Hidden fees can pile up. Don't let your checking account be part of the problem. Find out which small business friendly bank account is good for you. Show
Best Free Checking Accounts for Small Business
Best free business checking accounts:
Business Checking - Up to 1.5% APY
Banking services provided by Coastal Community Bank, Member FDIC Free Business Checking
Banking services provided by Middlesex Federal Savings F.A., Member FDIC Are There Free Business Checking Accounts?There are two main types of free business checking accounts:
The first type, with no monthly service fee, is usually offered by online banks. These are good if you don't want to worry about maintaining a minimum balance to waive the fee. Just keep in mind that it may be less convenient to deposit cash into an online bank account. Don't rule out the accounts that require a minimum balance either. If you can easily meet the requirement, and it has the convenience and features you need, it could be right for you. This list covers the best free business checking accounts for both types. Read on to learn more. What kind of bank do you want to use for your small business? Source: CreditDonkey poll, October 3, 2022 Business Checking - Up to 1.5% APY
Banking services provided by Coastal Community Bank, Member FDIC Best Free Business Checking Accounts
1. Bluevine Business CheckingBest for: Most small businesses Bluevine is one of the most popular online business checking accounts. It has no monthly fee and offers a competitive interest rate. Business Checking - Up to 1.5% APY
Although Bluevine is online, you can still deposit cash at over 90,000 GreenDot locations. However, GreenDot does charge a fee of up to $4.95.[1] You can also create up to 5 subaccounts. Your balances in the subaccounts are eligible for interest too (up to $100k on combined balances across all the accounts). In addition, Bluevine offers a small business line of credit and invoice factoring. It's a great choice if you're looking for business checking plus financing with one bank. 2. Kabbage Business CheckingBest for: Businessowners who want a holistic platform Kabbage offers one of the highest interest rates currently on the market. It was acquired by American Express in 2020, so you know it has the backing of one of the biggest financial firms. Business Checking - Up to 1.1% APY
One impressive feature of Kabbage is that you can add up to 5 "Reserves". These are sub-accounts where you can set aside money for goals like taxes or big business expenses. Your money in Reserves will be separate from your available balance. Kabbage also offers a small business line of credit. Payment processing is coming soon (join the waitlist here). It could be a great choice if you're looking for multiple services under one roof. 3. Chase Business Complete BankingBest for: Existing Chase customers Do you process credit cards for your business? Chase Business Complete Banking has built-in card processing included in the checking account. Plus, Chase often offers cash bonuses for opening a new business bank account, so make sure you check out the current promotions. Member FDIC Chase Business Complete Banking℠ - $300 BonusExpires 10/20/2022 Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities. The information for the Chase Business Complete Checking has been collected independently by CreditDonkey. The details on this page have not been reviewed or provided by the bank. This account isn't completely free, but it does offer several easy ways to waive the $15 monthly fee (find them here). The Complete Banking features include:
A nice perk is that you don't need to open a separate merchant account. You can do banking and processing all from one checking account. Chase Bank is also known for its great mobile app and good, 24/7 customer service with real reps. 4. Novo Business BankingBest for: Tech-savvy businesses, software integrations Novo is one of the best overall banks for all types of businesses. It accepts sole proprietors, LLCs, partnerships, and corporations. Free Business Checking
Novo stands out for being a tech-savvy banking account. You can integrate your checking with thousands of popular business apps, such as Shopify, Stripe, QuickBooks, Xero, Zapier, and Slack. It also has a rewards program offering thousands in savings from popular business services. For example, you can get $20,000 in fee-free card processing with Stripe. There are no foreign transaction fees, so Novo is also great if you travel internationally for business. What's the easiest business checking account to open? 5. Axos Basic Business CheckingBest for: Small businesses with less banking activity Axos Bank is another online-only bank. Its Basic Business Checking has no monthly fee or balance requirements. Axos gives you unlimited reimbursements of domestic ATM fees, so you can use any ATM you want. You can also deposit cash for free at cash-taking Allpoint and MoneyPass ATMs. 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. Member FDIC Basic Business Checking
Member FDIC Business Interest Checking - 1.01% APY
6. Grasshopper Business Checking AccountBest for: cashback rewards Founded in 2019, Grasshopper is a digital bank geared towards small businesses in the innovation economy. Even though it was created for startups, it's ideal for small businesses of all sizes since there's no monthly fee or minimums. But you'll reap the biggest benefits if you maintain at least $10,000 in your account. You'll get unlimited 1% cashback on debit card purchases. Plus, you earn 0.35% APY on balances $10,000 and more (0.05% APY on balances below $10k). Innovator Business Checking Account
