Updated February 6, 2020

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 account balance in order to waive service fees.

We've come up with a list of the best free business checking accounts for both types. Read on to learn more.

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 business banking 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 whatsoever. These free business checking accounts are more ideal for new or smaller businesses, because they often have limited transactions and cash deposit amounts.

Comerica: Best for Limited Activity

Comerica's Basic Business Checking account has no account minimum requirements. The opening deposit is $50. It's meant for small businesses with low account activity. You get:

  • 75 transactions each month ($0.55/item after that)
  • $2,500 in cash deposits each month ($0.225 per $100 deposited after that)
  • 12 months of Comerica Web Bill Pay at no charge
  • Free debit card at no charge
  • View, download, or print 24 months of eStatements

Comerica can also provide extra services like credit payment processing and payroll processing.

First Citizens Bank: Best for Low-Mid Transaction Volume

First Citizens Bank's Basic Business Checking account has no monthly account minimum. You need a $100 deposit to open an account, which is pretty reasonable.

First Citizens Bank has over 500 locations primarily in the southern states.

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

Sign up for e-statements to avoid an additional charge 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 a popular online-only business bank partnered with BBVA. All deposits are FDIC insured.

Azlo is as close to completely free business checking as you can get. It waives many common account fees. It offers just one business account created specifically for freelancers and self-employed individuals. $0 to open an account and no minimum balance required.

  • Unlimited number of transactions - all free
  • Free bank transfers and payments
  • Free debit card
  • Free access at 55,000+ ATMs in the Allpoint ATM network
  • No foreign transaction fees
  • Send digital invoices directly from your account
  • $0 for incoming wires
  • Pay others with digital checks
  • Square and Stripe integrations

Azlo has no physical branches. If visiting a physical bank is important to you, pick another bank. It also doesn't offer cash deposits, so it's more ideal for freelancers and small e-commerce businesses.

A 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 account minimum required. It's just $50 deposit to open an account. It's best suited for small businesses with a moderate amount of transactions.

  • 200 transactions per month ($0.50/item after that)
  • $7,000 in cash deposits per month ($1.50 per $1,000 deposited after that)
  • Free Mastercard debit card
  • Free access at all Popular and Allpoint ATMs
  • 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. Popular Bank also has a Simple Business Checking account 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 each monthly cycle and $15,000 in cash deposits. There is no initial deposit required.

US Bank: Best Physical Bank With No Monthly Fees

U.S. Bank offers business owners access to over 3,000 physical branches across the U.S. It offers several business banking options.

It's hard to find free business checking accounts at big banks. U.S. Bank offers a Silver Business Checking Package with no maintenance fees or account minimum.

  • 150 transactions per month ($0.50/item after that)
  • 25 free cash deposits each month
  • 50% discount on first check order up to $50
  • No fee at non-US Bank ATMs
  • Online mobile deposits and bill pay
  • Payment processing
  • Business Visa credit cards
  • Protect against overdrafts with a Business Reserve Line

BB&T Bank: Best for Very Small Startups

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BB&T Bank's Business Value 50 Checking Account is good for small business owners who want a free business checking account option with limited monthly transactions. There's no minimum deposit requirement.

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

  • 50 transactions per month ($0.50/item after that)
  • $3,500 in cash processing ($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 is the largest credit union in the country. It offers competitive options for small business checking accounts. Their basic Business Checking has no monthly service fee and no account minimum requirements.

  • 30 transactions each month ($0.25/item after that)
  • Daily dividend earnings
  • $0 for incoming wires
  • Free Navy Federal Business Debit Card
  • 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 is an online bank with headquarters in Florida. Its Small Business Checking account is designed for sole proprietors and single-owner LLCs. It has no service fees, however, you must have an initial deposit of $1,500 to open an account.

This account doesn't offer any free transactions, so it makes more sense for freelancer-type folks who only need a business account to receive their earnings.

  • 1.21% one-year intro APY on balances up to $250,000
  • Nationwide network of 80,000+ Allpoint and MoneyPass ATMs
  • ATM fee reimbursements for accounts $5,000+
  • Free mobile check deposits
  • Overdraft protection available

TTIA Bank also offers lending and investment services.

Axos Bank: Best for Remote Deposits

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

  • First 200 transactions free each month ($0.30/item after that)
  • Unlimited reimbursements of domestic ATM fees
  • Up to 60 free remote deposits each month
  • Mobile deposits and online bill pay
  • $0 for the first set of 50 checks
  • Quickbooks compatible

Axos Bank 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/mo service charge.

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 also may offer more account benefits.

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 business checking accounts. Each account can be free of monthly maintenance fees if certain conditions are met.

Chase often offers cash bonuses for opening a new business bank 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 customer, when you open a Chase Total Business Checking® account with qualifying activities
    • Access to 16,000 ATMs and nearly 4,900 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 transactions each month ($0.40/item after that)
  • $5,000 in cash deposits each month
  • Unlimited electronic deposits
  • Domestic and international wire transfers
  • 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 charge (when you enroll in paperless statements) that can be avoided when you:

Performance Business Checking
This option is best for established businesses because of the added features. This account also has an option to earn interest (learn more at your bank).

  • 250 transactions & $20,000 in cash deposits each month
  • All incoming wires and 2 outgoing domestic wires per month free of charge
  • $0 for counter checks, money orders, cashier's checks
  • No fees at non-Chase ATMs
  • Link up to 99 Chase Business sub-checking accounts
  • Associate and employee debit cards available

How to Waive Monthly Fee:
You can avoid the $30/mo service charge by maintaining a combined average daily balance of $35,000 or more in qualifying business deposit accounts.

