Free business checking accounts either don’t charge monthly account fees or make it relatively easy to avoid them by meeting minimum deposit requirements. The best free business checking accounts waive monthly fees and allow business owners to make 100 or more transactions and deposit thousands of dollars in cash each month at no extra cost.
Fit Small Business has been banking with Bank of America for six years. Bank of America offers free business checking on its Business Fundamentals Checking account if you maintain a minimum balance of $3,000 or spend $250 or more on a Bank of America business debit or credit card. Plus, new customers may qualify for a bonus of up to $450.
Chase Bank: Overall Best Free Small Business Checking Account
Chase Bank offers the best free business bank account because it has a low minimum balance requirement, an easy-to-earn $200 cash bonus, and one of the largest branch networks in the country. Chase charges no monthly service fee on its Total Business Checking account if you maintain a minimum balance of $1,500.
Top 16 Free Business Checking Accounts November 2019
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Provider |
Best for |
|---|---|
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(Best overall) Free business checking with an easy-to-earn cash bonus |
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Earning interest on checking account deposits |
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Free checking with unlimited transactions |
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Earning bonus rewards with an existing Bank of America relationship |
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Limiting all fees on an online free business checking account |
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Low transaction volume |
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Earning free checking by opting for paperless statements |
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Free introductory checking for the first three months |
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Sole proprietors who have less than 50 transactions per month |
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Free business checking for credit union customers |
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Gaining access to additional business banking services |
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Good customer service for business owners in the southeast U.S. |
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Free cash deposits |
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Totally free checking at a new bank |
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Making remote deposits |
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Opening multiple online accounts |
What’s Changed With the Best Free Business Checking Accounts
Recent updates to our list of the best free business checking accounts reflect the Federal Reserve’s short-term interest rate cut in September 2019. It also reflects the addition of an online provider—First Internet Bank—to our list in October 2019. This article was originally published in September 2016. SEE LATEST CHANGES IN DETAIL.
Federal Reserve Cut Short-term Interest Rates
We watch for Federal Reserve interest rate changes because they impact the cost of money for banks. When the prime rate changes, banks may change their account fees or the rate they pay on interest-bearing checking accounts. In September 2019, the Fed cut its benchmark interest rate by one-quarter of a percentage point. None of the free business checking accounts on our list have been impacted by the rate cut.
First Internet Bank Joins Our List
In October 2019, First Internet Bank joined our best free business checking accounts list. First Internet Bank pays 0.70% annual percentage yield (APY) on balances of at least $10,000. Additionally, the bank also offers one of the best business savings accounts, which makes it a good choice if you want multiple accounts with the same provider. Its savings account pays up to 1.41% APY, depending on your account balance.
Combined BB&T Bank and SunTrust Bank Announced a New Name
The combined BB&T Bank and SunTrust Bank will be renamed Truist Bank when the two banks complete a merger later this year. We rank a business bank account from BB&T, based in Winston-Salem, North Carolina, among the 15 best free business checking accounts. The banks in February announced an agreement to merge. The announcement did not affect our rankings.
The announced merger has not triggered changes to business checking accounts at either bank. The combined bank will be headquartered in Charlotte, North Carolina.
How We Evaluated Free Business Checking Accounts
A free business checking account is one that doesn’t have monthly maintenance fees, although it still has other costs. There are two types of free business checking accounts: those that don’t charge monthly maintenance fees and those that waive maintenance fees if certain criteria are met, which are most of the options included here.
Most free bank accounts have low fees and limit the number of transactions in an account each month. However, the best free business checking accounts offer high numbers of transactions, access to sizable bank networks, introductory offers, and access to additional banking services at low costs. We examined dozens of banks nationwide to find the 16 best free business checking accounts.
We considered the following criteria when choosing the best free business checking account:
- Fees and terms: What account minimums you have to meet to qualify for free checking and what other fees the account charges. Some banks on our list offer totally free checking while others require you to maintain an account balance of $1,500 or more.
- Introductory offers: Whether you may be eligible for a sign-up bonus. Most of the banks on our list offer no sign-up bonus. However, a few of the larger banks offer introductory rewards of up to $450 after you meet specific requirements, like utilizing other accounts at the bank.
- Size of bank network: Where a provider maintains branches or ATMs. The largest banks on our list offer 5,000 or so branches and more than 10,000 ATMs. We also include several online banks that have no branches.
- Other account benefits: Extra perks that come with a free small business checking account. These are the fringe benefits each bank offers, from free accounting software to ongoing interest payments on your deposits.
- Customer service: The ability to get help from the bank on questions or account issues. Some banks on our list offer excellent in-branch and digital customer service. Some of the smaller banks that provide the best free business checking accounts, you may find lacking.
We recommend Chase Bank Total Business Checking as the overall best free business checking account. This free business checking account has one of the lowest required minimum balances―$1,500 monthly average―to maintain your free account. Chase also has a sizable bank network with nearly 5,000 branches and 16,000 ATMs nationwide and offers a bonus for new customers.
While Chase is our choice for free business banking, there are benefits to using any provider on this list. Fit Small Business, for example, has been banking with Bank of America for six years. A Bank of America Business Fundamentals account is free if you maintain a $5,000 balance, and new customers may also qualify for up to $450.
We’ve also found that Chase offered the best small business checking account. With $500 in monthly deposits, your monthly fees can be waived. Plus, first-time account holders can earn a $200 bonus.
Chase Bank: Best Overall Free Small Business Checking Account
Chase Bank is the best free business checking account for owners who want an extensive branch network, a simple-to-earn cash bonus, and can maintain a $1,500 minimum balance. That’s the threshold you’ll need to meet to earn free checking. Clients can access nearly 5,000 branches and 16,000 ATMs nationwide, plus earn a $200 cash bonus. Chase Total Business checking allows up to 100 free transactions per month and unlimited electronic deposits.
Chase Bank Fees
The Chase Total Business Checking account has the following costs:
- Monthly fee: $15 if you don’t maintain a minimum balance of $1,500 or link your Total Business Checking account to a Chase Private Client Checking or Chase Premier Platinum Checking account; $12 if you fail to maintain a $1,500 balance but opt for electronic statements
- Transaction fee: 40 cents each once you have more than 100 transactions in a month
- Cash deposit fee: $2.50 per $1,000 after you deposit $5,000 in a billing cycle
- Incoming wire fee: $15 per transfer at a Chase branch or $0 if the transfer was sent by using Chase.com or the mobile app
- Outgoing wire fee (domestic online): $35 per transfer at a Chase branch or $25 per transfer via Chase.com or the mobile app
- Outgoing wire fee (international online): $50 per transfer at a Chase branch or $40 per transfer via Chase.com or the mobile app
- ATM fee: $2.50 per transaction at any non-Chase ATM in addition to ATM operator fees
If your transaction volume is typically higher than 100 per month, you may want to consider opening a checking account from Capital One. That bank offers an account that allows unlimited transactions for free. But you’ll need to live close to a Capital One branch. This account can’t be opened online.
