Updated July 23, 2021

Best Free Business Checking in 2021

Read more about Business
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Hidden fees can pile up. Don't let your checking account be part of the problem. Find out which small business friendly bank account is good for you.

Best Free Checking Accounts for Small Business

© CreditDonkey

Chase
Member FDIC

Chase Business Complete Banking℠ - $300 Bonus

Expires 1/20/2022
  • Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
  • More ways to waive fees. Multiple options to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card
  • Built-in card acceptance. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAccept℠.
  • Same-day deposits with QuickAccept℠. Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost.
  • Alerts to help you stay on top of your account activity.
  • Easy account management through Chase Business online and the Chase Mobile® app.
  • Unlimited electronic deposits, ACH and Chase Quick Deposit℠.
  • Convenient access to 16,000 ATMs and more than 4,700 branches.

Are There Free Business Checking Accounts?

Free business checking accounts come in two varieties:

  1. Business checking accounts with NO monthly service fee.

  2. Business checking accounts that are free IF you maintain a minimum balance or meet other criteria.

Usually, online banks offer free accounts with no monthly fees. This is great because you don't need to worry about minimums, but the downside could be that it's harder to deposit cash.

Don't rule out the accounts that require a minimum balance either. If you can easily meet the requirement, and it has the convenience and features you need, it could be right for you.

Here is a list of the best free business checking accounts for both types. Read on to learn more.

What kind of bank do you want to use for your small business?
26% National bank
31% Local bank
43% Online bank
Source: CreditDonkey

Best Free Business Checking Accounts

© CreditDonkey

1. BlueVine Business Checking

BlueVine is one of the most popular online business checking accounts. It has no monthly fee and offers a competitive interest rate.

Business Checking - Up to 0.6% APY

  • Minimum Deposit to Open: $0
  • Balance Requirement: $0
  • Monthly Fee: $0
  • APY: 0.6% on balances up to $100,000; 0% APY on balances over $100,000
  • ATMs: 37,000+ MoneyPass ATMs
  • Perks: 2 free checkbooks; No non-sufficient funds fee

One benefit is that you can deposit cash at over 90,000 GreenDot locations. A lot of online business accounts don't support cash deposits, so it's nice that BlueVine lets you do so. However, GreenDot does charge a fee.

A downside is that you can't add another owner and or get employee debit cards. BlueVine is best if you are the sole owner of your business.

In addition, BlueVine offers small business line of credit and invoice factoring. It's a great choice if you're looking for business checking plus financing with one bank.

2. Kabbage Business Checking

Kabbage offers one of the highest interest rates currently on the market.

It was acquired by American Express in 2020, so you know it has the backing of one of the biggest financial firms.

Business Checking - Up to 1.1% APY

  • Minimum Deposit to Open: $0
  • Balance Requirement: $0
  • Monthly Fee: $0
  • APY: 1.1% on balances up to $100,000; 0% APY on balances over $100,000
  • ATMs: 19,000+ ATMs

A cool feature is that you can add up to 5 Reserves. These are sub-accounts where you can set aside money for goals like taxes or big business expenses. Your money in Reserves will be separate from your available balance.

Kabbage also offers small business line of credit. Payment processing is coming soon. It could be a great choice if you're looking for multiple services under one roof.

3. Chase Business Complete Banking

Do you process credit cards for your business? Chase Business Complete Banking has built-in card processing included in the checking account.

Plus, Chase often offers cash bonuses for opening a new business bank account, so make sure you check out the current promotions.

Chase
Member FDIC

Chase Business Complete Banking℠ - $300 Bonus

Expires 1/20/2022
  • Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
  • More ways to waive fees. Multiple options to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card
  • Built-in card acceptance. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAccept℠.
  • Same-day deposits with QuickAccept℠. Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost.
  • Alerts to help you stay on top of your account activity.
  • Easy account management through Chase Business online and the Chase Mobile® app.
  • Unlimited electronic deposits, ACH and Chase Quick Deposit℠.
  • Convenient access to 16,000 ATMs and more than 4,700 branches.

The Complete Banking features include:

  • QuickAccept mobile card reader and processing right from the app
  • Competitive processing rates at just 2.6% + $0.10 per swipe
  • Same-day deposits into your checking account.

This is great because you don't need to open a separate merchant account. You can do banking and processing all from one checking account.

Chase Bank is also known for a great mobile app and good customer service. It offers 24/7 customer service with real reps.

