Updated October 22, 2019

Free Business Checking

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Hidden fees can pile up. Don't let your checking account be part of the problem. Find out which free business checking account is the best for you.

Banks with Free Business Checking Accounts

Are There Free Business Checking Accounts?

Free business checking accounts come in two varieties:

  1. Business checking accounts with NO monthly service fee.

  2. Business checking accounts that are free IF you maintain a minimum balance or meet other criteria.

Both options come with their own limitations. No monthly fees often means limited transactions each month. On the other hand, it can be hard to stay above a minimum daily balance in order to waive service fees.

We've come up with a list of free business checking for both types. Read on.

Why You Need A Business Checking Account

As a small business owner, it's smart to separate your company's finances from your personal ones. Here are just a few reasons why you may want to open a business checking account:

  1. You will need it to deposit money from a small business loan.

  2. It's easier to calculate your expenses for tax purposes.

  3. Your employees can access the account for day-to-day operations.

The type of small business checking account you choose will affect:

  • The amount of money your business can spend
  • Your ability to withdraw cash
  • The number of transactions you can make

Keep these in mind as you consider our list of options.

How to Open a Business Account

To open a small business account, you will need to provide the following information:

  • Name, address, and date of birth
  • Driver's license or state ID
  • SSN or employer identification number (EIN)
  • Business license (if your state requires)
  • Assumed Name Certificate if operating as a DBA
  • Written Partnership or Joint Venture Agreement (for Partnerships)
  • Articles of Organization (for LLCs)
  • Articles of Incorporation (for Corporations)

Sole proprietors can usually open a business account online. Partnerships, LLCs, and Corporations may require all general partners or members to be present. Find out your bank's requirements.

Free Business Checking with No Monthly Fees

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First, we'll go over the banks with no monthly service fees. These business checking accounts are more ideal for new or smaller businesses, because they often have limited transactions and cash deposit amounts.

Can you open a business checking account with no credit check?
When you apply for a business checking account, the bank will most likely check your credit history. Particularly if you apply as a sole proprietorship with your SSN, the bank may check your personal credit.

However, if you form a LLC, corporation, or partnership, then you'll get a separate tax identification number. This number isn't tied to your SSN, so your personal credit may not be checked.

Comerica: Best for Limited Activity

Comerica's Basic Business Checking account is free with no monthly service fee and no minimum balance requirement. The opening deposit is $50. It's meant for small businesses with low account activity. You get:

  • 75 free transactions per month ($0.55/item after that)
  • $2,500 in cash deposits per month without charges ($0.225 per $100 deposited after that)
  • 12 months of Comerica Web Bill Pay at no charge
  • Free debit card at no charge
  • Credit card processing
  • Payroll processing
  • View, download, or print 24 months of eStatements

First Citizens Bank: Best for Low-Mid Transaction Volume

First Citizens Bank's Basic Business Checking account has no service fee and no monthly minimum balance. However, you will need a minimum deposit of $100.

  • 175 free transactions per month ($0.40/item after that)
  • $5,000 in free cash deposits per month ($0.16 per $100 deposited after that)
  • Free Business Visa debit card
  • Free unlimited online bill pay
  • First 10 mobile deposits free per month ($0.50/check after that)

Sign up for e-statements to avoid an additional fee for paper statements.

Azlo: Best for Freelancers & Entrepreneurs

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If you don't need to visit a physical bank often, Azlo may be the choice for you. Azlo is an online-only business bank partnered with BBVA. All deposits are FDIC-insured.

Azlo offers just one small business account created specifically for freelancers and self-employed individuals. There are no service fees and no minimum balance required.

  • Unlimited number of transactions - all free
  • Free bank transfers and payments
  • Free debit card
  • Free ATM access at over 55,000 ATMs across the country
  • No foreign transaction fees
  • Send digital invoices directly from your account
  • No fee for incoming wires
  • Pay others with digital checks
  • Square and Stripe integrations

Note that there are no physical branches. If visiting a physical bank is important to you, pick another bank.