Chase Bank Terms
Chase has the following terms on its Total Business Checking account:
- Minimum deposit to open an account: $0
- Sign-up bonus: $200 if you open a Chase Total Business Checking account, deposit $1,000 in new money in the first 20 business days, maintain at least a $1,000 balance for 60 days and, within 60 days, complete five qualifying debit card purchases, Chase QuickDeposit, automated clearing house (ACH) transactions or wire transfers
Bank of America offers potentially higher introductory rewards. However, you’ll need to do much more to earn that full reward, including obtaining a Bank of America small business credit card and making $3,000 in purchases within 90 days of account opening.
Chase Bank Network
Chase has one of the largest bank networks on this list. Clients have access to about 5,000 branches nationwide as well as more than 16,000 ATMs. Chase also offers web tools, including Chase QuickDeposit and Chase Online Bill Pay so that business owners can handle banking anywhere they have an internet connection. Bank of America also operates thousands of branches, so pick whichever bank is closest to where your business is located.
Chase Bank Customer Service
Chase Bank has about 5,000 branches nationwide where clients can get in-person customer service. In addition, Chase has incredibly robust web and mobile banking tools for clients to administer accounts. Additional issues that can’t be resolved online can be handled through one of Chase’s client service experts, who are available 24/7.
Chase Bank Other Benefits
In addition to its introductory offer, Chase allows small business owners to place controls on business debit, deposit, and ATM cards so that only certain employees can access ATMs or make purchases. Chase also offers three small business credit cards. These benefits are similar to what other large banks like Wells Fargo and Bank of America offer.
What Chase Bank Is Missing
While it is one of the best providers, Chase Total Business Checking isn’t free unless you maintain a minimum average daily balance of at least $1,500 or meet other criteria. Chase also limits free business banking customers to 100 free transactions per month. For a genuinely free small business bank account, consider TIAA Bank. It charges no monthly maintenance fee and reimburses all ATM fees if you maintain at least a $5,000 balance.
Chase Bank Reviews
Chase Bank reviews are very mixed. Customers either love the convenience of branch banking and customer service or complain about fees or account restrictions acting as a barrier to free checking.
How to Open a Chase Business Bank Account
Visit Chase’s website to get more information on account options or find a branch office near you. You can start the process of opening a business account online but may need to visit a local branch to complete your account setup. New account holders can qualify for a $200 sign-up bonus.
TIAA Bank: Best Interest-bearing Free Business Checking Account
TIAA Bank is best for business owners who don’t need brick-and-mortar service and want to earn interest on their deposits. It charges few fees, is easy to use as an online product, and pays 1.21% APY on deposits for the first year. This account is designed for sole proprietors and single-owner limited liability companies (LLCs). Stay away from this account if you need to make significant cash deposits.
TIAA Bank Fees
A free small business checking account with TIAA Bank has the following costs:
- Monthly fee: None
- Transaction fee: 25 cents each after the first 200 transactions in a month
- Incoming wire fee (domestic): $0
- Incoming wire fee (international): $0
- Outgoing wire fee (domestic): $25
- Outgoing wire fee (international): $35
- ATM fee: None; you’ll be reimbursed for all ATM fees if you maintain a balance of at least $5,000
If you can’t maintain a $5,000 monthly minimum balance, TIAA Bank will reimburse up to $15 in ATM fees each month. You’ll receive the same number of free monthly transactions with this account as you will with Bank of America. However, if your business makes a significant number of cash transactions, this may not be the right account for you as this is primarily an online bank.
TIAA Bank Terms
- Minimum deposit to open an account: $1,500
- Introductory APY: 1.21% for the first 12 months on deposits up to $250,000
- Ongoing APY: 0.20% to 0.61%, depending on your account balance
This is the only bank on our list that offers an introductory APY on checking account deposits. Most small business checking accounts offer no interest on deposits. This is an excellent way to make a bit of money, but if you have a bunch of cash on hand, you may want to consider a savings account that offers a higher return.
TIAA Bank Network
TIAA Bank has virtually no ATMs or branch offices around the country. However, it reimburses account holders for all ATM fees if they maintain an average daily balance of at least $5,000. If you need to regularly bank at a branch, this is not the right free bank account for you. Instead, consider a bank with a vast network, including Chase, Bank of America, and Wells Fargo.
TIAA Bank Customer Service
As an online provider, TIAA Bank doesn’t have branches or ATMs where customers can go to address questions or account issues. However, it still provides reliable customer service online and over the phone and can provide many additional services to small business owners through its parent company, TIAA.
TIAA Bank Other Benefits
Unlike other free bank account providers, TIAA Bank pays interest on deposits. After the introductory interest rate expires, TIAA Bank pays 0.20% to 0.61% annual interest depending on the account’s total balance. TIAA Bank also reimburses all ATM fees if you maintain an average daily account balance of at least $5,000.
What TIAA Bank Is Missing
TIAA Bank offers a great online business checking account but doesn’t have branch offices or ATMs around the country. This makes it difficult, if not impossible, to deposit cash. However, it provides strong customer service online and reimburses all ATM charges if you maintain a minimum average daily balance of at least $5,000. If you need to make cash deposits, consider Bank of America, which offers free deposits up to $7,500 each month.
TIAA Bank Reviews
TIAA Bank reviews are relatively positive. Account holders say they enjoy both the introductory and ongoing APY offered on this small business checking account. However, some say TIAA Bank’s customer service has fallen short since TIAA bought EverBank. Users say they sometimes don’t hear back on their customer service requests. This is the only free business checking account on our list that offers introductory and ongoing APY.
How to Open a TIAA Bank Checking Account
You can open a free online business checking account through TIAA Bank’s website. All of the forms can be completed online, and you can start earning 1.21% on deposits up to $250,000. If you maintain a minimum average daily balance of at least $5,000, TIAA Bank will also reimburse you for all ATM charges.
Capital One: Best Checking Account With Unlimited Transactions
Capital One Fees
Costs for a free business checking account with Capital One include:
- Monthly service fee: $15, waived if you maintain a $2,000 minimum 30- or 90-day average balance or if you have two other Capital One accounts
- Transaction fee: Unlimited free transactions
- Cash deposit fee: Up to $5,000 per month free; $1 for every $1,000 after that
- Incoming wire fee (domestic): $15
- Incoming wire fee (international): $15
- Outgoing wire fee (domestic): $25
- Outgoing wire fee (international): $40
- ATM fee: None on more than 39,000 Allpoint ATMs nationwide
Capital One charges a slightly higher monthly service fee and requires a larger average account balance to earn free checking than Chase Bank does. However, if you need to make more than 100 transactions in a given month, the Capital One account is a better option.
Capital One Terms
Capital One requires a minimum deposit to open an account of $250. The minimum deposit requirement on Capital One Spark Business Basic Checking is lower than the $1,500 TIAA Bank requires. However, if you keep less than $2,000 in your account, you’ll be subject to a $15 monthly fee.
Capital One Bank Network
Capital One has only 700 branches nationwide. However, the bank has partnered with Allpoint to provide customers free access to more than 39,000 ATMs across the country. Also, business owners can bank from nearly anywhere through Capital One’s web portal or mobile banking tools. You need to visit a branch to apply for a Capital One business checking account. If you don’t live near a branch, consider Wells Fargo or Chase.
