8 Best Free Business Checking Accounts for 2022
Tom has 15 years of experience helping small businesses evaluate financing and banking options. He shares this expertise in Fit Small Business’s financing and banking content.
This article is part of a larger series on Business Banking.
To find the best free business checking account, small business owners need to consider important details, such as transaction limits, interest rates, fees, and balance requirements. We have compiled a list of the eight best online-only and traditional banks offering business checking accounts that are either entirely fee-free or that require a minimal number of conditions to be met to avoid any fees:
- BlueVine*: Best overall for free business checking
- Chase: Best free business checking with a traditional bank
- Mercury*: Best for digitally based businesses
- Bank of America: Best for businesses with larger monthly cash deposits
- First Internet Bank: Best for earning interest on multiple account types
- Novo*: Best for free international ATM usage
- Capital One: Best for a traditional bank with unlimited transactions
- U.S. Bank: Best for freelancers and businesses with minimal monthly transactions
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership.
If you’re unsure about how to select the best account for your needs, check out our article on how to open a business bank account.
Provider | Monthly Fee | Transaction Fee | Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit |
|---|---|---|---|---|---|---|
 | None | None | 1.50% on balances up to $100,000 | Cash deposits accepted at Green Dot locations; $4.95/deposit | No fees at more than 38,000 MoneyPass ATM locations nationwide | None |
 | $15; waivable if conditions are met | First 20 free, then 40 cents per transaction | N/A | $2.50 per $1,000 after you deposit $5,000 in a billing cycle | $2.50 per transaction at any non-Chase ATM, plus ATM operator fees | None |
 | None | None | N/A | Cash deposits not accepted | Free access to Allpoint ATM network | None |
 | $16; waivable if conditions are met | First 200 free, then 45 cents per transaction | N/A | Up to $7,500 per month free, then 30 cents per $100 per statement cycle | Free access to more than 16,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs | $100 |
 | None | None | 0.30% on balances of $10,000 or more | None; cash is deposited through money orders | None; reimburses up to $10 per month in ATM fees | $100 |
 | None | None | N/A | None; cash is deposited through money orders | Refunds all ATM fees | $50; recommended |
 | $15; waivable if conditions are met | Unlimited free transactions | N/A | Up to $5,000 per month free; $1 for every $1,000 after that | None at more than 39,000 Allpoint ATMs nationwide | $250 |
 | None | First 125 transactions fee per billing cycle, then 50 cents per transaction | N/A | Up to $2,500 per month fee, charge applies thereafter | No charge for out-of-network ATMs, although operator fees apply | None |
BlueVine: Best Overall for Free Business Checking
BlueVine
What We Like
- No monthly fee
- No transaction fees
- 1.50% APY on balances up to $100,000
What's Missing
- Fee for depositing cash
- No branch locations
- No other business deposit accounts
Features
- Free debit card
- Integrates with accounting software like QuickBooks Online, Wave, and FreshBooks
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Live customer support from dedicated professionals
- Offers lines of credit
What to know about BlueVine: BlueVine is a business financial technology platform, backed by Coastal Community Bank. It includes an interest-bearing checking account with no monthly fees, penalties, or minimum balance to maintain. BlueVine has no traditional branches; however, you can withdraw cash for free from 38,000 in-network MoneyPass ATMs, deposit checks via the mobile app, and deposit cash at Green Dot retail locations for a $4.95 fee. BlueVine’s dynamic banking platform includes online and mobile banking and provides integration with major accounting software like Wave, FreshBooks, and QuickBooks. BlueVine also offers a good working capital loan.
BlueVine Is Best For:
BlueVine’s business checking account is best for any business owner who doesn’t need physical branch locations, doesn’t make cash deposits, and may need a business loan.
