Editor’s note: This is a recurring post with regularly updated account details.
The best free business checking account should either be completely fee-free or allow you to easily waive any monthly fees. While some providers have free unlimited transactions, others offer a limited amount of free transactions before fees are charged.
The banks on this list also provide outstanding business support products and services. Those include lending products, merchant services, interest-bearing accounts, and even personal accounts for you and your employees.
After reviewing more than 100 business bank providers, here are the 10 best free business checking accounts, with links directly to the providers:
- U.S. Bank Member Federal Deposit Insurance Corp. (FDIC). : Best overall for businesses that want free checking with a traditional bank
- Bluevine Provider is a financial technology (fintech) platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank. : Best for free business checking with a high interest yield and international payments
- Bank of America Member FDIC. : Best free business checking with waivable fees and ongoing rewards
- Capital One Capital One currently requires that you visit a branch to complete an application to open a business checking account. There are branch locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C.; Member FDIC. : Best for unlimited transactions with a traditional bank
- Chase Member FDIC. : Best premium business checking account with a traditional bank
- Relay Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Evolve Bank & Trust and Thread Bank. : Best for businesses that need multiple accounts and debit cards
- Novo Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings. : Best digital-only bank for rapid access to funds and express payment processing
- Grasshopper Member FDIC. : Best digital-only bank for integrated free payment software
- Mercury Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Choice Financial Group and Evolve Bank & Trust. : Best for tech companies, startups, and businesses that need additional FDIC insurance
- Found Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Piermont Bank. : Best digital-only provider for self-employed professionals and freelancers
With Bluevine Business Checking, earn 4.25% annual percentage yield (APY) with Premier and 2.0% APY for Bluevine Standard on qualifying balances. | ||
 |
| |
With Bluevine Business Checking, earn 4.25% APY with Premier and 2.0% APY for Bluevine Standard on qualifying balances |
|
|
Best Free Business Checking Accounts at a Glance
Account Name | Monthly Fee | Free Monthly Transactions | Annual Percentage Yield (APY) | Free Cash Deposit Limit | |
|---|---|---|---|---|---|
 | Silver Business Checking | None | 125 | N/A | $2,500 per month |
 | Standard Business Checking | None | No limit | 2.0% on qualifying balances of $250k or less | $4.95 per deposit (Green Dot) |
 | Fundamentals Business Checking | $16; waivable | 200 | N/A | $7,500 per month |
 | Business Complete Banking | $15, waivable | 20 | N/A | $5,000 per month |
 | Relay Standard | None | None | N/A | No fee; Accepted at Allpoint ATMs |
 | Basic Business Checking | $15, waivable | No limit | N/A | $5,000 per month |
 | Business Checking | None | No limit | N/A | No fee; cash deposited through money orders |
 | Innovator Business Checking | None | No limit | Up to 2.25% | Cash deposits not accepted |
 | Business Checking | None | No limit | N/A | Cash deposits not accepted |
 | Business Checking | None | No limit | N/A | Accepted at certain retail locations for a fee |
U.S. Bank: Best for Businesses That Want Free Checking With a Traditional Bank
What We Like
- No monthly fee
- Free mobile check deposits
- Apply in person, online, or by phone
Drawbacks
- Expensive wire fees
- Limited free transaction
Features
- Send and receive money through app
- Digital invoicing and payment systems integrated into your online dashboard
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Easy integration with overdraft protection or credit card processing services for your business
- Free debit card and 50% discount on first check order up to $50
- Integrations with QuickBooks and U.S. Bank Payment Processing
- Customer service online, by phone, or in-branch during business hours
- Other products include lending and cash flow products, other checking options, and point-of-sale (POS) services
| |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 125 in a month, then 50 cents per transaction |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $40 for outgoing, $14 for incoming |
International Wire Fees | $75 for outgoing, $15 for incoming |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply |
Cash Deposited | $2,500 in cash deposits or 25 free cash deposits per cycle, whichever comes first |
APY | N/A |
When To Choose U.S. Bank
If your business is looking for a free checking account with a traditional, brick-and-mortar bank, U.S. Bank is your best option. Unlike many other traditional banks that offer accounts with waivable fees, U.S. Bank’s Silver Business Checking has no monthly fees and offers 125 free monthly transactions and up to $2,500 in free cash deposits monthly.
If you exceed those thresholds regularly, U.S. Bank offers two higher-tier accounts. There are waivable monthly fees for the Gold and Platinum Business Checking accounts, but both allow more free transactions and other perks.