Capital One Customer Service
Most account administration can be handled seamlessly online through Capital One‘s website. It has fewer than 1,000 branches nationwide, so it can be challenging to get in-person guidance at a local branch. However, the bank is always ready to assist customers online or over the phone. You must visit a branch to open a new small business checking account.
Capital One Other Benefits
Capital One also integrates seamlessly with independent accounting software, making it easy to track bills and reconcile accounts each month. In addition to its free business bank accounts, Capital One also offers five small business credit cards. This bank offers similar benefits that you’d find on the other large-network banks on our list, including Bank of America and Chase.
What Capital One Is Missing
While Capital One has no minimum balance requirement and offers unlimited free transactions for small business owners, it limits free cash deposits to $5,000, which can be a problem for some businesses that receive a lot of cash payments. Also, it only has 700 branches nationwide, so you may not have one near where your business operates. Banks with more extensive branch networks include Chase, Bank of America and Wells Fargo.
Capital One Reviews
Users have complained in Capital One reviews the bank has changed the online functionality of the Spark account—and not for the better. Users have also reported that Capital One discontinued the bill pay option. That being said, if you live near a Capital One branch and make many monthly transactions, this is a good account to consider.
How to Open a Capital One Business Account
You can open a business checking account at a Capital One branch. Be sure and ask about current intro bonus promotions as they are updated frequently. Once you’ve opened an account, you can start banking with Capital One right away and use it to help with your business financing.
Bank of America: Best for Earning Free Checking With an Existing Relationship
The Bank of America Business Fundamentals Checking account is an excellent free business checking account for customers who can maintain a minimum balance of at least $3,000. You can earn free checking by making at least $250 worth of transactions a month on a Bank of America business debit or credit card.
Bank of America Fees
A Bank of America Business Fundamentals Checking account has the following costs:
- Monthly fee: $14 to $18 depending on which state your business is located if you don’t maintain a minimum daily balance of $3,000 or spend $250 on a Bank of America small business debit or credit card
- Transaction fee: 45 cents each once you have more than 200 transactions in a month
- Cash deposit fee: 30 cents per $100 deposited after you deposit more than $7,500 in a month
- Incoming wire fee (domestic): $15
- Incoming wire fee (international): $16
- Outgoing wire fee (domestic): $30
- Outgoing wire fee (international): $40 in United States dollars, $35 in foreign currency
- ATM fee: $2.50 per transaction on out-of-network ATMs, in addition to operator fees, plus free access to more than 16,000 ATMs nationwide
Bank of America is ranked where it is on our list because it charges a bit more than other banks, including Chase, and makes it more difficult to earn free checking. This account is nice to have if you have an existing banking relationship with Bank of America. It’s the only account on our list that ties a potentially free checking account to business credit card spending.
Bank of America Terms
Bank of America currently offers the following terms and sign-up bonuses:
- Minimum deposit: $100
- $100 for business checking: Available when you open a qualifying account or deposit at least $1,000 in the first 60 days
- $50 for online bill pay: Available when you pay at least two bills online within the first 60 days
- $300 for a small business credit card: Available when you apply for a small business credit card, are approved and spend at least $3,000 in the first 90 days
The introductory rewards on this account are potentially higher than any other account on our list offers. However, the requirement to earn the full bonus is significantly more than the deposit requirements Chase has to earn its $200 bonus.
Bank of America Bank Network
Bank of America has one of the larger bank networks on this list, serving more than 46 million clients in all 50 states. A free business checking account through Bank of America gives clients access to nearly 4,300 branches and nearly 16,000 ATMs from Bank of America and the Global ATM Alliance. The branch network is slightly smaller than what Chase Bank offers.
Bank of America Customer Service
It’s extremely easy to get good customer service through Bank of America’s website, over the phone, or in one of its branch offices nationwide. Account administration can be handled in-person at one of its offices, through its website or with Bank of America’s mobile banking app.
Bank of America Other Benefits
A free business checking account through Bank of America gives small business owners the ability to earn introductory rewards and gives you access to the bank’s online and mobile banking tools. Small business owners also can deposit checks remotely and add on additional services, including credit card processing and payroll services through ADP. In addition to its small business bank accounts, Bank of America also offers five small business credit cards.
What Bank of America Is Missing
The Bank of America Business Fundamentals Checking account offers great introductory rewards, but the account isn’t free unless you meet specific criteria, including maintaining a minimum balance of $3,000 or spending $250 on a Bank of America business debit or credit card. Customers are also limited to 200 free transactions per month and free cash deposits of $7,500 per month. You can make $5,000 in free transactions with Chase each month.
Bank of America Reviews
Bank of America reviews show that, despite the higher requirement to earn free checking, many customers can avoid a monthly fee. The reaction wasn’t as positive concerning the bank’s customer service. Some account holders say customer service is excellent while others complained that business customers weren’t given the priority they expected.
How to Open a Bank of America Account
Visit the bank’s website to set up a Bank of America Business Fundamentals Checking account or get more information. You can also go to one of the bank’s branch offices for in-person guidance or to see whether you qualify for its $450 in introductory rewards.
Azlo: Best Free Online Business Checking Account
Azlo is the best free business checking account provider if you hate paying fees. It charges no transaction fees, no ATM fees, and no monthly fee. Because the bank has no branches, however, you can’t make cash deposits. Still, the account gives clients access to more than 55,000 ATMs, has no monthly fee, and requires no minimum account balance.
Azlo Fees
A free bank account with Azlo has the following costs:
- Monthly fee: None
- Transaction fee: None
- Cash deposit fee: Cash deposits aren’t accepted
- Incoming wire fee (domestic): None
- Incoming wire fee (international): None
- Outgoing wire fee (domestic): Outgoing wires not available
- Outgoing wire fee (international): Outgoing wires not available
- ATM fee: None at 55,000 BBVA Compass or Allpoint ATMs
This is the potentially cheapest free business checking account on our list. But it loses some points because its level of service is less than other banks on our list. Most other banks offer outgoing wires and accept cash deposits. If your business depends on cash transactions, this isn’t the right bank account for you. Consider a bank like Bank of America, which allows up to $7,500 in cash deposits for free each month.
Azlo Terms
Azlo currently has the following terms:
- Minimum initial deposit: None
- Minimum account balance: None
Many of the other banks on our list require a minimum deposit of $100 or more. The low barrier to entry makes Azlo an ideal choice for businesses starting out or for independent contractors looking for an inexpensive business checking account.
Azlo Bank Network
Azlo is an online-only subsidiary of BBVA, which has an extensive digital bank network but relatively few bank branches. Azlo customers bank exclusively online but do have access to about 55,000 ATMs through Allpoint. It’s expected that clients will take care of account administration online or through mobile banking apps.
Azlo Customer Service
Azlo is online-only and serves customers through its website and over the phone. Clients can typically handle account administration online or over the phone, including account setup and most transactions. If you need more hands-on service, consider a bank with a branch network near you. Chase, Bank of America and Wells Fargo operate branches in a majority of U.S. states.