4. Novo Business Banking

Novo is one of the best overall banks for all types of businesses. It accepts sole proprietors, LLCs, partnerships, and corporations.

Novo

Powerfully Simple Business Banking

  • Minimum Deposit to Open: $50
  • Balance Requirement: $0
  • Monthly Fee: $0
  • APY: N/A
  • ATMs: Unlimited ATM fee rebates each month
  • Perks: Thousands of dollars in exclusive perks from popular business services

Novo stands out for being a high-tech banking account. You can integrate your checking with thousands of popular business apps, such as Shopify, Stripe, QuickBooks, Xero, Zapier, and Slack.

It also has a rewards program offering thousands in savings from popular business services. For example, you can get $20,000 in fee-free card processing with Stripe.

There are no foreign transaction fees, so Novo is also great if you travel internationally for business.

5. Axos Basic Business Checking

Axos Bank is another online-only bank. Its Basic Business Checking has no monthy fee or balance requirements. The minimum opening deposit is $1,000.

This account offers 200 free transactions each month. It's best for small businesses with lower banking activity.

Axos gives you unlimited reimbursements of domestic ATM fees. So you can use any ATM you want.

Axos Bank also offers a Business Interest Checking Account that earns a competitive APY on all balances. There is a $5,000 average daily balance requirement in order to waive the $10/mo service charge.

Axos Bank
Member FDIC

Basic Business Checking Account - $100 Bonus

Expires 12/31/2021

Use promo code EARN100 on your application. Restrictions apply.

Axos Bank
Member FDIC

Business Interest Checking - 0.81% APY

  • Earn 0.81% APY
  • $100 minimum opening deposit
  • No monthly maintenance fee with average daily balance of at least $5,000
  • Unlimited domestic ATM fee reimbursements
Axos Bank
Member FDIC

Business Money Market

  • Earn 0.20% APY
  • $1,000 minimum opening deposit
  • No monthly maintenance fee with average daily balance of at least $5,000
Axos Bank
Member FDIC

Business Savings

  • Earn 0.20% APY
  • $1,000 minimum opening deposit
  • No monthly maintenance fees with $2,500 minimum average daily balance

6. Brex Cash Management Account

Brex Cash is not a bank. It's an all-in-one cash management account designed for business owners.

It has all the features of a traditional banking account. You can make transfers, pay bills, deposit checks, send wires, and even send paper checks through the app. All these services are free.

Brex Cash Management Account

  • Minimum Deposit to Open: $0
  • Balance Requirement: $0
  • Monthly Fee: $0
  • APY: 0.03% for cash invested in the Money Market Fund
  • ATMs: No ATM access

Other features include:

  • Brex credit card to earn rewards & build business credit
  • Free unlimited virtual cards for your team
  • Financial management tools
  • Integrations with business software like Gusto, Quickbooks, Xero, and more

However, Brex doesn't have an ATM network where you can withdraw or deposit cash. But if you don't need an ATM, Brex's free account is very well worth considering.

You must have an EIN to apply for Brex. It's not open to sole proprietors. Your business must be incorporated in the US. International founders based elsewhere can apply with a PO Box or virtual office.

7. US Bank Silver Business Checking

It's hard to find free business checking accounts at big banks. U.S. Bank offers a Silver Business Checking Package with no maintenance fees or account minimum.

U.S. Bank has 3,000 locations across the nation. It's a solid choice if you prefer the reassurance of a physical branch and building in-person relationships.

And even if you don't live close to a US Bank location, you can use any of the 37,000+ MoneyPass ATMs with no surcharge.

Silver Business Checking Account Package

  • $0 monthly service fee
  • 125 free transactions per statement cycle
  • 25 free cash deposits per statement cycle
  • Balance Requirement: $0
  • Monthly Fee: $0
  • ATMs: No fees at US Bank or MoneyPass ATMs
  • Perks: 50% discount on first check order up to $50

8. Mercury Banking for Startups

Mercury is an online bank created specifically for tech startups.

Your account comes with a checking account, savings account, debit card, check payments, wires transfers, and financial tools. There are no monthly fees, minimums, wire fees, or overdraft fees.

It even offers API access for you to custom build your own banking experience.

