Best Free Business Checking Accounts of 2022

Choosing the best free business checking account for your business doesn’t have to be painful, though it definitely can be if you’re not sure where to start. While there are many types of checking accounts to choose from, understanding what each offers can help you decide what’s best for your business.

And, I might be repeating myself here, but you’ll be doing your business and personal finances a huge favor by keeping your bank accounts separate.

In this article, we will be looking at the best free business checking accounts available today. While some accounts are completely free, others will require you to meet some criteria before waiving their fees.

11 Best Free Business Checking Accounts

Here are the top 11 best free business checking accounts you can open today:

  1. 🏆 Bluevine: Business Checking
  2. Chase: Business Complete Banking℠
  3. Novo: Business Banking
  4. American Express: Business Checking
  5. Lili: Business Checking
  6. Navy Federal: Business Checking
  7. Bank of America: Business Advantage Fundamentals Checking
  8. Citizens Bank: Clearly Better Business Checking
  9. nbkc: Business Checking
  10. U.S. Bank: Silver Business Checking Package
  11. Wells Fargo: Initiate Business Checking

1. Bluevine: Business Checking

Bluevine’s business checking account is built from the ground up for small businesses, offering many helpful features and tools designed to help businesses grow. There are no monthly fees or minimum deposit or balance fees, making this account ideal for growing businesses.

Furthermore, there are no fees for insufficient funds (NSF) withdrawals and no fees for incoming wire transfers. Transactions are also unlimited, helping you manage your money your way.

The account also earns you an APY of up to 1.50% APY on balances of up to $100,000. This APY offers an interest rate that’s quite high, even for a savings account, making it something of a highlight for this account. Unlike many other online bank accounts, Bluevine also lets you deposit cash through their partnership with Green Dot.

The account also offers many features that we have come to expect from business checking accounts, including online and mobile banking, a debit card, checkbooks, ACH transfers, and wire transfers. Accounts are insured up to $250,000 through Bluevine’s partnership with Coastal Community Bank.

Opening Deposit Requirement $0
Monthly Fee $0
Balance Required To Avoid Fee N/A
Earns Interest up to 1.50% APY
ATM Access 38,000 ATMs
What Sets Bluevine Apart
  • Competitive interest rate on balances up to $100,000
  • Unlimited free transactions
  • Approval in 5 minutes for business lines of credit
Promotions 1.50% APYoffer details

2. Chase: Business Complete Banking℠

While Chase’s Business Complete Banking checking account has a $15.00 monthly fee, getting this account for free is quite achievable.

All you need to do is meet one of the following requirements every single statement period:

  • Maintain a daily account balance of $2,000 or more
  • Make $2,000 worth of purchases using a Chase Ink business card
  • Make $2,000 worth of transactions using eligible Chase Merchant Services, including QuickAccept deposits
  • Link a Chase Private Client checking account

The account includes many of the features and functionality found in other business checking accounts, including mobile and online banking, wire transfers, and Bill Pay. If you accept payments on the go, then the QuickAccept feature is something that might interest you. You can use QuickAccept to accept payments through the mobile app, with the optional mobile card reader giving you the option to accept card tap payments.

Opening Deposit Requirement $0
Monthly Fee $15 (avoidable)
Balance Required To Avoid Fee $2,000
Earns Interest No
ATM Access 16,000 ATMs
What Sets Chase Apart
  • More than 4,700 branches
  • Access to business specialists at your local branch
  • Small business lender, offering loans and credit cards
Promotions $300 bonusoffer details

Chase Business Complete Banking℠ Logo

Chase Business Complete Banking℠

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or read our full Chase Bank review

3. Novo

Novo’s business checking account is built for freelancers, entrepreneurs, and small business owners looking for the convenience of an online checking account.

With no monthly fees and no minimum balance requirements to keep, the account is a completely free small business online account.

The account integrates with several third-party applications, including Shopify, Quickbooks, Slack, and Stripe. Transfers, mailed checks, and incoming wires are completely free, with all ATM fees refunded.

Novo promises that there are no hidden fees with the fee schedule available online through their website. Opening the account requires a minimum deposit of $50 while NSFs (insufficient funds) are charged at $27 each.

