10 Best Free Business Checking Accounts for 2023

Bluevine is our best free business checking account thanks to its lack of monthly fees and high interest yield account. The only fees it charges are for outgoing wires, ATM withdrawals outside the MoneyPass network, and cash deposits.

You can also earn 2.0% 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.

Bluevine doesn’t offer free cash deposits, so it may not be the best option if you deposit cash frequently. 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.

One other perk for Bluevine compared to other digital-only banks is the availability of physical checks. Not only does Bluevine allow you to purchase physical checks, but it provides two free checkbook orders per year.

Overall, for businesses that don’t mind a digital-only bank wanting to earn interest on checking balances, Bluevine is an excellent option.

Bank of America is our best free business checking account at a traditional bank given its waivable monthly fees and outstanding ongoing rewards. One of its two business checking options should fit your business needs.

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 amount 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 Keynova Group 2022 Small Business Banker Scorecard report, Bank of America ranked first for overall digital customer experience capabilities catered to small businesses.

With three business checking options, including the best premium account on the market, Chase is a great choice for free business checking. Thanks to its outstanding full-service business banking experience, it’s on 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 offer more features. Compare 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 qualifying business deposit account

Chase Platinum Business Checking, the best premium account on the market, has a monthly fee of $95 which 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 business checking account types, 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.

Despite being limited to just six states and the District of Columbia, Capital One is a great choice for free business checking thanks to its unlimited transactions. It has a monthly fee for both of its business checking products, but it is waivable.

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- or 90-day balance averages $2,000 or more.

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- or 90-day balance averages $25,000 or more.

Capital One has an advantage over the other brick-and-mortar options in this guide because it doesn’t charge fees for everyday account transactions. You get unlimited deposits, withdrawals, and transfers, excluding international wires, cashier’s checks, and other services.

The company 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. You must open an account in a branch, and those are limited to locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington D.C.

If your business has a low number of monthly transactions and operates in one of the 26 states where U.S. Bank operates, this bank is a great brick-and-mortar option for free business checking.

Its basic business checking, known as Silver Business Checking, has no monthly fees and offers 125 free monthly transactions.

Meanwhile, Gold Business Checking has a $20 monthly fee. You get 300 free monthly transactions before paying 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 paying 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 $400 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 Feb. 22, 2023.

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.

As one of the few full-service online-only banks, First Internet Bank provides 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 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, so businesses that handle cash regularly should choose a brick-and-mortar option.

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

You can also get a $200 cashback bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening. Mercury recently added a credit card product that offers 1.5% cash back and unlimited virtual cards.

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

Mercury has a Treasury account, which you can request once you have $250,000 in your Mercury accounts. Money in the Treasury account can earn up to 2.524% APY, with rates changing weekly.

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

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

If your business accepts payments through third-party software, especially Stripe, Novo is an excellent choice. The company offers Novo Boost, which lets you receive payments sent from your Stripe account faster than other providers.

In addition, it has Express ACH, which enables you to accept or send same-day ACH payments. The combination of Novo Boost and Express ACH allows you access to your money faster than other digital-only providers.

If your business makes frequent ATM withdrawals, Novo benefits you as well. It refunds all ATM fees at the end of the month with no limits. It also has no monthly fee, transaction limits, 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 is 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.

Novo also offers up to 10 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 it doesn’t have any lending products.

If you’re looking for a free business checking account, excellent cash back rewards, and a solid APY, Grasshopper is an excellent choice. It has no monthly fees and no transaction limits.

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.

Grasshopper’s debit card earns 1% cash back on all online and in-store debit card purchases. Also, accounts earn 1.5% APY on all balances with no minimum and no cap.

Cash deposits are not permitted with Grasshopper. There is a $100 minimum opening deposit, but there is no minimum balance requirement after opening the account. In addition, its free ATM network is a little smaller than some of its competitors, with no ATM fee reimbursement out-of-network.

For freelancers and creatives wanting an online-only bank that offers both personal and business banking products, Oxygen is a great choice. It’s one of the few financial technology companies offering robust personal and business banking products. In this guide, the only other online-only bank to have both is First Internet Bank.

Oxygen markets its product toward freelance and creative business owners, especially owners who may be looking to incorporate their businesses. It offers nationwide LLC creation in the Oxygen app powered by CorpNet, Inc. There are fees involved, which is one of the few services with a fee.

It also provides a business bank account with no monthly fees, minimum balance requirements, or transaction limits. Deposits can be made through Green Dot locations for $4.95 per transaction and by in-app mobile check capture, via ACH or Plaid, from an outside account.

Oxygen was awarded the 2021 Best Overall FinTech Mobile App by the FinTech Breakthrough Awards.

You can also open a business savings account, which earns 1% APY on balances up to $20,000.

Drawbacks include no outgoing and international wire transfers, and you cannot set up multiple users in the Oxygen app. It is only open to a single sign-on per account, which puts it behind many other fintechs on this list.