Best Free Business Checking Accounts for 2023

Operating a business doesn’t come without overhead costs. Rent, supplies, and fees can all add up very quickly each month.

That’s why, a business checking account is a great way to keep your expenses in check. Though, like personal checking accounts, not all are free.

There are fees you’ll encounter with business checking accounts:

• Monthly Service Fees are charged every month the account is open. Expect this fee to range from $8 to $12, sometimes even $35 or more. Most will allow you to waive this fee with requirements like keeping a specific average daily balance or by making a minimum number of debit transactions.
• Excess Transaction Fees occur when you overcharge the business checking account’s transaction limits. This can be up to 75 cents per transaction. You should figure out how many monthly transactions you’ll need. Writing checks, debit card transactions, and ATM deposits count as transactions. The limit ranges from 100 to 200 transactions depending on which bank and account you choose.
• Cash Handling Fees occur when you go over the amount of cash you can deposit monthly. It’s typically 20 to 30 cents for each $100 you deposit over the cash handling limit. If you run a restaurant or convenience store, you should consider this problem.

If you open a free business checking account, there’s no need to pay monthly maintenance fees. Thus, you should decide which account gives you the most features with the fewest restrictions and overage charges. You may want to also consider the number of accessible branch and ATM locations.

Below, you can find the best free business checking accounts that we’ve researched and gathered for your convenience. You can also see our list of business bank account promotions for sign-up bonuses and reviews!

Best Free Business Checking Accounts

Chase Business Complete Banking^SM

• Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. • Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card. • Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions. • Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill • • Pay, wire transfers and ACH payments. • Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account. • Helping you save money. Multiple ways to waive $15 service fee and unlimited digital transactions helps you keep more of your money. • Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology. • Trusted and secure financial partner. We're committed to helping you grow and protect your business. Apply Now at Chase

For growing businesses, opening a business account with Chase is an exceptional account with up to 100 free monthly transactions and a $5,000 monthly cash deposit limit. Electronic deposits are unlimited, excluding wire transfers.

• Availability: AZ, CA, CO, CT, DC, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NJ, NV, NY, OH, OK, OR, PA, TX, UT, VA, WA, WI, and WV. (Bank Locator)
• Mobile App: iOS or Android
• Monthly Service Fee: Varies by product
• Minimum Balance Requirement: None
• Minimum Opening Deposit: $1,000

Enjoy a range of benefits for being a Chase Bank customer such as Account Alerts, Unlimited Electronic Deposits, a Business Associate Card, and much more! In addition, you can take advantage of opportunities to save more with Chase Offers. Everything from online banking to mobile banking is executed well, as expected from an institution with many resources.

Chase Bank has a network of several ATMs and branches. This business checking account is the top despite having a monthly fee because of the excellent features and sign-up bonus.

Huntington Business Checking 100

Ideal for start-ups and small businesses with lower balances and checking activity. You get up to 100 transactions each month and a free 120-day trial of a fraud tool: Reverse Positive Pay.

• Apply Now at Huntington Bank
• Availability: IN, KY, MI, OH, PA, WV, IL, & WI (Bank Locator)
• Mobile App: iOS or Android
• Monthly Service Fee: None
• Minimum Balance Requirement: None
• Minimum Opening Deposit: $5,000 total within 60 days

Editor’s Note: If you would like to earn a higher bonus, be sure to check out our review over the Huntington Unlimited Plus as well as the Huntington Unlimited Plus.

Axos Bank Basic Business Checking

Best for business owners who are looking for a checking account that lets them access their money anytime, anywhere. As an account holder, you don’t have to worry about monthly maintenance fees as there is none and you’ll get domestic ATM fee reimbursements nationwide.

• Apply Now at Axos Bank
• Availability: Nationwide
• Mobile App: iOS or Android
• Monthly Service Fee: None

Please note that this offer is only valid if your business is incorporated after 6/01/2020 and application must be submitted before 11:59pm on 3/31/2021 to qualify.