Azlo Other Benefits
Azlo offers small business owners access to a massive network of more than 55,000 ATMs. Customers also enjoy mobile deposit, free mobile banking, online banking, and bill pay. Account holders get a free Azlo Visa debit card to use for transactions and at ATMs. Other banks on our list offer similar benefits to free business checking account holders.
What Azlo Is Missing
Azlo offers access to a huge number of ATMs but no real branches. Even its parent company, BBVA, only has about 670 branches spread across seven states, including Texas. Customers are also expected to handle banking electronically, so conducting cash transactions can be difficult. Even though it’s affiliated with BBVA, you cannot use those branches for service. Most other banks on our list have at least a small branch network.
Azlo Reviews
Azlo reviews are exceptionally positive. Account holders say the user experience is excellent, and getting signed up is easy. They love the lack of fees. Some users complain about problems depositing checks and say customer service can sometimes be slow to respond to issues.
How to Open an Azlo Business Account
To set up an Azlo free business checking account, visit Azlo’s website. You can learn more about its free business checking account as well as other options and services. If you want to open an account, you can complete the entire process online through Azlo’s website.
U.S. Bank: Best Account for 150 Monthly Transactions
U.S. Bank offers a Silver Business Checking package, which is the best free business checking account for small business owners who want access to physical branches but have limited monthly transactions. You’ll receive 150 free transactions per month and $2,500 in cash deposits. But there’s no minimum deposit requirement to earn free checking.
U.S. Bank Fees
The U.S. Bank Silver Business Package has the following costs:
- Monthly maintenance fee: None
- Transaction fee: 50 cents after the first 150 transactions in a month
- Cash deposit fee: None on the first $2,500 in cash deposits each month
- Mobile check deposit fee: 50 cents after the first 20 mobile deposits in a month
- Incoming wire fee (domestic): $20
- Incoming wire fee (international): $25
- Outgoing wire fee (domestic): $30
- Outgoing wire fee (international): $50
- ATM fee: No charge for out-of-network ATMs, although operator fees apply, plus free access to more than 3,200 ATMs nationwide and free withdrawals from 25,000-plus MoneyPass ATMs
U.S. Bank offers a much lower limit on free cash deposits when compared with other banks on our list. If you need to make more than $2,500 in cash deposits each month, consider an account with Bank of America, which allows up to $7,500 in free cash deposits.
U.S. Bank Terms
U.S. Bank has the following terms:
- Minimum deposit: None
- Check order discount: 50% discount on the first order up to $50
- Optional overdraft protection: $20 fee waived the first year for a business line of credit for overdraft protection
Instead of a traditional sign-up bonus, U.S. Bank offers new checking customers a check order discount. We have found no other bank that offers a similar break. Still, this is a significantly less valuable offer than Chase Bank ($200) and Bank of America (up to $450) offer.
U.S. Bank Network
U.S. Bank has more than 3,000 branches around the country and more than 4,700 ATMs. Customers are also able to use out-of-network ATMs for an additional fee. In addition to its branches, it gives customers access to accounts online and through its mobile banking app. This bank has a smaller footprint than the largest U.S. banks, including Bank of America, Wells Fargo, and Chase.
U.S. Bank Customer Service
U.S. Bank customer service is available through any of the bank’s 3,000 branches nationwide, or you can access your account through one of its ATMs. U.S. Bank also offers its customers access to a mobile banking app that makes it easy to bank from anywhere.
U.S. Bank Other Benefits
For small businesses with extra cash each month, you can deposit those funds in a U.S. Bank money market account to earn higher interest for the first 12 months. U.S. Bank also offers 25 free cash deposits each month, remote check deposit, and easy integration to overdraft protection or credit card processing services for your business. If you need to make a significant number of cash deposits, consider Bank of America.
What U.S. Bank Is Missing
The U.S. Bank Silver Business Package has no monthly fee but is limited to 150 free transactions per month. Customers are also charged fees for ATMs and remote check deposit if you deposit more than 20 checks remotely per month. Small businesses that consistently need to make more monthly transactions should consider an account from Capital One, which allows unlimited free transactions.
U.S. Bank Reviews
U.S. Bank reviews regarding the Silver Business Checking account are positive. Account holders like that you don’t have to jump through hoops to earn free checking. Bank users, in general, offer both appreciation and criticism of the bank’s customer service. Some users complain about the usefulness of the bank’s app.
How to Open a U.S. Bank Account
To open a U.S. Bank Silver Business Package, visit its website to start the process, where you can learn more about its services and the documents you’ll need to open a free small business checking account.
First Citizens Bank: Best for Earning Free Checking With Paperless Statements
First Citizens Basic Business Checking is one of the best free business checking accounts for businesses that want to limit paper usage. It offers a free account if you sign up for electronic statements. This bank operates in about 20 primarily southern and western states the bank operates. First Citizens offers up to 175 free transactions each month. You can also open an account with as little as $100.
First Citizens Bank Fees
A First Citizens Basic Business Checking account has costs, including:
- Monthly fee: None if you sign up for paperless statements
- Transaction fee: 40 cents each if you have more than 175 transactions in a month
- Cash deposit fee: 16 cents per $100 deposited if you deposit more than $5,000 cash in a month
- Incoming wire fee (domestic): $15
- Incoming wire fee (international): $15
- Outgoing wire fee (domestic): $15
- Outgoing wire fee (International): $15
- ATM fee: No charge when you use one of more than 475 First Citizens ATMs
First Citizens makes it easier to earn free checking than other banks on our list. Chase Bank, for example, requires you to maintain an average checking account balance of $1,500. First Citizens has no minimum balance requirement to earn free checking.
First Citizens Bank Terms
First Citizens has the following terms:
- Minimum balance: None
- Minimum initial deposit: $100
You’ll earn no sign-up bonus for bringing your business to this bank. If introductory rewards are important to you, consider an account at Chase Bank, where you can earn $200 when you open a small business checking account.
First Citizens Bank Network
First Citizens has one of the smaller bank networks on this list. The bank has 500 branches and ATMs in about 20 states, including those in the SUM and Money Tower networks. This bank offers considerably fewer branches than some of the big banks on our list. Chase Bank, for example, has more than 5,000 branches.
States this bank operates in include Arizona, California, Colorado, Florida, Georgia, Kansas, Maryland, Missouri, New Mexico, North Carolina, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, Washington, Wisconsin, and West Virginia.
First Citizens Bank Customer Service
First Citizens has more than 500 branches where account holders can get individual customer service. Account issues can also be handled online or over the phone. Clients are also provided with access to mobile banking tools for phones and tablets.
First Citizens Bank Other Benefits
First Citizens offers a very simple free business checking account and one of the lower fee structures. In addition to its First Citizens Basic Business Checking product, First Citizens clients are given free access to First Citizens ATMs and the option of using one of four types of overdraft protection.
What First Citizens Bank Is Missing
While First Citizens has no account minimum and one of the lower fee schedules on this list, it only has branches in about 20 states. The bank also limited free business checking account users to 175 free transactions per month and free cash deposits to $5,000 per month. Bank of America offers 200 free transactions and $7,500 in free cash deposits per month.
