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The Best Free Business Checking Account - Our Picks for 2024
If you wish to simplify small business accounting and quarterly tax payments while adding a dose of professionalism and credibility to your company, a business checking account is a must-have for your venture. These types of accounts are available at many online and brick-and-mortar banks. But with so many options, how do you find the right one for your business?
We’ve compiled a list of the best free business checking account options on the market, which will help you make your pick.
Top-Rated Free Business Checking Accounts of November 2024
Axos Bank® Basic Business Checking
- Get up to $400 welcome bonus with code NEW400
- Online banking with free Bill Pay feature
- First 50 checks free
- QuickBooks Integration
Novo Business Checking
- Free transfers and mailed checks
- Integrates with Stripe, Xero, Slack, and many more popular tools
- Easy-to-use mobile app
BlueVine Business Checking
- 37,000+ MoneyPass® locations with no ATM fees
- 4.25% interest on Bluevine Premier tier
- Schedule one-time or recurring payments with mobile app
Brex Cash Account
- Invest in money market funds
- Earn rewards with the Brex credit card
- Link account with Amazon for instant payouts
NBKC Business Checking Account
- More than 34,000 MoneyPass® ATMs
- No monthly fees
- Create online invoices
Citizens Bank Clearly Better Business Checking®
- Flexible opening deposit
- No monthly service costs
- Face-to-face banking services
7 Best Free Business Checking Accounts for 2024:
Axos Bank® Basic Business Checking - Great welcome bonus
Novo Business Checking - Integration with apps and services
BlueVine Business Checking - Generous APY
Brex Cash Account - Invest in mutual funds
NBKC Business Checking Account - Zero-costs account
First Citizens Bank Basic Business Checking - Online and mobile banking
Citizens Bank Clearly Better Business Checking® - Best for brick-and-mortar banking
Detailed Reviews of Free Business Checking Accounts
Axos Bank has been around for more than two decades, offering financial products for individual and business clients. Based in San Diego, Axos Bank has branches in several states, including California, Utah, Ohio, and Kansas. You can apply online for most products, including several types of business accounts.
How to Apply for Axos Bank® Basic Business Checking
Axos Bank offers an online service, meaning that you can apply for a Basic Business Checking account through its website. The application procedure is straightforward. The bank asks for basic personal and business information, including your business name, address, and email address.
The business tax identification number (TIN) and your Social Security Number are required, too.
Fees to Expect
Axos Bank has no a minimum opening deposit requirements for this account. There’s no monthly fee for account maintenance.
There is a transaction fee, but that only applies if you exceed the 200 free transactions per month. In that case, you’ll need to pay 30 cents for every additional transaction.
Reasons to Choose
The first thing worth mentioning is the welcome bonus that is available to all businesses.
With this account, customers get the first set of 50 checks for free and unlimited domestic ATM fee reimbursements. Axos Bank offers exceptional banking tools for managing your finances online with the highest level of convenience.
For example, the free Bill Pay feature enables you to autopay bills directly from your account. Moreover, you can use the bank’s iOS or Android app to deposit checks and manage payments while you are on the go.
Reasons to Explore Other Options
The 200 free transactions per month aren’t sufficient for every business, and some may not be happy about having to pay 30 cents for every additional item, including debits, credits, and deposited items.
You won’t earn any interest with this account. If you want to make some money with your account, Axos Business Interest Business Checking is a better option. Another downside is that it doesn’t allow traditional cash deposits. As such, you’ll need to make ACH transfers or wire transfers to fund your bank account.
Novo offers business accounts with no fees, meaning that you won’t need to pay monthly maintenance fees, ACH or wire transfers fees, and ATM fees.
It’s important to note that Novo is not a bank but a fintech company. The banking services are in the hands of Novo’s reliable partner, Middlesex Federal Savings.
How to Apply for Novo Business Checking
The application procedure takes mere minutes to complete, and everything is done through the Novo website. The requirements for setting up a business account are easy to meet, and approval times range between two and three days after all the documents are submitted.
You can instantly apply for a Novo debit card. Before the debit card arrives at your home address, you can activate your virtual card, which allows you to use your Apple and Google Pay accounts.
Fees to Expect
Aside from the $50 minimum opening deposit, you won’t be charged any other fees to keep your Novo account operational. There are no monthly maintenance costs or fees for incoming and outgoing ACH transfers or wire transfers. Novo won’t charge you for stop payments, and if you need a debit card replacement, Novo offers one free of charge.
The bank doesn’t have a free network of ATMs, but you can use any ATM in the US and get refunded for all fees. However, there is a $27 fee for uncollected funds returned and insufficient funds.