One potential downside to using Azlo is the lack of lending. If you are looking for a small business loan at any point in the future, you would have to look outside Azlo for lending.

Popular Bank's Popular Business Checking has no monthly service fee and no minimum balance. The opening deposit requirement is just $50. It's best suited for small businesses with a moderate amount of transactions.

  • 200 free transactions per month ($0.50/item after that)
  • $7,000 in free cash deposits per month ($1.50 per $1,000 deposited after that)
  • Free Mastercard debit card
  • Free access at all Popular and Allpoint ATMs
  • Free online banking and bill pay
  • Free transfers between Popular accounts

If your business grows, it's easy to upgrade your account to best fit your needs. The Simple Business Checking account is meant for growing businesses. The account will cost $15 a month if you don't maintain an average daily balance of $7,500.

It includes 400 free transactions per statement cycle and $15,000 in cash deposits. There is no initial deposit required.

US Bank: Best Physical Bank With No Monthly Fees

US Bank offers small business owners access to over 3,000 physical branches across the U.S. It offers several business checking options. The Silver Business Checking Account is the only checking account with no monthly maintenance fees.

  • 150 free transactions per month ($0.50/item after that)
  • 25 free cash deposits per month
  • 50% discount on first check order up to $50
  • No fee at non-US Bank ATMs
  • Free online banking, mobile deposits, and bill pay
  • Card payment processing
  • Small business Visa credit cards
  • Overdraft protection with a Business Reserve Line

BB&T Bank: Best for Very Small Startups

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BB&T's Business Value 50 Checking Account is good for small business owners who want a free option with limited monthly transactions. There's no monthly service fees and no balance requirements.

The bank operates in 16 states so it's a decent option if you live near a branch and need in-person banking.

  • 50 free transactions per month ($0.50/item after that)
  • $3,500 in cash processing for no fee ($1.50-$2.50 per $1,000 deposited after that, varies by State)
  • Up to $25 discount on your first order of business checks
  • Next day business funding with card processing
  • Free mobile app with check deposit
  • Same-day ACH payments

Navy Federal Credit Union, the largest credit union in the country, offers competitive options for small business checking accounts. Their basic Business Checking account has no monthly maintenance fee and no balance requirements.

  • 30 free transactions per month ($0.25/item after that)
  • Daily dividend earnings
  • No fee for incoming wires
  • Free Navy Federal Business Debit Card
  • Free online banking and bill pay
  • Merchant card processing solutions
  • 24/7 support for members

How to be a member of Navy Federal: You can join if you're an active member or veteran of the armed forces, have current ties to Department of Defense (DoD) or National Guard, or you're a family member of one of the above.

TIAA Bank: Best Business Checking With Interest

TIAA Bank's Small Business Checking account is designed for sole proprietors and single-owner LLCs. It has no monthly service fee, however, It requires a $1,500 deposit to open.

  • 1.21% one-year intro APY on balances up to $250,000
  • ATM fee reimbursements for accounts $5,000+
  • Free mobile check deposits
  • Overdraft protection available

TTIA bank also offers lending and investment services.

Axos: Best for Remote Deposits

Axos is another online-only bank. Its Basic Business Checking account has no monthly service fees and no balance requirements. The minimum opening deposit is $1,000.

  • 200 free transactions per month ($0.30 per item after that)
  • Unlimited domestic ATM fee reimbursements
  • Up to 60 free remote deposits per month
  • Free online banking and online bill pay
  • First set of 50 checks free
  • Quickbooks compatible

Axos also offers a Business Interest Checking Account that earns a competitive APY on all balances. There is a $5,000 average daily balance requirement in order to waive the $10 monthly service fee.

Business Checking With Options to Waive Monthly Fees

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These business checking accounts allow you to waive the monthly service fees if you can maintain a minimum balance or other requirement. Because of these criteria, these accounts are more ideal for more established businesses.