Banking for Startups

  • Minimum Deposit to Open: $0
  • Balance Requirement: $0
  • Monthly Fee: $0
  • APY: N/A
  • ATMs: 55,000+ Allpoint ATMs

What's really unique about Mercury is the Raise program to connect startups to top investors. There's a fundraising round every quarter. If your startup is chosen, it will be shared with over 450 investors in their network. It's a great way to potentially accelerate your seed funding.

You need to be a US-based company and have an EIN to apply. It is not open to sole proprietors.

9. Bank Of America Business Advantage Banking

Bank of America has more than 5,000 physical branches nationwide. It offers a business checking account with two settings. You can switch between them at any time based on your current needs.

The basic Fundamentals account has very low requirements to waive the monthly fee. It includes access to the Cash Flow Monitor and Erica the smart assistant.

The higher tier Relationship account gives you customized employee access, QuickBooks integration, and an included checking and savings account at no extra charge.

And if you enroll in the Preferred Rewards program, you can get additional perks. These include banking services fee waivers, more rewards, and discounts on interest rates.

Business Advantage Fundamentals Banking

  • Minimum Deposit to Open: $100
  • Balance Requirement: None. Can waive monthly fee without needing to keep a balance.
  • Monthly Fee: $16 (can be waived by spending $250 in new net qualified debit card purchases each month)
  • APY: N/A
  • ATMs: 17,000 ATMs nationwide

How to Waive Monthly Fee:
The $16/mo fee (may vary by location) can be waived by ONE of the following each statement period:

  • Spend $250 in new net qualified debit card purchases
  • Maintain a $5,000 combined average monthly balance
  • Enroll in the Preferred Rewards for Business program

Business Advantage Relationship Banking

  • Minimum Deposit to Open: $100
  • Balance Requirement: $15,000 combined average monthly balance to waive the monthly fee
  • Monthly Fee: $29.95 (can be waived)
  • Perks: Free Business Advantage Savings account; free wires

10. Wells Fargo Initiate Business Checking

Wells Fargo is third-largest bank in the US with over 5,000 branches. You may consider Wells Fargo if you want the convenience of a large bank with added services.

The Initiate Business Checking account is designed for growing small businesses. It's easy to waive the monthly service fee.

Initiate Business Checking

  • 100 free transactions each fee period
  • $5,000 in cash deposits processed free each fee period
  • $25 minimum opening deposit
  • Waive the $10 monthly service fee by maintaining a $500 minimum daily balance or a $1,000 average ledger balance
  • Minimum Deposit Required: $25
  • Balance Requirement: $500 minimum daily balance to waive $10 fee
  • Monthly Fee: $10 (can be waived)
  • ATMs: 12,000+ nationwide

11. Capital One Basic Business Checking

Capital One Basic Business Basic Checking is an affordable solution for businesses with a lot of digital transactions. The minimum opening deposit is $250.

Capital One has one of the biggest ATM networks. You get free access to over 70,000+ Capital One, MoneyPass and Allpoint ATMs.

Basic Business Checking

  • Unlimited free transactions each month
  • $5,000 in free cash deposits each month
  • Waive the $15 monthly service fee by maintaining a prior 30- or 90-day average balance of $2,000 or more
  • Minimum Deposit to Open: $250
  • Balance Requirement: $2,000 average balance to waive $15 fee
  • Monthly Fee: $15 (can be waived)
  • ATMs: 70,000+ Capital One, MoneyPass and Allpoint ATMs

How to Waive Monthly Fee:
You can avoid the $15/mo maintenance fee if your prior 30- or 90-day account balance averages at least $2,000.

Best Free Business Checking by Region

Are you looking for a local bank with physical branches? Small local businesses may benefit more from a regional or community bank. You'll have the chance to build a personal relationship with your banker.

Here are some solid business checking options in different regions.

PNC Bank Business Checking (East & Midwest)

PNC Bank has a large presence in the East and Midwest, with 2,600 branches in 19 states.

The basic Business Checking account is for small business owners with lower activity. It has low requirements to waive the monthly service fee. The opening deposit is just $100.

You get 150 free transactions and $5,000 in cash deposits per month. It also comes with a built-in tools to help you track cash flow, manage payments, and sync accounting software.

As a bonus, PNC Bank often offers cash bonuses for opening a new account.

Business Checking Account - $200 Bonus

Open a new PNC Business Checking or PNC Business Checking Plus account. Maintain an average cycle balance of $5,000 in your new checking account for each of the first three statement cycles. Make at least 20 qualifying PNC Bank Visa Debit card transactions within the first three statement cycles.