Reasons to Choose Novo Business Checking
This fintech specializes in providing a feature-rich business account. In addition to a free account, you’ll be able to use various payment processing platforms. You can link your account with Stripe, Square, and PayPal. Of course, you can use ACH transfers and check payments to avoid transaction fees.
Novo integrates with popular business accounting tools such as QuickBooks and Xero, as well as with other software like Slack, Shopify, and Wise. Additionally, all Novo clients get discounts on popular apps, like HubSpot, Zendesk, Homebase, and many others. There is also a free budgeting tool that is made available to all Novo users.
Reasons to Explore Other Options
Novo is a great option if you want to streamline your business banking. You can make fast and secure transactions with a wide range of tools and integration options. However, Novo doesn’t offer interest on its business account, and it doesn’t support direct cash deposits.
BlueVine is a fintech company, meaning that you can expect stellar online banking services. All accounts are supported by BlueVine’s partner, Coastal Community Bank, and the deposits are FDIC insured.
How to Apply for BlueVine Business Checking
If you’re already using BlueVine products, you can sign in to your account and start the application procedure for a business checking account.
BlueVine evaluates all online applications quickly, usually within one business day. In some cases, applicants may need to wait for up to five business days to get approved. You can start funding your account as soon as your application is processed.
BlueVine offers several funding options, including mobile check deposits with the BlueVine mobile app, money transfers from another business checking account, and direct cash deposits.
Fees to Expect
There are no monthly maintenance or application costs. But there are a few other expenses, including a $15 fee for every outgoing wire transfer. Also, every debit card replacement costs $30.
BlueVine doesn’t charge ATM fees as long as the transactions are conducted within the MoneyPass® network. However, each out-of-network transaction has a $2.50 fee.
Reasons to Choose BlueVine Business Checking
With the BlueVine Business Checking account, you can earn a monthly interest of up to 4.25%. However, to earn interest, you need to fulfill BlueVine’s requirements.
The BlueVine mobile app is another great component of this account. It enables fast payments and money transfers, allowing you to connect with other business apps, like FreshBooks or QuickBooks, and streamline your daily business operations.
Reasons to Explore Other Options
This account can only accommodate a single user, which means it isn’t an ideal option for businesses with more than one owner. Also, BlueVine provides only two free checkbooks per year. After that, every new checkbook costs at least $18.22, plus taxes and shipping costs.
Brex Cash is a cash management account provided by Brex Treasury LLC, an affiliated SEC-registered broker-dealer and a member of FINRA and SIPC. It’s also partnered with FDIC-insured banks, JPMorgan Chase Bank, and LendingClub Bank.
How to Apply for Brex Cash Account
If you want to open an account at Brex, start the application procedure through the website and fill in the online form. You’ll be asked to provide personal information, like your business name and address, and create your password. Your photo ID and employee identification number (EIN) are also required.
There are some restrictions on who can open an account at Brex. Only LLCs and corporations established in the US have that privilege.
After opening an account, you can deposit your funds. Brex Cash doesn’t require a minimum opening deposit. You can fund your account by making a deposit from another business banking account or with ACH or wire transfers.
Fees to Expect
Brex Cash doesn’t charge any fees. There’s no monthly service fee, while domestic and international ACH transfers are free. There are no fees for wire transfers either. But when it comes to international wire transfers, the recipient’s financial institution may charge a separate fee.
Reasons to Choose the Brex Cash Account
The Brex Cash Account differs from other accounts in that it provides you with more control over your finances. You can keep your funds uninvested for as long as you want, or you can allocate an amount of your money to a money market account provided by the Dreyfus Government Cash Management Fund.
The money you invest earns a 0.03% seven-day yield. Regardless of the balance on your account, all money market funds earn the same yield.
Another reason to choose Brex Cash is the Brex credit card that comes with rewards. The card earns you points in different categories that you can convert to miles or redeem for cash, gift cards, statement credit, and more.
Brex Cash also facilitates instant payouts on eCommerce sales. The account can be linked to Shopify, Amazon, Square, Stripe, and PayPal.
Reasons to Explore Other Options
Brex Cash doesn’t offer ATM access. And although you can invest funds in a money market account, the yield is relatively low. If you don’t mind not having access to your money for a while, it’s better to search for high-yield savings accounts.
NBKC Bank is a financial institution with more than two decades of experience. It’s an award-winning bank, offering financial products for individuals and businesses. In our review, we focus on the NBKC Business Checking Account.
How to Apply for NBKC Business Checking Account
To qualify for an NBKC Business Checking Account, applicants need to be US residents, possess a valid ID, and be at least 18 years old. You’ll also need to provide your business information, like the name of the business, address, and articles of organization if needed.
