10 Best Free Business Checking Accounts for 2022

When seeking the best free business checking account, you should consider one that either has no monthly fee or an easily waivable monthly fee. Free business checking accounts are offered by both traditional brick-and-mortar and digital-only banks. Some provide full-service banking products while others specialize in business checking products. Depending on your business needs, one of the banks on this list can provide you with an outstanding option.

Here are the 10 best free business checking accounts:

• Bluevine: Best overall for free business checking with a high interest yield
• Bank of America: Best free business checking with a traditional bank
• Chase: Best premium business checking account with a traditional bank
• First Internet Bank: Best for full-service online banking
• Mercury: Best digital-only bank for tech companies and startups
• Novo: Best digital-only bank for free ATM usage
• Grasshopper: Best digital-only bank for cash back on debit card purchases
• Relay: Best for businesses with frequent wire transfers
• U.S. Bank: Best for businesses with minimal monthly transactions
• Capital One: Best for unlimited transactions with a traditional bank

Best Free Business Checking Accounts at a Glance

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*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership.

Partnerships: Coastal Community Bank for Bluevine, Middlesex Federal Savings for Novo, and Evolve Bank & Trust for Mercury and Relay.

Bluevine: Best Overall for Free Business Checking with a High Interest Yield

Bluevine Business Checking Overview

*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank.

When To Use Bluevine Business Checking

With no monthly fees and unlimited free transactions, Bluevine is our choice for the best free business checking account. The only fees associated with Bluevine are outgoing wire transfers, ATM withdrawals outside of the MoneyPass Network, and cash deposits.

In addition, you can earn 1.5% APY on balances up to $100,000 if you meet one of two qualifying criteria:

1. Spend $500 or more a month with Bluevine Business Debit Mastercard issued by Coastal Community Bank.
2. Receive $2,500 per month in customer payments into your account via ACH, wire transfer, mobile check deposit, or directly from a merchant payment processing provider.

If you have a business that needs to deposit cash regularly, Bluevine might not be the best choice. Deposits must be completed at a Green Dot retail location for $4.95 per deposit. For out-of-network ATM withdrawals, Bluevine charges $2.50 in addition to third-party fees.

Bank of America: Best Free Business Checking With a Traditional Bank

Bank of America Fundamentals^TM Business Checking Overview

When To Choose Bank of America’s Business Checking Account

Thanks to very waivable monthly fees and great ongoing rewards, Bank of America is our choice for the best free business checking account at a traditional bank. It offers two different business checking accounts: Business Advantage Fundamentals^TM and Business Advantage Relationship Banking. As your business needs change, you can work with your banking advisor to determine if you should change between the two types of accounts.

The $16 monthly fee of Business Advantage Fundamentals^TM can be waived in one of three ways:

1. Maintain a $5,000 combined average monthly balance.
2. Spend at least $250 in new net purchases on a business debit card.
3. Become a member of Preferred Rewards for Business.

Business Advantage Relationship Banking’s monthly fee of $29.95 can be waived in one of two ways:

1. Maintain a $15,000 combined average monthly balance.
2. Become a member of Preferred Rewards for Business.

With the company’s preferred rewards for business, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on business advantage savings accounts.

The higher number of free transactions available at the basic business checking account level gives Bank of America a slight edge over Chase, but both offer similar products. Check out our comparison of Bank of America vs Chase business accounts to see which is right for you.

Bank of America is known for its outstanding customer service and online experience. In the recently released Keynova Group 2022 Small Business Banker Scorecard report, Bank of America ranked first for overall digital customer experience capabilities catered to small businesses.

Chase: Best Premium Business Checking Account With a Traditional Bank

Chase Business Complete Banking^SM Checking Overview

When To Choose Chase Business Complete Banking

Thanks to its outstanding full-service business banking experience, Chase is a great choice for a free business checking account. It tops our list of the best small business checking accounts.

While its most basic business checking account terms are listed above, it also offers Performance Business Checking^® and Platinum Business Checking^SM. Both have higher fees but have more features that can help you as your small business grows. Check out our comparison of all three Chase business checking accounts to see which fits your business needs.

To waive the $15 monthly fee for Chase Business Complete Banking, you must satisfy one of the following criteria:

1. Maintain a $2,000 minimum daily balance.
2. Accumulate $2,000 in net purchases on Chase Ink® Business Card.
3. Have $2,000 in deposits from Chase QuickAccept^SM or eligible Chase payment solutions.
4. Link a Chase Private Client Checking^SM account.
5. Provide qualifying proof of military status.

The $30 monthly fee of Chase Performance Business Checking can be waived if you maintain a combined average daily balance of $35,000 or more in a qualifying business deposit account.

