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If you've started a new business, a business checking account may be worth considering. Business checking accounts can help separate your business finances from your personal finances.
We reviewed over a dozen financial institutions to find the best business checking accounts with no monthly bank maintenance fees. These institutions have stayed as our top picks for the last few months because they continue to stand out for their minimal bank fees and unique perks.
Best Free Business Checking Accounts
- Best overall:
Axos Bank Basic Business Checking Account - Product Name Only - Best for earning interest:
BlueVine Business Checking Account - Product Name Only - Best for a traditional banking experience:
Citizens Bank Clearly Better Business Checking Account - Product Name Only - Best for an online-only banking experience:
NBKC Business Checking Account - Product Name Only - Best for avoiding ATM fees:
Novo Business Checking Account - Product Name Only
If you're looking for a personal checking account, you might consider going through our best checking accounts guide.
Compare the Best Free Business Checking Accounts
Best Free Business Checking Accounts FAQs
What is a business checking account?
A business checking account allows you to manage everyday expenses through a bank account. The US Small Business Administration recommends opening a business bank account once you're set to make business expenses or income.
What should I look for in a business checking account?
To choose a business checking account, ask yourself whether you want to bank online or in person. Then figure out how many transactions your business will need to make each month and find a bank that allows that number of free transactions. You should also think about how much you'll need to deposit in cash every month and whether you'll need to make wire transfers.
Can I use a personal bank account as a business account?
Yes, you can use a personal checking account for your business — but doing so comes with complications. Your personal name rather than your business name will appear on checks, and you may find it difficult to separate personal and business spending. It could also be tricky when tax season rolls around and you need to prove business-related purchases. If you are starting your own business, the IRS recommends getting a separate checking account specifically for managing business finances.
What is required to open a business checking account?
You'll probably need the following documents to open an account: an employer identification number (or social security number if the business is a sole proprietorship), business license, formation documents, and an owners agreement.
Do I need an EIN to open a business bank account?
It depends on the type of business you have. You'll need an EIN to open a business account if you aren't the only person in charge of your business. Sole proprietors may use their social security number instead of an EIN.
Best Free Business Checking Account Reviews
Best Free Business Checking Account Overall
The
Keep in mind there's a $50 international wire transfer fee. However, most banks charge a similar international wire transfer fee.
Max. monthly transactions: Unlimited
Minimum opening deposit:
Best Free Business Checking Account for Earning Interest
The
You won't be able to earn interest on balances over $250,000 unless you join the Premier plan which has a
Bluevine also doesn't have physical locations, so you might not have easy access to your account.
Max. monthly transactions: Unlimited
Minimum opening deposit:
Best Free Business Checking Account From a Brick-and-Mortar Bank
The
Citizens Bank has more than 1,000 branches and 3,100 ATMs along the East Coast.
You'll pay $3 each time you use a non-Citizens Bank ATM, plus any fee charged by the ATM provider. Citizens Bank only has branches in 14 states and Washington, DC, so this could be a problem if you frequently travel to other parts of the US.
Max. monthly transactions: 200
Minimum opening deposit:
You'll pay $3 each time you use a non-Citizens Bank ATM, plus any fee charged by the ATM provider. Citizens Bank only has branches in 14 states and Washington, DC, so this could be a problem if you frequently travel to other parts of the US.
Best Free Business Checking Account for an Online-Only Banking Experience
The
If you use a non-MoneyPass ATM and the ATM provider charges a fee, NBKC reimburses you up to $12 per month.
This is primarily an online account, but there are branches in Kansas City, Missouri. NBKC also only gives business loans to people in the Kansas City area.
Max. monthly transactions: Unlimited
Minimum opening deposit:
Best Free Business Checking Account for ATM Reimbursements
The
You won't be able to send domestic wire transfers through your Novo account. You can make free ACH transfers, although these may take a couple more days to process than wire transfers would. Novo is also an online-only platform so you'll have limited access to your account.