The application process is straightforward, and you can submit the application through the website. Another way to apply for a business account is to visit the brick-and-mortar branches, which are located in Missouri and Kansas. Most business owners will likely find it much simpler to open an account online.
Fees to Expect
The NBKC Business Account does not charge monthly service fees. You don’t need to pay any fees for returned items and stop payments, phone transfers, or overdrafts. The bank also relies on more than 34,000 MoneyPass® ATMs where transactions are free. Moreover, you’ll get up to $12 in monthly reimbursements for fees charged at out-of-network ATMs.
As for the rest of the costs, the bank charges $5 for outgoing domestic wire transfers and $45 for incoming or outgoing international wire transfers.
Reasons to Choose NBKC Business Account
This account doesn’t have monthly fees or a minimum monthly balance. On top of that, there is a large network of ATMs, online banking, and unlimited free transactions. The bank also allows you to order as many debit cards as you need.
Reasons to Explore Other Options
The NBKC Business Account is widely regarded as a good option for small businesses. Like similar products, it comes with a few fees and no monthly maintenance costs. However, if you use wire transfers often, this account may not be suitable. The $5 fee for every outgoing domestic wire transfer, and the $45 for incoming or outgoing international wire transfers can quickly add up.
Citizens Bank offers three types of business accounts. If you are a sole proprietor or an LLC owner, Clearly Better Business Checking® might be the right option for you. The account has no monthly maintenance fee, allows up to 200 free transactions, and has a flexible opening deposit.
How to Apply for Citizens Bank Clearly Better Business Checking®
Unfortunately, Citizens Bank doesn’t offer applicants the convenience of setting up an account online. Instead, you’ll have to schedule an appointment and visit a local branch. The good news is that you can schedule the actual meeting with the bank’s representative online.
Just go to the Citizens Bank website and hit “Schedule an Appointment”. You need to type in a ZIP code or a state in order to find the nearest local branch.
There’s an online map with available branches in your area. The bank has more than 1,000 branches in many states, including Delaware, Michigan, New Jersey, New York, Ohio, New Hampshire, Massachusetts, and Connecticut.
Fees to Expect
There are no monthly maintenance fees here.
With this account, you’ll get 200 free transactions per statement. After that, you’ll need to pay $0.50 for each additional item.
As for the remainder of the costs, there are also overdraft fees. There’s an annual fee of $30 for accounts that stay in the red.
Reasons to Choose Citizens Bank Clearly Better Business Checking®
If you run a small business with modest monthly activity and you wish to avoid any maintenance costs, this account will likely accommodate all your needs. There’s no strict deposit limit to open an account either.
In addition, the bank has a large network of ATMs all across the country. There are over 3,100 ATMs where you can deposit and withdraw money without paying any fees. This account comes with a free Visa debit card.
Another great thing about the Clearly Better Business Checking® account is that the bank transfers all funds to your account on the same day the money is deposited. Elsewhere, you may need to wait one business day to get funds in your account.
Reasons to Explore Other Options
The Clearly Better Business Checking® account is not without imperfections. As we already mentioned, there are high overdraft fees. You’ll also need to pay a certain amount to open an account. The bank is not clear when it comes to deposit requirements.
For more information about the costs associated with this account, you’ll need to get in touch with customer service or arrange a meeting with a bank representative.
Furthermore, the fact that Citizens Bank doesn’t allow applicants to open an account online might be a problem for some business owners. Although the bank has over 1,000 branches, they are not available in all 50 states.
How to Open a Business Checking Account at No Cost
Starting a business is no easy task. There are so many things to consider, from registering the business with the relevant authorities to setting up a website. If you're going into business for yourself, one of the most important things you'll need is a checking account.
If you plan to open a free business checking account online with no deposit, there are several factors you'll need to take into consideration.
The first thing you should know is that you can’t set up a checking account with no fees through financial institutions, such as Walmart or Target. Aside from banks, there are some online lenders, like BlueVine, that offer this type of financial support for businesses. Also, many fintech companies offer this financial product, but they are in partnership with banks, so they offer secured and ensured options.
That said, banks don't just hand out accounts. Some don’t have any fees but expect new customers to open accounts with a deposit. In other words, you may be asked to deposit a certain amount of money into your account before they're able to enjoy all the perks of their checking accounts.
However, many banks and online lenders offer business checking accounts that are free, which means there are no deposit requirements for opening an account. Note that even if some banks offer free checking accounts, they are not available for all business types and sizes.
For example, some providers offer a free checking account if you run an LLC, but they don’t offer accounts for corporations. Meanwhile, accounts that don’t require a minimum opening deposit and monthly service fee are typically reserved for small companies.
