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NerdWallet’s Best Free Business Checking Accounts

U.S. Bank, Capital One, Wells Fargo and Bank of Internet offer solid options for business checking accounts with no fees or fees that are easily avoided.
Banking, Banks & Credit Unions, Checking Accounts
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Starting a business can come with headaches and unexpected expenses, but if you have a free business checking account, monthly bank fees are something you won’t have to worry about.

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

NerdWallet looked at the 10 largest banks in the country, along with a few big online banks, and compared their business checking accounts. Here are our top four free accounts.

» Want to brush up on the basics first? Here’s a guide to business checking fees

FeaturesU.S. Bank Silver Business
Overall bank rating:
Capital One Spark Business
NerdWallet has not rated this bank
Wells Fargo Business Choice
Overall bank rating:
Bank of Internet Federal Bank Basic Business
Overall bank rating:
Monthly fee if conditions not metNoneNone$14, waived with 10 debit card purchases in a month or other methodsNone
Cash or check deposit fees and limits20 mobile check deposits free per statement period, 50 cents after that.
25 free cash deposit units, varying charges after that.
Cash deposits accepted at Capital One ATMs onlyUp to $7,500 in cash deposits a month, 30 cents per $100 after thatUp to 60 mobile check deposits a month
Transactions per month150 free transactions a month, 50 cents per transaction after thatUnlimited free transactions200 free transactions a month, 50 cents after that200 items free a month, 30 cents per item after that
Branch and ATM access3,000 branches in 25 states, 4,800 ATMs40,000 ATMs; business service is online only13,000 ATMs, 6,000 branchesUnlimited ATM fee reimbursement, no branches
Minimum balanceNone listedNoneNone$1,000 initial deposit

U.S. Bank Silver Business

NerdWallet has rated this bank:
US+Bank
Read full review
on NerdWallet
  • 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.
  • Cash deposits are limited by 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. The charge is 17 cents for every additional $100 deposited in Minnesota, California and Georgia.
  • Available online everywhere and in-person at 3,000 branches across 25 states

Capital One Spark Business

NerdWallet has not rated this bank
  • No monthly fees and no minimum deposit requirements
  • Unlimited free transactions, including deposits, withdrawals and transfers — other banks limit free transactions to around 100 or 200 a month.
  • Deposit checks by mobile check deposit or at a Capital One ATM. Withdrawals can be made at one of 40,000 fee-free Allpoint ATMs or Capital One ATMs.
  • Cash deposits can be made at Capital One ATMs which are in a handful of states. You’ll want to avoid this account if you deal with a lot of cash and there’s no Capital One ATM near you.
  • Online only; Capital One branches don’t provide support for Spark Business accounts

Wells Fargo Business Choice

NerdWallet has rated this bank:
Wells+Fargo

Read full review
on NerdWallet
  • $14 monthly fee waived by making 10 debit card purchases a month, keeping a $7,500 balance in your Business Choice Checking account or a combined balance of $10,000 across multiple Wells Fargo accounts, or by signing up for select Wells Fargo business services
  • 200 free transactions a month, 50 cents after that
  • Deposit up to $7,500 in cash a month for free, nearly twice the amount other big banks allow, but pay 30 cents for every $100 after that
  • Access to 13,000 ATMs and 6,000 branches nationwide
  • Wells Fargo also offers Simple Business Checking, which has a $10 monthly fee, waived with a $500 average balance. You receive fewer free transactions and lower cash deposit limits, but there’s no requirement to make a certain number of debit purchases to get the monthly fee waived.

Bank of Internet Federal Bank Basic Business

NerdWallet has rated this bank:
Bank+of+Internet
Learn more
at Bank of Internet
  • 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. See how much your bank charges compares to others.
  • Online only; best for entrepreneurs who prefer to do all their banking electronically

It’s pretty easy to find a free business checking account from a top bank. To find what regional and local institutions have to offer, see NerdWallet’s state-by-state list of free business checking accounts.

Updated October 19, 2017

Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: mburnette@nerdwallet.com. Twitter: @margarette.


METHODOLOGY

We took a close look at the 10 largest U.S. consumer banks based on assets, and five large and notable online banks. Financial institutions surveyed: Ally Bank, Bank of America, Bank of Internet, BB&T, Capital One, Chase, Citibank, EverBank, First Internet Bank, PNC, SmallBusinessBank.com, SunTrust, TD Bank, U.S. Bank and Wells Fargo.