The Best Free Business Checking Account - Our Picks for 2023

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. Two of those are Basic Business Checking and Business Interest Checking accounts. Our review focuses on Axos’ basic free business account. 

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 requires a minimum opening deposit of $1,000 for this business account. If this seems a little high, bear in mind that there aren’t other significant costs to worry about. There’s no monthly fee for account maintenance, as Axos Bank® Basic Business Checking is a no-fee business bank account. 

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 free online business bank 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. 

Axos Bank® Basic Business Checking is a good option for fee-free business checking, but 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.

If you want a free online checking account with no opening deposit and no monthly service fees, BlueVine Business Checking is the right option for you. BlueVine is an online lender best-known for offering financial products for individuals. But it also offers checking accounts for businesses as well as business loans.

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

BlueVine is one of the top business loan providers where you can apply for a business checking account online. If you’re already using BlueVine products, you can sign in to your account and start the application procedure for a no-fee business account. 

BlueVine reviews 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. 

Unlike some free business checking accounts, 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

BlueVine’s free online business banking doesn’t come without a few flaws. 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.

If you want to open a bank account for your small business with no fees, Novo is definitely worth considering. 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

Applying for a no-fee business checking Novo account is a breeze. The application procedure takes mere minutes to complete, and everything is done through the Novo website. The Novo 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. Unlike many other no-fee business checking accounts, 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

Whether you are looking for a bank account for your LLC or sole proprietorship, Novo can accommodate you. This fintech specializes in providing a feature-rich business account. In addition to a fee-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’s free checking account for business 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.

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.

Brex Treasury offers cash management accounts that work similarly to business bank accounts with no fees. The account allows consumers to keep their money stored in Brex’s partner banks or invest in money market funds and earn interest. 

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. Unlike some free online business checking products, 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 small business bank accounts with no fees 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 

Unlike some of the alternative small business accounts with no fees, 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. This is a business checking account with no fee for account maintenance. Also, there is no deposit requirement when opening an 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 a free business 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

If you want a free online business account, this particular option 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.  

The next name on our list is First Citizens Bank. The bank offers different financial products for businesses, including several types of business checking accounts. If you want to open an online business bank account with a free monthly service, look no further than the Basic Business Checking account. This account is a great choice for both newly established small businesses, as well as for businesses that have been around for years.

How to Apply for First Citizens Bank Basic Business Checking

If you’re running an LLC, corporation, or proprietorship, you can open a Basic Business Checking account online. For other types of businesses, the bank requires face-to-face meetings to set up an account. The good news is that the bank has physical branches across the country. The bank is based in North Carolina, but it has offices in over 500 locations, including Arizona, California, Florida, Missouri, New Mexico, Texas, and Washington. 

To open a free business account in this bank, you need to provide your personal details, business information, and Social Security number. You may also need to include business documents like articles of organization and a business license.

Fees to Expect 

The Basic Business Checking account doesn’t have monthly maintenance costs but only for clients who enroll in paperless statements. The account also allows for 150 free transactions per statement period. After that, you’ll need to pay $0.50 per item (debits, credits, and deposited items). You can also make free currency and coin deposits up to $5,000 per statement period. For deposits over $5000, there is a  $0.20 fee for every $100 deposited.

As for other costs, this bank charges a fee for ATM transactions outside the US. It’s the industry standard fee of 3% per transaction. 

Reasons to Choose First Citizens Bank Basic Business Checking

If you are looking for a business checking account with no fees, Basic Business Checking is a good choice. However, you’ll need to sign up for electronic statements. Other benefits that come with this account are free online and mobile banking. There’s also a free Visa business debit card for all account holders. 

For business owners who prefer face-to-face banking, First Citizens Bank offers banking services in its physical branches. There are over 500 stores across the US. 

The bank also has a large network of free ATMs where you can deposit and withdraw money.

Reasons to Explore Other Options 

If you want to open a bank account for free, you may not appreciate First Citizens Bank’s deposit requirements. Unlike some of the competitors, this account has relatively high opening costs. You’ll need to deposit $100 to open an account. Moreover, the bank puts a limit on free transactions and charges fees for transactions that exceed the limit. 

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.

The bank has over 1,000 branches across the US and offers online services. If you want to open a business bank account without fees, you can schedule an appointment online and visit the nearest branch. 

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 

Clearly Better Business Checking® is a small business checking account with no fees for monthly maintenance. 

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 small business checking 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 a business checking account online for free might be a problem for some business owners. Although the bank has over 1,000 branches, they are not available in all 50 states.