10 Best Free Business Checking Accounts for June 2023

Bank of America is our best overall free business checking account 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 number 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.

In addition, you can check your Dun & Bradstreet business credit score for free within the Bank of America app. This is one reason 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 2022 Small Business Banker Scorecard report, Bank of America ranked first for overall digital customer experience capabilities catered to small businesses.

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:

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 also provides two free checkbook orders per year.

Bluevine has added the ability to send international payments for your business. You can send payments to 26 countries in eight 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 United States dollars (USD) cost $25 per payment. Payments sent in other currencies cost $25 plus 1.5% of the payment amount. See the full list of countries available for international payments on Bluevine’s website.

It also launched sub-accounts to help customers manage funds, and it offers five sub-accounts, for a total of six accounts including your main account. Funds held across all accounts are eligible to earn interest if criteria are met.

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

If your business has a low number of monthly transactions, this bank is a great brick-and-mortar option for free business checking. While it was previously only available in the 26 states where the bank has a physical location, it is now available to business customers nationwide.

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 up to a $750 bonus when you open a new, eligible U.S. Bank business checking account (promo code: Q2AFL23) and complete qualifying activities, subject to certain terms and limitations—offer valid through June 30, 2023. See our article on the best bank account promos and offers for details on how to qualify.

Despite being limited to just six states and Washington, D.C., 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.

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:

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 Performance Business Checking can be waived if you maintain a combined average daily balance of $35,000 or more in qualifying business deposit account

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.

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).

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 $2.40 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.

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 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 5.06% APY, with rates changing weekly.

Most businesses incorporated in the US 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.

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 1.51% APY on all balances with no minimum and no cap. 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.

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. However, the provider doesn’t list its ATM network on its website. Additionally, it does not allow you to make cash deposits and deposit checks in the app.

If you need to deposit a check, you can use the Ingo Money app. Checks deposited through that app can be accessed in your account immediately for a fee or in 10 days for free. The major drawback is that the check must be made out in your name and not your business name for Ingo Money to accept it.

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.

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
• Multistep 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.

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:

1. Free business bank account: Should have either no fees or easily-waivable fees
2. Traditional business checking account: An account hosted by a brick-and-mortar bank, like Bank of America, U.S. Bank, Capital One or Chase
3. Online business checking account: An account hosted by an online-only bank or financial technology company, like Bluevine, Novo, Mercury and Grasshopper.
4. Business savings account: A deposit account allowing you to earn interest on your reserve funds. Types of savings accounts include traditional savings, high-yield savings, money market accounts, and CD.

You may want to read our business money market vs high-yield savings comparison to learn more about these two options.