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

  • 500 transactions & $25,000 in cash deposits each month
  • All incoming wires and your 4 most expensive outgoing wires each month free of charge
  • $0 for returned deposited items or cashed checks
  • $0 for extended overdrafts
  • 1 insufficient funds fee waived each month
  • 1 returned item fee waived each month
  • No charge for stop payments made online, in branch, or by phone

How to Waive Monthly Fee
You can avoid the $95/mo service charge by maintaining a combined average daily balance of $100,000 or more in qualifying business deposit and business investment balances.

Chase Bank is also known for a great mobile app and good customer service. It offers 24/7 customer service with real reps.

Wells Fargo: Best Comprehensive Business Services

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 services.

It offers comprehensive business services such as:

  • Full-service payroll features and employee benefits
  • Wells Fargo merchant services
  • 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 option is meant for small home-based or non-profit businesses with limited cash flow. The opening deposit is $25.

  • 50 transactions per month ($0.50/item after that)
  • $3,000 in 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 Fee:
You can avoid the $10/mo service fee by maintaining a $500 average balance each fee period.

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

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

How to Waive Monthly Fee
You can avoid the $14/mo maintenance fee in a variety of ways, including:

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

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

This account also allows you to earn interest on your full account balance, though it's not a huge amount.

  • 500 transactions & $20,000 in cash deposits each month
  • $0 for stop payments, cashier's checks, money orders
  • $0 for incoming wires
  • $0 at 2 domestic non-Wells Fargo ATMs each month
  • 2 additional Platinum accounts for no monthly fee

How to Waive Monthly Fee:
You can avoid the $40/mo maintenance fee by doing one of the following per statement cycle:

  • Maintaining a $25,000 average balance
  • Maintaining $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 every month
  • Additional $5,000 in cash processing every month
  • 1 free wire each month
  • 1 overdraft fee forgiveness refund each year
  • Unlimited returned deposit items 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 and mobile banking

How to Waive Monthly Fee:
You can avoid the $15/mo maintenance fee by doing one of the following per statement cycle:

  • 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 a lot of transactions. The minimum opening deposit is $250.

  • Unlimited transactions at no charge
  • $5,000 in cash deposits each 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 Fee:
You can avoid the $15/mo maintenance fee 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 account minimum requirements to waive the service 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 transactions a month ($0.50/item after that)
  • $5,000 in cash deposits per month ($0.25 per $100 deposited after that)
  • Free PNC Bank Visa Business Debit Card
  • Earn cashback with PNC Purchase Payback program
  • 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/mo maintenance fee can be waived by one of the following each statement cycle:

  • 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 offers two business checking accounts.

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

Business Fundamentals Checking:

  • 200 transactions per month ($0.45/item after that)
  • $7,500 in cash deposits per month ($0.30 per $100 deposited after that)
  • Online and mobile banking
  • 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 Fee:
The $16/mo 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 transactions & $20,000 in cash deposits each month
  • Free second checking account
  • Free incoming wires
  • 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 Fee:
The $29.95/mo 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: Bank of America Merchant Services or Payroll Service
  • Enroll in the Business Advantage Relationship Rewards program

What To Look For In A Business Checking Account

Small business checking accounts come with fine print. To find the right account for your business banking needs, here are some important factors to consider:

Account Balance Requirements
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 Requirements
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 business accounts may have a maximum transaction limit. Look for a bank account that can accommodate your business's transaction amount.

Physical Location
Consider whether having a physical branch nearby is important to you. If you make a lot of deposits and withdrawals, you may want the convenience of a physical branch. If you can manage your business finances completely online, online-only banks will open up a lot of possibilities.

Other Banking Services
Does your business receive wire transfers often? Or you need to make cash and check deposits? If so, search for a bank that offers these features at lowest cost. For example, some banks offer free incoming wires.

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

Ask about when funds are available across major payment platforms. The difference between a day or two days can be crucial for small businesses.

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.

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.

Can you open a business checking account with no credit check?

When you apply for a business bank account, the bank will most likely check your credit history. Particularly if you're a sole proprietor and use your SSN, the bank may check your personal credit. This is only a soft credit inquiry, so your credit score will not be impacted.

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.

However, your credit may not be the only thing checked. Banks also usually run your banking history through the ChexSystem as another qualification measure. This is another reporting agency, but it only reports any negative marks on checking and savings banking activity. For example, if you've had some overdrafts or didn't pay banking fees, it will show up there.

If your credit or ChexSystem report don't qualify you for a business banking account, you could consider a bank that offers second chance checking (such as BBVA Compass). These are designed to help those who have trouble being approved for an normal bank account.

How to Print Business Checks

Most business checking accounts do not offer free business checks. But you can save money by printing them 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:

  • Your banking institution
  • 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 checkbooks by your bank.

BOTTOM LINE

Free business checking accounts work best for growing small businesses looking for a way to start up for cheap and save on banking costs.

But only a select few banks offer completely free business checking options. If you meet certain conditions, though, many business bank 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.

Note: This website 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. You do not have to use our links, but you help support CreditDonkey if you do.

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Infographic: Women in Business

Women in Business Statistics

Some 7.8 million women-owned businesses generate $1.2 trillion in annual sales. And each of these companies employs an average of 8.3 workers. Even though fewer women than men own their own businesses, women-owned businesses have skyrocketed.

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