They're also good if you need to conduct banking business in person at physical branches.

Chase Bank: Best Big Bank with Cash Bonus

Chase has three small business checking accounts. Each account can be free of monthly service fees if certain conditions are met.

Chase often offers cash bonuses for opening a new business checking account, so make sure you check out the current promotions.

Total Business Checking
This option is best for a budding small business. It does not have advanced features, like linking business sub-accounts and waiving non-Chase ATM fees.

    Chase

    Chase Total Business Checking®

    • Get $200 as a new Chase business checking client, when you open a Chase Total Business Checking® account with qualifying activities
    • Access to 16,000 ATMs and nearly 5,000 Chase branches
    • Chase has business specialists at your local branch to help with your business needs
    • Account Alerts are a great way to stay on top of your account's activity and enhance security
    • Unlimited electronic deposits at no charge, including Chase QuickDeposit℠, ACH and ATM

Here are some of the baseline features:

  • 100 free transactions per month ($0.40/item after that)
  • $5,000 in free cash deposits per month
  • Unlimited electronic deposits
  • Domestic and international wire transfers
  • Free online banking, online bill pay, and mobile deposits
  • Free Chase Business Debit Card

How to Waive Monthly Service Fee:
Chase's Total Business Checking has a $12 monthly fee (when you enroll in paperless statements) that is when when you:

Performance Business Checking
This option is best for established businesses because of the added features.

  • 250 free transactions per month
  • $20,000 in free cash deposits per month
  • All incoming wires and 2 outgoing domestic wires per month free of charge
  • No fee for counter checks, money orders, cashier's checks
  • Fees waived at non-Chase ATMs
  • Link up to 99 Chase Business sub-checking accounts
  • Associate and employee debit cards available
  • Interest option available

How to Waive Monthly Service Fee:
The $30 monthly service fee can be waived by maintaining a combined average daily balance of $35,000 or more in qualifying business deposit accounts.

Chase Platinum Business Checking
This option is best for large-scale businesses. It has all the features of the Performance Business Checking plus:

  • 500 free transactions per month
  • $25,000 in free cash deposits per month
  • All incoming wires and your 4 most expensive outgoing wires per month free of charge
  • No fee for returned deposited items or cashed checks
  • No charges for extended overdrafts
  • 1 insufficient funds fees waived per month
  • 1 returned item fee waived per month
  • No charge for stop payments made online, in branch, or by phone

How to Waive Monthly Service Fee
The $95 monthly service fee can be waived by maintaining a combined average daily balance of $100,000 or more in qualifying business deposit and business investment balances.

Wells Fargo: Best for Added Benefits

Wells Fargo is third-largest bank in the US. It has 3 business checking accounts for different needs. You may consider Wells Fargo if you want the convenience of a large bank with added benefits, such as:

  • Full-service payroll features and employee benefits
  • Customized merchant processing options
  • Tax programs
  • Business credit cards
  • Wells Fargo small business insurance
  • Loans, including short-term, medium-term, and Small Business Administration (SBA) loans.

Simple Business Checking
Wells Fargo's most basic business checking account is meant for small home-based or non-profit businesses with limited cash flow. The opening deposit is $25.

  • 50 free transactions per month ($0.50/item after that)
  • $3,000 in free cash deposits per month ($0.30 per $100 deposited after that)
  • Free text and mobile banking
  • Design your card to include your business logo
  • Zero Liability protection

How to Waive Monthly Service Fee:
The $10 monthly service fee can be waived by maintaining a $500 average balance each fee period.

Business Choice Checking
Well Fargo's most popular business checking account is best for growing small businesses. The opening deposit is $25.

  • 200 free transactions per month ($0.50/item after that)
  • $7,500 in free cash deposits per month

How to Waive Monthly Fee
The $14 monthly service fee can be waived in a variety of ways, including:

  • Maintain a $7,500 balance, OR
  • Make 10 or more posted business debit card purchases/payments each fee period

Platinum Business Checking
Larger businesses may want to check out the Platinum Business Checking account. This Wells Fargo account works best for businesses with a larger monthly balance. The opening deposit is $25.