The business checking account comes loaded with features. You get unlimited transfers, custom digital invoices, integrations with your accounting software, and cash flow management. All users get dedicated support from their small business experts. You'll get personalized guidance from real humans when you have business questions. It also offers APIs so you can design your own banking to fit exactly what you need. Besides business checking, Grasshopper offers a full range of small business lending programs. It offers SBA loans, commercial real estate loans, venture capital, and even yacht financing! 7. US Bank Silver Business CheckingBest for: Businessowners who want big-bank convenience U.S. Bank offers a Silver Business Checking Package with no maintenance fees or account minimum. It's one of the few free business checking accounts offered by big banks. U.S. Bank has more than 2,000 locations across the nation. It's a solid choice if you prefer the reassurance of a physical branch and building in-person relationships. And even if you don't live close to a US Bank location, you can use any of the 37,000+ MoneyPass ATMs with no surcharge. Member FDIC Silver Business Checking Package - $300 BonusEarn a $300 bonus when you open a new, eligible U.S. Bank business checking account online with promo code AF49ZCB and complete qualifying activities1, subject to certain terms and limitations. Offer valid through October 3, 2022. Member FDIC. Complete these steps to earn the offer:
Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for checking account. Expires in 4 hours
8. Mercury Banking for StartupsBest for: Startups, e-commerce, and other digital businesses Mercury is an online banking platform created specifically for tech startups, with APIs that let you custom build your own banking experience. When you open an account with Mercury, you get a completely fee-free checking business account, savings account, debit card, check payments, wire transfers, and financial tools. There are no monthly fees, minimums, wire fees, or overdraft fees. Banking for Startups
What's really unique about Mercury is their Raise program to connect startups to top investors. There's a fundraising round every quarter. If your startup is chosen, it will be shared with over 450 investors in their network. It's a great way to potentially accelerate your seed funding. You need to be a US-based company and have an EIN to apply. It is not open to sole proprietors. 9. Lili Mobile Banking for FreelancersBest for: Freelancers and gig workers If you're a freelancer with a simple business, it may not make sense to have a separate business checking account. You may find it less hassle to just manage both your personal and business finances in one place. That's exactly what Lili was created for. It's a mixed-use account specifically for freelancers and other self-employed individuals. Lili lets you easily sort your transactions as business or personal. This lets you keep track of your business expenses so you won't miss any tax write-offs. All accounts also come with a Tax Bucket. You can automatically send a portion of every payment to this account, so you're not burdened by a hefty tax payment each quarter. Another perk is that you can get direct deposits up to 2 days early. Whether you sell on Etsy or Shopify, drive Uber, or directly work with clients, you can get your earnings faster. If you upgrade to Lili Pro for $4.99/mo, you'll also get an emergency fund with interest, cashback rewards, invoicing, and fee-free overdraft up to $200. 10. Bank Of America Business Advantage BankingBest for: Businesses with fluctuating needs Bank of America has more than 5,000 physical branches nationwide. It offers a business checking account with two tiers: Fundamentals and Relationship. You can switch between them at any time based on your business's needs. The basic Fundamentals account has very low requirements to waive the monthly fee. You can keep it free just by making $250 in purchases each month on your debit card. A really cool feature is that you can connect your checking account with your other business apps, like QuickBooks, Google Analytics, Expensify, and more. This lets you get real-time insights of your business metrics all in one place. It automatically projects cash flow, so you can make smarter business decisions. The higher tier Relationship account gives you customized employee access, QuickBooks integration, and an included checking and savings account at no extra charge. If you keep a higher balance, you can enroll in the Preferred Rewards program for free. This gives you even more perks. These include banking services fee waivers, more rewards, and discounts on interest rates. Business Advantage Fundamentals Banking
How to Waive Monthly Fee:
Business Advantage Relationship Banking
11. Wells Fargo Initiate Business CheckingBest for: Growing businesses Wells Fargo is the third-largest bank in the US with over 5,000 branches. You may consider Wells Fargo if you want the convenience of a large bank with added services. The Initiate Business Checking account is designed for growing small businesses. It's easy to waive the monthly service fee. Initiate Business Checking
