Best Free Business Checking Accounts
Best Free Business Checking Accounts
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APY
2.00%
Monthly fee
$0
Bonus
$300
Learn more
at Bluevine, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Fee for cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
Bluevine
Best for Earning interest
APY
2.00%
Monthly fee
$0
Bonus
$300
Learn more
at Bluevine, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Fee for cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
APY
1.30%
Monthly fee
$0
Bonus
N/A
Learn more
at American Express National Bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
American Express National Bank (Business)
Best for 24/7 customer support
APY
1.30%
Monthly fee
$0
Bonus
N/A
Learn more
at American Express National Bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
APY
2.00%
Monthly fee
$0
Bonus
N/A
Learn more
at Grasshopper Bank, Member FDIC
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 2.00% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Grasshopper Bank
Best for 1% cash back on debit card purchases
APY
2.00%
Monthly fee
$0
Bonus
N/A
Learn more
at Grasshopper Bank, Member FDIC
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 2.00% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
APY
N/A
Monthly fee
$0
Bonus
$400
Learn more
at U.S. Bank, Member FDIC
Pros
- No monthly service fee for Silver Business Checking account.
- Welcome bonus for new customers (terms apply).
- No fees at U.S. Bank and MoneyPass ATMs.
Cons
- Low cash deposit limits.
- Limit of 125 fee-free transactions per month.
- $1 fee for outgoing domestic ACH transfers.
US Bank National Association (Business)
Best for Welcome bonus + branch access
APY
N/A
Monthly fee
$0
Bonus
$400
Learn more
at U.S. Bank, Member FDIC
Pros
- No monthly service fee for Silver Business Checking account.
- Welcome bonus for new customers (terms apply).
- No fees at U.S. Bank and MoneyPass ATMs.
Cons
- Low cash deposit limits.
- Limit of 125 fee-free transactions per month.
- $1 fee for outgoing domestic ACH transfers.
APY
N/A
Monthly fee
$0
Bonus
$400
Learn more
at Axos Bank®, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via AllPoint ATMs.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
Axos Bank (Business)
Best for Unlimited ATM fee refunds
APY
N/A
Monthly fee
$0
Bonus
$400
Learn more
at Axos Bank®, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via AllPoint ATMs.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
APY
N/A
Monthly fee
$0
Bonus
$125
Learn more
at Found, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions, no overdraft fees and free incoming domestic wires.
- Free, built-in invoicing, bookkeeping and tax-planning features.
- Integrates with popular business apps, including Stripe, Etsy and PayPal.
Cons
- Phone support only available during business hours.
- Have to open account in your name, not business name, and use your SSN to apply. (Business EIN can be added later.)
- Cash deposits limited to $2,000 per week; $4,000 per month. A $2 service fee applies.
- No bill pay feature.
Found
Best for Freelancers and self-employed workers
APY
N/A
Monthly fee
$0
Bonus
$125
Learn more
at Found, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions, no overdraft fees and free incoming domestic wires.
- Free, built-in invoicing, bookkeeping and tax-planning features.
- Integrates with popular business apps, including Stripe, Etsy and PayPal.
Cons
- Phone support only available during business hours.
- Have to open account in your name, not business name, and use your SSN to apply. (Business EIN can be added later.)
- Cash deposits limited to $2,000 per week; $4,000 per month. A $2 service fee applies.
- No bill pay feature.
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more
at Relay, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Cash deposits via compatible AllPoint ATMs.
- Automatic transfers to high-yield business savings earning up to 3.00% APY.
- No foreign transaction fees when you use your Relay Visa® Debit abroad.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Deposited checks are held for up to 6-7 business days.
- No bill pay feature in the free plan.
Relay
Best for Multiple accounts (up to 20)
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more
at Relay, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Cash deposits via compatible AllPoint ATMs.
- Automatic transfers to high-yield business savings earning up to 3.00% APY.
- No foreign transaction fees when you use your Relay Visa® Debit abroad.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Deposited checks are held for up to 6-7 business days.
