Top 10 Best Free Business Checking Accounts

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Nowadays, every Business platforms prefer business checking account over private accounts for their business transactions. Business checking accounts are suitable for business purposes only and help the owners to keep their business transactions separated from their transactions.

It can help the owners to manage their cash flows and calculate their tax liabilities comfortably. We will help you explore some of the best Business Checking accounts, which are free. Being said that, the owners should also keep in mind that some of the banks do charge for certain services like wire transfers or overdraft fees. They might charge a small fee before the bank owner reaches a certain minimum balance; after reaching that limit, the service would be free. 

best business checking accounts

There are many ways to register for the best business checking account. One can go for the online mode or the traditional banks, which offers the same. Both of them have their pros and cons.

10 Best Free Business Checking Accounts

A- Online Banks

If you are looking for a fast and smooth experience, and get access to your account from the comfort of your home, online banks are the option. They help you get access to digital features like handling your account with your mobile phones, online invoicing, etc.

Most of the online-based banks would offer you free services and would give you get access to many free features. However, using the online mode won’t get you branch access

Now let’s take a look at some of the best free business checking accounts.

1. AZLO

Azlo tops our list for the best business checking accounts. The Azlo business bank account offers you free access to almost every service they offer. They don’t ask you to get a minimum deposit to get free services and is one of the preferable online business banks.

With no monthly fees, transaction fees, overdraft fees, replacement fees, Azlo will allow you to deposit checks, send ACH (direct deposit) payments, transfer money between accounts, and send invoices – all of them with no charge.

AZLO business accounts
Credits – AZLO’s official website

You can even get access to the Azlo mobile app, which is comfortable and easy to use and would even get unlimited in-app invoicing and can deposit your check via mobile. Azlo even offers its users a Visa debit card for their transactions. You might not be able to make any cash deposits as this is an online bank, but with its debit card, you can get access to ATMs with no fees.

You need to verify your business address and tax ID to register your business account on Azlo, which can take up to a few days.

Highlights

  • Monthly fee: $ 0
  • Minimum opening deposit: $ 0
  • No fee balance: $ 0
  • Extra charges: None

2. NOVO

Applying for Novo online bank account is easy; it can be done within minutes. The Novo app is available in both android and iOS can be used for transactions smoothly. Novo can even send you a physical check if you apply for one. It gives you access to the MasterCard debit card, which you can use for Google pay and Apple pay transactions.

novo business account
Credits – NOVO’s official website

Novo doesn’t charge you for transactions. But Novo will ask you to keep a minimum of 50 dollars in your account to activate your Business checking account. Novo doesn’t accept cash deposits, though. Purchasing a money order can help you deposit in your account. Novo charges you for ATM transactions, so the ATM is not fee-free. You will have to pay a fee to the ATM service provider.

Novo has got integrations with Zapier, Plaid, QuickBooks, and Stripe. The plus point of Novo is the fact that it is FDIC-insured, and it allows multiple account users too. They will not charge you for international transactions.

Highlights

  • Monthly fee: $ 0
  • Minimum opening deposit: $ 50
  • No fee balance: $ 0
  • Extra charges: ATM Fee

3. NBKC

Here is another bank in our list of the best business checking accounts. Similar to other banks mentioned above, NBKC doesn’t charge users for its service and gives you a wide range of features. There is no monthly fee or minimum deposit for this free online business account.

nbkc bank account
Credits – NBKC’s official website

NBKC will not even charge you for transactions, overdrafts, incoming domestic wires, stop payments, e-statements. It, however, charges a $ 5 if you want to send a domestic wire (incoming is free) and will charge you for $ 45 for international wires. 

NBKC gives you access to its Debit Master card if you want to make transactions via MoneyPass ATMs (without any charge). It even gives you a refund of $ 12 if you use ATMs from other banks. NBKC allows you to desktop deposit or ACH credits and debits, for low monthly fees.

Highlights

  • Monthly fee: $ 0
  • Minimum opening deposit: $ 0
  • No fee balance: $ 0
  • Extra charges: Outgoing domestic wire ($ 5) and international wires ($45).

4. WISE

Wise Business Checking account also doesn’t charge you for transactions. It does earn interest and does include a built-in payments platform. Wise charges you a 3% rate for credit card payments and no fees for ACH payments. While managing your business account Wise will allow you to create and send invoices.

wise us bank
Credits – WISE’s official website

The advantage of using Wise is that it can help you earn an impressive 1.0% APY, paid out monthly. Wise has got a mobile app of its own and gives you free access to ATM card transactions. But Wise will not allow you cash deposits and mobile check deposits like the other mentioned banks.

Wise is still a good option because of its interest-earning features. It includes free incoming wire deposits, mobile account access, and unlimited contact management. There are no monthly fees, no initial deposit minimum, and no other similar account fees in Wise.

Highlights

  • Monthly fee: $ 0
  • Minimum opening deposit: $ 0
  • No fee balance: $ 0
  • Extra charges: Credit card payments (3%).

5. FIRST

First Internet Bank is another online bank in our list of the best business checking account, and it charges you no fees for transactions. There are no monthly fees for First, there are no minimum opening fees, and it allows you to do unlimited transactions.

firstbank
Credits – eFirst’s official website

First is one of the best options for Business owners looking for interest-bearing business checking with multiple high-yield business savings account options. You do have to make an initial deposit of $ 100 to activate your account.