This offer is only available to businesses with an annual revenue of less than $5 million. All existing business checking customers, including those who have closed an account in the past 90 days or has received a promotional premium in the past 12 months are not eligible for this offer. $200 bonus will be credited to your new business checking account within 90 days after all conditions have been met.

Expires 12/31/2021

How to Waive Monthly Fee:
The $10/mo maintenance fee can be waived by one of the following each statement cycle:

  • Maintain an average monthly balance of $500
  • Make $500 in eligible purchases with a linked PNC business credit card
  • Keep a linked PNC Merchant Services Account and generate at least $500 in qualifying monthly processing deposits

Even if you can't meet one of these criteria once or twice a year, the fee ($10 a month) is low compared to other banks.

Huntington Business Checking 100 (Midwest)

Huntington Bank has nearly 1,000 branches in the Midwest. It has a free Business Checking 100 account with no minimums or monthly fees.

This account is ideal for new businesses with limited activity. Each month, you get 100 free transactions and can deposit up to $5,000 in cash in-branch or at an ATM at no charge.

Huntington
Member FDIC

Business Checking 100 - $100 Bonus

To be eligible for the $100 cash bonus, business customer must open a new Huntington Business Checking 100, Unlimited Business, Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by March 7, 2022 then make a minimum cumulative new money deposit into the new checking account of at least $2,000 within 60 days of account opening.

"New money" is defined as money that is not currently on deposit in any Huntington account (except maturing business CDs). Account must maintain an open status for at least 90 days before it is eligible for the bonus payment. All new accounts subject to account opening approval and account conversions are not eligible. An Early Account Closing Fee will apply to accounts closed within 180 days of opening.

Expires 3/7/2022

Iberia Business Checking (South)

Iberia Bank offers a Free Business Checking account with no minimums or monthly service fee. You just need $100 to open.

Compared to other basic business accounts, this one gives you a lot more free transactions and cash deposits each month. It's great for businesses with higher checking activity.

Plus, business owners also get up to two free personal checking accounts with no monthly fees.

Free Business Checking

  • $0 monthly fee
  • 500 free transactions each statement cycle
  • $10,000 in cash deposits processed free each statement cycle
  • Minimum Deposit to Open: $100
  • Balance Requirement: $0
  • Monthly Fee: $0
  • Perks: Two free personal checking accounts with monthly service charges waived for business owners

First Citizens Bank (South)

First Citizens Bank's Basic Business Checking account has no monthly account minimum. You need a $100 deposit to open an account, which is pretty reasonable.

First Citizens Bank has over 500 locations primarily in the southern states and some scattered across the West coast.

You need to be an existing First Citizens Business Customer to open an account. The minimum deposit is $100.

Basic Business Checking

  • $0 monthly fee
  • $100 opening deposit
  • 175 free transactions each month
  • $5,000 in cash deposits processed free each month
  • Minimum Deposit to Open: $100
  • Balance Requirement: $0
  • Monthly Fee: $0
  • ATMs: 1,000+ First Citizens ATMs in 19 states

Sign up for e-statements to avoid an additional charge for paper statements.

Why You Need A Business Checking Account

As a small business owner, it's smart to separate your company's finances from your personal checking account. Here are just a few reasons why you may want to open a business checking account:

  1. You will need it to deposit money from a small business loan.

  2. It's easier to calculate your expenses for tax purposes.

  3. Your employees can access the account for day-to-day operations.

The type of small business checking account you choose will affect:

  • The amount of money your business can spend
  • Your ability to withdraw cash
  • The number of transactions you can make

Keep these in mind as you consider our list of options.

How to Open a Business Account

To open a business banking account, you will need to provide the following information:

  • Name, address, and date of birth
  • Driver's license or state ID
  • SSN or employer identification number (EIN)
  • Business license (if your state requires)
  • Assumed Name Certificate if operating as a DBA
  • Written Partnership or Joint Venture Agreement (for Partnerships)
  • Articles of Organization (for LLCs)
  • Articles of Incorporation (for Corporations)

Sole proprietors can usually open a business account online. Partnerships, LLCs, and Corporations may require all general partners or members to be present. Find out your bank's requirements.

What to look for in a business checking account

Small business checking accounts come with fine print. To find the right account for your business banking needs, here are some important factors to consider:

  • Account Balance Requirements
    Free does not always mean free. Some banks require owners to maintain a certain daily or monthly balance. To avoid fees, make sure you can maintain the minimum required balance in the time frame.