You should also look for a bank that offers many free transactions. Otherwise, you’ll need to pay for the service. Many banks offer unlimited free transactions per statement, but some limit the service to 150 or 200 items per statement cycle.
After you choose a bank that offers a small business checking account with no fees, you’ll need to provide the necessary documentation. This may include your business license, articles of incorporation, and federal tax ID number.
If large banks don’t accept you as a customer or you don't want to deal with them, consider smaller online banks, lenders, and fintech companies. Most of them have online applications, which is a faster and easier option than having to meet a bank representative at your local branch. Before submitting the documentation, you should also find out what types of checks the business account comes with.
If the number of checks isn’t sufficient for your business activities, be prepared for additional fees when you order more checks. After all, a no-fee business checking account may spare customers maintenance and deposit costs, but you could face other charges down the road.
Finally, find out what fees and penalties the bank charges if you bounce a check, overdraw your account, or otherwise incur an overdraft.
Also, make sure you have enough time to open an account before launching your business - some banks take between five and seven days to process an application, while others might need up to 30 days.
Methodology for Evaluating Free Checking Accounts for Small Businesses
There are a lot of free business bank accounts out there, but no two are created equal. Some offer free business debit cards and checks, while others have no fees on ATM transactions or don’t require a minimum balance. We’ll cover the criteria that a business account should have so you can find the perfect option for your business.
No Monthly Maintenance Fees
If you go to the right bank or online lender, you’ll get access to a business checking account that doesn’t require a minimum opening balance. However, that doesn’t necessarily mean that the account doesn’t come with monthly maintenance fees.
While searching for a free account for your business, your first consideration should be the monthly account maintenance costs. While some accounts are really free, others have monthly service costs if you don’t meet certain daily or monthly account balance requirements. Of course, there are banks that offer a free business checking account with no minimum balance requirements.
Minimum Opening Deposit
Although many banks and online providers offer checking accounts with zero monthly maintenance costs, you may still be required to deposit money when setting up an account.
Some banks on our list offer business accounts with reasonable minimum opening deposits that don’t exceed $100. However, there are checking accounts that require sizable opening deposits. That’s why it’s important to familiarize yourself with any deposit requirements before applying for an account.
Transaction Fees
Transaction fees are a prominent banking feature regardless of how big or small the financial institution is. And while some banks with free business accounts offer an unlimited number of free transactions, others impose monthly limits. After surpassing that limit, business owners pay a certain amount of money for every additional transaction.
Other Fees
Whether you are opening a personal or business checking account, there are some fees that you can’t avoid. The most common fees that banks charge are incoming and outgoing wire transfer fees, foreign transaction fees, and fees for out-of-network ATM transactions.
Online and Mobile Banking
Normally, most modern banks strive to provide their clients with online and mobile banking. Not only do they allow you to apply for a bank account online, but they also enable you to manage your account from your mobile devices.
The banks with free business checking offer a native mobile app for iOS and Android devices. This way, business owners can conduct business transactions faster, deposit checks for free, and get access to other perks.
Additional Features
Some online banks offer additional products that you can link to your business account and streamline your business operations. For example, some of the banks and online lenders on our list allow you to connect your business checking account with accounting software tools. Most of them can integrate with payment processing services, like PayPal, Stripe, and others.
APY
Finally, you can look for an account with an APY or annual percentage yield, but that’s a rare feature when it comes to no-fee small business checking. APY is a representation of the interest rate after a period of one year.
The higher the APY, the more money you’ll get in your business checking account. However, these checking accounts are free and are not designed to help you earn interest.
FAQ
Are there any free business accounts?
Yes, there are free checking accounts available for businesses of all sizes. Business owners can save money with their business checking account thanks to money management features like the free use of checks and free merchant services. Our article covers all of the potential fees and perks that come with business checking accounts.
Can you open a business bank account for free?
Businesses are always exploring ways to reduce costs, and free bank accounts are a great way to do that. While the best banks will allow you to open a small business checking account for free, many banks will charge you monthly and annual fees, overdraft fees, and impose other costs.
What bank has a free business account?
The banks on our list offer free accounts for businesses. However, some of these accounts are not entirely free. For example, a minimum opening deposit is a frequent requirement among many banks and online lenders.
Can I open a business bank account with just EIN?
The process of setting up a free online business checking account is straightforward. Of course, there are a few requirements. For example, you'll need an Employer Identification Number or EIN. Some banks also ask for additional documentation, like your articles of incorporation and IRS-related documents.
Can I open a business bank account online without going to the bank?
Depending on the bank, credit union, or online lender you choose, you might be able to open an account online. After meeting certain criteria, you’ll be asked to provide additional business documentation, like EIN and articles of organization. Many banks allow you to open a free business checking account without going to a physical branch.