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6 Best Free Business Checking Accounts

Chanelle BessetteMay 15, 2019

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Summary of Best Free Business Checking Accounts

BankMonthly FeeAPYLearn More
Axos Bank™ Basic Business Checking

Axos Bank™ Basic Business Checking

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$0

N/A

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BBVA USA Business Connect Checking

BBVA USA Business Connect Checking

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$0

N/A

Read review
U.S. Bank Silver Business Package

U.S. Bank Silver Business Package

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$0

N/A

Read review
Citizens Bank Clearly Better Business Checking®

Citizens Bank Clearly Better Business Checking®

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$0

N/A

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Navy Federal Credit Union Business Checking

Navy Federal Credit Union Business Checking

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$0

0.05%

With $0 minimum balance

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Huntington National Bank Huntington 5 Checking®

Huntington National Bank Huntington 5 Checking®

NerdWallet rating 
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$5

Waived with $5000 minimum balance

0.15%

With $5000 minimum balance

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Axos Bank™ Basic Business Checking
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Axos Bank™ Basic Business Checking

Axos Bank™ Basic Business Checking

Monthly Fee

$0

APY

N/A

With $1000 minimum balance

Bonus

N/A

Read review

Bonus

N/A

Why we like it

  • No monthly maintenance fee but a minimum deposit of $1,000 needed to open account

 

  • 200 free transactions a month, 30 cents each after that

    •  

  • 60 mobile check deposits allowed a month

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  • Make deposits via mobile check deposit, by mailing a check to the bank’s headquarters in San Diego, or wiring money to your account from another institution. Be aware your institution may charge an outgoing wire fee, typically $15 to $30. See how much your bank charges compared to others.

    •  

  • Online only; best for entrepreneurs who prefer to do all their banking electronically

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    BBVA USA Business Connect Checking
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    BBVA USA Business Connect Checking

    BBVA USA Business Connect Checking

    Monthly Fee

    $0

    APY

    N/A

    With $0 minimum balance

    Bonus

    N/A

    Read review

    Bonus

    N/A

    Why we like it

    • No monthly fee and no monthly balance requirement except for a $100 minimum opening deposit

     

  • Process up to $5,000 in cash a month for free, and pay $0.003 per dollar after that ($3 per $1,000)

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  • Make up to five withdrawals and/or process checks in person at a branch for free a month; $1 for every withdrawal or processed check in branch after that

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  • Up to two free in-branch deposits a month; $4 per in-branch deposit after that

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  • All other transactions not mentioned are unlimited and free

    •  

  • Over 670 branches across Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas, and over 43,000 surcharge-free ATMs nationwide

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    U.S. Bank Silver Business Package
    Read review

    U.S. Bank Silver Business Package

    U.S. Bank Silver Business Package

    Monthly Fee

    $0

    APY

    N/A

    Bonus

    N/A

    Read review

    Bonus

    N/A

    Why we like it

    • No monthly fee and up to 150 free transactions a month, which include deposits, debit card purchases and online payments

     

  • If you have more than 150 transactions a month, there’s a fee of 50 cents for each item over the cap. That means a freelance graphic designer probably won’t have to worry about reaching this limit. But a sandwich shop owner may have well over 200 transactions a month and owe fees.

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  • Free cash deposits are limited to 25 units — calculate a unit by dividing the amount by 100, then round to a whole number. For example, a $175 cash deposit is two units: 1.75 rounded up to two.

    •  

  • After you reach the 25-unit limit, there’s a small charge for additional cash deposits. Fees vary by state.

    •  

  • Available online everywhere and in-person at 3,000 branches across 28 states

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    Citizens Bank Clearly Better Business Checking®
    Read review

    Citizens Bank Clearly Better Business Checking®

    Citizens Bank Clearly Better Business Checking®

    Monthly Fee

    $0

    APY

    N/A

    With $0 minimum balance

    Bonus

    N/A

    Read review

    Bonus

    N/A

    Why we like it

    • No monthly service fee or minimum monthly balance.

     

  • Customers get unlimited electronic transactions, and their first 200 check transactions per statement period are free.

    •  

  • Free business debit card with option to receive additional cards for employees.

    •  

  • Solid customer service and strong Northeast presence.

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    Navy Federal Credit Union Business Checking
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    Navy Federal Credit Union Business Checking

    Navy Federal Credit Union Business Checking

    Monthly Fee

    $0

    APY

    0.05%

    With $0 minimum balance

    Bonus

    N/A

    Read review

    Bonus

    N/A

    Why we like it

    • Military-based membership. Customers can join Navy Federal Credit Union if they have served in a branch of the U.S. armed forces (either active duty or as a reservist), if they have worked for the Department of Defense or as a DOD contractor, or if they are immediate family of someone who meets the above criteria for membership.

     

  • No monthly service fee and no fee for unlimited electronic transactions.

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  • First 30 non-electronic transactions are free and cost $0.25 each thereafter.

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  • Extensive ATM network.

    •  

  • Offers an APY.

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    Huntington National Bank Huntington 5 Checking®
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    Huntington National Bank Huntington 5 Checking®

    Huntington National Bank Huntington 5 Checking®

    Monthly Fee

    $5

    Waived with $5000 minimum balance

    APY

    0.15%

    With $5000 minimum balance

    Bonus

    N/A

    Read review

    Bonus

    N/A

    Why we like it

    • The Community Business Checking account is a free account type for nonprofits and startups with average balances less than $5,000 and low checking activity. Huntington Bank also offers a Fast Track Business Checking account, which is not a free account, but the $20 monthly fee is waived if a customer has $5,000 in checking balances or $30,000 combined in checking, savings, CD and money market balances.

     

  • Customers receive 150 monthly transactions for free, and then $0.60 per transaction thereafter.

    •  

  • No minimum balance required and no monthly maintenance fee.

    •  

  • An overdraft protection line of credit is available (a credit application and approval are required), or customers can receive deposit-to-deposit overdraft protection with no transfer fee.

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    Last updated on May 15, 2019

    Methodology

    We took a close look at the 10 largest U.S. consumer banks based on assets, large and notable online banks and notable brick-and-mortar banks with free business accounts. Financial institutions surveyed: Ally Bank, Axos Bank, Bank of America, BBVA, BB&T, Capital One, Chase, Citibank, Citizens Bank, First Internet Bank, Huntington Bank, Navy Federal Credit Union, PNC, Radius Bank, Service Credit Union, SmallBusinessBank.com, SunTrust, TD Bank, TIAA Bank, U.S. Bank and Wells Fargo.

    To recap our selections...

    NerdWallet's Best Free Business Checking Accounts

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