First Citizens Bank Reviews
First Citizens Bank reviews tend to be negative. Account holders complain about problems with customer service and online banking functionality. Satisfied users say they appreciate how the bank makes it easy to earn free business checking and how it keeps other fees in check.
How to Open a First Citizens Bank Business Account
To open an account with First Citizens, start by visiting its website. You can get more information on its accounts and services and see what information you need to open a free business checking account for your company. You must apply for the account at a branch.
PNC Bank: Best Checking Account for Introductory Savings
PNC Bank is best for small businesses looking for cost savings in the first few months. You can open an account with as little as $100, and PNC will waive your monthly maintenance for the first three months. PNC doesn’t have as many physical locations as other banks on this list with only around 2,800 in 19 states.
PNC Bank Fees
A PNC Bank Business Checking account has costs including:
- Monthly fee: $10, waived for the first three months; waived each month after that in which you maintain a $500 average monthly balance
- Transaction fee: 50 cents each after the first 150 transactions per month
- Cash deposit fee: 25 cents per $100 deposited if you deposit more than $5,000 cash in a month
- Incoming wire fee (domestic): $12.50
- Incoming wire fee (international): $20
- Outgoing wire fee (domestic): $78
- Outgoing wire fee (international): $110
- ATM fee: $3 at non-PNC Bank ATMs
PNC’s balance requirement to earn free checking is lower than many of the larger banks require. Bank of America requires that you maintain a minimum daily balance of $3,000 or spend $250 on Bank of America small business debit or credit cards to earn free checking.
PNC Bank Terms
PNC Bank has the following terms:
- Minimum balance: $500 to waive the monthly fee
- Minimum initial deposit: $100
- Free Visa Business Debit Card: For new account holders
You’ll also earn $200 when you open a PNC Business Checking account. This offer is valid if you apply online or get a coupon to use at a branch. You must maintain minimum balances and debit card transactions to qualify. That’s less than the $450 offered by Bank of America but matches the $200 bonus that Chase offers.
PNC Bank Network
PNC Bank operates in 19 states in the Eastern and Midwestern U.S. as well as Washington, D.C. Bank customers have access to more than 2,000 branches and more than 6,000 ATMs. PNC has branches in Alabama, Delaware, Florida, Georgia, Kentucky, Illinois, Indiana, Maryland, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Virginia, West Virginia, and Wisconsin.
PNC Bank Customer Service
PNC Bank primarily serves customers in the Midwestern and Eastern U.S. Business owners who don’t live near a PNC Bank branch should plan to handle all account administration online and may have trouble getting help if problems arise. PNC Bank customers can also get service over the phone, but PNC Bank’s call center is mostly automated, and it can be difficult to get personal assistance.
PNC Bank Other Benefits
In addition to its low-cost checking account, PNC Bank also offers some great potential sign-up rewards for banking customers who qualify. PNC Bank’s monthly fee is also very low for customers who fail to maintain a minimum balance that qualifies them for a free account.
What PNC Bank Is Missing
PNC Bank has a very cost-effective checking account offering for many small businesses, but the bank has no presence in the Western U.S. Customer service can also be lacking, so customers should be patient when resolving any account issues that arise. If you need a larger branch network, consider a bank like Wells Fargo, which operates more than 5,600 branches.
PNC Bank Reviews
PNC Bank reviews are mixed. Account holders say customer service is generally very good, but one user complained of being put on hold for 15 minutes. Some users have complained about unexpected charges on their account and a confusing website.
How to Open a PNC Bank Business Account
You can open an account and potentially earn upfront rewards by visiting PNC Bank’s website. It only takes about five minutes to apply for an account. After you finish your application, you’ll get a call from a bank representative to confirm some of your information and will likely need to visit a local branch to sign signature cards and complete the account opening process.
BB&T Bank: Best Free Business Checking Account for Sole Proprietors
BB&T Bank Business Value 50 is another great free business checking account option. This account is best for sole proprietorships and startup owners who want to keep costs low and save on things like checks. BB&T Bank works best if you have a few transactions per month. It’s best for businesses that operate in the 16 states in which BB&T has branches.
BB&T Bank Fees
A BB&T Bank Business Checking account has costs including:
- Monthly fee: None
- Transaction fee: 50 cents each if you have more than 50 transactions in a month
- Cash deposit fee: $2.50 per $1,000 after the first $3,500 in cash transactions each month
- Incoming wire fee (domestic): $15
- Incoming wire fee (international): $15
- Outgoing wire fee (domestic): $65
- Outgoing wire fee (international): $65
- ATM fee: $3 at non-BB&T ATMs
This account includes one of the lowest allowances for free monthly transactions among accounts on our list. If you make more than 50 transactions per month on average, consider an account like the TIAA Bank Small Business Checking account. It allows 200 free transactions per month, plus each additional transaction is cheaper than what BB&T charges at 25 cents per transaction.
BB&T Bank Terms
BB&T Bank free business checking has the following terms:
- Minimum balance: None
- Minimum initial deposit: $50
- Free Visa Business Debit Card: For new account holders
You’ll receive no introductory rewards for signing up with this bank. On the plus side, you have to maintain no minimum balance to enjoy a free business checking account. Other banks, like Chase Bank, waive their monthly maintenance fee only after you’ve met minimum balance requirements.
BB&T Bank operates more than 2,000 branches in 16 states. However, these branches are mostly in the Eastern and Southern U.S. BB&T Bank has branches in Alabama, California, Florida, Georgia, Indiana, Kentucky, Maryland, New Jersey, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, and West Virginia. If your business isn’t in one of these states or you need a larger branch network, consider a big bank like Bank of America.
BB&T Bank Customer Service
BB&T Bank customers can access their account online or get help at any of BB&T Bank’s 2,000 branches. However, it can be difficult to get help if you don’t live near a BB&T Bank branch. BB&T Bank has also received several complaints about customer service, particularly about its fraud department.
BB&T Bank Other Benefits
BB&T Bank Business Value 50 is a great free business checking account for some startups and sole proprietorships, but it doesn’t offer many additional benefits. However, BB&T Bank does offer a discount of up to $25 on your first order of business checks. BB&T Bank also offers other accounts that allow more transactions, but it also has monthly fees. If you need a free checking account that offers more transactions, consider Capital One Bank, which offers unlimited transactions.
What BB&T Bank Is Missing
BB&T Bank is a great option for startups and sole proprietorships who want a low-cost business checking option. However, the bank has no real presence in the Western U.S. as Texas is about the westernmost state where the bank operates branches. If you own a startup and don’t need to make many business transactions, consider the online-only Azlo, which charges no monthly fees, and has no deposit requirements.
BB&T Bank Reviews
BB&T Bank reviews are largely negative. Users give the bank low marks for customer service, and for hitting account holders with unexpected fees. It’s unclear how the impending merger with SunTrust Bank will affect product offerings or customer service.
How to Open a BB&T Bank Business Account
If you want to open a free business checking account online with BB&T Bank, you can open your account completely online. The entire process takes about 20 minutes if you have all the information you need about your business. You can also fund your account as part of the application process.