Lastly, Chase Platinum Business Checking’s monthly fee of $95 can be waived if you satisfy one of the following criteria:

1. Maintain a combined average daily balance of $100,000 or more in qualifying business deposit and business investment balances.
2. Maintain a combined average daily balance of $50,000 and link a Chase Private Client Checking^SM account.

With three types of business checking accounts, business savings accounts, credit cards, lines of credit, and point-of-sale (POS) and software solutions, Chase is a bank that can scale with your business.

First Internet Bank: Best for Full-service Online Banking

First Internet Bank Business Checking Overview

When To Choose First Internet Bank’s Business Checking Account

First Internet Bank combines a full-service banking experience with a digital-only platform to provide a business checking account with no monthly fees and no transaction limits. It even refunds up to $10 in monthly ATM fees.

In addition, you earn 0.50% APY on balances greater than $10,000 with First Internet Bank. With no maximum like other interest-bearing accounts on this list, your interest earnings can grow with your account.

If you’re looking for other banking products, First Internet Bank has great business savings, business CDs, a variety of business lending products, and personal lending and banking products.

One drawback is the required minimum deposit of $100, but there are no minimum balance requirements after opening the account. Also, you cannot deposit cash with First Internet Bank, so businesses that handle cash regularly should choose a brick-and-mortar option.

Mercury: Best Digital-only Bank for Tech Companies & Startups

Mercury Business Checking Overview

*Mercury is a business fintech platform backed by FDIC-insured Evolve Bank & Trust.

When To Use Mercury Business Checking

For tech companies and startups looking for a fee-free digital-only bank with powerful banking tools, Mercury is a great choice. Its checking and savings accounts have no monthly fees, no transaction limits, and no minimum deposit or balance requirements.

It also offers free ATM withdrawals from one of 55,000 Allpoint network ATMs. There’s no charge for out-of-network ATM withdrawals, but you’ll have to pay third-party operator fees.

Mercury’s new product is its Treasury account, which you can request once you have $250,000 in your Mercury accounts. Money in the Treasury account can earn up to 1.454% APY, with rates changing weekly.

Most businesses incorporated in the United States are eligible for an account, except sole proprietorships or trusts.

One major drawback with Mercury is the inability to deposit cash. Also, lending products are limited to capital and venture debt.

Novo: Best Digital-only Bank with Free ATM Usage

Novo Business Checking Overview

*Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings.

When To Use Novo Business Checking

If you’re looking for a free business checking account and frequently withdraw money from an ATM, Novo is a great choice. It refunds all ATM fees at the end of the month with no limits. It also has no monthly fee, transaction limits, and minimum opening deposit or minimum balance requirement.

It allows cash deposits, but it must be done through money orders deposited through the app. Novo doesn’t charge for this, but there’s a cost involved when you purchase money orders. You can get money orders from a variety of locations; the US Postal Service (USPS) sells them for up to $1.95 for up to $1,000 money orders.

The bank also offers up to five reserve accounts, free unlimited invoicing, and great software integrations with accounting and payment software. You cannot order checks, but paper checks can be sent from the app at no cost. One drawback is that Novo doesn’t have any lending products.

Grasshopper: Best Digital-only Bank for Cash Back on Debit Card Purchases

Grasshopper Innovator Business Checking Overview

When To Choose Grasshopper’s Innovator Business Checking Account

If you’re looking for a free business checking account with excellent cash back rewards and a solid APY, Grasshopper is an excellent choice. Its debit card earns 1% cash back on all online and in-store debit card purchases, and accounts earn 0.5% APY on balances less than $10,000 and 1% APY uncapped on balances of $10,000 or greater.

It has no monthly fees and no transaction limits. There’s a $100 minimum opening deposit, but there’s no minimum balance requirement after the account is opened.

An additional benefit is the inclusion of payment software Autobooks for free with each account. The account also integrates with accounting software, such as QuickBooks.

Cash deposits aren’t permitted with Grasshopper. In addition, its free ATM network is a little smaller than some of its competitors, with no ATM fee reimbursement out of network.

Relay: Best for Businesses With Frequent Wire Transfers

Relay Standard Business Checking Overview

*Relay is a business fintech platform backed by FDIC-insured Evolve Bank & Trust.

When To Use Relay

Relay is an excellent choice if your small business sends wire transfers frequently and is looking for a free business checking account. With its basic business checking level, Relay Standard, the most you’ll pay for wire transfers is $10. It has no monthly fees and no transaction limits. Also, you can open up to 20 checking accounts and issue up to 50 Mastercard debit cards for your team.