Opening Deposit Requirement $50
Monthly Fee $0
Balance Required To Avoid Fee N/A
Earns Interest No
ATM Access Refunds all ATM fees
What Sets Novo Apart
  • Apply in minutes
  • Create, send and receive payment for invoices
  • Integrations with tools like Shopify, Quickbooks and Slack
Promotions None

4. American Express: Business Checking

Business Checking is a relatively new offering from American Express, launched in Fall 2021. This builds on their acquisition of Kabbage, a FinTech offering cash flow solutions to small businesses.

While AMEX is relatively new to the business checking space, they’re not new to businesses: their business credit cards are some of the most popular. In fact, that’s one of the appeals of opting for an AMEX account: you can now seamlessly manage both from one place. You can even redeem Membership Rewards points as cash into your checking account.

But even if you’re not a current credit card holder, AMEX’s Business Checking account stands on its own.

A free checking account with one of the most competitive APYs you can find, and on balances up to $500,000 – all from a reputable national bank.

That said, it’s not without its downsides.

First, American Express Business Checking does not accept cash deposits, which could be a dealbreaker if your company frequently handles cash.

Additionally, the app is iOS only for now – sorry Android users!

If neither of those dissuade you, however, then we definitely recommend looking into the account.

Opening Deposit Requirement $0
Monthly Fee $0
Balance Required To Avoid Fee N/A
Earns Interest 1.10% APY
ATM Access 37,000 ATMs
What Sets American Express Apart
  • Earns competitive interest on balances up to $500,000
  • 24/7 customer service
  • Seamlessly manage your business checking and AMEX business credit cards
Promotions $300 bonusoffer details

American Express® Business Checking Logo

American Express® Business Checking

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or read our full American Express review

5. Lili: Business Checking

The Lili Account is designed with all types of freelancers in mind, from writers to chefs, to graphic designers to housekeepers.

The account aims to make clearer sense of your financial picture and help you avoid instability through insights and automation.

The Lili Account comes with a Visa business debit card, which you can use for everyday purchases, and links to your digital wallet for Apple Pay or Google Pay.

There are no monthly fees and no minimum balance requirements.

For the most part, the Lili account is a pretty standard online checking account, with mobile-driven banking, digital deposits, and modern features like automatic transfers and push notifications.

What sets it apart is its auto-tax savings, where you set a percentage of your incoming deposits or a specific amount to enter each bucket, automatically.

Lili also has a feature where a quick swipe will let you categorize a transaction as either personal or business. We still recommend that you have a dedicated account for your business – even if you’re just starting out – but this feature is helpful if you slip up or otherwise need to make a one-off purchase from your business account.

Like Novo, Lili has limits on your check deposits and outgoing ACH transfers. These can be dealbreakers for well-established freelancers, so verify that the limits will work for you!

Opening Deposit Requirement $0
Monthly Fee $0
Balance Required To Avoid Fee N/A
Earns Interest No
ATM Access 32,000 ATMs
What Sets Lili Apart
  • Designed primarily for freelancers and gig workers
  • Automatic savings tools to let you set and forget
  • Real-time transaction alerts
Promotions None

Navy Federal is a credit union offering several different Navy Federal business checking accounts. The most basic account is called Business Checking and is best suited for small businesses with limited activity when it comes to cash flow.

The account has no monthly service fee and can have up to two signers. It’s also interest-earning, albeit a negligible amount right now.

You get 30 free non-electronic transactions included, while anything more than that sets you back $0.25.

This being a credit union, you can expect to earn dividends, which all account holders are eligible for. Once approved, you also get a business debit card, free starter checks, as well as online and mobile banking.

Opening Deposit Requirement $255
Monthly Fee $0
Balance Required To Avoid Fee N/A
Earns Interest up to 0.01% APY
ATM Access 30,000 ATMs
What Sets Navy Federal Apart
  • A top pick for military and DoD families
  • Unlimited electronic transactions. However, non-electronic transactions are limited to 30 each month.
Promotions None

Navy Federal Credit Union Business Checking Logo

Navy Federal Credit Union Business Checking

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or read our full Navy Federal Credit Union review

7. Bank of America: Business Advantage Fundamentals Checking

Bank of America offers several different business checking accounts, starting with the Bank of America Business Advantage Fundamentals Checking.