- No bill pay feature in the free plan.
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more
at nbkc bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions, no overdraft fees and free incoming domestic wires.
- Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Unlimited cash deposits via MoneyPass ATMs.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
Cons
- High fee ($45) for international wire transfers.
- Phone support only available during business hours.
- No third-party app integrations.
nbkc bank (Business)
Best for Cash deposits
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more
at nbkc bank, Member FDIC
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions, no overdraft fees and free incoming domestic wires.
- Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
- Unlimited cash deposits via MoneyPass ATMs.
- Accept contactless payments via the NBKC app (iOS only). Fees apply.
Cons
- High fee ($45) for international wire transfers.
- Phone support only available during business hours.
- No third-party app integrations.
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more
at Novo, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Refunds on all ATM fees worldwide.
- Integrates with top business tools, including Xero, Stripe and Shopify.
Cons
- Can’t deposit cash.
- Can’t send domestic or international wires.
- No recurring payments available with bill pay.
- No customer support by phone.
- No bill pay feature.
Novo
Best for Built-in invoicing
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more
at Novo, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Refunds on all ATM fees worldwide.
- Integrates with top business tools, including Xero, Stripe and Shopify.
Cons
- Can’t deposit cash.
- Can’t send domestic or international wires.
- No recurring payments available with bill pay.
- No customer support by phone.
- No bill pay feature.
APY
N/A
Monthly fee
$0
Bonus
$300
Learn more
at Lili, Deposits are FDIC Insured
Pros
- No monthly fees, transaction fees or incoming wire fees.
- No fees at MoneyPass ATMs.
- Cash deposits via Green Dot network (fees and limits apply).
- Early payment feature allows you to receive funds up to two days sooner than with a traditional bank account.
Cons
- Fee for using out-of-network ATMs.
- Third-party fees for cash deposits (via Green Dot).
- Low monthly limits for cash deposits, incoming ACH transfers.
- Bill pay not included; must upgrade to Lili Smart or higher.
Lili
Best for Early access to payments
APY
N/A
Monthly fee
$0
Bonus
$300
Learn more
at Lili, Deposits are FDIC Insured
Pros
- No monthly fees, transaction fees or incoming wire fees.
- No fees at MoneyPass ATMs.
- Cash deposits via Green Dot network (fees and limits apply).
- Early payment feature allows you to receive funds up to two days sooner than with a traditional bank account.
Cons
- Fee for using out-of-network ATMs.
- Third-party fees for cash deposits (via Green Dot).
- Low monthly limits for cash deposits, incoming ACH transfers.
- Bill pay not included; must upgrade to Lili Smart or higher.
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more
at Mercury, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Free domestic and international wire transfers.
- Advanced digital tools including API access to automate and customize your banking.
Cons
- Can’t deposit cash.
- Mercury is not part of a fee-free ATM network.
Mercury
Best for Free wire transfers
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more
at Mercury, Deposits are FDIC Insured
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Free domestic and international wire transfers.
- Advanced digital tools including API access to automate and customize your banking.
Cons
- Can’t deposit cash.
- Mercury is not part of a fee-free ATM network.
APY
0.01%
Monthly fee
$0
Bonus
N/A
Pros
- No monthly fees.
- Unlimited fee-free electronic transactions and free incoming wires.
- No dollar limit on cash deposits (other limits may apply).
- 24/7 customer service.
Cons
- High opening deposit (up to $255).
- $29 fee for overdrafts, insufficient funds.
- Eligibility limited to veterans, military members, Department of Defense employees and their families.
Navy Federal Credit Union (Business)
Best for Military families
APY
0.01%
Monthly fee
$0
Bonus
N/A
Pros
- No monthly fees.
- Unlimited fee-free electronic transactions and free incoming wires.
- No dollar limit on cash deposits (other limits may apply).
- 24/7 customer service.
Cons
- High opening deposit (up to $255).
- $29 fee for overdrafts, insufficient funds.
