Best Free Business Checking Accounts For June 2022

Free Business Checking accounts are a good choice for keeping overhead costs low. All business owners know how quickly small fees here and there can add up over the course of a month.

When you start looking around for a Business Checking account through your local bank, you’ll realize many feature-rich accounts have monthly fees and restrictions. Here are the most common fees you’ll come across with Business Checking accounts:

• Monthly Service Fee: This is a charge that occurs every month the account is open, and can range from $8 to $12, and sometimes $35 or more. Most will allow you to waive this fee with requirements such as keeping a specified average daily balance or by making a minimum number of debit transactions.
• Excess Transaction Fee: Many Business Checking accounts have transaction limits, and will charge you fees for overage. This can be up to 75 cents per transaction. You’ll need to be aware of how many monthly transactions you’ll require – things like writing checks, debit card transactions, and ATM deposits will count. Limits can range from 100 to 200 transactions depending on the bank and account you choose.
• Cash Handling Fee: This is when you get charged for going over the limit of cash you can deposit monthly. Typical amounts are 20 to 30 cents for each $100 you deposit over the cash handling limit. Businesses such as restaurants and convenience stores will need to consider this issue.

Free Business Checking accounts take care of the monthly maintenance fees. You’re then left with deciding on which account gives you the most features with the fewest restrictions and overage charges. Other factors particular to your individual situation include branch and ATM locations.

We reviewed the largest traditional banks and online banks to come up with the list of the best free Business Checking accounts below.

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FEATURED BUSINESS ACCOUNT BONUSES

Chase Bonus: $300 Business Complete Banking^℠ Offer

• What you’ll get: $300 bonus
• Where it’s available: Available Nationwide. Apply online or in-branch.
• About the offer:
  • Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
  • Multiple ways to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card.
  • Built-in card acceptance. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAccept℠.
  • Same-day deposits with QuickAccept℠. Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost.
  • Alerts to help you stay on top of your account activity.
  • Easy account management through Chase Business online and the Chase Mobile^® app.
  • Unlimited electronic deposits, ACH and Chase QuickDeposit℠.
  • Convenient access to 16,000 ATMs and more than 4,700 branches.
• When it expires: 7/21/2022

See all Chase Business Checking offers here.

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Axos Bank Basic Business Checking

• Monthly Fee? None
• Transactions Limit? None
• Cash Deposit Limit? None
• Availability: Online nationwide
• Bottom Line: Axos Bank is an internet-only institution and accounts are available nationwide.
• Full Review: Axos Bank Offers

The Basic Business Checking account has no monthly maintenance fees, no minimum opening deposit requirement, and unlimited domestic ATM fee reimbursements.

Axos Bank Basic Business Checking Bank Bonus: $100/$200 Offer

• What you’ll get: $100 or $200 bonus
• Where it’s available: Nationwide
• How to earn it:
  • If you incorporated after June 1, 2020, they´ll add $200 to your new business bank account. Just use promo code NEWBIZ200 on your application.
  • Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus.
  • See full terms on the offer page.

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BlueVine Small Business Checking

• Monthly Fee? None
• Transactions Limit? None
• Cash Deposit Limit? None
• Availability: Online nationwide
• Bottom Line: BlueVine is an internet-only institution and accounts are available nationwide.
• Full Review: BlueVine Offers

The Small Business Checking is for small businesses that like to do all their banking online. There are no monthly maintenance, NSF, ACH, or incoming wire fees. There is no minimum deposit or minimum balance requirement. This account also earns 1.5% interest on balances up to $100,000.

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Novo Online Business Banking

• Monthly Fee? None
• Transactions Limit? None
• Cash Deposit Limit? None
• Availability: Online nationwide
• Bottom Line: Novo is a mobile banking platform for modern businesses. Their partner bank is Middlesex Federal Savings, which is a community bank just outside of Boston, MA. Novo is available on iOS and Android. There are no physical branches and the application process is done online. You’ll be able to link to your existing accounts, pay your bills, process ACH transfers, and deposit checks all within the Novo app. With your account, you will receive a Novo Mastercard Business Debit Card to use around the world and at any ATM without any fees from Novo.
• Full Review: Novo Offers

Novo accounts do not have a minimum or maximum deposit amount. Novo accounts are completely free (no monthly service charge), and they do not have any regularly scheduled or hidden fees like many other business accounts.

Being a completely digital bank, cash deposits need to be made into another local bank and then transferred over. Check deposits are made within the app.