  • 500 free transactions per month ($0.50/item after that)
  • $20,000 in free cash deposits per month
  • Earn interest on your whole balance
  • No fee for stop payments, cashier's checks, money orders
  • No fee for incoming wires
  • No fee at 2 domestic non-Wells Fargo ATMs per month
  • 2 additional Platinum accounts for no monthly fee

How to Waive Monthly Service Fee:
The $40 monthly service fee can be waived by one of the following each statement period:

  • Maintain a $25,000 average balance
  • Maintain $40,000 in combined business balances (checking, savings, time accounts and credit)

BBVA Bank: Best for Customized Account

BBVA Bank's Business Choice Checking allows you to build a customized account for your needs. This account is best for retail businesses and entrepreneurs. The minimum opening deposit is $100.

The unique thing about BBVA's Business Choice account is that you can pick 2 premium features to suit your business. You can select from:

  • Additional 250 free transactions per month
  • Additional $5,000 per month in cash processing
  • One free wire per month
  • One overdraft fee forgiveness refund per year
  • Unlimited returned deposit items per month at no additional charge
  • 50% discounted checks

Other account features include:

  • Pick two premium features from the list
  • 250 free transactions per month ($0.50/item after that)
  • $10,000 in free cash processing per month ($0.003 per $1 dollar deposited after that)
  • Three free customized business Visa debit cards
  • Free unlimited bill pay
  • Free online banking and mobile banking

How to Waive Monthly Service Fee:
The $15 monthly service fee can be waived by one of the following each statement period:

  • Maintain a $5,000 average daily balance
  • Process at least $5,000 a month through Merchant Services
  • Enroll in the BBVA For Your Cause Program

Capital One: Best for Unlimited Transactions

Capital One Spark Business Basic Checking is an affordable solution for businesses with high transaction volume. The minimum opening deposit is $250.

  • Unlimited transaction per month at no charge
  • $5,000 in cash deposits per month ($1 for every $1,000 deposited after that)
  • Free business debit card
  • Free online banking and bill pay
  • Free Overdraft Protection with a linked small business deposit account

How to Waive Monthly Service Fee:
The $15 monthly service fee can be waived if your prior 30- or 90-day account balance averages at least $2,000.

PNC Bank: Best for Low Balance Requirements

PNC Bank's Business Checking account has relatively low balance requirements to waive the monthly fee. So it's good for smaller businesses. The minimum opening deposit is $100.

As a bonus, it offers no monthly maintenance fee for the first three statement cycles.

  • 150 free transactions a month ($0.50/item after that)
  • $5,000 in free cash deposits per month ($0.25 per $100 deposited after that)
  • Free PNC Bank Visa Business Debit Card
  • Earn cash rewards with PNC Purchase Payback
  • Free online banking and bill pay

The bank has 2,400 branches in the East Coast and some Midwest states. If you don't live near a PNC Bank, you can still do all your banking online.

How to Waive Monthly Fee:
The $10 monthly service fee can be waived by one of the following each statement period:

  • Maintain an average monthly balance of $500
  • Make $500 in eligible purchases with a linked PNC business credit card
  • Keep a linked PNC Merchant Services Account and generate at least $500 in qualifying monthly processing deposits

Even if you can't meet one of these criteria once or twice a year, the fee ($10 a month) is low compared to other banks.

Bank Of America: Best for Large Businesses

Bank of America has more than 5,000 physical branches nationwide. It has two business checking accounts.

Bank of America is good if your business is large enough that you can enroll in the Preferred Rewards program and get additional benefits, such as banking services fee waivers, more rewards, and interest discounts.