(Expires 3/31/2021)

BlueVine Small Business Checking

BlueVine is best for those who are small business owners that prefers to do all of their banking online. There is no hidden fees: no monthly maintenance NSF, or incoming wire fees. This account has no minimum deposit and no balance requirement. Plus, you can earn a 1.0% interest on your funds.

• Apply Now at BlueVine
• Availability: Online Nationwide
• Monthly Service Fee: None
• Minimum Balance Requirement: None
• Minimum Opening Deposit: None

(FDIC Insured)

Novo Online Business Banking

Novo is an innovative new banking platform that can help bring small business into the modern age with their assortment of digital features. In addition to their online services, it’s easy to switch over with no minimum balances.

• Apply Now at Novo
• Availability: Online Nationwide
• Monthly Service Fee: None
• Minimum Balance Requirement: None
• Minimum Opening Deposit: None

(FDIC Insured)

TIAA Bank Business Checking

TIAA Bank, formerly known as EverBank, offers its Business Checking account where customers can have up to 200 monthly transactions. It’s not a free business checking account. It charges a monthly service fee; however, if you keep a certain amount in your account, you’ll get it for $0 monthly.

Each transaction over that will incur a $0.25 fee per transaction overage, and each bill payment over the 10 monthly limit will have a $0.50 fee. If you have a small business that will stay within these limits, you’ll be able to avoid these common bank fees.

• Apply Now at TIAA
• Availability: Nationwide (Bank Locator)
• Mobile App: iOS or Android
• Monthly Service Fee: $14.95
  • Waived with $5,000 minimum balance
• Minimum Balance Requirement: None
• Minimum Opening Deposit: $1,500

This is an online-only business checking account. Thus, you won’t be able to make cash deposits. You’ll have to make cash deposits into another local banking institution and then transfer the amount over.

There are several different options for check deposits:

• Business Mobile App: This is the easiest and most convenient option. Make as many individual check deposits as you’d like with their app. Use your smartphone’s camera to scan the check.
• Office Deposits: Use any approved scanner to make deposits. For 50 or fewer check deposits a month, the Online Check Deposit (OCD) option will be free. For high monthly volumes of check deposits, the Remote Deposit Capture (RDC) will cost you $35 monthly.
• Wire Transfer: This isn’t the best option. TIAA doesn’t charge for incoming wire transfers, but the other institution usually will.
• Postage paid deposit envelops: Order free postage paid deposit envelops and mail in your checks.

To open an account, visit TIAA Bank online. See our TIAA Bank Business Checking review for more information.

U.S. Bank Silver Business Checking

Designed for businesses with limited transaction activity, the U.S. Bank Silver Business Checking package offers a variety of value-added products and services to help save you time and money.

• Apply Now at U.S. Bank
• Availability: AR, AZ, CA, CO, FL, GA, IA, ID, IL, IN, KS, KY, MN, MO, MT, ND, NE, NM, NV, OH, OR, SD, TN, TX, UT, WA, WI, WY (Bank Locator)
• Mobile App: iOS or Android
• Monthly Service Fee: $0
• Minimum Balance Requirement: None
• Minimum Opening Deposit: $1,500

The U.S. Bank Silver Business Checking package has no monthly fee. However, there’s a monthly 150 transactions limit at no charge. Transactions include typical banking needs like deposits, debit card purchases and online payments. The fee for each transaction over the 150 monthly limit is 50 cents.

The cash deposit limit is a little tricky. You’re allowed for 25 free “units” per month in cash deposits. Each unit is a cash deposit divided by 100, and then rounded to a whole number.

For example, if you deposit $190 cash in one transaction, the 1.90 is rounded up to 2, for a total of 2 units towards the 25 maximum monthly. Once you go over the 25 unit limit, there’s a small charge per additional $100 deposited.

This charge will vary by state, but can be from 15 – 20 cents. Therefore, if you think you’re going to need more than 150 transactions a month or have to deal with large cash deposits, you may want think about the fees.