- Eligibility limited to veterans, military members, Department of Defense employees and their families.
APY
N/A
Monthly fee
$0
Bonus
N/A
Pros
- No monthly service fee for Business Checking 100 account.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- Welcome bonus for new customers (terms apply).
- No fees at 1,600 Huntington ATMs and access to 1,000 branches.
Cons
- Fee for using out-of-network ATMs.
- Accounts only available in 11 states.
- Limit of $2,500 in free cash deposits per month.
Huntington National Bank (Business)
Best for Overdraft grace period
APY
N/A
Monthly fee
$0
Bonus
N/A
Pros
- No monthly service fee for Business Checking 100 account.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- Welcome bonus for new customers (terms apply).
- No fees at 1,600 Huntington ATMs and access to 1,000 branches.
Cons
- Fee for using out-of-network ATMs.
- Accounts only available in 11 states.
- Limit of $2,500 in free cash deposits per month.
💬 From our Nerds: Why so many of these accounts are from online banks
"Because online banks and neobanks don't have to operate branches, they have lower overhead than traditional brick-and-mortar banks do.
"As a result, they typically don't charge monthly fees for business checking accounts. Neobanks generally have lower fees on services like wire transfers, too. Some even pay interest or cash back on debit card purchases.
"Brick-and-mortar banks tend to charge monthly fees, even for their entry-level accounts. In exchange, of course, you get access to branches. And banks do generally offer to waive those monthly fees if you maintain a certain average balance or transact often enough — but if you want an account with no monthly fee at all, most of your best options are online accounts."
— Rosalie Murphy, lead writer covering small business
The cost of a business account varies by bank and account type. The most common fee is for monthly maintenance, which usually starts around $10. Most banks will waive this charge if you maintain a specific average monthly balance or meet other qualifications.
Here’s how this works for some well-known business checking accounts:
Account | Monthly fee | How the fee can be waived |
|---|---|---|
Bank of America® Business Advantage Fundamentals™ Banking | $ 16 . | Maintain a $5,000 combined average monthly balance, spend $250 in net-new purchases on a BofA business debit card or become a member of the bank’s Preferred Rewards for Business program. |
BMO Simple Business Checking | $ 10 . | Maintain an average balance of at least $100. |
Chase Business Complete Banking® | $ 15 . | Maintain a minimum daily balance of $2,000, accept $2,000 per month via Chase QuickAccept transactions, make $2,000 in eligible purchases from a Chase Ink business credit card or meet Chase Military Banking requirements. |
CitiBusiness® Streamlined Checking | $ 15 . | Maintain an average collected balance of at least $5,000. |
LendingClub Tailored Checking | $ 10 . | Maintain a minimum balance of at least $500. |
PNC Business Checking | $ 12 . | Maintain an average monthly balance of $500, accept at least $500 monthly via linked merchant services or spend at least $500 monthly with a linked PNC credit card. |
TD Business Simple Checking℠ | $ 10 . | Be an eligible nonprofit. |
Wells Fargo Initiate Business Checking℠ Account | $ 10 . | Maintain a daily balance of at least $500 or average ledger balance of at least $1,000. |
While free business checking accounts skip the monthly maintenance fee, you'll still probably run into other charges. Review your depositor agreement to understand all the potential costs, but here are some common fees to be aware of when choosing a business account:
Overdraft fees kick in if you try to spend more money than you have in your account. They usually cost between $30 and $35 per overdraft, though some banks allow you a grace period of up to 24 hours or up to around $50 before you're charged. Huntington and Chase, for instance, offer both.
Some online-only neobanks don’t allow overdrafts at all. If you don't have sufficient funds, your purchase won't go through — but you won't be charged a fee either.
Most banks allow you to make at least 100 transactions (either electronic, in-person or both) each month. Transaction fees tend to be pretty small — generally around 50 cents apiece — but they can add up over time. Unlimited fee-free transactions are ideal; American Express and Relay both offer this.