While the bank was previously available only in the 26 states where it has a physical location, it is now available to business customers nationwide.
U.S. Bank also offers full-service business banking products, including SBA loans, business lines of credit, cash management, payroll services, and payment services. Its products can scale as your business grows.
Additionally, you can earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account (promo code: Q3AFL23) and complete qualifying activities, subject to certain terms and limitations—offer valid through January 8, 2024. See our article on the best bank account promos and offers for details on how to qualify.
Bluevine: Best for Free Business Checking With a High-interest Yield and International Payments
What We Like
- Interest-earning checking on balances of $250,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
Drawbacks
- No savings, money market, and CD accounts
- No physical branch locations
- Fee for depositing cash
Features
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | $15 for outgoing, incoming are free |
International Wire Transfer Fees | $15 for outgoing, incoming are free |
ATM Fees | Free at MoneyPass locations nationally; $2.50 plus operator fees for non-network ATM use |
Cash Deposited | $4.95 fee per transaction, available through GreenDot retail locations |
APY | 2% on balances of up to $250,000, once qualifications are met |
Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
When To Choose Bluevine
Bluevine is our best online-only 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 of $250,000 or less if you meet one of two qualifying criteria:
- Spend $500 or more a month with Bluevine Business Debit Mastercard issued by Coastal Community Bank.
- 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.
Bluevine has added the ability to send international payments for your business. You can send payments to 32 countries in 15 currencies, and they can be sent directly from your Bluevine dashboard. Payments are sent out between 8 a.m. and 5 p.m. Eastern time and can be received in as fast as 24 hours.
Payments sent in USD (United States Dollars) cost $25 per payment. Payments sent in other currencies cost $25 plus 1.5% of the payment amount. See Bluevine’s full list of countries available for international payments.
Bank of America: Best Free Business Checking With Waivable Fees & Ongoing Rewards
What We Like
- 200 free transactions per month
- Free digital tools to track business performance
- Ongoing rewards
Drawbacks
- Cash deposit fees charged per $100 over monthly allowance
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
Features
- Deposit checks, view accounts, make transfers, and pay bills with the mobile app
- Credit card processing and payroll services through ADP
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Check your business credit score through a partnership with Dun & Bradstreet
- Free debit card
- Physical checks’ cost varies depending on type ordered
- Integrations with QuickBooks, TurboTax, and Zelle
- Customer service during business hours in branch and via phone, or via social media messages
- Merchant services available through Expensify
- Other products include business savings, CDs, lending products, and financial analysis through Merrill Financial Advisor
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 200, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees | Fees vary |
International Wire Transfer Fees | Fees vary |
ATM Fees | Free access to approximately 15,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $7,500 per month free, then 30 cents per $100 per statement cycle |
APY | N/A |
When To Choose Bank of America
Bank of America is another great choice for a free business checking account given its waivable monthly fees and outstanding ongoing rewards. The entry-level account, Business Advantage FundamentalsTM Checking, has a $16 monthly fee but allows you up to $7,500 in free cash deposits and 200 free transactions monthly.
The $16 monthly fee of Business Advantage FundamentalsTM Checking can be waived in one of three ways:
- Maintain a $5,000 combined average monthly balance.
- Spend at least $250 in new net purchases on a business debit card.
- Become a member of Preferred Rewards for Business.
With the company’s preferred rewards for business, you can earn 25%–75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on business advantage savings accounts.
In addition, you can check your Dun & Bradstreet business credit score for free within the Bank of America app. This is one of the reasons why the provider is our choice for the best bank for small business loans.
Bank of America is known for its outstanding customer service and online experience. In the Keynova Group 2023 Small Business Banker Scorecard report, Bank of America once again ranked first for overall digital customer experience capabilities catered to small businesses.
Capital One: Best For Unlimited Transactions With a Traditional Bank
What We Like
- Unlimited transactions
- Easy ATM access
- Low or no monthly fee
Drawbacks
- Requires $250 opening deposit
- Account opening cannot be done online
- Account doesn’t earn interest
Features
- Pay bills, track accounts, transfer funds, and deposit checks with the mobile app
- Integrates with Xero and other top accounting software
- Free overdraft protection when linked to another small business deposit account
- Free debit card
- Physical checks (cost based on type ordered)
- Connect with business payment solutions
- 24/7 support by phone, or in-branch support during business hours
- Other products include lending products, credit cards, Unlimited Business Checking
| |
|---|---|
Required Opening Deposit | $250 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | Undisclosed |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | $25 per outgoing wire, $15 for incoming wire |
International Wire Fees | $40 per outgoing wire, $15 for incoming wire |
ATM Fees | Free at more than 70,000 Capital One, MoneyPass, and Allpoint ATMs nationwide |
Cash Deposited | Up to $5,000 per month free, $1 for every $1,000 after that |
APY | N/A |
When To Choose Capital One
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.