If you’re a small business looking for a digital-only banking option, the Business Checking account from Novo is worth a look.

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U.S. Bank Silver Business Checking

• Monthly Fee? None
• Transactions Limit? 125 monthly
• Cash Deposit Limit? 25 units monthly (explained below)
• Availability: AR, AZ, CA, CO, FL, GA, IA, ID, IL, IN, KS, KY, MN, MO, MT, ND, NE, NM, NV, OH, OR, SD, TN, TX, UT, WA, WI, WY
• Bottom Line: While there is no monthly fee with this account, you are limited to 125 transactions a month and 25 units of cash deposits a month. On the plus side, they are the 4th largest bank in the U.S. and have over 3,000 branch locations across 28 states.
• Full Review: Silver Business Package Checking Review

The U.S. Bank Silver Business Checking package has no monthly fee, but there is a monthly 125 transactions limit at no charge. Transactions include typical banking needs like deposits, debit card purchases and online payments. The fee for each transaction over the 125 monthly limit is 50 cents.

You’ll have access to more than 3,000 branches across 28 states to do your banking with. Many standard tasks can also be done online.

There’s also a cash deposit limit that can be a little tricky. You’re allowed for 25 free “units” per month in cash deposits. Each unit is a cash deposit divided by 100, and then rounded to a whole number. For example, if you deposit $190 cash in one transaction, the 1.90 is rounded up to 2, for a total of 2 units towards the 25 maximum monthly. Once you go over the 25 unit limit, there’s a small charge per additional $100 deposited. This charge will vary by state, but can be around 15 to 20 cents.

So, if you think you’re going to require more than 125 transactions a month or have to deal with huge cash deposits, take a close look at how the fees can add up.

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Wells Fargo Initiate Business Checking

• Monthly Fee? $10; see how to waive it below
• Transactions Limit? 100 monthly. No fee for the first 100 total transactions each fee period. After 100, it’s $0.50 per transaction.
• Cash Deposit Limit? $5,000 monthly. No fee for the first $5,000 cash deposits processed each fee period. After $5,000, it’s $.30 per $100 deposited.
• Availability: AK, AL, AK, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, MA, MD, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NM, NV, NY, OH, OR, PA, SC, SD, TN, TX, UT, VA, WA, WI, WY
• Bottom Line: With the Wells Fargo Initiate Business Checking account, you do have to worry about all 3 of the typical fees and restrictions. However, the monthly fee is easily waived, and the limits on transactions and cash deposits are generous for growing small businesses.
• Full Review: Wells Fargo Initiate Business Checking Review

Wells Fargo is one of the largest banks in the United States in terms of branch locations, so that’s going to be an advantage in terms of convenience for many business owners.

You can easily waive the $10 monthly fee by doing one of the following:

• Maintain a $500 minimum daily balance, OR
• Maintain a $1,000 average ledger balance during the fee period.

With the transaction limit and cash deposit limit being very forgiving, along with a monthly fee that is easy to waive, the Wells Fargo Initiate Business Checking is still a solid choice for many businesses.

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Other Offers For Your Business

QuickBooks Online 50% Off 1st Three Months

Use the link below to get 50% off the monthly subscription price for QuickBooks online accounting software for the first 3 months of service.

Here’s the link for your discount

Terms:

50% off the price for QuickBooks Online Payroll [Core, Premium, or Elite] (“Payroll”) is for the first 3 months of service, starting from the date of enrollment, followed by the then-current [monthly/annual] list price. Your account will automatically be charged on a [monthly/annual] basis until you cancel. Each employee is an additional $[4/8/10]/month. Contractor payments are $4.00 a month, per contractor payment. Service optimized for up to 50 employees or contractors, and capped at 150. The service includes 1 state tax filing. If you file taxes in more than one state, each additional state is $12/month. The discounts do not apply to additional employees and state tax filing fees. If you add or remove services, your service fees will be adjusted accordingly. Sales tax may be applied where applicable. To be eligible for this offer you must be a new Payroll customer and sign up for the monthly plan using the “Buy Now” option. This offer can’t be combined with any other QuickBooks offers. Offer available for a limited time only. To cancel your subscription at any time go to Account & Settings in QuickBooks and select “Cancel.” Your cancellation will become effective at the end of the monthly billing period. You will not receive a prorated refund; your access and subscription benefits will continue for the remainder of the billing period. Offer cannot be combined with any other Intuit offer. Terms, conditions, pricing, special features, and service and support options subject to change without notice.

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