  • Opening Deposit Requirements
    Banks may also require a certain dollar amount as an initial deposit. The amount varies greatly by institution - be sure to double-check ahead of time.

  • Monthly Transaction Caps
    Small business checking accounts are free because of the minimal effort it takes banks to maintain the account. These business accounts may have a maximum transaction limit. Look for a bank account that can accommodate your business's transaction amount.

  • Physical Location
    Consider whether having a physical branch nearby is important to you. If you make a lot of deposits and withdrawals, you may want the convenience of a physical branch. If you can manage your business finances completely online, online-only banks will open up a lot of possibilities.

  • Other Banking Services
    Does your business receive wire transfers often? Or you need to make cash and check deposits? If so, search for a bank that offers these features at lowest cost. For example, some banks offer free incoming wires.

  • Payment Platform
    If your small business uses platforms like Venmo or PayPal, consider those payment platforms when signing up for a free business checking account.

    Ask about when funds are available across major payment platforms. The difference between a day or two days can be crucial for small businesses.

  • Software Integration
    If your small business uses accounting products like QuickBooks or Quicken, consider whether they will integrate with your new small business checking account.

  • Size of the Bank
    A smaller bank will be more personal and upfront with local ties. A larger bank will have greater technology, more branch locations, and greater flexibility when it comes to fees.

Can you open a business checking account with no credit check?

When you apply for a business bank account, the bank will most likely check your credit history. Particularly if you're a sole proprietor and use your SSN, the bank may check your personal credit. This is only a soft credit inquiry, so your credit score will not be impacted.

If you form a LLC, corporation, or partnership, then you'll get a separate tax identification number (EIN). This number isn't tied to your SSN, so your personal credit may not be checked. If you have business credit, that may be used to see if you qualify.

However, your credit may not be the only thing checked. Banks also usually run your banking history through the ChexSystem as another qualification measure. This is another reporting agency, but it only reports any negative marks on checking and savings banking activity. For example, if you've had some overdrafts or didn't pay banking fees, it will show up there.

If your credit or ChexSystem report don't qualify you for a business banking account, you could consider a bank that offers second chance checking. These are designed to help those who have trouble being approved for an normal bank account.

How to Print Business Checks

Most business checking accounts do not offer free business checks. But you can save money by printing them at home using just any blank check paper.

You will need a check printing software, such as Online CheckWriter or Checkeeper. The software will help you design professional checks that you can print anytime with any printer at home. You can also print as many as you like.

To print a check, you will need to enter:

  • Your banking institution
  • Bank routing number and bank account number
  • Your name and address
  • Payee name and amount
  • Date

The software will do the rest for you and format it to banking standards. You don't need any special ink or printer. For businesses that write a lot of checks, this can offer a much cheaper and more efficient solution to pre-printed checkbooks by your bank.

What the Experts Say

Looking for the right business checking account isn't easy. Take time to figure out what your business needs. CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said:

BOTTOM LINE

Free business checking accounts work best for growing small businesses looking for a way to start up for cheap and save on banking costs.

But only a select few banks offer completely free business checking options. If you meet certain conditions, though, many business bank accounts can be free.

Make sure to double-check the terms and conditions of your business checking account to ensure you can keep the account free long term.

Write to Samantha Tatro at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

Read Next:

Business Checking Account Promotions

Business Account Promotions

Best Bank for Small Business

Best Bank for Small Business

How to Open a Business Bank Account

How to Open a Business Bank Account

Chase
Member FDIC

Chase Total Checking® - $225 Bonus

Expires 1/19/2022
  • New Chase checking customers enjoy a $225 bonus when you open a new Chase Total Checking® account and set up direct deposit
  • Access to 16,000 Chase ATMs and more than 4,700 branches
  • Chase Mobile® app - Manage your accounts, deposit checks, transfer money and more -- all from your device.
  • Open your account online now
  • Available online nationwide except in Alaska, Hawaii and Puerto Rico. For branch locations, visit locator.chase.com.
  • Overdraft Services - no fee if you're overdrawn by $50 or less at the end of the business day*
  • *We charge a $34 Insufficient Funds Fee per item during our nightly processing beginning with the first item that overdraws your account balance by more than $50 (maximum of 3 fees per business day, up to $102).
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About CreditDonkey
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