Business Fundamentals Checking:

  • 200 free transactions per month ($0.45/item after that)
  • $7,500 in free cash deposits per month ($0.30 per $100 deposited after that)
  • Free online and mobile banking
  • Free online bill pay and mobile deposits
  • Free business and employee debit cards
  • Business Investment Savings account for no additional monthly fee

How to Waive Monthly Service Fee:
The $16 monthly service fee can be waived by one of the following each statement period:

  • Spend $250 in new net purchases on a business debit or credit card
  • Maintain a $5,000 average monthly balance
  • Maintain a $3,000 daily balance
  • Maintain a combined monthly balance of $15,000 or more in linked Bank of America accounts
  • Enroll in the Business Advantage Relationship Rewards program

Business Advantage Checking:

  • 500 free transactions per month ($0.45/item after that)
  • $20,000 in free cash deposits per month ($0.30 per $100 deposited after that)
  • Free second checking account
  • Free incoming wire transfers
  • Seamless QuickBooks integration
  • Business Advantage Savings account for no additional monthly fee

Additionally, new eligible business credit card customers can earn a $300 statement credit by making at least $3,000 in new purchases within the first 90 days of opening the card account.

How to Waive Monthly Service Fee:
The $29.95 monthly service fee can be waived by one of the following each statement period:

  • Spend $2,500 in new net purchases on a business credit card
  • Maintain a combined $35,000 average monthly balance in your linked Bank of America accounts
  • Maintain an average $15,000 monthly balance
  • Actively use one of these services: Bank of America Merchant Service or Payroll Service
  • Enroll in the Business Advantage Relationship Rewards program

What To Look For In A Small Business Checking Account

Small business checking accounts come with fine print. Here are some important factors to consider:

Average Daily Account Balance
Free does not always mean free. Some banks require owners to maintain a certain daily or monthly balance. To avoid fees, make sure you can maintain the minimum required balance in the time frame.

Opening Deposit
Banks may also require a certain dollar amount as an initial deposit. The amount varies greatly by institution - be sure to double-check ahead of time.

Monthly Transaction Caps
Small business checking accounts are free because of the minimal effort it takes banks to maintain the account. These accounts may have a maximum amount of transactions they will process.

Physical Location
Consider whether having a physical branch nearby is important to you. If not, online-only banks will open up a lot of possibilities.

Software Integration
If your small business uses accounting products like QuickBooks or Quicken, consider whether they will integrate with your new small business checking account.

Payment Platform
If your small business uses payment platforms like Venmo or PayPal, consider those payment platforms when signing up for a free small business checking account.

Ask about the average payment timing across major payment platforms. The difference between a day or two days can be crucial for small businesses.

Size of the Bank
A smaller bank will be more personal and upfront with local ties. A larger bank will have greater technology, more branch locations, and greater flexibility when it comes to fees.

Now that you've chosen your checking account, it's time to start accounting. This list from Founder's CPA breaks down everything you need to know to start your business' accounting in a sustainable way.

How to Print Business Checks

Most business checking accounts do not offer free business checks. But you can save money by printing checks at home using just any blank check paper.

You will need a check printing software, such as Online CheckWriter or Checkeeper. The software will help you design professional checks that you can print anytime with any printer at home. You can also print as many as you like.

To print a check, you will need to enter:

  • Name of your bank
  • Bank routing number and bank account number
  • Your name and address
  • Payee name and amount
  • Date

The software will do the rest for you and format it to banking standards. You don't need any special ink or printer. For businesses that write a lot of checks, this can offer a much cheaper and more efficient solution to pre-printed checks by your bank.

BOTTOM LINE

Free business checking accounts work best for growing small businesses looking for a way to start up for cheap.

But only a select few banks have completely free options. If you meet certain conditions, though, many checking accounts can be free.

Make sure to double-check the terms and conditions of your business checking account to ensure you can keep the account free long term.

Disclaimer: Opinions expressed here are author's alone. Please support CreditDonkey on our mission to help you make savvy decisions. Our free online service is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content.

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