- Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America checking and savings accounts
- 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 the 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.
BlueVine: Best for Earning Interest While Paying No Fees
BlueVine
What We Like
- Ongoing APY of 1%
- Fee-free banking
- Integrates with leading accounting software and payment solution tools
What's Missing
- Branch locations
- Oher business accounts
Additional Features
- Free debit card
- Live customer support from professionals
- Various lending products available, including business lines of credit and other business loans
- Integrates with accounting software like QuickBooks Online, Wave, and FreshBooks
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
BlueVine has made a name for itself through its business lending products. However, it now offers a free online checking account that pays an ongoing annual percentage yield (APY) of 1%. 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 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 all balances
U.S. Bank: Best for 150 Monthly Transactions
U.S. Bank
What We Like
- 125 free monthly transactions
- Discount on first check order up to $50
- Up to $2,500 in monthly cash deposits with no fee
What's Missing
- Cash bonus offer
- Free overdraft protection
Additional Features
- Remote check deposit
- Easy integration with overdraft protection or credit card processing services for your business
- Five small business credit cards
If you have limited monthly transactions but still want to access a physical branch location, U.S. Bank’s Silver Business Checking package suits your business well. What’s nice about this account is you’ll not only receive 150 free transactions per month, but you’ll also get $2,500 in cash deposits. That one-two punch makes this account stand out among the slew of others on the market.
Who it’s best for: Businesses that want to receive 150 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
First Internet Bank: Best for Earning Interest & Opening Multiple Online Accounts
Putting your money away 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 APY. Having two accounts that offer an ongoing APY will help you maximize your business’s money. However, this is an online-only bank, so only open this account if you don’t handle daily cash transactions.
Who it’s best for: Business owners who want to open multiple business accounts with the same bank
First Internet Bank
What We Like
- Checking account with no fees
- Ongoing APY
- Additional interest-bearing business accounts available
What's Missing
- Branch locations
- Cash deposits
- ATM reimbursements of more than up to $10 every month
Additional Features
- First Internet Bank debit card
- Additional business bank accounts available, including savings, money markets, and certificates of deposit (CDs); we rank its savings accounts as one of the best business savings accounts
- 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: 0.40% on balances of $10,000 or more
Novo: Best for Free ATM Use
Novo offers a free business checking account with limited services, making it possible to open an account online with no minimum deposit. It has no physical branches but allows you to send checks directly through its mobile app and refunds all ATM fees. Although not as good as BlueVine when compared side-by-side, Novo still makes a strong case and fits nicely into the best free checking accounts for business owners.
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
Novo
What We Like
- Integrates with point-of-sale (POS) and other tools
- Offers robust savings on business tools like Stripe, Zendesk, and HubSpot
- Unlimited transactions
What's Missing
- Easy cash deposit process
- Branch locations
- Deposits that earn interest
Additional Features
- Free business debit card
- Integration with POS tools
- Check deposits directly through the mobile app
- Cash deposits by USPS money order or directly into Middlesex Federal’s ATM network
Fees & Terms
- Monthly fee: None
- Transaction fee: None
- Cash deposit fee: None; cash is deposited through United States Postal Service (USPS) money orders
- ATM fee: Refunds all ATM fees
- ACH fee: None
- Minimum deposit: None
- Minimum balance: None
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 those 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 reviews show these accounts are a good option for small and growing businesses. These accounts typically do not have monthly fees, but they may still charge for additional services like wire transfers and cash deposits. That’s why it’s essential to look at the fee structure for each free small business checking account before deciding on an option.
Robert Shiftright
US Bank is horrible. I made the mistake of moving my personal and multiple business bank accounts to US Bank from Union Bank. Worst banking decision ever. Even worse, when I went to end my relationship with them, they became very rude, inconsiderate and argumentative. Avoid them like the plague.
Dock David Treece
Hello Robert,
Thanks for reading. We’re sorry to hear that you had a poor experience with US Bank. Unfortunately, when you’re dealing with large national banks, most run into occasional customer service issues. Hopefully, they were able to rectify the situation or corrected the issue with additional employee training.
If you have additional insight or have found a new provider for free business checking, feel free to share information here so we can review them during our next update.
Thanks again for reading!
Dock
Jessica Fox
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 :-/
Dock David Treece
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
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.
Laura Handrick
Rick,
Thanks for sharing your experience with fellow readers.