Navy Federal Credit Union is the largest credit union in the U.S. and the best credit union option for free small business checking. If you want a credit union alternative for a free business checking and only have a few transactions each month, Navy Federal can be a terrific option.
Navy Federal Credit Union Fees
A Navy Federal Credit Union checking account has costs including:
- Monthly fee: None
- Electronic transaction fee: None
- Non-electronic transaction fee: 25 cents each after the first 30 free transactions in a month
- Cash deposit fee: 16 cents per $100 deposited if you deposit more than $5,000 cash in a month
- Incoming wire transfer fee: None
- Outgoing wire transfer fee (domestic): $14
- Outgoing wire transfer fee (international): $25
- ATM fee: None at Navy Federal or Co-Op Network ATMs
The cash deposit limit is about average when compared with other banks on our list. Bank of America, for example, allows $7,500 in free cash deposits per month. Navy Federal Credit Union has the same cash allowance as Chase Bank.
Navy Federal Credit Union Terms
Navy Federal Credit Union checking accounts have the following terms:
- Minimum balance: None
- Minimum initial deposit: None
This business checking account also pays interest. You’ll earn 0.05% APY on all of your deposits. TIAA Bank also pays interest. That institution offers an introductory APY of 1.21% for the first 12 months on deposits up to $250,000. The ongoing APY is between 0.20% and 0.61% based on your account balance.
Navy Federal Credit Union Bank Network
Navy Federal has one of the largest bank networks of any credit union in the U.S. The credit union operates 300 branches and 600 ATMs In 30 states and the District of Columbia. The bank also offers 24/7 customer support for members who need help with account administration issues. Although it has branches in the majority of states, its branch network is quite small. Chase Bank, for example, offers nearly 5,000 branches.
Navy Federal Credit Union Customer Service
Navy Federal Credit Union makes customer service more available than any other credit union in the U.S. In addition to online banking and call centers, Navy Federal customers can get individual help at any of the bank’s 300 branches across the country. Customer service is reportedly very strong at Navy Federal.
Navy Federal Credit Union pays dividends on balances held in free business checking accounts, which is a benefit that almost no other banks or credit unions offer. However, Navy Federal business checking offers few additional benefits aside from dividends. The interest you’ll earn on this account shouldn’t be a factor in your decision whether to bring your business to this credit union. Instead, look at the services you might want to compare with other banks.
What Navy Federal Is Missing
Navy Federal is an excellent option for small business owners who want a credit union alternative for free small business checking. However, the credit union limits customers to 30 free transactions per month. Navy Federal also doesn’t have branches in every state, which can make it difficult to deposit cash. Customers also have to qualify for membership before opening an account. Capital One offers a free business checking account with unlimited transactions.
Navy Federal Reviews
Navy Federal Credit Union reviews are generally positive. Loyal account holders say they’ve been so impressed with the credit union that they’ve opened multiple accounts with the institution. Many users say they value Navy Federal’s dedication to customer service.
How to Open a Navy Federal Business Account
If you decide to use Navy Federal Credit Union for your free small business checking, you can apply online for membership in the credit union. You can download a business member application and upload the completed form online. Once the application is approved, which can take one to three business days, you can open your small business checking account online.
Visit Navy Federal Credit Union
Wells Fargo: Best Account for Additional Banking Services
Wells Fargo is best for business owners who want a bank that provides many services other than small business checking accounts. It is one of the world’s largest banks and the fourth largest bank in the U.S. by assets. Wells operates branches and ATMs all across the U.S. The Wells Fargo Simple Business Checking account is free if you maintain a $500 average daily balance.
Wells Fargo Fees
A Wells Fargo free business checking account has costs including:
- Monthly fee: $10, waived if you maintain a $500 average daily balance
- Transaction fee: 50 cents each after the first 50 free transactions each month
- Cash deposit fee: 30 cents per $100 after the first $3,000 in cash deposits each month
- Incoming wire fee (domestic): $15
- Incoming wire fee (international): $16
- Outgoing wire transfer fee (domestic): $30
- Outgoing wire transfer fee (international): $30
- ATM fee: $2.50 per transaction at non-Wells Fargo ATMs
This Wells Fargo small business checking account doesn’t allow very many free transactions. If your business needs to make more monthly transactions, consider another Wells Fargo account―several offer the opportunity to earn free checking―or shop for an account at another bank. Capital One offers a free business checking account with unlimited monthly transactions.
Wells Fargo Terms
Wells Fargo free business checking has the following terms:
- Minimum balance: $500 to avoid the $10 monthly fee
- Minimum initial deposit: $25
The minimum balance requirement is relatively low and is more competitive than what Bank of America requires. To avoid that bank’s monthly fee, you’ll need to either maintain a $3,000 minimum daily balance or spend $250 on a Bank of America small business debit or credit card each month.
Wells Fargo Bank Network
Wells Fargo has one of the largest bank networks in the world, with branches all across the U.S. and in other countries. In addition to branches, the firm also has wealth management offices across the country staffed by financial advisors. If branch banking is a must for you, this bank is a solid choice. But if you don’t need to visit a branch, consider Azlo, which has no branches—but charges very few account fees.
Wells Fargo Customer Service
Wells Fargo is one of the largest banks in the country, and customer service is widely available. Bank clients can access their accounts online and over the phone in addition to ATMs. Wells Fargo has recently announced that the bank will be closing several hundred branches around the country, but this will still leave more than 5,000 branches around the country where customers can get assistance.
Wells Fargo Other Benefits
Wells Fargo offers many other services in addition to small business checking, including securities brokerage and investment advisory services. It is also included in our list of the best 401(k) companies, which is great for owners who want to offer retirement benefits to employees.
Both Chase and Bank of America offer similar services, but Wells Fargo may be the better choice for scalability as it has more small business bank account choices than the other big banks.
What Wells Fargo Is Missing
Wells Fargo is a very large and well-established bank, but customers must maintain a minimum balance to avoid monthly fees. Wells has also had several lawsuits for deceptive practices, including from the U.S. Securities and Exchange Commission. Several banks on our list offer completely free checking without having to clear a minimum balance hurdle, including TIAA Bank, which also pays interest on your account balance.
Wells Fargo Reviews
Wells Fargo reviews are generally negative, which shouldn’t be surprising given this bank’s account scandals over the last few years. Account holders complain about long waits while attempting to connect with customer service via phone, but some praise in-branch service as being quite good.
How to Open a Wells Fargo Business Account
Business owners can open a free business checking account online with Wells Fargo. The process only takes 10 to 15 minutes if you have all of the necessary documents about your company. These documents can be uploaded online, and your account can be funded as part of your application process.
Bank OZK: Best Account for Southeastern U.S. Businesses
Bank OZK, formerly known as Bank of the Ozarks, is a regional bank that began in Arkansas but has since spread across most of the Southeastern U.S. Bank OZK is a relatively strong regional bank that has grown by acquiring other banks and offers very low-cost business checking for small business owners online and in-person.
