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Best Free Business Checking Accounts

Banking, Banks & Credit Unions, Checking Accounts
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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 notable regional banks, and compared their business checking accounts. Here are our top four free accounts.


» Explore local banks’ free business checking accounts by state

FeaturesB of I Federal Bank Basic Business
Overall bank rating:
BBVA Compass ClearConnect for Business
Overall bank rating:
Capital One Spark Business
Overall bank rating:
U.S. Bank Silver Business
Overall bank rating:
Monthly fee if conditions not metNoneNoneNoneNone
Cash or check deposit fees and limitsUp to 60 mobile check deposits a monthIn-branch check processing and withdrawals limited to 5 total a monthDeposit checks and cash at Capital One or Allpoint ATMs, or checks via mobile deposit20 mobile check deposits free per statement period, 50 cents after that.
25 free cash deposit units, varying charges after that.
Transactions per month200 items free a month, 30 cents per item after thatUnlimited free transactions except for in-branch transactionsUnlimited free transactions150 free transactions a month, 50 cents per transaction after that
Branch and ATM accessUnlimited ATM fee reimbursement, no branches672 branches in 7 states and 43,000 ATMs39,000 ATMs; business service is online only3,000 branches in 28 states, 4,800 ATMs
Minimum balance$1,000 initial deposit$100 minimum opening depositNoneNone listed

Capital One: Spark Business

NerdWallet has 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 or cash at one of 39,000 fee-free Capital One or Allpoint ATMs. Check deposits also can be made via mobile check deposit.
  • Online only; Capital One branches don’t provide support for Spark Business accounts
  • You must be located outside of Capital One’s traditional banking footprint to qualify for the online account. Visit Capital One’s website and put in your ZIP code to see which accounts you qualify for.

B of I Federal Bank: Basic Business

NerdWallet has rated this bank:
Bank of Internet
Learn more
at B of I Federal Bank

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

BBVA Compass: ClearConnect for Business

NerdWallet has rated this bank:
BBVA Compass
Learn more
at BBVA Compass

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

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.
  • 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

Updated Dec. 15, 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, large and notable online banks and notable brick-and-mortar banks with free business accounts. Financial institutions surveyed: Ally Bank, Bank of America, Bank of Internet, BBVA Compass, BB&T, Capital One, Chase, Citibank, Citizens BankEverBank, First Internet Bank, PNC, Radius Bank, SmallBusinessBank.com, SunTrust, TD Bank, U.S. Bank and Wells Fargo.