16 Best Free Business Checking Accounts 2020

Free business checking accounts either don’t charge monthly account fees or make it relatively easy to avoid them by meeting minimum deposit requirements. The best free business checking accounts waive monthly fees and allow business owners to make 100 or more transactions and deposit thousands of dollars in cash each month at no extra cost.

The best free business checking accounts of 2020 are:

• Chase Bank: (Best overall) Best for free business checking with an easy-to-earn cash bonus
• TIAA Bank: Best for earning interest on checking account deposits
• Capital One: Best for free checking with unlimited transactions
• Bank of America: Best for earning bonus rewards with an existing Bank of America relationship
• Azlo: Best for limiting all fees on an online free business checking account
• U.S. Bank: Best for low transaction volume
• First Citizens: Best for earning free checking by opting for paperless statements
• PNC Bank: Best for free introductory checking for the first three months
• BB&T Bank: Best for sole proprietors who have less than 50 transactions per month
• Navy Federal Credit Union: Best for free business checking for credit union customers
• Wells Fargo: Best for gaining access to additional business banking services
• First Internet Bank: Best for opening multiple online accounts and earning interest
• Bank OZK: Best for good customer service for business owners in the southeast United States
• Popular Bank: Best for free cash deposits
• Novo: Best for totally free checking at a new bank
• Axos Bank: Best for making remote deposits

For details on how we evaluate business checking accounts for this list, see our methodology.

Fit Small Business has been banking with Bank of America for six years. Bank of America offers free business checking on its Business Fundamentals Checking account if you maintain a minimum balance of $3,000 or spend $250 or more on a Bank of America business debit or credit card. Plus, new customers may qualify for a bonus of up to $450.

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Which Business Checking Account Is Right for You?

Chase Bank: Overall Best Free Small Business Checking Account

Chase Bank is the best free business checking account for owners who want an extensive branch network and a simple-to-earn cash bonus. However, you’ll need to maintain a $1,500 minimum balance to keep this account free. Clients can access nearly 4,900 branches and 16,000 ATMs nationwide, plus earn a $200 cash bonus. Chase Total Business checking allows up to 100 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.

Chase Bank Fees

• 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
• Transaction fee: 40 cents each once you have more than 100 transactions in a month
• 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 in addition to ATM operator fees

If your transaction volume is typically higher than 100 per month, you may want to consider opening a checking account from Capital One.

Chase Bank Terms

• Minimum deposit to open an account: $0
• Sign-up bonus: $200 if you do meet all of the following criteria:
  • Open a Chase Total Business Checking account
  • Deposit $1,000 in new money in the first 20 business days
  • Maintain at least a $1,000 balance for 60 days
  • Within 60 days, complete five qualifying debit card purchases, Chase QuickDeposit, automated clearing house (ACH) transactions, or wire transfers

Compare these terms to Bank of America.

Chase Bank Additional Features

• 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 offers several Chase business credit cards. When opening a business bank account with Chase, also opening a consider business credit card to help separate your business and personal finances.

Learn more: Chase Bank reviews

TIAA Bank: Best for Earning Interest

TIAA Bank is best for business owners who don’t need brick-and-mortar service and want to earn interest on their deposits. It charges few fees, is easy to use as an online product, and pays 1.21% annual percentage yield (APY) on deposits for the first year. This free business bank account is designed for sole proprietors and single-owner limited liability companies (LLCs). Stay away from this account if you need to make significant cash deposits.

Who it’s best for: Businesses that want to earn interest and bank completely online. We rank it as the best online business checking account.

TIAA Bank Fees

• Monthly fee: None
• Transaction fee: 25 cents each after the first 200 transactions in a month
• ATM fee: None; you’ll be reimbursed for all ATM fees if you maintain a balance of at least $5,000; otherwise, TIAA Bank will reimburse up to $15 in ATM fees each month

Compare these fees with Bank of America.

TIAA Bank Terms

• Minimum deposit to open an account: $1,500
• Introductory APY: 1.21% for the first 12 months on deposits up to $250,000
• Ongoing APY: 0.20% to 0.61%, depending on your account balance

This is the only bank on our list that offers an introductory APY on checking account deposits. Compare this ongoing APY with First Internet Bank.

