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A good checking account can go a long way towards making your business finances more manageable. But that doesn't mean you need to pay a premium for it. Great banks will have a variety of account options, including fee-free checking accounts for your small business.
Our guide lists some of our top picks for the best free business checking account. We'll also talk about what to look for in your own hunt.
Robin Hartill, CFP®, is The Ascent’s Head of Product Ratings and has worked for The Motley Fool since 2020. Her work has appeared in various national publications, including Yahoo! Finance, NerdWallet, Investopedia, CNN Underscored, MSNBC, USA Today, and CNET Money. She previously wrote The Penny Hoarder’s syndicated “Dear Penny” personal finance advice column.
Offer | APY | Minimum to Earn APY | Next Steps |
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Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Open Account for U.S. Bank Silver Business Checking
On U.S. Bank's Secure Website. |
Special Offer
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 16, 2024. Member FDIC.
APY:
0%
|
Minimum To Earn APY:
N/A
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Open Account for U.S. Bank Silver Business Checking
On U.S. Bank's Secure Website.
Special Offer
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 16, 2024. Member FDIC.
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Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Open Account for Bluevine Business Checking
On Bluevine's Secure Website. |
APY:
up to 4.25%
Rate info
Bluevine Premier customers will earn 4.25% APY; Premier subscriptions cost $95 per month. Bluevine Standard customers will earn 2.0% interest on total balances up to and including $250,000 only if they spend $500 or more on their debit card or receive $2,500 or more in customer payments each month. No interest earned on balances over $250,000.
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Minimum To Earn APY:
$0
|
Open Account for Bluevine Business Checking
On Bluevine's Secure Website. |
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Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
APY:
1.30%
Rate info
APY = annual percentage yield
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Minimum To Earn APY:
$0
|
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Bank of America Business Advantage Fundamentals
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
APY:
0%
|
Minimum To Earn APY:
N/A
|
|
![]()
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
APY:
0%
|
Minimum To Earn APY:
N/A
|
|
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Mercury Business Checking Account
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
APY:
0%
|
Minimum To Earn APY:
N/A
|
|
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Novo Business Checking Account
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
APY:
0%
|
Minimum To Earn APY:
N/A
|
|
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Relay Standard
Member FDIC.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Rating image, 4.00 out of 5 stars.
4.00/5
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
|
APY:
0%
|
Minimum To Earn APY:
N/A
|
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When recommending free checking accounts that can support small business owners, we prioritize these core features:
We believe the below accounts offer the reliable and efficient support every small business needs.
U.S. Bank Silver Business Checking
On U.S. Bank's Secure Website.
On U.S. Bank's Secure Website.
A solid no-fee business checking account with modest cash and transaction limits for small-volume businesses.
Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 16, 2024. Member FDIC.
Bluevine Business Checking
On Bluevine's Secure Website.
On Bluevine's Secure Website.
An online-only free business checking account with the potential for a very competitive interest rate for those who can meet the requirements. However, if you don't meet the requirements, you don't earn any interest at all that month.
American Express® Business Checking
Amex is, well, Amex. They have some of the best customer service around. AMEX has an online-only business checking account with a very competitive APY and the ability to earn Membership Rewards points on debit card purchases.
Bank of America Business Advantage Fundamentals
Bank of America is a good choice for cash businesses thanks to a very competitive monthly cash limit and an account fee that can be waived with qualifying activity.
Chase Business Complete Checking
A solid option for business owners who can maintain the requirements for the fee waiver and who want easy access to in-person banking. While the Business Complete account isn't free by nature, meeting the minimum balance to waive the fee is likely doable for many small businesses.
Mercury Business Checking Account
A fintech company, almost everything at Mercury is free (except for a 1% fee on currency exchange). There is no account fees or balance minimums, and domestic and USD international wire transfers are free. The digital banking experience looks well designed; the interface is clean and there are a lot of nice tools and automations you can set up. Mercury would work best for digital / tech businesses that don't need to worry about cash deposits.
Novo Business Checking Account
A no-fee business checking account with more than a dozen apps and integrations good for freelancers who don't need brick-and-mortar access.
