9 Best Free Business Checking Accounts September 2020

Editor’s note: This is a recurring post with regularly verified account details. Last verified on September 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 typically also offer an allowance of free monthly transactions and cash deposits. The option that gives you enough 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 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
• Azlo: Best for limiting all fees on an online business checking account
• BlueVine: Best for earning interest while paying no fees
• TIAA Bank: Best for earning a high introductory annual percentage yield (APY) as a sole proprietor or single-owner limited liability company (LLC)
• U.S. Bank: Best for low transaction volume
• First Internet Bank: Best for opening multiple online accounts
• Novo: Best for free ATM use through an online bank

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

Chase Bank: Overall Best Free Small Business Checking Account

If you’re looking for an account with an extensive branch network and a simple-to-earn cash bonus, Chase has the best free business checking account for you. You’ll need to maintain a minimum balance to avoid the monthly fee, but Chase makes that easy with its $1,500 requirement. You can access nearly 4,900 branches and 16,000 ATMs nationwide plus earn a $300 cash bonus. This account also allows up to 100 free transactions per month and unlimited electronic deposits.

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
• Complete five qualifying debit card purchases, Chase QuickDeposit, automated clearing house (ACH) transactions, or wire transfers within 60 days of opening the account

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 per transaction
• 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: No deposit required for this free account
• 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 that 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

There are very few checking accounts on the market that offer unlimited transactions; Capital One happens to be the best of them. If you need to make more than 200 transactions each month, this account is built for you. Plus, as an expert who’s looked at just about every major business checking account on the market, the standout feature is these unlimited transactions come without a minimum balance requirement to avoid the monthly fee.

Who it’s best for: Business owners who want to avoid all transaction fees and live near one of Capital One’s 700 branches

Capital One Introductory Reward

Depending on where your business operates, you may earn Capital One’s introductory offer of at least $100. However, you’ll be required to apply for an account in person in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, or 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 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

Capital One Terms

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

Capital One Additional Features

• Seamless integration with independent accounting software, making it easy to track bills and reconcile accounts each month
• A mobile app that businesses can use to deposit checks, track accounts, pay bills, and make transfers
• 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 Bonus Rewards & Free Cash Deposits

This account stands out because it gives you a shot at earning a $450 sign-up bonus and access to $7,500 in free cash deposits each month. On top of that, you’ll receive 200 free monthly transactions. However, you’ll need to either maintain a minimum balance of $3,000 or make 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 more than 4,300 branches and about 16,000 ATMs.

Who it’s best for: Businesses that want a free checking account that offers $7,500 in free cash deposits 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:

• Earn $100 when you deposit $1,000 within 60 days of opening your small business bank account
• Earn $50 when you pay at least two bills through online bill pay within 60 days
• Earn $300 when you apply and are approved for a Bank of America small business credit card and make $3,000 in purchases within 90 days of account opening

Bank of America Fees

• Monthly fee: $14 to $18, depending on the state in which your business is based; fee is 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 plus operator fees on out-of-network ATMs; 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
• Allows business owners to deposit checks remotely and add on additional services, including credit card processing and payroll services through ADP
• Offers five small business credit cards

Visit Bank of America

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. The free 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

Azlo Terms

• Minimum deposit: None
• Minimum balance: None

Azlo Additional Features

• Provides access to a massive network of more than 55,000 ATMs
• Offers mobile deposit, free mobile banking, online banking, and bill pay
• Includes a free Azlo Visa debit card to use for transactions and at ATMs

Visit Azlo

BlueVine: Best for Earning Interest While Paying No Fees

BlueVine has made a name for itself through its business lending products. However, it now offers a free online checking account that pays an ongoing APY of 1%. This product can bring ease into your business while rewarding you for having an account with BlueVine. Although it’s a completely online account, you can expect to have a stellar online experience coupled with customer service you’d receive in your local branch.

Who it’s best for: Businesses that want to earn interest on their deposits while paying no fees

BlueVine Introductory Offer

BlueVine does not offer an introductory offer. However, you’ll be able to earn 1% APY on balances of at least $1,000.

BlueVine Fees

• Monthly fee: None
• Transaction fee: None; offers unlimited transactions
• ATM fee: No fees at more than 38,000 ATM locations nationwide

BlueVine Terms

• Minimum initial deposit: None
• Minimum balance requirement: None to maintain the account; $1,000 to earn the APY
• Ongoing APY: 1% on balances of at least $1,000

BlueVine Additional Features

• Free debit card
• Live customer support from professionals
• Various lending products available, including business lines of credit and other business loans

Visit BlueVine

TIAA Bank: Best for Earning Interest as a Sole Proprietor or Single-owner LLC

If your business doesn’t require brick-and-mortar service and you want to earn interest on your deposits, stop right here. TIAA Bank 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 who 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 per transactions 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 0.25%, depending on your account balance

TIAA Bank Additional Features

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

Visit TIAA Bank

U.S. Bank: Best for 150 Monthly Transactions

If you have limited monthly transactions but still want to access a physical branch location, U.S. Bank’s Silver Business Checking package suits your business well. What’s nice about this account is you’ll not only receive 150 free transactions per month, but you’ll also get $2,500 in cash deposits. That one-two punch makes this account stand out among the slew of others on the market.

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 per transaction 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 with overdraft protection or credit card processing services for your business
• Five small business credit cards

Visit U.S. Bank

First Internet Bank: Best for Earning Interest & Opening Multiple Online Accounts

Putting your money away in an account is one thing but being able to earn interest on that money takes that account to the next level. First Internet Bank allows you to do just that with its checking account while also letting you open a business savings account that pays an APY. Having two accounts that offer an ongoing APY will help you maximize your business’s money. However, this is an online-only bank, so only open this account if you don’t handle daily cash transactions.

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 0.70% 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: 0.70% on balances of $10,000 or more

First Internet Bank Additional Features

• First Internet Bank debit card
• Additional business bank accounts available, 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 offers a free business checking account with limited services, making it possible to open an account online with no minimum deposit. It has no physical branches but allows you to send checks directly through its mobile app and refunds all ATM fees. Although not as good as Azlo when compared side-by-side, Novo still makes a strong case and fits nicely into the best free checking accounts for business owners.

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 interest is in an account’s 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
• Integration with point-of-sale (POS) tools
• Check deposits directly through the mobile app
• Cash deposits by USPS money order or directly into Middlesex Federal’s ATM network

Visit Novo

How We Evaluated Free Business Checking Accounts

While a free small business checking account typically doesn’t have monthly maintenance fees, it can still have other costs like wire transfer or transaction fees. We took those fees into account along with other factors, such as 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. These accounts typically do not have monthly fees, but they may 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.