Nearly all business banks provide fee-free access to ATMs affiliated with the bank or with an ATM network, like MoneyPass. Need to use an out-of-network ATM? That ATM's provider will most likely charge you a fee. Your bank may or may not charge another one.
The best-case scenario: Your bank refunds out-of-network ATM fees, allowing you to withdraw cash virtually anywhere for free.Axos and LendingClub both offer this perk.
Many banks limit how much cash you can deposit per day or per month for free. After you reach that limit — which is often around $5,000 per month — your bank may charge a small volume-based fee, such as 10 cents for every $100 over the limit. Some banks also charge transaction fees for each deposit.
If cash is an important part of your business, look for a bank that offers unlimited fee-free cash deposits like NBKC.
Wire transfer fees are common. Most banks charge fees for both sending and receiving wires, and fees tend to be higher for international wire transfers. Free wires are a rare perk — so if they're a top priority for your business, prioritize them in your search. For example, Mercury offers free domestic and international wire transfers.
If you want to keep your business local and prefer a smaller bank, choose your state to find free business checking accounts in your area:
Finding a small-business checking account with no monthly fees is a great start, but you also want to factor in things like account limits or transaction caps that could cost your business money.
- Understand your business's needs. Every business operates differently. Some make regular cash deposits, while others deal solely with electronic transactions. Some need built-in bookkeeping and invoicing, while others need their bank account to integrate with the tools they already use. The unique needs of your small business will determine your priority features in a business checking account.
- Look at upfront costs. You can open most free business accounts with no deposit, but a handful require at least $100 up front to open your account.
- Consider cash deposits. There's a lot of overlap between free and online business checking accounts. Online-only banks often have strict limits on how much cash you can deposit at once or charge fees for doing so. Some don't support cash deposits at all. If your business deals with cash, make sure to choose an account without those restrictions.
- Be aware of incidental fees and transaction limits. Pay close attention to the fine print. Some free business checking accounts charge for out-of-network ATM use, cash deposits, wire transfers and overdrafts. Some also limit the number of transactions you can make each month for free. See NerdWallet's picks for the best business bank accounts to compare cash deposits, branch access and other features, and see below for more details about these fees.
- Factor in additional perks and features. Some business checking accounts earn interest or offer cash back when you use your business debit card. A few offer both. And many offer additional features, like bookkeeping software, tax-planning tools and free invoicing. Weigh these perks and benefits when choosing an account.
🤓 Nerdy Tip
Want to earn more interest on your company’s cash? Consider a business savings account in addition to your business checking account. These accounts are also often free and can pay APYs as high as 4% or more. You can easily open one online, too.Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.
Note on
American Express® Business Checking
: At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.Last updated on October 1, 2024
Methodology
NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry.
We consider more than 20 data points for each account, scoring them on fees, perks and accessibility, among other factors. This information is gathered from each financial institution's website and company representatives. In addition, data is collected regularly and reviewed by our editorial team for consistency and accuracy.
Final star ratings are presented on a scale of one to five stars, where a one-star score represents "poor" and a five-star score represents "excellent." Learn more about how we rate business checking accounts.
Frequently Asked Questions
Most online banks and business accounts offer free business checking, including Relay, NBKC, Axos and American Express. Free small-business checking accounts are available from local, national and regional banks, too, including:
- U.S. Bank: Silver Business Checking Package.
- Huntington Bank: Business Checking 100.
- Truist: Simple Business Checking.
- Citizens Bank: Clearly Better Business Checking.
- First Citizens Bank: Business Banking.
Scroll up for a state-by-state breakdown of banks that offer free business checking accounts.
Most online business checking accounts can be opened online with no deposit. A few examples include BlueVine Business Checking, Axos Basic Business Checking, the NBKC Business Account and Huntington Business Checking 100. Each of these business checking accounts has no monthly fees and no minimum deposit requirements, and they can all be opened online.
Although it’s less common, you may also find some regional and local banks that allow you to sign up for a free business checking account online with no minimum opening deposit.