There’s a domestic ($ 20) and international ($ 50) wire fee, but it can be avoided by sending funds electronically using its bill pay service. There’s an ongoing APY of 0.70% on balances of $10,000 or more. The first bank will provide you a free debit card for your ATM transactions. It would even give you access to Remote Deposit Capture. You can even make a transaction with traditional checks.

Highlights

  • Monthly fee: $ 0
  • Minimum opening deposit: $ 0
  • No fee balance: $ 0
  • Extra charges: Outgoing domestic wire ($ 20) and international wires ($ 50).

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B – Traditional Banks

Many users prefer the traditional way of banking. Branch access is one of the most important factors. The traditional banks would offer you cash deposits, ATM access, and credit card access – all of them under one platform. But they aren’t as fast as the online banks. You may need to stand in queues and wait to get your appointment.

1. Bank of America Business Fundamentals Checking

Bank of America is the largest business checking account in the US, and therefore it offers a great advantage to the businessmen. They offer online and mobile support to their users too. There’s no minimum opening deposit and no fees on transaction up to 200 transactions but would charge you $ 0.45 after. The cash deposit is free for the first $7,500 each month. Then the bank will charge you $0.30 for each $100.

boa business
Credits – Bank of America’s official website

There’s a monthly deposit fee of $ 18, but you can waive the monthly fee by maintaining an average monthly balance of at least $5,000 and by maintaining a minimum daily balance of $3,000.

There’s no ATM fee if you do transactions from the Bank of America ATMs. And the advantage of using a traditional bank, of course, is that you can visit any branch for queries. Bank of America is one of the most secured business checking bank and thus one of the most preferred.

Highlights:

  • Monthly fee: $ 18
  • Minimum opening deposit: $ 0
  • Monthly transactions: No fee up to 200 transactions
  • Cash deposits: Free for the first $ 7500 per month.

2. Wells Fargo Business Choice Checking

Wells Fargo being one of the best business checking accounts, provides its customers one of the best free checking accounts, and they do offer a healthy small business loan program. There’s a monthly service fee of $ 14, but you can waive that off by maintaining just $500 per month in your account. The minimum opening balance must be $ 25 in Wells Fargo.

wells fargo business
Credits – WellsFargo’s official website

Wells Fargo will allow you 200 free transactions month and get charged by $ 0.50 after. You can get access to mobile and text banking as well as the 3000 ATMs in the country. Wells Fargo does offer additional account options, but that might take an additional fee and higher requirements to waive the monthly charge. The cash deposits are Free for the first $7,500 each month, and then you will get charged with $0.30 for each $100.

Highlights:

  • Monthly fee: $ 14
  • Minimum opening deposit: $ 25
  • Monthly transactions: No fee up to 200 transactions
  • Cash deposits: Free for the first $ 7500 per month.

3. US Bank Silver Business Packaging

US Banks are preferred widely as they don’t charge you with the monthly fee, and there’s no minimum opening deposit required. The bank offers 150 ($ 0.50 charge later) free transactions per month and does offer a 50% discount on your first check order, up to $50.

usbank business account
Credits – USBanks’ official website

The Business bank account offers you a free ATM card, which you can use across any US ATM and in any ATM of the MoneyPass network. Per the statement package, additionally, you will receive 25 free cash deposits under the silver package.

You can get access to Mobile banking and Online banking, and the bank offers credit card processing, fraud prevention, and overdraft protection too. Thus the bank is one of the best free business bank accounts.

Highlights:

  • Monthly fee: $ 0
  • Minimum opening deposit: $ 0
  • Monthly transactions: No fee up to 150 transactions
  • Cash deposits: Free for the first $ 2500 per month.

4. First-Citizens Bank Basic Business Checking

First-Citizens Bank is another one of the best business checking accounts that will not charge you with any maintenance charge, and there’s no minimum balance, and will even offer you overdraft protection. The bank might ask you to put an opening deposit of just $ 100. The cash deposits are free for the first $5,000 each month, and a charge of $ 0.16 afterward.

first citizen bank
Credits – First’s official website

The First Citizen bank offers its users with three additional business checking accounts that help to avoid paying fees for passing transactions. The bank won’t charge you with any monthly transactions for the first 175 transactions but will charge you with $ 0.40 afterward. The bank will charge you $ 30-$ 40 for each overdraft. Thus it stands for one of the best free business checking accounts. 

Highlights:

  • Monthly fee: $ 0
  • Minimum opening deposit: $ 100
  • Monthly transactions: No fee up to 175 transactions
  • Cash deposits: Free for the first $ 5000 per month.

5. Navy Federal Credit Union Business Checking 

The Navy Federal, too, won’t charge you for maintenance. The bank offers zero monthly fees, and there’s no minimum opening deposit. As a credit union, the Navy Federal is one of the more beneficial banks present. All the business accounts in the Navy Federal earns a quality interest. 

navy federal bank
Credits – NavyFedera’s official website

The bank provides you with an ATM that won’t charge you if you use the bank’s ATM, but you can get charged with $1.00 in the US, 0.8%-1% outside of the US in any non-bank ATM. There are no monthly fees for the first 30 transactions and a minimal charge of $0.30 later. The bank will charge you $36.00 for each overdraft. Thus the bank one of the best small business checking accounts. 

Highlights:

  • Monthly fee: $ 0
  • Minimum opening deposit: $ 0
  • Monthly transactions: No fee up to 30 transactions
  • Cash deposits: UNSTATED

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Summing Up

Finding the best business checking account is hard. The above is the list of best business checking accounts. It’s hard to go for the best, with the US having a huge number of business banks. The article provides highlights for each bank to make it more comfortable for the user to select just the bank they want. I hope it helps. 

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