8 Best Free Business Checking Accounts for 2022

Finding a free business checking account that meets all of your business banking needs can be a challenge, and most of the truly fee-free accounts are hosted by online-only banks. To best represent the varying banking needs of small businesses, when compiling this list, we also considered traditional business bank accounts that have low and easy-to-waive fees.

To help you in your search, we’ve selected the eight best free business checking accounts:

• 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
• Capital One: Best for a traditional bank with unlimited transactions
• U.S. Bank: Best for freelancers and businesses with minimal monthly transactions
• First Internet Bank: Best for earning interest on multiple account types
• Novo: Best for free international ATM usage

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.

BlueVine: Best Overall for Free Business Checking

Visit BlueVine

BlueVine is an online-only business banking platform. It includes one of the nation’s highest-yield business checking accounts―0.60% APY on balances up to $100,000―with no monthly fees, penalties, or minimum balance to maintain. While it doesn’t have any physical branches, you can withdraw cash for free from 38,000 in-network MoneyPass ATMs, deposit checks via the mobile app, and deposit cash at over 90,000 Green Dot retail locations for a $4.95 fee.

Who it’s best for: BlueVine’s business checking is best for business owners who don’t need physical branch locations, have little to no cash deposits, and want to earn interest on their account balances.

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
• APY: 0.60% on balances up to $100,000

Why We Like It

With a BlueVine business checking account, you get an account that offers unlimited free transactions, pays a healthy interest rate on your account balance and doesn’t charge a monthly maintenance fee. Its dynamic banking platform includes online and mobile banking and provides integration with major accounting software like Wave, FreshBooks, and QuickBooks.

Chase Bank: Best Free Business Checking With a Traditional Bank

Visit Chase

Chase offers three different business checking accounts. Of the three options, Chase Business Complete Checking℠ 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. We ranked Chase as the best overall bank for small businesses.

Who it’s best for: A Chase Business Complete Checking account is best for business owners that prefer working with a traditional bank and are looking to build a local banking relationship.

Fees & Terms

Note: These are the fees & 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 purchases―minus returns or refunds―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 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
• Minimum balance: None

Why We Like It

Unlike some of the other accounts on our list, the Chase Business Complete Checking account does charge a monthly maintenance fee; however, there are several ways to have the fee waived. For small businesses that have minimal monthly banking transactions, this account can be fee-free. The benefit of banking with Chase lies in the nearly 5,000 branches and 16,000 ATMs nationwide that make it easy to find a Chase branch near you. For those that prefer to conduct their banking transactions in person or require other services provided by a brick-and-mortar bank, Chase is a great choice for your business banking needs.

Mercury: Best for Digitally Based Businesses

Visit Mercury

Mercury is a fully online banking platform geared toward internet-based businesses. Its checking account is entirely fee-free—even domestic and international wire transfers are free. With Mercury’s extensive mobile and desktop applications, you can customize permissions on your accounts, request physical and virtual debit cards for your team, and set up customized account automations easily. Mercury seamlessly integrates with major accounting software to simplify your bookkeeping experiences. To be eligible for a Mercury account, your business must be incorporated in the United States—Mercury is unable to provide accounts for sole proprietorships.

Who it’s best for: A business checking account through Mercury is best for those that conduct their business entirely online and infrequently need to write checks from their account.

Fees & Terms

• Monthly fee: None
• Transaction fee: None
• Cash deposit fee: N/A—Bank doesn’t accept cash deposits
• ATM fee: No charge for out-of-network ATMs, although operator fees apply—free access to Allpoint ATM network (55,000 locations worldwide)
• Minimum deposit: None
• Minimum balance: None

Why We Like It

Mercury’s entirely fee-free banking experience is a significant advantage, but what makes this bank stand out from others on our list is that customers that own multiple businesses can access their various accounts through a single sign-on (SSO). You can toggle between your business entities easily with the click of your mouse. Custom user permissions allow you to grant varying levels of access to your bookkeeper, employees, and partners. Being a Mercury customer grants you access to a variety of perks and rewards that include discounts on various software, insurance, and financial consulting.

Bank of America: Best for Businesses That Make Larger Cash Deposits

Visit Bank of America

Bank of America offers a single business checking account with two distinct settings: the Business Advantage Fundamentals^SM Banking setting and the Business Advantage Relationship Banking setting. Based on your business needs, you can select from one setting or the other. 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.

Who it’s best for: A business checking with Bank of America is best for owners that need the ability to make large monthly cash deposits—up to $7,500 fee-free with a Fundamentals account or up to $20,000 fee-free with a Relationship account.