TIAA Bank Additional Features

• Remote deposit capture
• Payment processing services
• Offers money market accounts, certificates of deposit (CDs), and investment services online

Learn more: TIAA Bank reviews

Capital One: Best for Unlimited Transactions

Capital One is best for small businesses that need to make more than 200 transactions per month. It is one of two banks—the other being First Internet Bank—on our list of free business checking accounts that offers unlimited transactions without a fee. There’s also no minimum account balance, and you’ll have access to more than 700 branches and 39,000 ATMs nationwide. Choose First Internet Bank if you also want to earn interest on your balance.

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

Capital One Fees

• Monthly service fee: $15, waived if you maintain a $2,000 minimum 30- or 90-day average balance or if you 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 on more than 39,000 Allpoint ATMs nationwide

Compare these fees with Chase Bank.

Capital One Terms

Capital One requires a minimum deposit to open an account of $250. Compare this minimum deposit with TIAA Bank.

Capital One Additional Features

• Integrates seamlessly with independent accounting software, making it easy to track bills and reconcile accounts each month
• Offers a mobile app that businesses can use to deposit checks, track their accounts, pay bills, and make transfers
• Capital One also offers five small business credit cards

Learn more: Capital One reviews

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

Bank of America: Best for Earning Free Checking With an Existing Relationship

The Bank of America Business Fundamentals Checking account is an excellent free business checking account for customers who can maintain a minimum balance of at least $3,000. You can earn free checking by making 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 nearly 4,300 branches and nearly 16,000 ATMs.

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

Bank of America Fees

• Monthly fee: $14 to $18 depending on which state your business is located 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
• Transaction fee: 45 cents each once you have more than 200 transactions in a month
• Cash deposit fee: 30 cents per $100 deposited after you deposit more than $7,500 in a month
• ATM fee: $2.50 per transaction on out-of-network ATMs, in addition to operator fees, plus free access to more than 16,000 ATMs nationwide

Compare these fees with Chase Bank.

Bank of America Terms

• Minimum deposit: $100
• Introductory reward: Earn up to $450 by meeting the following criteria:
  • $100 if you deposit $1,000 within 60 days of opening your business bank account
  • $50 if you pay at least two bills through online bill pay within 60 days
  • $300 if you apply for and are approved for a Bank of America business credit card, and you make $3,000 in purchases within 90 days of account opening

Compare these introductory rewards to Chase Bank.

Bank of America Additional Features

• Offers online and mobile banking tools
• Small business owners also can deposit checks remotely and add on additional services, including credit card processing and payroll services through ADP
• Bank of America also offers five small business credit cards.

Learn more: Bank of America reviews

Azlo: Best Free Online Business Checking Account

Azlo is the best free business checking account provider if you hate paying fees. It charges no transaction fees, no ATM fees, and no monthly fee. Because the bank has no branches, however, you can’t make cash deposits. Still, the free business account gives clients access to more than 55,000 ATMs, has no monthly fee, and requires no minimum account balance.

Who it’s best for: Business owners who want a fee-free, online-only bank.

Azlo Fees

• Monthly fee: None
• Transaction fee: None
• Cash deposit fee: Cash deposits aren’t accepted
• ATM fee: None at 55,000 BBVA Compass or Allpoint ATMs

This is the potentially cheapest free business checking account on our list. However, if you need to make cash deposits, compare this account to Bank of America.

Azlo Terms

• Minimum initial deposit: None
• Minimum account balance: None

Many of the other banks on our list require a minimum deposit of $100 or more.

Azlo Additional Features

• Access to a massive network of more than 55,000 ATMs
• Offers mobile deposit, free mobile banking, online banking, and bill pay
• Free Azlo Visa debit card to use for transactions and at ATMs

Learn more: Azlo reviews

U.S. Bank: Best for 150 Monthly Transactions

U.S. Bank offers a Silver Business Checking package, which is the best free business checking account for small business owners who want access to physical branches but have limited monthly transactions. You’ll receive 150 free transactions per month and $2,500 in cash deposits. However, there’s no minimum deposit requirement to earn free checking. U.S. Bank has more than 3,000 branches around the country and more than 4,700 ATMs.