Fees & Terms
- Monthly fee: None
- Transaction fee: None
- Cash deposit fee: $4.95 per deposit, conducted at Green Dot locations
- ATM fee: No fees at more than 38,000 ATM locations nationwide
- Minimum initial deposit: None
- Minimum balance requirement: None
- APY: 1.50% on balances up to $100,000—to qualify for APY you must spend $500 per month with your BlueVine Business Debit card, or receive $2,500 per month to your account via ACH, wire transfer, mobile deposit, or from your merchant payment processor
Chase Bank: Best Free Business Checking With a Traditional Bank
Chase Bank
What We Like
- $300 cash bonus
- Easy-to-waive monthly fees
- $0 opening deposit
What's Missing
- Limited to only 20 free transactions per month
- Charges a fee for cash deposits over $5,000 per month
- Doesn’t refund third-party ATM fees
Features
- Integrates with leading 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
- Provides a mobile app that lets business owners deposit checks, view their account balances, pay bills, and make transfers
- Offers several business credit cards
What to know about Chase: Out of Chase’s three small business checking account options, Chase Business Complete CheckingSM is best suited to small business owners, based on the number of transactions and the number of cash deposits that it allows. This account isn’t entirely free, but Chase offers multiple ways to waive the monthly service fee and gives you convenient access to your account via the mobile app.
Chase’s Business Complete Checking account also ranks as our best small business checking account and Chase ranks as the best overall bank for small businesses. Chase also offers integration with QuickBooks and other leading accounting software.
Chase Is Best For:
A Chase Business Complete CheckingSM account is best for business owners that prefer working with a traditional bank and need the accessibility of a large branch and ATM network that covers much of the country.
Fees & Terms
Note: These are the fees and terms for the Chase Business Complete Checking℠ account only.
- 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 monthly purchases using your Chase Ink® Business Card
- Deposit $2,000 into your Chase checking account from your QuickAccept℠ and/or other eligible Chase Merchant Services transactions at least one business day before 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: No fee for the first $5,000 per statement cycle, then $2.50 per $1,000 thereafter
- ATM fee: $2.50 per transaction at any non-Chase ATM, plus ATM operator fees
- Minimum deposit: None
Mercury: Best for Digitally Based Businesses
Mercury
What We Like
- No minimum deposit to open an account
- Physical and virtual debit cards
- Access multiple business entities with a single sign-on (SSO)
What's Missing
- Accounts not available to sole proprietorships
- Lacks paper check writing abilities
- Accounts don’t earn interest
Features
- Set custom user permissions for your team members
- Create auto-transfer rules for your accounts
- Fully integrates with QuickBooks and Xero accounting software
What to know about Mercury: Mercury is a fully online financial platform—backed by Evolve Bank & Trust—geared towards internet-based businesses. Its checking account is entirely fee-free, including ATM usage, as well as domestic and international wire transfers. With Mercury’s extensive mobile and desktop applications, you can easily customize permissions on your accounts, request physical and virtual debit cards for your team, and set up customized account automations.
Mercury seamlessly integrates with major accounting software to simplify your bookkeeping experiences. Mercury is unable to provide accounts for sole proprietorships, which means that only limited liability companies (LLCs) and corporations within the United States are eligible for an account. Mercury also offers discounts on software and services, such as financial consulting and insurance.
Mercury Is Best For:
A business checking account through Mercury is best for those that conduct their business entirely online and want perks and rewards with their bank relationship, such as discounts on software and other services.
Fees & Terms
- Monthly fee: None
- Transaction fee: None
- Cash deposit fee: Mercury doesn’t accept cash deposits
- ATM fee: Free access to Allpoint ATM network, no charge for out-of-network ATMs, although operator fees apply
- Minimum deposit: None
Bank of America: Best for Businesses That Make Larger Cash Deposits
Bank of America
What We Like
- 200 free monthly transactions
- $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 refund third-party ATM fees
- Requires a $100 opening deposit
Features
- A cash flow management tool that allows you to connect accounting, analytics, and payroll business apps
- Mobile app for depositing checks, viewing accounts, making transfers, and paying bills
- Add on additional services, including credit card processing and payroll services through ADP
- Offers five small business credit cards
What to know about Bank of America: Bank of America’s business checking account has two tiers: Business Advantage FundamentalsTM and Business Advantage Relationship Banking.
