Best Free Checking Accounts for Small Business

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

© CreditDonkey

Introducing Chase Business Complete Banking℠
Click Here to Get Coupon
• Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
• More ways to waive fees. Multiple options to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card
• Convenient access to payment processing. Accept card payments virtually anytime and anywhere, with QuickAccept.
• Same-day deposits with QuickAccept. Free up the cash you need to keep your business moving forward at no additional cost.
• Alerts to help you stay on top of your account activity.
• Easy account management through Chase Business online and the Chase Mobile® app.
• Unlimited electronic deposits, ACH and Chase Quick Deposit℠.
• Convenient access to 16,000 ATMs and more than 4,700 branches.

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.

Here is 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 checking account. 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.

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

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)

Azlo: Best for Freelancers & Entrepreneurs

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.

Popular Bank: Best for New and Growing Businesses

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

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

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: Best Credit Union Option

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

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

Basic Business Checking Account - $100 Bonus
Click Here to Get Deal
Expires 3/31/2021
Use promo code EARN100 on your application. Restrictions apply.

Business Checking With Options to Waive Monthly Fees

© CreditDonkey

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

Introducing Chase Business Complete Banking℠
Click Here to Get Coupon
• Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
• More ways to waive fees. Multiple options to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card
• Convenient access to payment processing. Accept card payments virtually anytime and anywhere, with QuickAccept.
• Same-day deposits with QuickAccept. Free up the cash you need to keep your business moving forward at no additional cost.
• Alerts to help you stay on top of your account activity.
• Easy account management through Chase Business online and the Chase Mobile® app.
• Unlimited electronic deposits, ACH and Chase Quick Deposit℠.
• Convenient access to 16,000 ATMs and more than 4,700 branches.

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

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

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

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:

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

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

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.

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

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.

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.

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.

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.