Relay Standard
This is a no-fee checking account great for teams that lets you have up to 50 debit cards with automated spending limits. Similar to others on the list, Relay is a fintech provider; the banking is backed by Evolve Bank & Trust®.
Here are a few things to keep an eye out for when browsing free checking accounts for your business:
The best small business banks are those that cater to a variety of business types. These can include traditional, brick-and-mortar banks that also offer consumer banking. However, some of the best business checking accounts actually come from online-only banks that specialize in small business banking. Finding the right one for you starts with deciding what you need -- and want -- from your small business checking account.
A big part of running a business is making sure your money is going to the right place. And the right place is rarely paying fees. Check that your chosen checking account isn't charging you monthly maintenance fees or other transaction fees you don't need to pay.
If you find a bank that you like but the account fee is too high, see if there's a way to have it waived. Many large, brick-and-mortar banks have $15 to $20 account fees on their business checking accounts. However, you can often get these fees waived by meeting minimum balance or transaction requirements.
Learn more: Checking Account Fees and How to Avoid Them
A lot of business checking accounts have set limits on how many transactions and/or cash deposits you can make each month. This is particularly common in basic accounts without monthly maintenance fees. Make sure the account you choose has practical limits that won't impede your ability to effectively run your business.
Whether you choose a brick-and-mortar bank or one that's online-only, your day-to-day tasks will probably be done digitally either way. Look for an online banking interface that's easy to navigate and a mobile banking app that has all of the features you'll need everyday, like checking your balances and making bill payments.
Business finances can be complicated. Great business bank accounts offer you tools and services that make it easier. For example, many of the best banks offer app integrations that make it easy to connect your third-party software programs and accounting platforms. You may also want to look for tools that let you send invoices or perform valuable data analysis.
No matter what type of checking account you choose, it's important to know the bank has your back if something goes wrong. This can be especially important with online-only banks. Make sure your online bank has phone support with real-life humans, not just emails or web chats with bots. For brick-and-mortar banks, consider the operating hours and how convenient it is for you to visit your local branch.
Functionally, business checking accounts and personal ones operate very similarly. You can pay bills, make deposits, withdraw funds, and buy things with your debit card just as you would with your personal account.
The main difference between your business checking account and your personal checking account is where the money comes from -- and where it goes. Your business bank account is specifically for your business finances. It's where you can receive payments from clients and customers, as well as pay vendors or employees.
Keeping your business finances separate is vital for efficient bookkeeping. It's also extremely helpful when it comes time to file your business taxes.
That being said, small business bank accounts will have certain features aimed at business owners that personal accounts don't offer. This might include the option to import or export to third-party accounting software, tools for managing vendor payments, and options for tracking employee spending.
Related: How to Open a Bank Account for a Business
With so many options, even narrowing down the contenders can feel overwhelming. Here are a few questions to ask yourself to figure out what you want out of your new business checking account.
Part of picking a bank account is picking a bank. But when it comes to choosing a bank, there are a lot of options. Do you want a bank or a credit union? Are you comfortable doing everything online, or do you want the option to visit a branch? Each type of bank has its own pros and cons, so think about what will give you the best experience.
As with many things in life, with small business bank accounts, you often get what you pay for. But, do you need what you get? If the only thing you need is a basic business checking account with a good mobile app, then there are plenty of quality no-fee options. But if you have a lot of transactions each month or want/need extra service, a monthly account fee may be worth the cost.
Knowing how much money you tend to keep on hand can help you figure out your account options. Some checking accounts will require you to meet a certain minimum deposit amount just to open an account. And you may need to maintain a certain minimum daily balance to waive the monthly service fee.
Some business checking accounts, especially at the basic level, have limits on how many transactions you can make each statement cycle. This often applies to electronic transactions as well as checks. If you have a lot of clients or customers, it's important to be aware of any transaction limits that could stick you with extra fees.
Similar to the transaction limits, many banks have limits on how much cash you can deposit each month. If you have an online business, those limits won't matter. But if you take cash payments from customers, a low cap on deposits could mean you wind up with an unsafe amount of cash sitting around. Or, worse, you wind up paying extra fees to get your cash deposited.