Chase: Best Premium Business Checking Account With a Traditional Bank
What We Like
- $300 bonus when you open an account
- Easy-to-waive monthly fee
- Built-in card acceptance with QuickAccept℠ via the Chase MobileⓇ app
Drawbacks
- Limited number of free transactions
- ATM fees not reimbursed
- Fee for cash deposits of more than $5,000 per statement period
Features
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs depend on type ordered
- Chase Merchant Services
- Live customer support online or in branch during business hours
- Other products include business savings, CDs, lending products, credit cards, merchant services, and collection services
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
ACH Fees | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Up to $35 for outgoing wires, up to $15 for incoming wires |
International Wire Transfer Fees | Up to $50 for outgoing wires, up to $15 for incoming wires |
ATM Fees | $3 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
APY | N/A |
When To Choose Chase
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. Both have higher fees but offer more features. Read our comparison of Chase’s business checking accounts to see which fits your business needs.
To waive the $15 monthly fee for Business Complete Banking, you must satisfy one of the following criteria:
- Maintain a $2,000 minimum daily balance.
- Accumulate $2,000 in net purchases on Chase Ink® Business Card.
- Have $2,000 in deposits from Chase QuickAcceptSM or eligible Chase payment solutions.
- Link a Chase Private Client CheckingSM account.
- Provide qualifying proof of military status.
With three business checking account types, business savings accounts, credit cards, lines of credit, and POS and software solutions, Chase is a bank that can scale with your business.
Relay: Best for Businesses That Need Multiple Accounts & Debit Cards
What We Like
- No minimum balance or opening deposit required
- Wire transfers are very inexpensive and are free with Relay Pro
- No ATM fees charged by Relay, although third-party fees may apply out of network
Drawbacks
- No physical locations
- No interest-bearing checking
- No lending products
Features
- Fee-free online banking and money management platform
- Open up to 20 individual business checking accounts
- Issue up to 50 Visa debit cards
- Send and receive ACH transfers, checks, and wires
- Collect payments from PayPal, Stripe, Square, and more
- Relay Pro account available, which offers same-day ACH delivery, free wire transfers, and accounts payable support
- Customer service via email, mail, and web contact form, and the app
- Checks can be sent on users’ behalf for free; third-party checks unavailable
- Accounting software integrations with QuickBooks, Xero, and Plaid
- No lending product
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free for incoming; $5 for outgoing |
International Wire Transfer Fees | Free for incoming, $10 for outgoing |
ATM Fees | None at Allpoint ATMs; Relay doesn’t charge out-of-network ATM fees, although third-party fees will apply |
Cash Deposited | Accepted at Allpoint ATMs |
APY | N/A |
Relay is a business fintech platform backed by FDIC-insured Evolve Bank & Trust and Thread Bank. | |
When To Choose Relay
Relay is an excellent choice if your business needs multiple accounts to separate business finances. You can get up to 20 checking accounts, which allows you to use accounts to set aside reserves for different expenses. In addition, you can order up to 50 Visa debit cards, allowing you to track spending among individual team members. Relay’s app also offers great financial tracking.
Users can deposit cash at Allpoint ATMs. You are limited to just $1,000 per transaction, but this fee-free option to deposit cash is a large advantage over other fintechs listed in this guide
If you send wire transfers regularly, Relay is a great option. With its basic business checking level, Relay Standard, the most you will pay for wire transfers is $10. If you upgrade to Relay Pro, they are entirely free. Neither checking product has transaction limits or minimum balance requirements.
While Relay Standard is free, Relay Pro costs $30 per month. One drawback to Relay Pro is the monthly fee is not waivable. However, the premium tier comes with a wide variety of business tools, including:
- Accounts payable support, including auto-imports from QuickBooks Online and Xero
- Multi-step approval rules for bill payments
- Batch payments for bills
- One-click reconciliation of bills
- Same-day ACH delivery
- Free wire transfers
Drawbacks to Relay include being digital-only, so there are no physical locations to visit. Also, it doesn’t currently offer any lending products.