The Fundamentals setting allows you access to Bank of America’s artificial intelligence (AI)-driven virtual financial assistant Erica, Cash Flow Monitor®, and Zelle®, an app to send and receive money. The Relationship setting provides access to all the tools provided with the Fundamentals setting plus QuickBooks integration, additional checking and savings accounts, and no fees for incoming wires, stop payments, electronic deposits, and more.
Both tiers have requirements that need to be met to avoid the monthly service fee, with the Fundamentals tier only requiring $250 in net debit card purchases per statement cycle or a $5,000 average monthly balance to avoid fees.
Bank of America Is Best For:
A business checking account with Bank of America is best for businesses that need the ability to make larger monthly cash deposits on a consistent basis. Similar to Chase, Bank of America is also well suited to business owners who desire branch banking access in much of the country.
Fees & Terms
- Monthly fee:
- FundamentalsTM tier: $16, waived if you maintain a $5,000 average monthly balance or spend $250 on new net purchases with your Bank of America business debit card.
- Relationship tier: $29.95—waived if you maintain a $15,000 combined average monthly balance
- For either tier: Become a member of Bank of America’s Preferred Rewards for Business program
- Transaction fee: No fee for the first 200 transactions monthly, then 45 cents per item thereafter
- Relationship tier: 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:
- FundamentalsTM tier: Up to $7,500 with no cash deposit processing fee, then 30 cents per $100 per statement cycle
- Relationship tier: Up to $20,000 with no cash deposit processing fee, then 30 cents per $100 per statement cycle
- ATM fee: Free access to more than 16,000 ATMs nationwide, $2.50 per transaction on out-of-network ATMs
- Minimum deposit: $100
First Internet Bank: Best for Earning Interest on Multiple Account Types
First Internet Bank
What We Like
- Fee-free banking
- Up to $10 refund for third-party ATM fees
- Other interest-bearing business accounts available
What's Missing
- No physical branches
- Average balance of $10,000 required to earn APY
- No cash deposit functionality
Features
- First Internet Bank debit card
- Other business bank accounts available, including savings, money markets, and certificate of deposits (CDs)—ranked as one of the best business savings accounts
What to know about First Internet Bank: Even though it has no physical locations, First Internet Bank offers all the products and services that a traditional bank provides. Its business checking account has several attractive features, such as no minimum balance requirement, no monthly service fee, and unlimited transactions.
First Internet Bank is only one of two banks on this list to offer a business checking account that yields a competitive interest rate: 0.30% APY if you maintain an average daily balance of $10,000. In addition to its business checking account, First Internet Bank offers business savings and business CDs with better-than-average rates, plus a full range of loan products.
First Internet Bank Is Best For:
A business checking account with First Internet Bank is a sound choice for small business owners who are interested in having a savings or money market account as part of their banking relationship.
Fees & Terms
- Monthly fee: None
- Transaction Fee: None
- 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
Novo: Best for Free International ATM Usage
Novo
What We Like
- Refunds all ATM fees
- No monthly fee
- Unlimited free transactions
What's Missing
- No physical branches
- Difficult to deposit cash
- Account doesn’t earn interest
Features
- Integrates with point-of-sale (POS) software and other business tools, including QuickBooks, Slack, Xero, Stripe, Wise, and Shopify
- Free business debit card
- Check deposits directly through the mobile app
What to know about Novo: Novo is an online-only fintech platform created solely for business owners. Novo partners with Middlesex Federal Savings to offer a business checking account that’s entirely fee-free, allowing you to eliminate the hassle of worrying about transaction limitations or meeting specific balance requirements. Novo also reimburses you for all ATM fees at the end of each month, including reimbursement of international ATM fees. In addition, a relationship with Novo helps you grow your business by giving you access to discounts on licenses and packages for business services, including Gusto, Zendesk, HubSpot, and Salesforce.
