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Business checking accounts can be a great way to separate your personal and business finances. A good account should also be convenient for your type of business.
Learn more about our top choices for the best free business checking account. All our top picks are free. Monthly service charges low minimum opening deposits.
These are our picks for free business checking accounts
Editor’s rating
Editor’s rating
Editor’s rating
Editor’s rating
Editor’s rating
Axos Business Checking Account
Annual Percentage Yield
N/A
Minimum Deposit Amount
None
Axos Business Checking Account
Annual Percentage Yield
N/A
Minimum Deposit Amount
None
Deposit Details
Annual Percentage Yield
N/A
Minimum Deposit Amount
None
Pros & Cons
Highlights
Additional Reading
Why it is so special: AxosA comprehensive business checking account is available. Axos has an extensive ATM network. Axos will reimburse any fees charged by ATM providers if you use an outside-of-network ATM. If you meet certain criteria, you may be eligible for a $200 cash bonus.
Minimum opening deposit: None
Max. Maximum monthly transactions: Unlimited
You need to be aware of these things:A $50 international wire transfer fee is charged. Most banks have a similar fee for international wire transfers.
BlueVine Business Checking account
Annual Percentage Yield
1.50% APY
Minimum Deposit Amount
$0
BlueVine Business Checking account
Annual Percentage Yield
1.50% APY
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield
1.50% APY
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
Why it is so special:BlueVine does not require an initial deposit. You will earn 1.50% APY for balances above $100,000 if you meet certain criteria. This account is different from other accounts on our list that don’t pay any interest. You can also deposit cash with this account, which is one of few online business checking accounts.
Minimum opening deposit: $0
Max. Maximum monthly transactions: Unlimited
You need to be aware of these things:BlueVine does not have physical locations so it is possible that you won’t be able to access your account easily. Also, you won’t get any interest on balances above $100,000.
Citizens Bank Clearly Better Business Checking account
Annual Percentage Yield
None
Minimum Deposit Amount
$0
Citizens Bank Clearly Better Business Checking account
Annual Percentage Yield
None
Minimum Deposit Amount
$0
Visit Citizens Bank’s website
Deposit Details
Annual Percentage Yield
None
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
Why it is so special:To open an account, you don’t have to spend any money. Citizens Bank provides two (2) accounts. overdraft protectionThere are two options: You can either transfer money from savings, or you can tap into a credit line.
Minimum opening deposit: $0
Max. Maximum monthly transactions: 200
You need to be aware of these things: You’ll pay $3 each time you use a non-Citizens Bank ATM, plus any fee charged by the ATM provider. Citizens Bank has only 12 branches, so this might be an issue if you frequent other states.
Avoid domestic wire transfer charges NBKC Business Checking
NBKC Business Checking Bank
Annual Percentage Yield
None
Minimum Deposit Amount
$0
NBKC Business Checking Bank
Annual Percentage Yield
None
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield
None
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
Why it is so special:You have a lot of flexibility with this account. You don’t need to make a minimum deposit or pay monthly service fees or overdraft fees. NBKC can also be used to avoid domestic wire transfer charges. No fees incoming domestic wire transfersThere is a small fee for domestic wire transfers.
If an ATM provider charges a fee for using a non-MoneyPass ATM, NBKC will reimburse you up to $12 per calendar month.
Minimum opening deposit: $0
Max. Maximum monthly transactions: Unlimitted
You need to be aware of these things: This is primarily an online account, but there are branches in Kansas City, Missouri. If you are looking for in-person banking in Kansas City, you will need to search elsewhere.
Novo Business Checking account
Annual Percentage Yield
None
Minimum Deposit Amount
$0
Novo Business Checking account
Annual Percentage Yield
None
Minimum Deposit Amount
$0
Deposit Details
Annual Percentage Yield
None
Minimum Deposit Amount
$0
Pros & Cons
Highlights
Additional Reading
It is unique:. ATM networks are not available. If an ATM provider charges a fee,Novo will issue a full refund. Additionally, you will be eligible to receive perks from companies like Google Cloud, Booking.com, such as cash back, cash saving, and percentage discounts.
Minimum opening deposit: $0
Max. Maximum monthly transactions: Unlimited
You need to be aware of these things: You will not be able send domestic wire transfers from your Novo account. Although ACH transfers are free, they may take a few more days to process than wire transfer. Novo is also an internet-only platform. This means that you will not have full access to your account.
Accounts for business checking that did not make it to the list.
Before choosing our favorite, we looked at several business checking accounts. Many of these accounts were excellent choices, but you might prefer one that’s not on our list. It all depends on what you are looking for. There are many other options.
- First Horizon Bank BizEssentials Checking AccountFirst Horizon Bank offers a business checking account for free in 12 states. For a minimum deposit of $100, you will need to have at least $100. Additionally, there may be fees associated with domestic wire transfers.
- Bank OZK Small Business Checking accountBank OZK (previously Bank of the Ozarks), is a great option for brick-and-mortar experiences, but only eight states have it.
- First Citizens Bank offers a free checking accountFirst Citizens Bank charges no monthly service fees. However, it offers 100 monthly transactions free of charge.
- Huntington National Bank Business Checking 100Huntington Bank charges no monthly service fees. However, it offers only 100 free transactions. You can make at most 25 transactions with no fees using our top picks.
- OneUnited UNITY Small Business: This option is offered by the largest Black-owned bank of the US. However, you cannot open a business account at any branch in Southern California or Miami.
- Navy Federal Credit Union Business CheckingIf your family member or householdmate is in the military or if you are a Department of Defense contractor, civilian or other personnel, this is an excellent option. You can only make 30 non-digital transactions free of charge each month.
