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6 Best Free Business Checking Accounts

Chanelle BessetteJune 29, 2020

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The best free business checking accounts don’t have minimum-balance requirements or monthly service fees. Free business accounts usually don’t earn interest, and there may be charges for some actions, such as transactions over a bank's limit.

NerdWallet looked at the largest banks in the country, along with a few big online banks and notable regional banks, and compared their business checking accounts. Here are our top six free accounts.

Summary of Best Free Business Checking Accounts

BankNerdWallet Rating Monthly FeeAPYLearn More
Axos Bank™ Basic Business Checking

Axos Bank™ Basic Business Checking

$0

N/A

Read review
BBVA USA Business Connect Checking

BBVA USA Business Connect Checking

$0

N/A

Read review
U.S. Bank Silver Business Package

U.S. Bank Silver Business Package

$0

N/A

Read review
Citizens Bank Clearly Better Business Checking®

Citizens Bank Clearly Better Business Checking®

$0

N/A

Read review
Navy Federal Credit Union Business Checking

Navy Federal Credit Union Business Checking

$0

0.05%

With $0 minimum balance

Read review
Huntington National Bank Business Checking 100

Huntington National Bank Business Checking 100

$0

N/A

Read review

Axos Bank™ Basic Business Checking

Axos Bank™ Basic Business Checking

Monthly Fee

$0

APY

N/A

With $1000 minimum balance

Bonus

N/A


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.

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.

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

Read Full Review

BBVA USA Business Connect Checking

BBVA USA Business Connect Checking

Monthly Fee

$0

APY

N/A

With $0 minimum balance

Bonus

N/A


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).

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.

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

All other transactions not mentioned are unlimited and free.

Almost 650 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

U.S. Bank Silver Business Package

Monthly Fee

$0

APY

N/A

Bonus

N/A


Bonus

N/A

Why we like it

No monthly fee and up to 125 free transactions a month, which include deposits, debit card purchases and online payments.

If you have more than 125 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.

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 more than 2,500 branches across 28 states.

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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


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.

Read Full Review

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


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.

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

Extensive ATM network.

Offers an APY.

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Huntington National Bank Business Checking 100

Huntington National Bank Business Checking 100

Monthly Fee

$0

APY

N/A

With $0 minimum balance

Bonus

N/A


Bonus

N/A

Why we like it

The Business Checking 100 account is a free account type for nonprofits and startups with average balances less than $5,000 and low checking activity.

Customers receive 100 monthly transactions for free; subsequent transactions have a fee of $0.30 per $100.

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.

Read Full Review

What factors should I look at when choosing a business checking account?

Depending on your business’ needs, you may want to consider the following features when selecting a business checking account:

  • Cash deposit limit. This is the amount of cash you’re allowed to deposit into your account for free each billing period.

  • Transaction limits. Banks often place limits on the number of transactions a business can make with their account, including electronic transactions and checks.

  • Fees. Look at monthly fees (if there are any) and see how much the bank will charge if you go over your cash deposit or transaction limits.

  • Interest. Some business checking accounts offer interest; make sure it isn’t canceled out by fees.

For more common questions about business checking accounts, check out NerdWallet’s Small-Business Checking Primer.

Last updated on June 29, 2020

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.

Frequently asked questions