12. Digital Federal Credit UnionBest for: Free business checking with credit union Digital Federal Credit Union offers a Free Business Checking account with no monthly maintenance fees or minimum balance requirements. It's the best credit union option because anyone can join nationwide. You just need to be a member of one of their participating organizations for as little as $10. All accounts can get up to 4 business debit cards per account (upon approval) and unlimited free check-writing. DCU also has a very wide surcharge-free ATM network of 80,000+ DCU, Allpoint, SUM or CO-OP ATMs. That makes it convenient wherever you live. If you're switching from another account, there's a handy free ClickSWITCH feature. DCU helps you contact all your current billers, so you can quickly switch over payments without going through the hassle yourself. Best Free Business Checking by RegionAre you looking for a local bank with physical branches? Small local businesses may benefit more from a regional or community bank. You'll have the chance to build a personal relationship with your banker. Here are some solid business checking options in different regions. PNC Bank Business Checking (East & Midwest)PNC Bank has a large presence in the East and Midwest, with 2,600 branches in 19 states. The Basic Business Checking account is for small business owners with lower activity. It has low requirements to waive the monthly service fee. The opening deposit is just $100. You get 150 free transactions and $5,000 in cash deposits per month. It also comes with built-in tools to help you track cash flow, manage payments, and sync accounting software. As a bonus, PNC Bank often offers cash bonuses for opening a new account. Business Checking Account - $200 BonusOpen a new PNC Business Checking or PNC Business Checking Plus account. Maintain an average cycle balance of $5,000 in your new checking account for each of the first three statement cycles. Make at least 20 qualifying PNC Bank Visa Debit card transactions within the first three statement cycles. This offer is only available to businesses with an annual revenue of less than $5 million. All existing business checking customers, including those who have closed an account in the past 90 days or has been paid a promotional premium in the past 12 months are not eligible for this offer. $200 bonus will be credited to your new business checking account within 90 days after all conditions have been met. Expires 12/31/2022 How to Waive Monthly Fee:
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. Huntington Business Checking 100 (Midwest)Huntington Bank has nearly 1,000 branches in the Midwest. It has a free Business Checking 100 account with no minimums or monthly fees. This account is ideal for new businesses with limited activity. Each month, you get 100 free transactions and can deposit up to $5,000 in cash in-branch or at an ATM at no charge. Member FDIC Business Checking 100 - $100 BonusTo be eligible for the $100 cash bonus, business customer must open a new Huntington Business Checking 100, Unlimited Business, Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by November 7, 2022 then make a minimum cumulative new money deposit into the new checking account of at least $2,000 within 60 days of account opening. "New money" is defined as money that is not currently on deposit in any Huntington account (except maturing business CDs). Account must maintain an open status for at least 90 days before it is eligible for the bonus payment. All new accounts subject to account opening approval and account conversions are not eligible. An Early Account Closing Fee will apply to accounts closed within 180 days of opening. Expires 10/17/2022 First Horizon BizEssentials Checking (South)First Horizon Bank offers a BizEssentials Checking account with no minimums or monthly service fee. This bank is more prominent in the south. But if you're not near a branch, you also get fee-free access to 43,000+ Allpoint ATMs across the nation. BizEssentials Checking
First Citizens Bank (South)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 600 locations primarily in the southern states and some scattered across the West coast. You need to be an existing First Citizens Business Customer to open an account. The minimum deposit is $100. Member FDIC Basic Business Checking
Sign up for e-statements to avoid an additional charge for paper statements. Why You Need A Business Checking AccountAs 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:
The type of small business checking account you choose will affect:
Keep these in mind as you consider our list of options. How to Open a Business AccountTo open a business banking account, you will need to provide the following information:
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. When should I open up a business bank account? What to look for in a business checking accountSmall business checking accounts come with fine print. To find the right account for your business banking needs, here are some important factors to consider:
Ask about
when funds are available across major payment platforms. The difference between a day or two days can be crucial for small businesses. How do I know if the bank is FDIC insured?