Fees & Terms

• Monthly fee:
  • FundamentalsSM account setting: $16—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 a $5,000 combined average monthly balance
    • Become a member of Preferred Rewards for Business—first four checking accounts per enrolled business
• Relationship setting: $29.95 waived if you maintain a $15,000 combined average monthly balance
• Transaction fee: No fee for the first 200 transactions monthly, then 45 cents per item thereafter
  • 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:
  • Fundamentals^SM account setting—deposit up to $7,500 with no cash deposit processing fee, then 30 cents per $100 per statement cycle
  • Relationship account setting—deposit the first $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
• Minimum balance: None

Why We Like It

It can be difficult to find a free small business checking account that allows you to make significant monthly cash deposits. While there’s a small monthly maintenance fee associated with this account, there are many ways to have the fee waived. If your business handles substantial amounts of cash, a Bank of America business checking account is a great choice.

Capital One: Best for Unlimited Transactions

Visit Capital One

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

Capital One’s Spark Business Basic Checking is a simple, straightforward business checking account that offers unlimited monthly transactions. It’s easy to avoid the monthly service fee on this account, thanks to its low minimum average balance requirement.

Who it’s best for: Because of the need to visit a branch to open an account, a Capital One Spark Business Basic Checking account is best for businesses that are located near a Capital One branch and that process a high volume of transactions monthly.

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

Why We Like It

Capital One’s Spark Business Basic 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, having a Bank of America business checking account allows you to take advantage of Bank of America’s Preferred Rewards for Business program which gives you access to a 25% to 75% rewards bonus on credit cards, a 5% to 20% interest rate boost on savings accounts, interest rate discounts on lines of credit and other loans, and numerous other perks.

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

Visit U.S. Bank

U.S. Bank offers two business checking accounts suitable for small businesses: a Silver account and a Gold account—though the Gold account does charge a waivable monthly fee. The Silver account allows 125 free transactions per month and the Gold account allows 300 free transactions per month. U.S. Bank also offers a Platinum account for mature businesses with a high number of transactions and large cash deposits, a specialty account for non-profit businesses, and a premium account for those with complex banking needs.

Who it’s 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 that have limited monthly transactions.

Fees & Terms

U.S. Bank’s Silver account:

• Monthly fee: None
• Transaction fee: 50 cents per transaction after the first 125 transactions in a month
• Cash deposit fee: None on the first $2,500 in cash deposits each 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

U.S. Bank’s Gold account:

• Monthly fee: $20, waivable if you meet minimum requirements
• Transaction fee: 45 cents per transaction after the first 300 transactions in a month
• Cash deposit fee: None on the first $10,000 in cash deposits each 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

Why We Like It

While the Silver business checking account is a basic business checking account, one of the advantages of banking with U.S. Bank is that you can transition to another account type, such as Gold or Platinum, easily as your business scales and your banking needs evolve. This is a significant advantage over other banks on this list, as many of the banks listed here only offer one standard business checking account.

First Internet Bank: Best for Earning Interest on Multiple Account Types

Visit First Internet Bank

First Internet Bank is a fully online bank with no branches, kiosks, or ATMs. Even though it has no physical locations, it offers all the products and services that a traditional bank provides. Its business checking account has a number of attractive features: no minimum balance, no monthly service fee, and unlimited transactions. Both its online banking and the mobile app are highly rated, feature-rich, and easy to use.

Who it’s best for: A business checking account with First Internet Bank is a sound choice for small business owners that are interested in expanding their banking relationship to include additional business savings accounts.

Fees & Terms

• 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: 0.30% on balances of $10,000 or more

Why We Like It

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 certificates of deposit (CDs) with better-than-average rates, plus a full range of loan products.

Novo: Best for Free International ATM Usage

Visit Novo Bank

Novo is an online-only banking platform created solely for business owners. Its business checking account is entirely fee-free, allowing you to eliminate the hassle of worrying about transaction limitations or meeting specific balance requirements. While Novo isn’t part of an ATM network, it reimburses you for all ATM fees—both domestic and international—at the end of each month.

Who it’s best for: A business bank account with Novo is an excellent choice for small business owners that are always on the go and can appreciate the fact that this bank offers free international ATM usage.

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
• Minimum balance: None

Why We Like It

Free ATM usage isn’t the only advantage of a Novo business checking account. Since it doesn’t require a deposit to open an account, you can apply for your business checking account as you’re starting up your business. Additionally, banking with Novo also gives you access to discounts on licenses and packages for business services, including Gusto, Zendesk, HubSpot, and Salesforce to help you get your business off the ground.

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 easily by meeting minimum requirements. We also took into consideration the ability to form long-term financial relationships with each bank based on other products and services they offer, the number of physical branch locations/ATMs, and online account management.

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 waive those charges by maintaining a certain minimum balance or abiding by transaction limits. When selecting the best free business checking account for your business, take the time to ensure that the account and the bank will meet all of your business needs.