Who it’s best for: Businesses that want to receive 150 transactions per month.

U.S. Bank Fees

• Monthly maintenance fee: None
• Transaction fee: 50 cents 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, plus free access to more than 3,200 ATMs nationwide and free withdrawals from 25,000-plus MoneyPass ATMs

If you need to make more than $2,500 in cash deposits each month, consider an account with Bank of America.

U.S. Bank Terms

• Minimum deposit: None
• 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

If you want to earn a traditional introductory reward, compare these terms with Bank of America.

U.S. Bank Additional Features

• 25 free cash deposits each month
• Remote check deposit
• Easy integration to overdraft protection or credit card processing services for your business
• U.S. Bank also offers five small business credit cards

Learn more: U.S. Bank reviews

First Citizens Bank: Best for Earning Free Checking With Paperless Statements

First Citizens Basic Business Checking is one of the best free business checking accounts for businesses that want to limit paper usage. It offers a free account if you sign up for electronic statements. This bank operates in about 20 primarily southern and western states providing 500 branches. First Citizens offers up to 175 free transactions each month. You can also open an account with as little as $100.

Who it’s best for: Business owners who want to receive electronic statements and live near a branch.

First Citizens Bank Fees

• Monthly fee: None if you sign up for paperless statements
• Transaction fee: 40 cents each if you have more than 175 transactions in a month
• Cash deposit fee: 16 cents per $100 deposited if you deposit more than $5,000 cash in a month
• ATM fee: No charge when you use one of more than 475 First Citizens ATMs

Compare these fees with Chase Bank.

First Citizens Bank Terms

• Minimum balance: None
• Minimum initial deposit: $100

If introductory rewards are important to you, consider an account at Chase Bank.

First Citizens Bank Additional Features

• Free access to First Citizens ATMs
• Gives the option of using one of four types of overdraft protection
• Free business debit card
• Access your account through online and mobile services

Note: States this bank operates in include Arizona, California, Colorado, Florida, Georgia, Kansas, Maryland, Missouri, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Wisconsin, and West Virginia.

PNC Bank: Best for Introductory Savings

PNC Bank is best for small businesses looking for cost savings in the first few months. You can open an account with as little as $100, and PNC will waive your monthly maintenance for the first three months. PNC doesn’t have as many physical locations as other banks on this list with only around 2,800 in 19 states.

Who it’s best for: Business owners who want to minimize initial monthly account fees.

PNC Bank Fees

• Monthly fee: $10, waived for the first three months; waived each month after that in which you maintain a $500 average monthly balance
• Transaction fee: 50 cents each after the first 150 transactions per month
• Cash deposit fee: 25 cents per $100 deposited if you deposit more than $5,000 cash in a month
• ATM fee: $3 at non-PNC Bank ATMs

Compare these fees with Bank of America.

PNC Bank Terms

• Minimum balance: $500 to waive the monthly fee
• Minimum initial deposit: $100
• Introductory reward: Earn $200 when you open a PNC Business Checking account. This offer is valid if you apply online or get a coupon to use at a branch. You must maintain minimum balances and debit card transactions to qualify.

PNC Bank Additional Features

• Free Visa business debit card
• Online banking and bill pay
• Remote Deposit for banking

Learn more: PNC Bank reviews

BB&T Bank: Best for Sole Proprietors

BB&T Bank Business Value 50 is another great free business checking account option. This free business account is best for sole proprietorships and startup owners who want to keep costs low and save on things like checks. BB&T Bank works best if you have a few transactions per month. It’s best for businesses that operate in the 16 states in which BB&T has more than 2,000 branches.

Who it’s best for: Sole proprietors and startup business owners.

BB&T Bank Fees

• Monthly fee: None
• Transaction fee: 50 cents each if you have more than 50 transactions in a month
• Cash deposit fee: $2.50 per $1,000 after the first $3,500 in cash transactions each month
• ATM fee: $3 at non-BB&T ATMs

If you make more than 50 transactions per month on average, compare these fees to TIAA Bank.

BB&T Bank Terms

• Minimum balance: None
• Minimum initial deposit: $50

Compare these terms to Chase Bank.