It’s worth pointing out that this account has a monthly fee of $16.00, but this can very easily be avoided. In fact, you can avoid paying the fee in 3 different ways. This makes it easier to get a free Bank of America business checking account.

Meet any of the following requirements to bag the account for free:

  1. New net purchases of at least $250 on a business credit card or debit card
  2. Keep a monthly average balance of $5,000
  3. Enroll in the Preferred Rewards for Business program

The account includes several tools to help you better manage your finances. Cash Flow Monitor is one such app offering cash flow projections, key transaction monitoring, and many other features designed to simplify how you manage your business. You can also connect apps such as QuickBooks and ADP payroll to better track performances from a single dashboard.

Opening Deposit Requirement $100
Monthly Fee $16 (avoidable)
Balance Required To Avoid Fee $5,000
Earns Interest No
ATM Access 17,000 ATMs
What Sets Bank of America Apart
  • Ability to open a business checking account online
  • Cash Flow Monitor and other apps to help simplify your business finances
  • Option to add on additional services such as payroll and credit card processing
Promotions $500 bonusoffer details

Business Advantage Fundamentals™ Logo

Business Advantage Fundamentals™

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or read our full Bank of America review

8. Citizens Bank: Clearly Better Business Checking

Citizens Bank offers many different business checking accounts. The Citizens Bank Clearly Better business checking account is an entry-level account. This checking account designed for small businesses has no monthly maintenance fee and no minimum balance to maintain.

The account also includes some 200 free check transactions, with each transaction over and above costing $0.50. You get both online and mobile banking functionality, allowing you to deposit checks, transfer funds, and pay bills easily and securely from virtually anywhere.

The bank has branches at many locations, but it’s not available nationwide. You can refer to their website to see if Citizens Bank is available in your area and locate your nearest branch.

Opening Deposit Requirement $0
Monthly Fee $0
Balance Required To Avoid Fee N/A
Earns Interest No
ATM Access 3,100 ATMs
What Sets Citizens Bank Apart
  • Unlimited electronic transactions
  • Up to 200 check transactions each month at no charge
  • In-person support at more than 1,100 locations
Promotions None

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Clearly Better Business Checking®

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or read our full Citizens Bank review

9. nbkc: Business Checking Account

nbkc Bank’s business checking account is completely free with no minimum balance, no overdraft or insufficient funds (NSF) fees, and no fees for incoming domestic wire transfers.

The bank does charge for outgoing wires with domestic and international transfers costing $5 and $45 in transaction fees.

The bank’s app, available for both Android and iOS devices, lets you carry out most banking tasks, including depositing checks, paying your vendors, transferring money, and originating wires.

You also get an nbkc debit card with free withdrawals from over 34,000 ATMs in the US and Puerto Rico. The bank offers up to $12 in refunds when using out of network ATMs.

The bank is insured by the FDIC, so your money is safe. Communication is encrypted using 256-bit encryption with multi-factor authentication in place to access your account.

Opening Deposit Requirement $0
Monthly Fee $0
Balance Required To Avoid Fee N/A
Earns Interest No
ATM Access 34,000 ATMs
What Sets nbkc Apart
  • Unlimited transactions
  • No incoming domestic wire fees, overdraft, or stop payment fees
  • Free integration with their Business Money Market Savings account
Promotions None

10. U.S. Bank: Silver Business Checking Package

U.S. Bank offers three different business checking packages, including Silver, Gold, and Platinum. There are also specialized business packages available for specific types of businesses, such as nonprofit businesses.

U.S. Bank’s Silver Business Checking has no monthly maintenance fee and includes 125 free transactions and 25 free cash deposits each statement cycle.

You also get a 50% discount on your first check order (up to a $50 maximum value) as well as on the Gold Personal Package.

The account includes online and mobile banking, the ability to process card payments and deposit checks, as well as overdraft protection. You can easily open a bank account online or by visiting a branch close to you.

Opening Deposit Requirement $0
Monthly Fee $0
Balance Required To Avoid Fee N/A
Earns Interest No
ATM Access 4,700 ATMs
What Sets U.S. Bank Apart
  • Integrated digital invoicing and payment systems
  • Option to connect to a business money market account
  • 2,300+ branches based primarily in the West and Midwest
Promotions $300 bonusoffer details

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U.S. Bank Silver Business Checking

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or read our full U.S. Bank review

11. Wells Fargo: Initiate Business Checking

The Wells Fargo Initiate Business Checking Account offers access to common business banking requirements for a $10 service fee payable every month.

