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Best Free Business Checking Accounts of December 2024

Last updated on December 2, 2024
Written By Randa Kriss, Kelsey Sheehy

Writer, Senior writer

Edited By Ryan Lane

Assigning Editor

Free business checking accounts don't charge monthly fees. The best no-fee small-business checking accounts limit additional expenses, too. For instance, one of our top picks — the
nbkc Business Account
— has no maintenance fee, unlimited fee-free transactions, free ATM access and no overdraft charges.
Below are all our selections for the best free small-business checking accounts. Most free accounts come from online-only financial institutions; if you want branch access,
U.S. Bank Silver Business Checking
is a rare business checking account from a national bank with no monthly maintenance fee.

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95+ years of combined experience covering small-business and personal finance.
Objective comprehensive business bank accounts rubric (Methodology).
NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.

Best Free Business Checking Accounts

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Bluevine Business Checking

4.7 

Best for Earning interest

APY
1.50%

With $0 min. balance for APY

Monthly fee
$0
Bonus
$300

Requirements to qualify

Learn more

at Bluevine, Deposits are FDIC Insured

Bluevine Business Checking

Best for Earning interest

4.7 
APY
1.50%

With $0 min. balance for APY

Monthly fee
$0
Bonus
$300

Requirements to qualify

Learn more

at Bluevine, Deposits are FDIC Insured

American Express® Business Checking

5.0 

Best for 24/7 customer support

APY
1.30%

With $0 min. balance for APY

Monthly fee
$0
Bonus
N/A
Learn more

at American Express National Bank, Member FDIC

American Express® Business Checking

Best for 24/7 customer support

5.0 
APY
1.30%

With $0 min. balance for APY

Monthly fee
$0
Bonus
N/A
Learn more

at American Express National Bank, Member FDIC

U.S. Bank Silver Business Checking

4.2 

Best for Welcome bonus + branch access

APY
N/A
Monthly fee
$0
Bonus
$400

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

U.S. Bank Silver Business Checking

Best for Welcome bonus + branch access

4.2 
APY
N/A
Monthly fee
$0
Bonus
$400

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Grasshopper Business Checking Account

4.5 

Best for 1% cash back on debit card purchases

APY
1.80%

With $25,000 min. balance for APY

Monthly fee
$0
Bonus
N/A
Learn more

at Grasshopper Bank, Member FDIC

Grasshopper Business Checking Account

Best for 1% cash back on debit card purchases

4.5 
APY
1.80%

With $25,000 min. balance for APY

Monthly fee
$0
Bonus
N/A
Learn more

at Grasshopper Bank, Member FDIC

Axos Bank® Basic Business Checking

4.9 

Best for Unlimited ATM fee refunds

APY
N/A
Monthly fee
$0
Bonus
$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Axos Bank® Basic Business Checking

Best for Unlimited ATM fee refunds

4.9 
APY
N/A
Monthly fee
$0
Bonus
$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Relay Business Checking

4.9 

Best for Multiple accounts (up to 20)

APY
N/A
Monthly fee
$0
Bonus
$200

Requirements to qualify

Learn more

at Relay, Deposits are FDIC Insured

Relay Business Checking

Best for Multiple accounts (up to 20)

4.9 
APY
N/A
Monthly fee
$0
Bonus
$200

Requirements to qualify

Learn more

at Relay, Deposits are FDIC Insured

nbkc Business Account

4.9 

Best for Cash deposits

APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more

at nbkc bank, Member FDIC

nbkc Business Account

Best for Cash deposits

4.9 
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more

at nbkc bank, Member FDIC

Found Small Business Banking

4.4 

Best for Freelancers and self-employed workers

APY
N/A
Monthly fee
$0
Bonus
$125

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Found Small Business Banking