As your business scales, you may decide to upgrade to Relay Pro. This account isn’t free, and the $30 monthly fee cannot be waived. However, all incoming and outgoing wires are free. In addition, you get Accounts Payable support, including auto-imports from QuickBooks Online and Xero, multistep approval rules for bill payments, batch payments for bills, one-click reconciliation of bills, same-day ACH delivery, and free wire transfers.

However, there are other premium accounts from providers on this list with waivable monthly fees. If you upgrade to a paid account, you’ll need to determine what each account would cost your business and decide which would be the least expensive option.

Like many other digital-only options on this list, Relay currently doesn’t accept cash deposits or offer lending products.

U.S. Bank: Best for Businesses With Minimal Monthly Transactions

U.S. Bank Silver Business Checking Overview

When To Choose U.S. Bank’s Business Checking Account

If you live in one of the 26 states where U.S. Bank operates, have a low number of monthly transactions, and need a checking account with no monthly fees, this bank is a great choice. Its basic business checking, known as Silver Business Checking, has no monthly fees and offers 125 free transactions per month. There are fees for the Gold and Platinum Business Checking accounts, but both allow more free transactions and other perks.

Gold Business Checking has a $20 monthly maintenance fee. You get 300 free monthly transactions before U.S. Bank charges 45 cents for each additional transaction. The fee can be waived by meeting one of the following scenarios:

1. U.S. Bank Payment Solutions Merchant Banking member.
2. $10,000 average collected balance.
3. $20,000 combined average collected business deposit balances.
4. $50,000 combined average collected business deposits and outstanding credit balances.

Platinum Business Checking has a $30 monthly maintenance fee. You get 500 free monthly transactions before U.S. Bank charges 40 cents for each additional transaction. The fee can be waived by meeting one of the following scenarios:

1. $25,000 average collected balance.
2. $75,000 combined average collected business deposits and outstanding business credit balances.

Additionally, you can earn a $300 bonus when you open a new, eligible U.S. Bank business checking account (promo code: AF49ZCB) and complete qualifying activities, subject to certain terms and limitations—this offer is valid through Oct. 3, 2022.

To be eligible for a U.S. Bank Account, an applicant must reside in the following states: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, or Wyoming.

If your business is located near a U.S. Bank, it’s a great brick-and-mortar option for a free business checking account. It would be higher on our list if it were available in more locations.

Capital One: Best Traditional Bank With Unlimited Transactions

Capital One Basic Business Checking Overview

*Capital One requires you to visit a branch to complete an application to open a business checking account. There are locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C.

When To Choose Capital One Business Basic Checking

Capital One offers an excellent banking product with a waivable monthly fee that’s only limited by its geographic availability. Basic Business Checking costs $15 a month and gives you up to $5,000 in cash deposits monthly. You can waive the monthly fee if either your 30-day or 90-day balance averages $2,000 or more.

Capital One Unlimited Checking, its next tier of business banking, costs $35 a month. It has no fee for cash deposits, and up to five outgoing domestic wires are free monthly. You can waive the monthly fee if your 30-day or 90-day balance averages $25,000 or more.

The biggest savings with Capital One compared to other brick-and-mortar banks on this list is it doesn’t charge fees for everyday account transactions. You get unlimited deposits, withdrawals, and transfers, not including international wires, cashier’s checks, and other services.

Capital One also offers lending products, including loans, lines of credit, and commercial real estate, plus a great selection of business credit cards and other business services.

It would be higher on this list if it were available nationwide. However, you must open an account in a branch, and those are limited.

How We Evaluated the Best Free Business Checking Accounts

When we evaluated the best free business checking accounts, we considered

• Which accounts had no monthly fees or easily waivable monthly fees
• Required opening deposit and balance minimums
• Transaction limits before fees
• ACH and wire transfer fees
• ATM fees and availability
• Cash deposit fees and availability
• Interest yield, if applicable
• Other checking account perks
• Software integrations
• Other business services provided
• Lending products provided
• Customer service
• Customer reviews

What You Need to Open a Small Business Checking Account

Though each provider on this list may require different documents to open a business bank account, here’s a general list of what you’ll need:

• Employer identification number (EIN) or Social Security number if you’re a sole proprietor
• Fictitious business name certificate or doing-business-as (DBA) certificate
• Business formation documents
• Organization documents, including your ownership agreements
• Business licenses
• Government-issued photo ID, such as a passport or driver’s license

Bottom Line

There’s a wide range of banking options for small businesses looking for business checking accounts with no monthly fees or easily-waivable fees. Determine what you need your business bank to do for you, what type of business checking you need, and whether you need a traditional or digital-only bank. Once you decide your needs, choose the bank that best fits your business.