Make an appointment to open an account. See the U.S. Bank Silver Business Checking account for more information.

Wells Fargo Business Choice Checking

The Wells Fargo Business Choice Checking account has a very low minimum opening requirement. Plus, the limits on transactions and cash deposits are generous. It’s not a free business checking account, but you can easily waive the monthly service fee.

• Apply Now at Wells Fargo
• Availability: Nationwide
• Mobile App: iOS or Android
• Monthly Service Fee: $14
  • Waived with one of the following:
    • Maintain a $7,500 average ledger balance, or
    • $10,000 in combined balances (business checking, savings, CDs, and credit), or
    • 10 or more posted business debit card purchases/payments. This includes posted debit card purchases or posted debit card payments of bills from this checking account. This does not include transactions at an ATM, or
    • Linked to a Direct Pay service through Wells Fargo Business Online® Banking, or
    • Qualifying transactions from a linked Wells Fargo Merchant Services account, or
    • Qualifying transactions from a linked Wells Fargo Business Payroll Services account
• Minimum Balance Requirement: None
• Minimum Opening Deposit: $25

There’s is a transaction limit of 200. Any overage will incur a $0.50 fee. On the other hand, you can deposit up to $7,500 at no cost to you. This is a lot more than many banks allow – an overage will cost you $0.30 for each additional $100 deposited.

See our Wells Fargo Business Checking review for more information.

Wells Fargo Initiate Business Checking Account For Small Businesses

This account is not the best due to having a variety of limitations and monthly fees you need to actively waive. However, if you need in-branch service and want several convenient locations close near your home, this may be the bank for you.

• Apply Now at Wells Fargo
• Availability: Nationwide
• Mobile App: iOS or Android
• Monthly Service Fee: $10
  • Waived with one of the following:
    • Maintain a $500 minimum daily balance
    • Maintain a $1,000 average ledger balance during the fee period
• Minimum Balance Requirement: None
• Minimum Opening Deposit: $25

100 monthly, no fee for the first 100 total transactions each fee period. After 100, it’s $0.50 per transaction.

See our Wells Fargo Business Checking review for more information.

Bank Of America Business Fundamentals Checking

The Business Fundamentals checking account from Bank of America has all you need in a business checking account.

• Apply Now at Bank of America
• Availability: Nationwide
• Mobile App: iOS or Android
• Monthly Service Fee: $14 – $18 depending on your state
  • Waived with one of the following:
    • Spend $250 in net new purchases on a business debit or credit card
    • Maintain an average monthly balance of $5,000or more
    • Maintain a minimum daily balance of $3,000
    • Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America accounts
    • Qualify for and enroll in the Preferred Rewards for Business program (first 4 checking accounts per enrolled business)
• Minimum Balance Requirement: None
• Minimum Opening Deposit: $0

See the Bank of America Business Fundamentals Checking account for more information.

Capital One Business Checking

The Capital One Business Checking offer a low fee structure because a lot of its business checking works online. Business owners have unlimited free transactions, no minimum balance and access to more than 700 branches and 39,000 ATMs nationwide. It’s an ideal free business checking account if you’re starting a business and want to bank online.

• Apply Now at Capital One
• Availability: Nationwide
• Mobile App: iOS or Android
• Monthly Service Fee: $0
• Minimum Balance Requirement: None
• Minimum Opening Deposit: $0

Author’s Verdict

A business has plenty of expenses you need to keep an eye for. Having somewhere to keep your money, like a business checking account, is key to maintaining your expenses.

This is a list of the best free business checking accounts for you to choose from.

If you’re just looking for a regular checking account, we also have a list of the best consumer checking accounts.

Chase Coupon Codes 2024 ($100, $200, $300, $400, $500, $700, $2000 Checking Bonuses)

CIT Bank Promotions: 4.85% Platinum Savings, 4.50% Savings Connect, Up to 3.50% CD Rates

HSBC Bank Promotions: $1,500, $2,500 Checking Bonus (Nationwide)

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