BB&T Bank Additional Features

• Offers a discount of up to $25 on your first order of business checks
• Free Visa business debit card

Learn more: BB&T Bank reviews

Note: BB&T Bank has branches in Alabama, California, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and West Virginia. If your business isn’t in one of these states or you need a larger branch network, consider a big bank like Bank of America.

Navy Federal Credit Union: Best Credit Union Alternative

Navy Federal Credit Union is the largest credit union in the US and the best credit union option for free small business checking. If you want a credit union alternative for free business checking and only have a few transactions each month, Navy Federal can be a terrific option. Navy Federal operates 300 branches and 600 ATMs in 30 states and the District of Columbia.

Who it’s best for: Business owners who prefer a credit union over a traditional bank.

Navy Federal Credit Union Fees

• Monthly fee: None
• Electronic transaction fee: None
• Non-electronic transaction fee: 25 cents each after the first 30 free transactions in a month
• Cash deposit fee: 16 cents per $100 deposited if you deposit more than $5,000 cash in a month
• ATM fee: None at Navy Federal or Co-Op Network ATMs

Navy Federal Credit Union Terms

• Minimum balance: None
• Minimum initial deposit: None
• Ongoing APY: 0.05% APY on all of your deposits.

Compare the ongoing APY with TIAA Bank.

Navy Federal Credit Union Additional Features

Navy Federal business checking offers few additional benefits aside from dividends. The interest you’ll earn on this account shouldn’t be a factor in your decision whether to bring your business to this credit union. Instead, look at the services you might want to compare with other banks.

Learn more: Navy Federal Credit Union reviews

Wells Fargo: Best for Additional Banking Services

Wells Fargo is best for business owners who want a bank that provides many services other than small business checking accounts. It is one of the world’s largest banks and the fourth-largest bank in the US by assets. Wells operates branches and ATMs all across the US. The Wells Fargo Simple Business Checking account is free if you maintain a $500 average daily balance.

Who it’s best for: Businesses that want to use additional banking services with the same bank as their business checking account.

Wells Fargo Fees

• Monthly fee: $10, waived if you maintain a $500 average daily balance
• Transaction fee: 50 cents each after the first 50 free transactions each month
• Cash deposit fee: 30 cents per $100 after the first $3,000 in cash deposits each month
• ATM fee: $2.50 per transaction at non-Wells Fargo ATMs

If your business needs to make more monthly transactions, consider Capital One.

Wells Fargo Terms

• Minimum balance: $500 to avoid the $10 monthly fee
• Minimum initial deposit: $25

Compare these terms with Bank of America.

Wells Fargo Additional Features

• Design your card to have your business logo and tagline on your debit card
• Manage your account from your mobile phone
• Wells Fargo reimburses you for any unauthorized debit card or ATM transactions if you report them promptly
• Remote check deposits
• Wells Fargo also offers three small business credit cards

Learn more: Wells Fargo reviews

First Internet Bank: Best for Opening Multiple Online Accounts

First Internet Bank is a solid option for owners who also want to open a business savings account. The bank’s free online business checking accounts pay 0.70% APY on balances of at least $10,000. Plus, the bank’s business savings account pays up to 1.36% APY, which is based on your account balance. Having two accounts that offer an ongoing APY will help you maximize your business’s money.

Who it’s best for: Business owners who want to open multiple business accounts with the same bank.

First Internet Bank Fees

• Monthly fee: None
• Transaction Fee: None, offers unlimited transactions
• ATM fee: None, reimburses up to $10 per month in ATM fees

Compare these fees with Chase Bank.

First Internet Bank Terms

• Minimum balance: None to maintain the account; $10,000 to earn the APY
• Minimum initial deposit: $100
• Ongoing APY: 0.70% on balances of $10,000 or more

Compare this ongoing APY with TIAA Bank.