- Chase Business Complete BankingUnless you meet specific criteria, the $15 monthly service charge is payable.
- Wells Fargo Initiate business checkingUnless you have a $500 or $1,000 average ledger balance, there is a $10 monthly charge.
- Bank of America Business Fundamentals CheckingUnless you are eligible to waive your monthly fees, you will be charged $16 per month.
- US Bank Silver Business Checking Pack: You can only make 125 monthly transactions with this large national bank option.
Trustworthiness of banks and BBB ratings
The Better Business Bureau ranks companies based upon customer complaints, advertising responses, and transparency regarding business practices. Here’s a list of our top picks, based on the BBB scores:
Many of the companies included on this list have received high scores from the BBB. The BBB has given Novo a C+ rating because it received 8 complaints from customers on the BBB website, and was subject to government action.
These companies have been the subject of recent public controversy.
The Consumer Finance Protection Bureau Citizens Bank was suedThey claimed that the bank refused to pay customers for unauthorized credit cards use or billing errors, did not refund customers fully when they reported fraud and didn’t respond properly when customers contacted Citizens Bank about these matters.
Novo also has been involved in a recent public controversy. Novo used the URL “banknovo.com”, and the word”banking”, but Novo doesn’t have a license as a bank. Novo is a platform for banking and is insured by banks. It was issued a cease-and-desist order by the California Department of Financial Protection in 2022 stating that it would not use these terms anymore and adding a disclosure that Novo isn’t a bank.
These scandals may concern you. You might consider banking with one of our top picks.
Trust our recommendations.
Personal Finance Insider is dedicated to helping smart people make smart decisions about their money. We understand that “best” is often subjective, so in addition to highlighting the clear benefits of a financial product or account — a high APY, for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print between different products so that you don’t have to.
Methodology: What criteria did we use to choose the best business-checking accounts?
We began by looking at accounts that are free. That is, they don’t charge any monthly services fees.
We then looked at the minimum deposit required to open an account. We didn’t include a bank that required a large minimum deposit to open an account. Axos Bank is our top choice. You will need $1,000 to open an account.
We also considered how many transactions an account can allow you to make every month for free. All top choices offer at least 250 monthly transactions and some even allow unlimited transactions.
Questions frequently asked
You can manage your everyday expenses with a business checking account. The US Small Business Administration recommends opening a business bank account once you’re set to make business expenses or income.
The following questions should be asked when deciding between business checking accounts:
- What account type do I prefer?Both digital and brick-and mortar checking accounts have been listed. Online banks tend to have higher flexibility and lower fees. However brick-and mortar institutions can still be useful if you are looking for in-person services.
- What is the monthly average transaction volume for my business?You may need an account that permits unlimited amounts if you think the number will be in excess of 100.
- How much cash will I need to deposit each month?Some banks restrict the amount you can deposit in cash. Others have no way to deposit cash.
- What wire transfer do I need? A wire transfer is a tool for moving money electronically from your bank to a friend or family member’s bank. This is especially helpful if you don’t have bank access. Some banks allow wire transfers for free, while others do not. You should verify the fees of your bank before you send or receive wire transfers.
- Will perks help me out?Some accounts, such the NovoSome companies offer cash back or other perks. These are the companies that you regularly work with, so a partnering account can help you save money.
Yes, you can use a personal checking account for your business — but doing so comes with complications. Checks will show your personal name, not your business name. It may be difficult to distinguish between personal and business spending. You may also have to prove that business purchases were made.
These documents are required to open an account.
- If the business is sole proprietorship, it will need an employer identification number or social security number.
- Business license
- Formation documents
- Owners agreement
Expert advice for choosing a business checking bank
Insider
Four experts shared their knowledge on how to pick the right account for you and what makes it a good one.
Our experts looked at what would make a business account more useful. This included low fees, transaction limits, branch locations and branch locations. Here are their thoughts on how to find an account. Some text may have been lightly edited to improve clarity.
How does one choose the right business checking account?
Tania Brown, CFP:
Consider how you will use your bank account and what features it should have to allow you to manage your business efficiently. These are some examples of questions you might want to ask:
“How big is your average balance in your account? A business checking account offers free services for balances greater than $100k, but it may not appeal to you if you are young and poor.
What are your favorite types of transactions? Do you do a lot with wire transfers or write checks? Whatever transactions you do the most, you want to make sure you choose a bank that will charge the least (preferably nothing) for these services.
“Would you like to be able integrate your accounting software with the bank?” Check your accounting software to find out if it can be integrated with your bank.
Roger Ma, CFP:
“Someone might think about whether they would value having a branch near them. If they feel that way, they might prefer to go to a brick-and mortar bank over an online one. Also, one should consider the financial needs of their business. Do they wish to continue working with the same bank for opening a new business? Credit card for businessDo you want to open a line-of credit or obtain a loan for your business?
What should a person look for in a brick and mortar bank?
Mykail James, CFEI:
“How easily it is. Are there branches? How accessible is my money if I need to travel out of town?
Laura Grace Tarpley (CEPF):
“Before you deposit cash at any branch, make sure to check if the bank has a limit on how much your business can deposit per month before paying a fee.”
What should an individual look for in an internet bank?
Tania Brown, CFP:
“With an online banking, absolutely Online customer serviceBecause you don’t have the luxury of speaking to someone inside. How often can you get them? How many hours are they available?
Mykail James, CFEI:
“What kind of securities are they offering?” Are they able to provide two-factor authentication? If it’s an online bank, they should definitely have — at the bare minimum — two-factor authentication in how easy it is to change your passwords and things like that, because you want to be a little more hypersensitive about the cyber security for a strictly online bank.”