Bank OZK Fees
A free business checking account at Bank OZK has the following fees:
- Monthly fee: None if you receive e-statements
- Transaction fee: 50 cents each if you have more than 250 transactions in a month
- Cash deposit fee: N/A
- Incoming wire transfer fee (domestic): $5
- Outgoing wire transfer fee (domestic): $15
- Outgoing wire transfer fee (international): $35
This account offers more free transactions than some other free small business checking accounts on our list. Chase Bank, for example, allows 100 free transactions a month but charges a lower per-transaction fee at 40 cents.
Bank OZK Terms
Bank OZK has the following terms:
- Minimum balance: None
- Minimum initial deposit: $100
- Free debit card
Unlike with other free business checking accounts, you don’t have to maintain a certain balance to have your monthly fee waived. Chase Bank will waive its $15 monthly fee only if you maintain a minimum balance of $1,500 or link your account to a Chase Private Client or Chase Premier Platinum Checking account.
Bank OZK Network
Bank OZK offers a very good free business checking account, but its bank network is somewhat limited. The bank operates about 250 branches across the Southern and Southeastern U.S., including Texas, Arkansas, Georgia, Florida, and North Carolina. If your business isn’t located in one of these states, consider a bank with a wider network. Bank of America offers more than 4,000 branches and more than 16,000 ATMs.
Bank OZK Customer Service
Bank OZK customers typically report very good customer service in reviews online. However, Bank OZK only has branches in some states. Customers who don’t live near a branch can typically handle account administration online and over the phone when necessary.
Bank OZK Other Benefits
Bank OZK offers a great alternative for small business owners seeking a low-cost checking account. The account allows many free transactions each month. However, accounts offer very few additional benefits. If you need an account that offers more free transactions, consider Capital One, which offers a free small business checking account with unlimited free transactions.
What Bank OZK Is Missing
Small business owners can find a very low-cost checking account at Bank OZK, but the bank is still a regional provider. The bank only operates branches in limited markets, which can make it difficult to deposit cash or get in-person help on account issues. If your business isn’t located in a Bank OZK market, consider a bank with a larger branch footprint, like Wells Fargo, which operates nearly 6,000 branches.
Bank OZK Reviews
Bank OZK reviews are mixed. Some users complain about the bank’s deadline for check deposits to cover that day’s account activity in comparison with other banks. Others say they love the customer service and small-bank feel even though the bank now has several hundred branches.
How to Open a Bank OZK Business Account
Business owners who choose to use Bank OZK can open an account completely online. If you have all the necessary information about your business and proper documentation, you can complete the process within about 15 to 20 minutes and start handling your business banking needs immediately.
Popular Bank: Best Free Business Checking Account for Free Monthly Cash Deposits
Popular Bank offers another free checking account that is best for East Coast business owners near one of its branches. But it also offers the highest amount of free cash deposits for a bank that charges no monthly fee. Popular is a subsidiary of a 120-year-old Puerto Rican bank that operates 50 branches in New York, New Jersey, and Florida.
Popular Bank Fees
Popular Bank business checking account costs include:
- Monthly fee: None
- Transaction fee: 50 cents per transaction after the first 200 transactions each month
- Cash deposit fee: $1.50 per $1,000 deposited after $7,000 in monthly deposits
- Incoming wire transfer fee: $15
- Outgoing wire transfer fee (domestic): $30
- Outgoing wire transfer fee (international): $40
- ATM fee: $2 at a non-Popular Bank ATM
This account offers more free monthly transactions than Chase Bank (100), and also allows more free cash deposits than most other banks on our list. Bank of America allows $7,500 in free monthly cash deposits.
Popular Bank Terms
Popular Bank has the following terms:
- Minimum balance: None
- Minimum initial deposit: $50
- Free MasterCard Business Debit Card: For new account holders
You’ll earn no introductory bonus for opening a free business bank account with Popular. Banks on our list offer rewards of up to $450, but you’ll have to meet several requirements to earn the introductory bonus.
Popular Bank Network
Popular Bank has a small bank network inside the U.S. with 50 branches in New York, New Jersey, and Florida. However, in addition to online banking Popular Bank and its affiliates also have operations across Central America and the Caribbean. If your business isn’t located in one of these areas, you’ll need to look elsewhere for a free business checking account. Bank of America has 5,000 branches.
Popular Bank Customer Service
Customer service can be challenging with Popular Bank. The bank only offers a few dozen branches in the tri-state area and Florida. Customers can also access their accounts online, but U.S. customers have reported problems in getting individual assistance when account problems arise.
Popular Bank Other Benefits
Popular Bank free business checking has few additional benefits. However, the bank also offers a small business checking account that can earn interest, but it allows fewer free monthly transactions. If you anticipate your business will need payroll management or human resources help either now or in the future—and you want to have your bank take care of those tasks—a big bank like Wells Fargo is a better choice.
What Popular Bank Is Missing
Popular Bank can be an outstanding free checking account provider for business owners who live near a branch. However, the bank has a minimal bank network inside the U.S. Customers also can’t complete account setup online, and it can be difficult to get information on Popular Bank’s costs. If branch banking isn’t an issue for you, consider an online bank like TIAA Bank.
Popular Bank Reviews
Popular Bank reviews are mostly negative, although users tend to have problems with personal deposit and mortgage accounts, rather than the bank’s business accounts. Complaints primarily center around customer service problems.
How to Open a Popular Bank Business Account
If you think you may want to set up a small business checking account at Popular Bank, start by visiting its website. You can start the process of opening an account online but will likely need to call a customer care specialist or visit a local branch to open an account. Once the account is opened, you can bank from anywhere.
Novo: Best New Free Business Checking Account
Novo is a new startup bank partnered with Federal Deposit Insurance Corporation (FDIC)-insured Middlesex Federal Savings, located outside of Boston. Novo offers a free business checking account with limited services, making it possible to open a free business checking account online with no deposit minimum. Novo has no physical branches but allows you to send checks directly through its mobile app—all other transactions are completed via ACH.
Novo Fees
A Novo free business checking account has costs including:
- Monthly fee: None
- Transaction fee: None
- Cash deposit fee: None; cash is deposited through U.S. Postal Service (USPS) money orders
- ACH fee: None
Many of the small business checking accounts on our list offer free checking—but only if you meet account minimums. Chase Bank, for example, requires that you have a minimum balance of $1,500. If you anticipate your monthly balance will be lower, the Novo account is worth considering.
Novo Terms
Business checking accounts at Novo have the following terms:
- Minimum balance: None
- Minimum initial deposit: None
- Free business debit card
A number of the banks on our list require a minimum deposit. If you’re starting out, that could be a problem. Consider the Novo account if you don’t have much additional cash to deposit into your account.
Novo Network
Novo is an online-only bank. Novo clients can use any ATM worldwide—fees may apply—but the bank has no branches. Novo has recently launched the beta for their Android app and is providing access to users who request access. If you need a branch network, look to either one of the regional banks on our list, like BB&T Bank, or one of the larger national banks, like Wells Fargo, which has thousands of branches and ATMs available throughout much of the country.
Novo Customer Service
Novo is a startup bank that is still refining its offering. Customers can access customer service through Novo’s website, mobile app, or by calling its customer service line. Novo is also leveraging its relationship with its partner bank, Middlesex Federal, to assist with critical account issues when necessary.