Similar to the way a savings account can earn interest, some checking accounts may also let you earn interest on your balance. This is less common among business checking accounts than personal accounts. And many free business checking accounts have 0% APYs.
That being said, a few online-only banks do offer fee-free small business checking accounts that earn interest. These tend to have caps on how much interest you can earn, such as only offering interest on balances up to $100,000. Others may require you to meet specific activity conditions, like using your debit card a certain number of times each month.
At The Motley Fool Ascent, we rate checking accounts on a five-star scale (1 = poor, 5 = best). We evaluate all checking accounts across four main criteria: brand and reputation, APY and rewards, fees and minimum requirements, and perks.
Our scores are weighted as:
Our aim is to maintain a balanced list featuring top-scoring products from reputable brands offering standout features. Learn more about how The Motley Fool Ascent rates bank accounts.
Here are the 100+ financial institutions we've evaluated in our research:
Alliant, Ally, All America Bank, American First Credit Union, American Express® National Bank, Arvest Bank, Aspiration, Axos Bank, B2 Bank, Bank of America, Bank5 Connect, Bank7, Barclays, Bask Bank, Betterment, Bluevine, BMO Bank, Bread Financial, Capital One, Carver Federal Savings Bank, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens, Citizens Savings Bank, Columbia Bank, Connexus Credit Union, Consumers Credit Union, Copper, Cross River Bank, Customers Bank, Discover® Bank, E*TRADEEdward Jones, EverBank, Fidelity, Fifth Third Bank, First Foundation Bank, First Internet Bank of Indiana, First National Bank, First Tech Federal Credit Union, Flushing Bank, Freedom Bank, Generations Bank, GN Bank, Golden 1 Credit Union, Greenlight, Harborstone Credit Union, HSBC, Huntington Bank, Ivella, Kabbage by American Express, KeyBank, Laurel Road, LendingClub, Liberty Bank, Liberty Federal Credit Union, Marcus by Goldman Sachs, Mercury, Municipal Credit Union, Mutual of Omaha, NASA Federal Credit Union, Nationwide Bank, Navy Federal Credit Union, NBKC Bank, New York Community Bank, Northpointe Bank, Novo, OceanFirst Bank, Old National Bank, ONE Finance, OneUnited Bank, Oxygen, Pacific Western Bank, PNC Bank, Ponce Bank, Popular Direct, Presidential Bank, Prime Alliance Bank, Quontic, Radius, Raisin, Redneck Bank, Regions Bank, Relay, Republic Bank of Chicago, Revolut, Salem Five Bank, Sallie Mae, Santander Bank, SchoolsFirst Federal Credit Union, Simple, SoFi®, Synchrony Bank, Tab Bank, TD Bank, Third Federal, Truist Bank, U.S. Bank, UFB, Upgrade, USAA, Valley Bank, Vanguard, Varo Bank, Vio Bank, Wealthfront, Wells Fargo, Western Alliance Bank, and Zeta.
Few banks will charge you a fee for opening an account. This can vary depending on how you fund the account, however. For example, some online-only banks may have fees for funding your account with cash instead of an ACH transfer.
Additionally, while you may not need to pay a fee specifically to open the account, some business checking accounts may come with monthly account maintenance fees. Your first monthly fee may be charged right after you open your account.
Some common fees you may see in business checking accounts can include:
Many banks offer basic business checking accounts with few, or none, of these fees.
Most basic business checking accounts won't have a minimum deposit requirement. This is especially true for checking accounts with no monthly account fees.
Some accounts may have no minimum deposit requirement to open, but may require you to maintain a certain balance to waive the account fees. Premium business bank accounts with lots of extra services will often have high account fees and high balance requirements.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent, a Motley Fool service, does not cover all offers on the market. The Ascent has a dedicated team of editors and analysts focused on personal finance, and they follow the same set of publishing standards and editorial integrity while maintaining professional separation from the analysts and editors on other Motley Fool brands.