Novo: Best Digital-only Bank for Rapid Access to Funds & Express Payment Processing
What We Like
- Refunds all ATM fees at month’s end
- No maintenance fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lack of savings accounts and lending products
- Noninterest drawing account
Features
- Integrate with business tools, such as QuickBooks, Xero, Slack, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost in coordination with Stripe allows you to access funds faster
- Express ACH lets you accept or receive same-day ACH payments
- Virtual debit card available immediately, one free physical debit card per user
- Paper checks can be sent straight from the app
- Live customer support from dedicated professionals
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | Up to $7 in fees refunded at the end of the month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. | |
When to Choose Novo
If your business accepts payments through third-party software, especially Stripe, Square, or PayPal, Novo is an excellent choice. The company offers Novo Boost, which lets you receive payments sent through a Stripe, Square, or PayPal 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.
To further expedite the payment process, users can now connect Stripe, Square, or PayPal and get paid via card, Apple Pay, Google Pay, PayPal, or Venmo. Novo also now allows you to apply even if you don’t have an employee identification number (EIN) or limited liability company (LLC).
Novo has also strengthened its product by eliminating NSF fees and improving its Novo Invoicing product.
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.
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.
Grasshopper: Best Digital-only Bank for Integrated Free Payment Software
What We Like
- Cash back on debit card purchases
- Interest-bearing account
- No monthly or transaction fees
Drawbacks
- No physical location
- Minimum $100 deposit required to open
- Cash deposits not accepted
Features
- 1% cash back on all online and in-store debit card purchases
- Autobooks software purchased by Grasshopper for all small business banking customers for digital invoicing and online payments
- No monthly or transaction fees; no minimum balance required
- 24/7 online and mobile banking
- Unlimited free ACH and incoming wires
- Physical and virtual debit card available
- Integration with QuickBooks
- Customer support via phone, live chat, email, secure message, and text message; also available through the app
- Other products include application programming interface (API) banking, treasury management, startup banking services, lending
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free if account balance is $25,000 or greater; no incoming wire fees; $10 for outgoing |
International Wire Transfer Fees | $5 for incoming, $25 for outgoing |
ATM Fees | Free at 45,000 MoneyPass & Sum network ATMs |
Cash Deposited | Cash deposits not accepted |
APY |
|
When To Choose Grasshopper
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.
Grasshopper has tiered interest earnings on its business checking, with accounts earning as much as 2.25% APY. However, customers must maintain a minimum average balance of $10,000 with no nonsufficient funds (NSF) items during the preceding 12 calendar months.
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.
Mercury: Best for Tech Companies, Startups & Businesses That Want Additional FDIC Insurance
What We Like
- No monthly maintenance fees
- Physical and virtual debit cards
- Treasury product offers outstanding yield on balances over $500,000
Drawbacks
- Accounts unavailable to sole proprietorships
- Lacks paper check-writing abilities
- Limited lending options and no cash deposits
Features
- Earn interest with Mercury Treasury products if you have more than $500,000 in Mercury accounts and request Treasury
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrate accounts with QuickBooks and Xero accounting software
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Physical checks unavailable
- Business payment integrations with Shopify, Stripe, Zapier, Amazon, and PayPal
- Email customer service available
- Savings account provided when you open checking,
- Other products include Mercury Treasury, capital and venture debt, and credit card
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
Mercury is a business fintech platform backed by FDIC-insured Choice Financial Group and Evolve Bank & Trust. | |
When To Choose Mercury
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.
In addition, Mercury now offers Vault, which uses partner banks and a sweep network to provide additional FDIC insurance of up to $5 million.
You can also get a $300 cash back 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.
Mercury has a Treasury account, which you can request once you have $500,000 in your Mercury accounts. Money in the Treasury account can earn up to 5.47% 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 the company’s credit card and capital and venture debt.
Found: Best Digital-only Provider for Self-employed Professionals and Freelancers
What We Like
- No monthly fees, minimum balances, account fees, and sign-up fees
- Excellent expense tracking on both its desktop and mobile apps
- Helps you track tax write-offs and gives you real-time tax estimates
Drawbacks
- No free cash deposits
- Interest earning only through paid-tier Found Plus
- Cannot purchase checks or issue them from the app
Features
- Provides a business debit Mastercard, which allows you to track expenses and receive purchase alerts
- Debit cards can be frozen in the Found app
- Desktop and mobile apps
- Connect to accounting software and payment apps, such as Cash App, PayPal, Square, Venmo, and eBay
- Integrated bookkeeping allows you to categorize expenses, customize invoices, capture receipts, and set custom rules
- Track tax write-offs in the app
- View your tax estimate update in real-time
- Pay your taxes directly from the app
- Send your Schedule C directly from the app
- Customer service via email, online form, and support guides on the website
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free incoming wires; outgoing wires only sent to Found customers |
International Wire Fees | Unavailable |
ATM Fees | Found doesn’t charge for ATM usage; third-party ATM fees will likely apply |
Cash Deposited | Accepted at more than 79,000 retail locations; list available in the Found app |
APY | N/A |
*Found is a business fintech platform backed by FDIC-insured Piermont Bank. | |
When To Choose Found
With fee-free checking, robust built-in bookkeeping software, and excellent tax tracking and preparation software, Found is an excellent choice for freelancers and self-employed small business owners.
