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Banking, Banks & Credit Unions, Checking Accounts
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find a free business checking account

You shouldn’t have to pay a fee just to have a small-business checking account. It’s true that many banks and credit unions levy a monthly service charge if you don’t maintain a high enough balance, but some institutions don’t — and they don’t have minimum balance requirements, either.

Use this list to help you find the best provider for your business. Keep in mind that even though these institutions offer free business checking, you could still be charged for overdrafts, excess transactions or excess deposits. Be sure you understand common business checking fees, and for more information on what to consider when choosing an account, read our primer on business checking.

» MORE: Best free personal checking accounts

Online banks

Most small companies and entrepreneurs can open business checking accounts online instead of in person. The Small Business Administration offers a guide to finding out whether your business is eligible.

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Honorable mentions

These banks will waive their monthly fees if you meet their requirements for debit card transactions:

  • BancorpSouth: e-Business Checking (Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas). Required to waive fee: five debit card purchases per statement period.
  • MB Financial: MB Small Business Checking (Illinois). Required to waive fee: four signature-based debit card transactions per statement period.
  • Wells Fargo: Business Choice Checking (in 39 states). Required to waive fee: 10 debit card purchases or payments per statement period.

You may also want to consider your other banking relationships. For example, if you have a small-business credit card from your bank, you may already be eligible for a small-business checking account with waived fees.

» MORE: Find a business credit card that’s right for you

Margarette Burnette is a staff writer at NerdWallet, a personal finance website. Email: mburnette@nerdwallet.com. Twitter: @margarette. John Gower of NerdWallet contributed to this article.

Updated June 15, 2016.


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