7 Best Free Business Checking Accounts January 2021

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

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

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

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 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

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

• 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

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.