Best 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.