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Best Free Business Checking Accounts For September 2022

Last Updated on by 2 Comments

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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.

Other Banking Guides:

BEST FREE SMALL BUSINESS CHECKING ACCOUNTS

Axos Bank Basic Business Checking

  • Monthly Fee: $0
  • Minimum Opening Deposit: $0
  • Availability: Online 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.

Learn More at Axos Bank

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

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Learn More at Axos

BlueVine Small Business Checking

  • Monthly Fee: $0
  • Minimum Opening Deposit: $0
  • Availability: Online nationwide
  • Full Review: BlueVine Offers

The Small Business Checking account 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.

Learn More at BlueVine

Novo Online Business Banking

banknovo
  • Monthly Fee: $0
  • Minimum Opening Deposit: $0
  • Availability: Online nationwide
  • 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.

Learn More at Novo

Lili Banking Designed For Your Business

  • Monthly Fee: $0
  • Minimum Opening Deposit: $0
  • Availability: Online nationwide
  • Full Review: Lili Offers

Lili is a banking service provider tailored to sole proprietors and single-member LLCs. There are no monthly services fees and no minimum balance requirements.

The app takes care of your checking account needs, taxes and accounting. All Lili accounts are FDIC insured through their partner bank Choice Financial Group.

Learn More at Lili

Oxygen Business Account

  • Monthly Fee: $0
  • Minimum Opening Deposit: $0
  • Availability: Online nationwide
  • Full Review: Oxygen Offers

The Oxygen business account is a fee-free, mobile-only option for small business owners.

There are no monthly fees and you’ll get unlimited fee-free transactions. You also have the option of forming an LLC from within the Oxygen app when you open your business account.

Get fee-free ATM access through the Allpoint network and deposit cash through the Green Dot network.

Learn More at Oxygen

Relay Business Banking

  • Monthly Fee: $0
  • Minimum Opening Deposit: $0
  • Availability: Online nationwide
  • Full Review: Relay Offers

Relay is an online banking and money management platform that doesn’t charge any fees. Take care of most of your business banking needs without the usual fees, branch visits or paperwork.

There are no accounts fees, no overdraft fees, no account minimums and no withdrawal fees at Allpoint ATMs.

Learn More at Relay

Kabbage Checking Account

  • Monthly Fee: $0
  • Minimum Opening Deposit: $0
  • Availability: Online nationwide
  • Full Review: Kabbage Offers

Kabbage was acquired by American Express in 2020 and offers competitive interest rates for its checking account. There’s no minimum balance requirement and you’ll have access to 19,000+ ATMs fee-free.

The Kabbage Checking Account is provided by Green Dot Bank. You can make cash deposits at nearly 90,000 retail locations nationwide.

Learn More at Kabbage

Mercury Business Bank Account

  • Monthly Fee: $0
  • Minimum Opening Deposit: $0
  • Availability: Online nationwide

Mercury is a financial technology company, not a bank. Banking services are provided by Choice Financial Group and Evolve Bank & Trust®; Members FDIC.

They have great products tailored for startups. Get checking and savings accounts and access to their investor network. There are no service charges, overdrafts, minimum balances or hidden fees.

Learn More at Mercury

American Express® Business Checking

  • Monthly Fee: $0
  • Minimum Opening Deposit: $0
  • Availability: Online nationwide

Get no monthly fee and earn interest with this business checking account from American Express. You’ll also have unlimited fee-free transactions and no overdraft fees or stop-payment fees.

All information about the American Express® Business Checking has been collected independently by moneysmylife and has not been reviewed or provided by the issuer or provider of this product or service.

Grasshopper Business Checking Account

  • Monthly Fee: $0
  • Minimum Opening Deposit: $0
  • Availability: Online nationwide

The Grasshopper account is a digital business checking account with no monthly fee. It also features unlimited cashback and interest, unlimited transactions, and tools to manage cash flow.

ACH transfers and incoming wires are also free.

Learn More at Grasshopper

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About Tony Jay

I'm all about finding new finance-related promotions and bonuses here at MoneysMyLife. Contact me here.

Editorial Disclaimer: Opinions expressed here are author's alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.

Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.

Comments

  1. Ashley Johnson says

    I thought that it was interesting when you said that one thing to look into when opening a business checking account is the service fees. I have been thinking about starting my own business and am trying to determine what the proper steps to take are in order to ensure my success. I will be sure to ask my banker what fees I would be charged to open a business bank account so that I can expect certain charges and fit them into my budget.

    Reply

  2. Sam Li says

    I appreciate what you shared about cash handling fees and how they typically cost 20 to 30 cents for each $100 you deposit. Utilizing a reliable and safe free checking account is a great idea in order to keep your money secure. If I were to set up a free checking account, I would first locate the best business in my area in order to receive optimal service. https://unisonbank.com/personal/checking/

    Reply

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