There are no monthly maintenance fees, transaction fees, or minimum opening deposit requirements. You get unlimited free invoicing, which can be customized with your company’s logo and colors. Payments can be accepted for those invoices through payment apps.
In addition, the integrated bookkeeping software allows you to categorize expenses, capture receipts, and set custom rules within the Found app.
Found doesn’t charge for any ATM withdrawals, although out-of-network ATM withdrawals would be subject to third-party fees.
Found doesn’t charge for any ATM withdrawals, although out-of-network ATM withdrawals would be subject to third-party fees. However, the provider doesn’t list its ATM network on its website. You can make cash deposits at more than 79,000 retail locations listed in the Found App, likely for a fee, and you can deposit checks once your account is approved.
Found has robust tax tracking and preparation software, allows you to complete and send your schedule C directly from the app, and lets you pay your tax bill directly. One drawback is only incoming domestic wires are available.
How We Evaluated the Best Free Business Checking Accounts
In compiling this buyer’s guide, we reviewed more than 100 banks and their primary 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 To Consider When Choosing the Best Free Business Checking Account
While we used our own criteria to select the best free business checking accounts for this list, here are some things you should consider prior to making a selection:
1. Understand the Fee Structure and How It Will Apply to Your Business
While some providers in this guide are largely fee-free, others offer waivable monthly fees and limited free transactions each month. Before signing up for an account that has waivable fees or limited free transactions, determine:
- Can you meet the criteria to get the monthly fee waived?
- Does the account offer enough free cash deposits or transactions to meet your business needs?
- If you know you will end up paying certain monthly fees, is it worth it because of other features the bank provides that competitors do not?
The last one is something that some businesses don’t consider. They might not want to use a bank that has a waivable monthly fee for fear they won’t be able to waive it. However, if that bank offers features that fee-free accounts don’t, it might be worth a small monthly fee. You might decide that Bank of America’s monthly fee is worth getting a wide range of products and services to help your business grow.
2. Consider the Need for a Bank With Physical Locations
The majority of traditional banks offer accounts with waivable monthly fees. U.S. Bank is the only traditional bank listed in this guide that doesn’t charge a monthly fee. However, you may decide that you need to visit a physical location for your business needs from time to time. If this is the case, choose a bank with a physical branch near your business location.
3. Read Customer Reviews
Each of our individual bank reviews includes a customer review section. This can give you an idea of how good a bank’s customer service is and any potential issues you might encounter if you sign up for an account. However, remember that customer reviews often include both business and personal accounts, so some might not apply to your potential business account.
For more information, check out our guide detailing how to choose a bank for your small business.
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 is a general list of what you will 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
For a downloadable checklist of documents banks typically require, see our guide on how to open a business bank account.
Frequently Asked Questions (FAQs)
Many online-only banks and some traditional banks, such as U.S. Bank, provide business checking accounts with no monthly fees. Others, like Bank of America and Chase, offer easy ways to waive monthly fees.
Several online-only banks offer free checking with no minimum balance, including Bluevine, Novo, and Mercury. Some traditional banks, such as Capital One, have waivable monthly fees with unlimited free transactions. Even if a bank has waivable monthly fees, check the free transaction limit and ensure your business won’t exceed that each month.
Once you decide to open a business bank account, you will have several types of accounts to choose from. The four most common types of accounts you’ll choose from when first opening a business bank account are a free business bank account, a traditional business checking account, an online business checking account and a business savings account.
Bottom Line
If you are looking for a business checking account with no or easily waivable monthly fees, the providers on this list are all outstanding choices. When deciding which provider to choose, first figure out what you need from your business bank. Decide whether online-only banks or traditional banks provide the services you need, then select the bank and checking account that best meet your business needs.
Required disclaimer: Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC. The Found Mastercard debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc. Found’s core features are free. Found also offers a paid product, Found Plus.
Required disclaimer: Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank and Evolve Bank & Trust; Members FDIC. The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