Novo Other Benefits
In addition to a totally free business checking account, Novo also integrates with point-of-sale (POS) tools and offers check mailing directly through the mobile app. Cash deposits are done by USPS money order or directly into Middlesex Federal’s ATM network. If you’d prefer to bring your deposits directly to a branch, consider a bank like Bank of America, which offers up to $7,500 in free deposits each month.
What Novo Is Missing
Novo is an extremely cost-effective option for many small businesses. However, the bank is brand new and still testing its products. For example, Novo’s Android app is in its beta phase, but it’s available upon request. If you’re looking for an online experience, but want a more traditional bank, consider TIAA Bank, which offers a free account with 200 free transactions per month.
Novo Reviews
We couldn’t find any Novo reviews online as the free business checking account provider is a relatively new entrant in the small business deposit account space.
How to Open a Novo Small Business Account
If you want to set up a totally free business checking account with Novo, you can set up your account completely online and start handling all of your banking electronically.
Axos Bank: Free Online Account for Remote Deposits
Axos Bank is best for companies that make several remote deposits each month. The bank, formerly Bank of Internet USA, is the oldest online bank. Since its founding, it has grown into a group of banks and financial services companies. However, the focus remains on providing low-cost online banking services, including small business checking accounts.
Axos Bank Fees
An Axos Bank Basic Business Checking account has costs including:
- Monthly fee: None
- Transaction fee: 30 cents each if you have more than 200 transactions in a month
- Remote deposit: Up to 60 free deposits per month
- Outgoing wire transfer fee (domestic): $7 if initiated online
- Outgoing wire transfer fee (international): $50
- ATM fee: None
You can make two-times more free transactions per month with this account than what Chase offers (100). You’ll also receive unlimited domestic ATM reimbursements, which most accounts on this list don’t offer.
Axos Bank Terms
Axos Bank has the following terms:
- Minimum balance: None
- Minimum initial deposit: $1,000
The minimum initial deposit is higher than many banks on our list require. If you don’t have much cash to deposit, consider one of the other banks on our list that have no minimum requirement, like Novo.
Bank Network for Axos Bank
Axos Bank is an online-only bank. While it was the first of its kind, it also has virtually no bank network. Customers are expected to handle all banking needs online and through surcharge-free use of ATMs nationwide. If you need a branch network, consider one of the regional banks on our list—including Bank OZK—or one of the large national banks like Chase Bank.
Axos Bank Customer Service
Customers who use Axos Bank should expect to handle all of their banking needs themselves online. If questions or problems arise, bank customers can contact the bank through a call system. However, as an online-only provider, direct customer service is minimal.
Axos Bank Other Benefits
Free business checking clients at Axos Bank also receive many additional benefits. Customers get their first set of 50 checks for free, free online banking, and free access to online bill pay. Axos Bank customers can also use ATMs nationwide without any fee charged by Axos Bank. Most banks on our list charge $1 to $3 when you use ATMs not affiliated with that bank.
What Axos Bank Is Missing
While Axos Bank is a very reputable and well-established online bank, it has no physical branches. It’s not designed to help businesses that require cash transactions. Customers are also limited to 200 free transactions per month. If you need to make more transactions each month, consider an account from Capital One, which allows unlimited free transactions.
Axos Bank Reviews
Axos Bank reviews are mixed. Customers love that the bank doesn’t charge ATM fees, while other banks on this list may charge ATM fees of $3 when you make transactions on out-of-network ATMs. Some customers are unhappy with the hours in which customer service is available.
How to Open an Axos Bank Business Account
If you want to open a free business checking account with Axos Bank, you can complete the process online. You can also contact a customer support specialist if you need help completing your application. However, once your application is approved, you can start banking online immediately.
First Internet Bank: Best for Opening Multiple Online Accounts
First Internet Bank is a solid option for owners who also want to open a business savings account. The bank’s free online business checking accounts pays 0.70% APY on balances of at least $10,000. Plus, the bank’s business savings account pays up to 1.41% APY, which is based on your account balance. Having two accounts that offer an ongoing APY will help you maximize your business’s money.
First Internet Bank Fees
A First Internet Bank business checking account has costs including:
- Monthly fee: None
- Transaction Fee: None
- Outgoing wire transfer fee (domestic): $20
- Outgoing wire transfer fee (international): $50
- Stop payment fee: $30
- ATM fee: None
First Internet Bank offers a business checking account with no monthly fee and no minimum balance to maintain the account. Additionally, unlike our top pick, you can make unlimited transactions every month.
First Internet Bank Terms
First Internet Bank has the following terms:
- Minimum balance: None to maintain the account; $10,000 to earn the APY
- Minimum initial deposit: $100
- Ongoing APY: 0.70% on balances of $10,000 or more
Although there is no minimum balance to maintain an account, you must have a daily balance of at least $10,000 to earn the ongoing APY of 0.70%. In comparison, TIAA Bank offers an introductory APY of 1.21% for 12 months on balances up to $250,000 and an ongoing APY between 0.20% to 0.60% based on your account balance.
Bank Network for First Internet Bank
First Internet Bank is an online-only bank, which means it doesn’t offer any physical branch locations. Plus, it doesn’t provide any in-network ATMs for its customers. However, you’ll be able to use any ATM with the business debit card the bank provides, but First Internet Bank only reimburses you for ATM fees up to $10 per month.
First Internet Bank Customer Service
Customers will only be able to contact customer service by email or by calling its customer service number because there are no physical branches. Typically, customers can handle most of their free business checking account needs through the bank’s online banking experience.
First Internet Bank Other Benefits
In addition to First Internet Bank’s free business checking account, you may want to consider some of its other business accounts. It offers various business bank accounts, including savings, money markets, and CDs. Its business savings account pays up to 1.41% APY, depending on your balance. That account ranks as the best business savings account available.
What First Internet Bank Is Missing
First Internet Bank offers an ongoing APY. However, you’ll need an average daily balance of $10,000 to earn the APY. If you won’t have $10,000 in your account and want to earn interest, choose TIAA Bank. That banking institution pays between 0.21% to 0.60% APY, depending on your account balance.
First Internet Bank Reviews
First Internet Bank reviews suggest the bank offers a good account for small businesses with account balances of at least $10,000 because of the ongoing APY of 0.70%. However, this account is not a good choice if you handle a lot of cash on hand because it doesn’t have any physical branch locations.
How to Open a First Internet Bank Online Business Checking Account
You can open an account with First Internet Bank online. You’ll need to be a United States resident, provide your Social Security number, your business information, and have your identification card ready.
Bottom Line
Free small business checking accounts are a good option for small and growing businesses. While there are no monthly fees, free small business checking accounts still charge for additional services like wire transfers and cash deposits. That’s why it’s important to look at the fee structure for each free small business checking account before deciding on an option.
We’ve researched free business checking accounts and found Chase Bank to be the best free business checking account provider for those who plan to maintain an average monthly balance of $1,500. You can get started online, and new customers may qualify for a $200 sign-up bonus.
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