First Internet Bank Additional Features

• First Internet Bank debit card
• Offers other business bank accounts, including savings, money markets, and CDs; we rank its savings accounts as one of the best business savings accounts

Learn more: First Internet Bank reviews

Bank OZK: Best for Southeastern US Businesses

Bank OZK, formerly known as Bank of the Ozarks, is a regional bank that began in Arkansas but has since spread across most of the Southeastern US, including Texas, Arkansas, Georgia, Florida, and North Carolina. Bank OZK is a relatively strong regional bank that has grown by acquiring other banks and offers very low-cost business checking for small business owners online and in-person. It provides business owners with about 250 physical branches.

Who it’s best for: Business owners who operate their companies out of the Southeastern US.

Bank OZK Fees

• Monthly fee: None if you receive e-statements
• Transaction fee: 50 cents each if you have more than 250 transactions in a month
• Cash deposit fee: N/A

Compare these fees with Chase Bank.

Bank OZK Terms

• Minimum balance: None
• Minimum initial deposit: $100

Bank OZK Additional Features

• Free debit card
• Mobile banking
• Merchant processing
• Remote deposit capture

Learn more: Bank OZK reviews

Popular Bank: Best for Free Monthly Cash Deposits

Popular Bank offers another free checking account that is best for East Coast business owners near one of its branches. But it also offers the highest amount of free cash deposits for a bank that charges no monthly fee. Popular is a subsidiary of a 120-year-old Puerto Rican bank that operates 50 branches in New York, New Jersey, and Florida.

Who it’s best for: Businesses that operate near a branch on the East Coast

Popular Bank Fees

• Monthly fee: None
• Transaction fee: 50 cents per transaction after the first 200 transactions each month
• Cash deposit fee: $1.50 per $1,000 deposited after $7,000 in monthly deposits
• ATM fee: $2 at a non-Popular Bank ATM

Compare these fees, particularly the cash deposit fee, to Bank of America.

Popular Bank Terms

• Minimum balance: None
• Minimum initial deposit: $50

Popular Bank Additional Features

• Free Mastercard business debit card
• Online banking and bill pay
• The bank also offers a small business checking account that can earn interest, but it allows fewer free monthly transactions

Learn more: Popular Bank reviews

Novo: Best New Free Business Checking Account

Novo is a startup bank partnered with Federal Deposit Insurance Corporation (FDIC)-insured Middlesex Federal Savings, located outside of Boston. Novo offers a free business checking account with limited services, making it possible to open a free business checking account online with no deposit minimum. Novo has no physical branches but allows you to send checks directly through its mobile app—all other transactions are completed via ACH.

Who it’s best for: Business owners who don’t handle cash transactions and are looking for an online-only bank

Novo Fees

• Monthly fee: None
• Transaction fee: None
• Cash deposit fee: None; cash is deposited through US Postal Service (USPS) money orders
• ACH fee: None

Compare these fees to Chase Bank.

Novo Terms

• Minimum balance: None
• Minimum initial deposit: None

Novo Additional Features

• Free business debit card
• Integrates with point-of-sale (POS) tools
• Check mailing directly through the mobile app
• Cash deposits by USPS money order or directly into Middlesex Federal’s ATM network

Learn more: Novo reviews

Axos Bank: Free Online Account for Remote Deposits

Axos Bank is best for companies that make several remote deposits each month. The bank, formerly Bank of Internet USA, is the oldest online bank. Since its founding, it has grown into a group of banks and financial services companies. However, the focus remains on providing low-cost online banking services, including small business checking accounts.

Who it’s best for: Business owners who want up to 60 free remote deposits per month

Axos Bank Fees

• Monthly fee: None
• Transaction fee: 30 cents each if you have more than 200 transactions in a month
• Remote deposit: Up to 60 free deposits per month
• ATM fee: None

Compare these fees to Chase Bank.

Axos Bank Terms

• Minimum balance: None
• Minimum initial deposit: $1,000

Compare these terms with Novo.

Axos Bank Additional Features

• First set of 50 checks for free
• Free online banking
• Free access to online bill pay
• Remote deposit capture
• QuickBooks compatible

Learn more: Axos Bank reviews

How We Evaluated Free Business Checking Accounts

A free small business checking account is one that doesn’t have monthly maintenance fees, although it still has other costs. There are two types of free business checking accounts: those that don’t charge monthly fees and those that waive monthly fees if certain criteria are met. See the methodology in detail.

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 charge 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.