Max. monthly transactions: Unlimited
Minimum opening deposit:
Other Business Checking Accounts We Considered
We looked at multiple business checking accounts before selecting our favorites. Many were strong contenders, and you still may prefer one that isn't on our list, depending on what you're looking for. Here are some other options:
Live Oak Bank Small Business Checking - Product Name Only : Live Oak Bank is going to have a new small business checking account. The new account isn't available yet, but you can sign up for a waitlist to receive a notification when the business checking account is available.American Express Business Checking - Product Name Only : This business checking account is a solid option if you're eligible to open it. You aren't eligible if you have anAmerican Express® Rewards Checking Account - Product Name Only .First Horizon Bank BizEssentials Checking Account : First Horizon Bank has a free business checking account, but it's only available in 12 states. You'll need at least $100 for a minimum opening deposit, and you may have to deal with typical bank fees for domestic wire transfers.Bank OZK Small Business Checking Account : Bank OZK (previously Bank of the Ozarks) is a good option if you want a brick-and-mortar experience, but it only has locations in eight US states.First Citizens Bank Free Checking Account : First Citizens Bank doesn't charge monthly service fees, but it only offers 100 free monthly transactions.Huntington National Bank Business Checking 100 : Huntington Bank doesn't charge monthly service fees, but it only offers 100 free transactions. Our top picks allow you to make at least 25o transactions without paying a fee.OneUnited UNITY Small Business : This is a good option by the largest Black-owned bank in the US, but you can only open a business account at a branch in Southern California, Miami, or Boston.Navy Federal Credit Union Business Checking : This is a good option if your family or housemate is associated with the military, or if you are a Department of Defense contractor or civilian personnel. But you can only make 30 free non-digital transactions every month.Chase Business Checking Complete Checking : There's a $15 monthly service fee unless you meet certain criteria.Wells Fargo Initiate Business Checking : There's a $10 monthly fee unless you maintain a $500 balance or $1,000 average ledger balance.Bank of America Business Fundamentals Checking : Unless you qualify to waive monthly fees, you'll pay $16 each month. You might like this account if you prioritize getting a bank account bonus on a business checking account, though. New business checking account customers may be eligible for aBank of America Business Fundamentals Checking - Intro Bonus and is available online only.US Bank Silver Business Package : This is a good large, national bank option, but you're only allowed 125 free monthly transactions.
Bank Trustworthiness and BBB Ratings
The Better Business Bureau grades companies based on responses to customer complaints, advertising, and transparency about business practices. Here are the BBB scores for our top picks:
| Institution | BBB grade |
| Axos Bank | A+ |
| BlueVine | A+ |
| Citizens Bank | NR (No Rating) |
| NBKC Bank | A+ |
| Novo | F |
According to the BBB, Novo has an F grade because it received multiple customer complaints on the BBB website and had government action taken against the business.
Citizens Bank has an NR (No Rating) grade because the BBB is in the process of reviewing its profile.
Some of these companies have recent public controversies.
The Consumer Finance Protection Bureau filed a lawsuit against Citizens Bank and claimed that the bank denied customers' claims of unauthorized credit card use and billing mistakes, didn't fully refund customers when they reported fraud, and didn't properly respond to customers when they contacted Citizens Bank about these issues.
Novo has also been involved in one recent public controversy: The platform used the URL "banknovo.com" and the word"banking," but Novo isn't licensed as a bank. Novo is a banking platform and is insured by a bank. In 2022, it received a cease and desist order from the California Department of Financial Protection specifying it would no longer use these terms and add a disclosure that Novo is not a bank.
If these recent scandals worry you, you may decide to bank with one of our other top picks.
Why You Should Trust Us: Experts' Advice on Choosing a Business Checking Account
To learn more about what makes a good account and how to choose the best fit, four experts weighed in.
Insider
Our experts focused on what will make a business checking account the most useful, including low fees, transaction limits, branch locations, and more. Here's what they had to say about finding an account. (Some text may be lightly edited for clarity.)
How can someone choose the business checking account that's right for them?
Tania Brown, certified financial planner at SaverLife:
"Consider how you will use the bank account, and what features the account needs to have for you to run your business with ease. Here are a few examples of questions to think about:
"How much is your average account balance? If you are new and broke, you may not see the benefits of a business checking account with free services for balances over $100k.
"What types of transactions do you do the most? Do you write a lot of checks or do a lot of wire transfers? 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.
"Do you want to be able to integrate your accounting software with your bank? If you, check your accounting software program to see how easily the program integrates with your potential bank."
Roger Ma, certified financial planner with lifelaidout® and author of "Work Your Money, Not Your Life":
"Someone may want to consider whether they value having a physical branch nearby. If so, they may prefer to use a brick-and-mortar bank instead of an online bank. In addition, someone should also consider their business's other financial needs. Down the road, would they want to be able to work with the same bank to open a business credit card, open a line of credit, or get a business loan?"
What should someone look for in a brick-and-mortar bank?
Mykail James, MBA, certified financial education instructor, BoujieBudgets.com:
"How accessible it is. Where are the branches? And if I am to go out of town or something, how accessible is my money to me?"
Sophia Acevedo, certified educator in personal finance, banking reporter, Personal Finance Insider:
"If you're more comfortable with a traditional bank experience, I would compare several nearby banks and see which accounts allow you to waive most fees. For example, with a business checking account, I would pay attention to monthly service fees, out-of-network ATM fees, and wire transfer fees."
What should someone look for in an online bank?
Tania Brown, CFP:
"With an online bank, absolutely online customer service, because you do not have the advantage of walking inside and talking to a human being. How often are you able to get them? What are their hours?"
Mykail James, CFEI:
"What type of securities do they provide? Do they have two-factor identification? 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."
Our Methodology on the Best Free Business Checking Accounts
Personal Finance Insider's mission is to help smart people make the best decisions with 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 (Annual Percentage Yield), for example — we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.
We reviewed over a dozen financial institutions before selecting our top picks for free business checking. First, we looked at accounts that are actually free, meaning they don't charge any monthly service fees.
Then we looked at the minimum amount you need to open the account. We looked at how many free transactions you can make each month with an account. All our top choices let you make at least 250 monthly transactions, and many offer unlimited transactions.