9 Best Free Business Checking Accounts July 2020

Editor’s note: This is a recurring post with regularly verified account details. Last verified on July 1, 2020.

There are two types of free business checking accounts: those that don’t charge monthly account fees and others that do but make it relatively easy to avoid them by meeting minimum balance requirements. These accounts also typically offer an allowance of free monthly transactions and cash deposits. The option that gives you a sufficient amount of 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) Best 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
• TIAA Bank: Best for earning interest on checking account deposits
• Azlo: Best for limiting all fees on an online free business checking account
• U.S. Bank: Best for low transaction volume
• First Internet Bank: Best for earning interest and opening multiple online accounts
• Novo: Best for free ATM use through an online bank
• NBKC Bank: Best for fee-free mobile deposits

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

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 $300 cash bonus. This small business checking account also allows up to 100 free transactions per month and unlimited electronic deposits.

Chase Bank is currently not accepting online applications. You must visit a branch location to apply.

Who it’s best for: Owners who handle cash transactions and need to visit a physical branch location.

Chase Bank Introductory Offer

New account holders can earn an introductory offer worth $300 if they meet all 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

This offer is currently only redeemable in-branch, and there is no digital redemption option.

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: First 100 free, then 40 cents each after that
• 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

Chase Bank Terms

• Minimum deposit: None
• Minimum balance: None to maintain the account; $1,500 to waive the monthly fee

Chase Bank Additional Features

• Chase allows small business owners to place controls on business debit, deposit, and ATM cards so 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 consider opening a business credit card to help separate your business and personal finances.

Visit Chase Bank

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 on our list of free business checking accounts that offer 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.

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

Capital One Introductory Reward

Depending on where your business operates from, Capital One may offer you an introductory offer of at least $100. However, you’ll be required to apply for an account in person in one of the following states: Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, and Virginia plus Washington, D.C.

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

Capital One Terms

• Minimum deposit: $250
• Minimum balance: None to maintain the account; $2,000 to avoid a monthly fee

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

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

Visit Capital One

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 Introductory Offer

New account holders have the opportunity to earn an introductory offer worth up to $450. To earn the full reward, you must meet the following criteria:

• Deposit $1,000 within 60 days of opening your small business bank account to earn $100
• Pay at least two bills through online bill pay within 60 days then earn $50
• Apply for and are approved for a Bank of America small business credit card and make $3,000 in purchases within 90 days of account opening then earn $300

Bank of America Fees

• Monthly fee: $14 to $18, depending on the state in which your business is based; waived if you meet one of the following criteria each billing cycle:
  • Spend $250 on net purchases with your Bank of America business debit or credit card
  • Maintain an average monthly balance of $5,000 or more
  • Maintain a minimum daily balance of $3,000 for every day during the month
  • Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America accounts
• Transaction fee: 45 cents per transaction after you process 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

Bank of America Terms

• Minimum deposit: $100
• Minimum balance: None; $3,000 to waive the monthly fee

Bank of America Additional Features

• Offers online and mobile banking tools
• Ability to 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

Visit Bank of America

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 0.40% 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: Sole proprietors and single-owner LLCs that want to earn interest and bank completely online; we rank it as the best online business checking account.

TIAA Bank Introductory Offer

TIAA Bank doesn’t offer a traditional introductory offer. Instead, it pays an introductory APY of 0.40% for the first 12 months on balances up to $250,000.

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

TIAA Bank Terms

• Minimum deposit: $1,500
• Minimum balance: None
• Introductory APY: 0.40% for the first 12 months on deposits up to $250,000
• Ongoing APY: 0.15% to 0.30%, depending on your account balance

TIAA Bank Additional Features

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

Visit TIAA Bank

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 and requires no minimum account balance.

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

Azlo Introductory Offer

Azlo does not come with an introductory offer. This is common for fee-free online business checking accounts.

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

Azlo Terms

• Minimum deposit: None
• Minimum balance: None

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

Visit Azlo

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 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 Introductory Offer

While you can’t earn a cash-based introductory offer, you will receive a 50% discount on your first check order up to $50.

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; free access to more than 3,200 ATMs nationwide and free withdrawals from 25,000-plus MoneyPass ATMs

U.S. Bank Terms

• Minimum deposit: None
• Minimum balance: None
• Check order discount: 50% discount on the first order up to $50
• Optional overdraft protection: $20 fee, waived the first year

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

Visit U.S. Bank

First Internet Bank: Best for Earning Interest & 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 0.65% APY on balances of at least $10,000. Plus, the bank’s business savings account pays up to 1.21% 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 Introductory Offer

While First Internet Bank doesn’t have an introductory offer, account holders can earn 0.65% APY on balances of at least $10,000.

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

First Internet Bank Terms

• Minimum deposit: $100
• Minimum balance: None to maintain the account; $10,000 to earn the APY
• Ongoing APY: 0.65% on balances of $10,000 or more

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

Visit First Internet Bank

Novo: Best for Free ATM Use

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 an account online with no minimum deposit. Novo has no physical branches but allows you to send checks directly through its mobile app and refunds all ATM fees.

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.

Novo Introductory Reward

Novo is another fee-free bank, which means you won’t be able to access an introductory offer. Consider other accounts on our list if your primary concern in an account is the introductory offer.

Novo Fees

• 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

Novo Terms

• Minimum deposit: None
• Minimum balance: 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

Visit Novo

NBKC Bank: Best for Fee-free Mobile Deposits

Choose NBKC Bank if you want to keep your business banking easy and have fee-free mobile deposits. NBKC Bank is not entirely fee-free, however, as it requires a minimum deposit of $5. With this account, you’ll bank online unless you live near a physical branch located in Kansas. This online bank gives you access to over 32,000 free MoneyPass® ATMs.

Who it’s right for: Businesses that want no monthly fee and access to fee-free mobile deposits.

NBKC Bank Introductory Offer

Like most online-only banks, NBKC Bank doesn’t give new account holders a chance to earn an introductory offer. However, you can earn an introductory APY through TIAA Bank, which is another online bank.

NBKC Bank Fees

• Monthly fee: None
• Transaction fee: None
• ATM fee: None

NBKC Bank Terms

• Minimum deposit: $5
• Minimum balance: None

NBKC Bank Additional Features

• Free business debit card
• Online and mobile banking
• Desktop deposits
• Other business accounts, including business money market and business CD accounts
• Small Business Administration (SBA) loans
• Business credit cards

Visit NBKC Bank

How We Evaluated Free Business Checking Accounts

While a free small business checking account typically doesn’t have monthly maintenance fees, it still may have other costs like wire transfer or transaction fees. We took those fees into account along with other factors, including introductory offers, the size of the bank’s network, and account benefits like free accounting software and ongoing interest payments on your deposits.

Bottom Line

Free small business checking accounts are a good option for small and growing businesses. While there typically 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.