You can access the account for free by either keeping a daily balance of at least $500 or maintaining an average ledger balance of $1,000.

The first $5,000 in cash deposits are free, as are the first 100 total transactions. Fees apply once these limits have been reached.

Online and mobile banking are included with the account allowing you to pay bills and deposit checks, among other things. The bank’s ATM network includes some 13,000 locations.

The account also includes Zero Liability protection, fraud monitoring, and account alerts to keep you safe and secure.

Opening Deposit Requirement $25
Monthly Fee $10 (avoidable)
Balance Required To Avoid Fee $500
Earns Interest No
ATM Access 12,000 ATMs
What Sets Wells Fargo Apart
  • 4,900+ branches located throughout the U.S.
  • Business accounts can be opened entirely online
  • Multiple account tiers makes it easy for businesses to grow with the bank
Promotions None

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Wells Fargo Initiate Business Checking Account

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or read our full Wells Fargo review

What Is A Free Checking Account?

Generally speaking, free checking accounts are deposit accounts with no mandatory fees. This means that as long as you stay within the account’s limits, you can get by without paying any fees. This is important to understand as it can negatively impact your finances.

Free accounts are not accounts with no fees whatsoever. In most cases, accounts that do not have a monthly maintenance fee and are considered free might still have fees for other things such as NSF (insufficient funds) and making more transactions than are included in the account for free.

Either way, the bank’s schedule of fees will make it clear what fees are applicable and how much they cost.

Familiarizing yourself with these fees and learning to minimize checking account fees can help you make sure you pay as few fees as possible or none at all.

What You Need To Apply For a Business Checking Account

Banks will ask for some documents when it comes to opening a business checking account.

The information they ask for will depend on several things, including the type of account and the type of business you have.

Below is a list of some of the documents you might be requested to present during the sign-up process:

  • Personal ID
  • Personal details
  • SSN (Social Security Number)
  • EIN (Employer Identification Number)
  • Articles of Incorporation
  • Business licenses
  • Corporate Charter
  • Corporate Resolution
  • DBA – Doing Business As
  • Partnership Agreement
  • 501(c) – Nonprofit organization

Making sure that you have the required documentation handy can help you open the account faster.

Once you’ve decided which bank you want to open your account with, head over to their website to see what documents they ask for during the sign-up process.

This will help you ensure a smoother process and help you open the account that much faster.

Frequently Asked Questions

What banks have free business checking accounts?

Many banks are offering free business checking accounts for a variety of businesses. Some banks offer completely free checking accounts, while others require certain conditions to be met for the account to be free.

These conditions change from one bank to the next and from one account to the next but will typically require you to keep an average balance and/or make a number of transactions per month or billing cycle.

What is the best bank for small business checking?

There is no one best bank for small business checking accounts that’s the best for everyone. This is because different banks offer different things and different small businesses tend to have different requirements.

We have reviewed the best business checking accounts on offer today, including what they’re offering to help you choose the best bank for you.

Are business accounts free?

Not all business accounts are free. Some business accounts, including business checking accounts and business savings accounts, are completely free. Others are free but need some requirements to be met.

Requirements change from one bank to the next. In most cases, the same bank will have different accounts with different requirements. The lower the requirements, the fewer perks you get, but it is easier to get free.

Finding the right free business checking account for you

Choosing the right bank account for your business is very important, especially if your business is a small business or still in its early stages.

This is because small businesses require more careful planning since they do not have the financial cushion that bigger businesses do.

Before you open a business checking account, make sure you look at your financial history, paying special attention to the number of monthly transactions, business debit card or credit card usage, and the average account balance you tend to have on a daily and monthly basis. This can help you choose the best account for you.

It might also be worth your while to try and understand what financial products and services you might need in the future.

If you think you’ll need business loans, for example, try to choose the financial institution that can continue supporting you into the future.

If you already have an existing relationship with a bank, even if you hold a personal checking account, it might be worth your time asking that bank if they have any special offers for businesses as this can help you secure a great deal.