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. If you're a sole proprietor and use your SSN for business purposes, 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 an LLC, corporation, or partnership, then you'll get a separate tax identification number (EIN). This number isn't tied to your SSN, so your personal credit may not be checked. If you have business credit, that may be used to see if you qualify. However, your credit may not be the only thing checked. Banks also usually run your banking history through ChexSystems. 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 (request a free one here) doesn't qualify you for a business banking account, you could consider a bank that offers second chance checking. These are designed to help those who have trouble being approved for a normal bank account. How to Print Business ChecksMost 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:
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. Which
banks give you free business checks?
What the Experts SayLooking for the right business checking account isn't easy. Take time to figure out what your business needs. CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said: BOTTOM LINEFree 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. Free Business Checking by StateLili Pro Business Checking
Banking services provided by Choice Financial Group, Member FDIC Member FDIC Basic Business Checking
Member FDIC Business Interest Checking - 1.01% APY
Member FDIC Silver Business Checking Package - $300 BonusEarn a $300 bonus when you open a new, eligible U.S. Bank business checking account online with promo code AF49ZCB and complete qualifying activities1, subject to certain terms and limitations. Offer valid through October 3, 2022. Member FDIC. Complete these steps to earn the offer:
Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for checking account. Expires in 4 hours Free Business Checking in AlabamaFree Business Checking in ArizonaFree Business Checking in ArkansasFree Business Checking in CaliforniaFree Business Checking in ColoradoFree Business Checking in ConnecticutFree Business Checking in DelawareFree Business Checking in FloridaFree Business Checking in GeorgiaFree Business Checking in HawaiiFree Business Checking in IdahoFree Business Checking in IllinoisFree Business Checking in IndianaFree Business Checking in IowaFree Business Checking in KansasFree Business Checking in KentuckyFree Business Checking in LouisianaFree Business Checking in MaineFree Business Checking in MarylandFree Business Checking in MassachusettsFree Business Checking in MichiganFree Business Checking in MinnesotaFree Business Checking in MississippiFree Business Checking in MissouriFree Business Checking in MontanaFree Business Checking in NebraskaFree Business Checking in NevadaFree Business Checking in New HampshireFree Business Checking in New JerseyFree Business Checking in New MexicoFree Business Checking in New YorkFree Business Checking in North CarolinaFree Business Checking in North DakotaFree Business Checking in OhioFree Business Checking in OklahomaFree Business Checking in OregonFree Business Checking in PennsylvaniaFree Business Checking in Rhode IslandFree Business Checking in South CarolinaFree Business Checking in South DakotaFree Business Checking in TennesseeFree Business Checking in TexasFree Business Checking in UtahFree Business Checking in VermontFree Business Checking in VirginiaFree Business Checking in WashingtonFree Business Checking in West VirginiaFree Business Checking in WisconsinFree Business Checking in WyomingReferences
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. Can I open a checking account online with no deposit?Yes, you can definitely open a bank account online with no monthly fees or minimum deposit required. One of the online banks that will let you easily do this is Varo, which is just one of the many options available on the market.
What bank can I open with no deposit?Banks that Don't Require an Opening Deposit. Ally Bank. Ally Bank is a high-interest option with unique online integrations such as mobile check deposits, money transfers by voice, and automated savings programs. ... . Axos Bank. ... . Capital One. ... . Discover. ... . Monorail. ... . State Farm. ... . What banks can I open online free?Here's a look at a few banks that offer free checking accounts.. Ally: Interest Checking Account. ... . Capital One: 360 Checking Account. ... . Discover Bank: Cashback Debit account. ... . Heritage Bank: eCentive Account. ... . NBKC: Everything Account.. What's the easiest bank to open an account with?The 8 Easiest Banks To Join. Chime. Chime1 is probably the easiest to join. ... . TD Bank. To sign up with TD, users can go online and enter their basic information, including a driver's license number or state ID. ... . United Bank. United Bank has the same requirements as TD. ... . Synchrony. ... . Chase Bank. ... . Axos Bank. ... . Ally. ... . Wells Fargo.. |
Free online business checking account no opening deposit
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