Novo Is Best For:
A business checking account with Novo is an excellent choice for small business owners that are always on the go and can take advantage of Novo’s reimbursement of international ATM fees.
Fees & Terms
- Monthly fee: None
- Transaction fee: None
- Cash deposit fee: None—cash deposited through United States Postal Service (USPS) money orders
- ATM fee: Refunds all ATM fees
- ACH fee: None
- Minimum deposit: None required, but $50 is recommended
Capital One: Best for Unlimited Transactions
Capital One:
What We Like
- Unlimited transactions
- Integrates with top accounting software
- Potential for a line of credit and loan interest rate discounts
What's Missing
- Requires a $250 opening deposit
- Must visit a branch to open an account
- Balance minimum requirement to avoid monthly service charge
Features
- Integration with top accounting software like Xero
- A mobile app business owners can use to pay bills, track accounts, make transfers, and deposit checks
- Several Capital One business credit cards
Note: Capital One currently requires a branch visit to complete an application.
What to know about Capital One: Capital One’s Basic Business Checking is one of the few checking accounts provided by a traditional bank that offers unlimited everyday banking transactions—meaning unlimited deposits, withdrawals, and transfers. Additionally, Capital One offers a Preferred Rewards for Business program which gives you access to rewards bonuses on credit cards, an interest rate boost on savings accounts, interest rate discounts on lines of credit and other loans, and many other perks. Capital One’s Basic Business Checking requires a $2,000 average balance over a 30- or 90-day period to avoid the $15 monthly service fee.
Capital One Is Best For:
A Capital One Basic Business Checking account is best for businesses that are located near a Capital One branch, process a high volume of transactions monthly, and desire a comprehensive banking relationship.
Fees & Terms
- Monthly service fee: $15, waived if you maintain a $2,000 minimum 30- or 90-day average balance
- 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
U.S. Bank: Best for Freelancers & Businesses With Minimal Monthly Transactions
U.S. Bank
What We Like
- No monthly fee
- 125 free monthly transactions
What's Missing
- All electronic and physical transactions count toward transaction limits
- Cash deposit fee after $2,500 per month
Features
- Zelle® to send and receive money
- 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
- Five small business credit cards
What To Know About U.S. Bank: U.S. Bank’s Silver Business Checking account allows 125 free transactions per month with no minimum balance requirement or monthly service charges. The account also allows business owners to deposit up to $2,500 in cash each month without fees. Businesses that need higher transaction or cash deposit allowances can take advantage of U.S. Bank’s Gold or Platinum business checking accounts; however, these accounts require a minimum balance or larger bank relationship to avoid any monthly charges.
U.S. Bank Is Best For:
A U.S. Bank Silver business checking account is best for small businesses that only need a basic business checking account, have small cash deposit needs, and have limited monthly transactions. This bank account may be best suited to freelancers and self-employed individuals that only need a few transactions each month.
Fees & Terms
- Monthly service fee: None
- Transaction fee: First $125 per month free, 50 cents per transaction thereafter
- Cash deposit fee: Up to $2,500 per month free
- ATM fee: No charge for out-of-network ATMs, although operator fees may apply, plus free access to U.S. Bank’s ATM network
- Minimum deposit: None
How We Evaluated the Best Free Business Checking Accounts
All of our choices for the best free business checking accounts either don’t charge monthly fees or offer ways to waive the monthly fee by meeting minimum requirements. We also considered the ability to form long-term financial relationships with each bank based on other products and services they offer, their number of physical branch locations or ATMs, and online account management. Additional consideration was given to those banks that allowed businesses to open accounts without a minimum deposit.
Bottom Line
It can be difficult to find a free business checking account, and many of the banks we’ve presented do have fees but offer ways to avoid those charges by maintaining either a minimum balance or abiding by transaction limits. When selecting the best free business checking account for your business, look at both the account’s limitations and perks before determining if it’s the best free business checking account for you.
