6 Best Free Business Checking Accounts of June 2023

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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 service 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 Business Checking Accounts

If you’re looking for a personal checking account, you might consider going through our best checking accounts guide.

Compare the Best Business Checking Accounts

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.

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

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, 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.

See our full ratings methodology for checking, business checking, savings, and money market accounts »

Best Free Business Checking Accounts: Frequently Asked Questions

Best Free Business Checking Account Overall

Axos Bank Basic Business Checking Account

Why it stands out: Axos has a well-rounded business checking account. It has a large ATM network, and if you use an out-of-network machine, Axos refunds all fees charged by an ATM provider. You may also be eligible for a cash bonus of up to $100 if you meet certain requirements.

Max. monthly transactions: Unlimited

Minimum opening deposit: $0

What to look out for: There’s a $50 international wire transfer fee. However, most banks charge a similar international wire transfer fee.

Best Free Business Checking Account for Earning Interest

BlueVine Business Checking Account

Why it stands out: BlueVine lets you open an account with $0. You’ll earn 2.00% APY (Annual Percentage Yield) on balances up to $100,000 if you meet certain requirements. This sets the account apart from the others on our list, which don’t pay interest at all. It is also one of the few online business checking accounts that give you a way to deposit cash.

Max. monthly transactions: Unlimited

Minimum opening deposit: $0

What to look out for: BlueVine doesn’t have physical locations, so you might not have easy access to your account. You also won’t earn any interest on balances over $100,000.

Best Free Business Checking Account From a Brick-and-Mortar Bank

Citizens Bank Clearly Better Business Checking Account

Why it stands out: Citizens Bank has more than 1,000 branches and  3,100 ATMs along the East Coast. 

You don’t need any money to open this account. Citizens Bank also gives you two overdraft protection options: Either transfer money from savings or tap into a line of credit.

Max. monthly transactions: 200

Minimum opening deposit: $0

What to look out for: 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 12 states, 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

Live Oak Bank Small Business Checking

Why it stands out: If you’re comfortable with online-only banking you might like Live Oak Bank Small Business Checking. This business checking account doesn’t charge monthly service fees, overdraft fees, or incoming wire transfer fees. New customers are also eligible for a $150 cash bonus after completing qualifying activities (offer ends 3/31/2023).

Max. monthly transactions: Unlimited

Minimum opening deposit: $100

What to look out for: Live Oak Bank doesn’t accept cash deposits. You’ll need to transfer money from an external bank account to deposit funds. 

Best Free Business Checking Account for Domestic Wire Transfers

NBKC Business Checking Account

Why it stands out: This account gives you a lot of freedom. There’s no minimum opening deposit, monthly service fees, or overdraft fees. NBKC also is a great option for avoiding domestic wire transfer fees. You won’t charge for incoming domestic wire transfers, and there’s a low fee for outgoing domestic wire transfers.

If you use a non-MoneyPass ATM and the ATM provider charges a fee, NBKC reimburses you up to $12 per month.

Max. monthly transactions: Unlimited

Minimum opening deposit: $0

What to look out for: This is primarily an online account, but there are branches in Kansas City, Missouri. So if you want in-person banking, you’ll need to look elsewhere unless you live in Kansas City.

Best Free Business Checking Account for ATM Reimbursements

Novo Business Checking Account

Why it stands out: There’s no ATM network, but if an ATM provider charges you a fee, Novo will refund you. You’ll also earn perks with companies like Google Cloud and Booking.com, including cash back, cash savings, and percentage discounts.

Max. monthly transactions: Unlimited

Minimum opening deposit: $0

What to look out for: 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. 

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:

• American Express Business Checking: This business checking account is a solid option if you’re eligible to open it. You must have an American Express consumer or business credit card, and you aren’t eligible if you have an American Express® Rewards Checking Account.
• 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 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 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 a $200 cash bonus when you deposit $5,000 or more in new money within 30 days and maintain an average of $5,000 for the next 60 days (offer ends December 31, 2023) and is available online only.
• U.S. Bank Silver Business Checking 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:

Most of the companies on our list have received strong scores from the BBB. According to the BBB, Novo has a F grade because it received 35 customer complaints on the BBB website and had government action taken against the business. Citizens Bank has a B+ grade due to government action taken against the business. Live Oak Bank has an A rating because its received three customer complaints on the BBB website.

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.

In 2021, Live Oak Bank and digital banking platform Apiture agreed to pay $4.65 million in a settlement that accused Live Oak Bank, Apiture, and nCino of having an agreement where they would not hire employees from other companies in Wilmington, North Carolina so the three banking companies could avoid offering competitive salaries.

If these recent scandals worry you, you may decide to bank with one of our other top picks.