Best for Freelancers and self-employed workers

4.4 
APY
N/A
Monthly fee
$0
Bonus
$125

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Novo Business Checking

4.4 

Best for Built-in invoicing

APY
N/A
Monthly fee
$0
Bonus
$300

Requirements to qualify

Learn more

at Novo, Deposits are FDIC Insured

Novo Business Checking

Best for Built-in invoicing

4.4 
APY
N/A
Monthly fee
$0
Bonus
$300

Requirements to qualify

Learn more

at Novo, Deposits are FDIC Insured

Lili Basic Business Checking

4.4 

Best for Early access to payments

APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more

at Lili, Deposits are FDIC Insured

Lili Basic Business Checking

Best for Early access to payments

4.4 
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more

at Lili, Deposits are FDIC Insured

Mercury Business Bank Account

4.1 

Best for Free wire transfers

APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more

at Mercury, Deposits are FDIC Insured

Mercury Business Bank Account

Best for Free wire transfers

4.1 
APY
N/A
Monthly fee
$0
Bonus
N/A
Learn more

at Mercury, Deposits are FDIC Insured

Navy Federal Credit Union Business Checking

4.2 

Best for Military families

APY
0.01%

With $0 min. balance for APY

Monthly fee
$0
Bonus
N/A

Navy Federal Credit Union Business Checking

Best for Military families

4.2 
APY
0.01%

With $0 min. balance for APY

Monthly fee
$0
Bonus
N/A

Huntington Business Checking 100

3.9 

Best for Overdraft grace period

APY
N/A
Monthly fee
$0
Bonus
N/A

Huntington Business Checking 100

Best for Overdraft grace period

3.9 
APY
N/A
Monthly fee
$0
Bonus
N/A

💬 From our Nerds: Why so many of these accounts are from online banks

"Because online banks and neobanks don't have to operate branches, they have lower overhead than traditional brick-and-mortar banks do.
"As a result, they typically don't charge monthly fees for business checking accounts. Neobanks generally have lower fees on services like wire transfers, too. Some even pay interest or cash back on debit card purchases.
"Brick-and-mortar banks tend to charge monthly fees, even for their entry-level accounts. In exchange, of course, you get access to branches. And banks do generally offer to waive those monthly fees if you maintain a certain average balance or transact often enough — but if you want an account with no monthly fee at all, most of your best options are online accounts."
Rosalie Murphy, lead writer covering small business

How much do banks charge for a business account?

The cost of a business account varies by bank and account type. The most common fee is for monthly maintenance, which usually starts around $10. Most banks will waive this charge if you maintain a specific average monthly balance or meet other qualifications.
Here’s how this works for some well-known business checking accounts:
Account
Monthly fee
How the fee can be waived
Bank of America® Business Advantage Fundamentals™ Banking
$
16
.
Maintain a $5,000 combined average monthly balance, spend $250 in net-new purchases on a BofA business debit card or become a member of the bank’s Preferred Rewards for Business program.
BMO Simple Business Checking
$
10
.
Maintain an average balance of at least $100.
Chase Business Complete Banking®
$
15
.
Maintain a minimum daily balance of $2,000, accept $2,000 per month via Chase QuickAccept transactions, make $2,000 in eligible purchases from a Chase Ink business credit card or meet Chase Military Banking requirements.
CitiBusiness® Streamlined Checking
$
15
.
Maintain an average collected balance of at least $5,000.
LendingClub Tailored Checking
$
10
.
Maintain a minimum balance of at least $500.
PNC Business Checking
$
12
.
Maintain an average monthly balance of $500, accept at least $500 monthly via linked merchant services or spend at least $500 monthly with a linked PNC credit card.
TD Business Simple Checking℠
$
10
.
Be an eligible nonprofit.
Wells Fargo Initiate Business Checking℠ Account
$
10
.
Maintain a daily balance of at least $500 or average ledger balance of at least $1,000.

Common business checking account fees

While free business checking accounts skip the monthly maintenance fee, you'll still probably run into other charges. Review your depositor agreement to understand all the potential costs, but here are some common fees to be aware of when choosing a business account:

Free business checking accounts by state

If you want to keep your business local and prefer a smaller bank, choose your state to find free business checking accounts in your area:

How to compare free business checking accounts

Finding a small-business checking account with no monthly fees is a great start, but you also want to factor in things like account limits or transaction caps that could cost your business money.
  1. Understand your business's needs. Every business operates differently. Some make regular cash deposits, while others deal solely with electronic transactions. Some need built-in bookkeeping and invoicing, while others need their bank account to integrate with the tools they already use. The unique needs of your small business will determine your priority features in a business checking account.
  2. Look at upfront costs. You can open most free business accounts with no deposit, but a handful require at least $100 up front to open your account.
  3. Consider cash deposits. There's a lot of overlap between free and online business checking accounts. Online-only banks often have strict limits on how much cash you can deposit at once or charge fees for doing so. Some don't support cash deposits at all. If your business deals with cash, make sure to choose an account without those restrictions.
  4. Be aware of incidental fees and transaction limits. Pay close attention to the fine print. Some free business checking accounts charge for out-of-network ATM use, cash deposits, wire transfers and overdrafts. Some also limit the number of transactions you can make each month for free. See NerdWallet's picks for the best business bank accounts to compare cash deposits, branch access and other features, and see below for more details about these fees.
  5. Factor in additional perks and features. Some business checking accounts earn interest or offer cash back when you use your business debit card. A few offer both. And many offer additional features, like bookkeeping software, tax-planning tools and free invoicing. Weigh these perks and benefits when choosing an account.

🤓 Nerdy Tip

Want to earn more interest on your company’s cash? Consider a business savings account in addition to your business checking account. These accounts are also often free and can pay APYs as high as 4% or more. You can easily open one online, too.
Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.
Note on
American Express® Business Checking
: At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.
Last updated on December 2, 2024