Two important things to consider when opening a business checking account are monthly maintenance fees and minimum deposit requirements. Many banks charge a monthly maintenance, or service, fee just for having an account. Meanwhile, some banks require an initial deposit in the thousands to open an account. Not all banks have these requirements, however.
Some banks don't charge any monthly fees, or waive them if you meet certain requirements. There are also many accounts with low or no minimum deposits. These bank accounts can be especially valuable for new business owners who want to keep costs low.
If you're looking to avoid fees, CNBC Select rounded up the best free business checking accounts available. We considered a range of factors like fees, business support, payment flexibility and more. (Read more about our methodology below.)
Best free business checking accounts
- Best for high-yield: Bluevine Business Checking
- Best for saving on business tools: Novo Business Checking
- Best for gig workers and freelancers: Found Banking
- Best for debit card rewards: Grasshopper Business Checking
- Best for international transfers: Mercury Banking
- Best for no foreign transaction fees: Lili Basic Business Checking
Best for high-yield
Bluevine Business Checking
Special offer
N/A
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
$0
Annual Percentage Yield (APY)
Standard: 2.0% APY on balances up to and including $250,000 if you meet a monthly activity goal* Bluevine Plus: 3.0% APY for Plus customers
Premier: 4.25% APY without minimum qualificationsFree ATM network
No fees at over 38,000 ATM locations nationwide
ATM fee reimbursement
No
Small business perks
Two free checkbooks
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply. Bluevine accounts are FDIC insured up to $3 million per depositor through Coastal Community Bank, Member FDIC
Pros
- No monthly fees, monthly or daily balance minimums, ACH payment fees, incoming wire fees or overdraft fees
- Ability to instantly lock and unlock your Bluevine Business Debit Mastercard® for added security
- Connect to business tools like PayPal, Stripe and Expensify
- Unlimited transactions
Cons
- Online only (not great if you prefer in-person banking)
- No ATM refunds for out-of-network transactions
*The requirements to earn interest are either:
- Debit Card Spend: Spend $500 per month with Bluevine Business Debit Mastercard® issued by Coastal Community Bank pursuant to a license from Mastercard inc, which can be used everywhere Mastercard® is accepted.
- Incoming Payments: Receive $2,500 per month in customer payments into Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from merchant payment processing provider
The Bluevine Business Checking account doesn't place any limits on the number of transactions you can make and charges no monthly, minimum daily balances, non-sufficient fund fees, ACH transfer fees or overdraft fees. It stands out for offering a competitive interest rate for a checking account, as well as up to $3 million in FDIC insurance, well above the standard $250,000 coverage.
Best for saving on business tools
Novo Business Checking
Special offers
Perks upon sign up can include $3,000 in Google Cloud credits, $150 toward Google Ads, 40% off the first six months of QuickBooks Online and up to $20,000 in fee-free credit card transactions when you link your account with Stripe
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
$0
Annual Percentage Yield (APY)
None
Free ATM network
No out-of-network ATM fees and reimburses fees charged by other ATM operators, up to $7 per month
ATM fee reimbursement
Yes, up to $7 per month worldwide
Small business perks
Sync your account with Slack, Stripe, Shopify, Quickbooks, TransferWise, Xero, Zapier and other popular merchant tools. Amazon integration for sales and revenue tracking.
Overdraft fee
If a transaction is made and there are insufficient funds to complete the payment, your Novo account will not be charged an overdraft fee
Mobile check deposit
Yes
Terms apply. Novo Platform Inc. {"Novo") is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A. Member FDIC.
Pros
- Seamless tech integrations make it easy for the solo entrepreneur who does it all
- Money-saving partnerships with popular invoicing, marketing and communications tools
- Syncs easily to Google Pay and Apple Pay
- Unlimited fee-free monthly transactions
- No monthly fees or minimum balance requirements
- ATM reimbursements up to $7 per month
Cons
- Online only (not great if you prefer in-person banking)
- No easy way to deposit cash
The Novo Business Checking account offers a few special discounts that can help business owners run operations a bit more smoothly. It doesn't charge monthly maintenance fees and doesn't require a minimum initial deposit to open the account.
Best for gig workers and freelancers
Found Banking
Special offer
N/A
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
$0
Annual Percentage Yield (APY)
None using the free version; 1.5% APY on balances up to $20K for Found Plus
Free ATM network
Standard ATM fees will apply
ATM fee reimbursement
None
Small business perks
Access to built-in bookkeeping and tax tools; integrations with Stripe and Quickbooks; unlimited customizable invoices; offers Found Plus, which is an optional premium service that provides access to more advanced business tools for $19.99 per month
Overdraft fee
$0
Mobile check deposit
Yes
Found is a financial technology company, not a bank. Business banking services are provided by Piermont Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. The Found Mastercard Business debit card is issued by Piermont Bank pursuant to a license from Mastercard Inc. and may be used everywhere Mastercard debit cards are accepted. Direct deposit funds may be available for use for up to two days before the scheduled payment date. Early availability is not guaranteed
Pros
- Create pockets to organize your cash flow
- No required monthly fees or balance minimums
- Easy to sign up for in just a few minutes
- Built-in accounting and tax tools
- FDIC-insured for up to $250,000
- Mobile check deposits
- Physical and virtual debit card available
- Can receive direct deposits up to two days early
Cons
- Found won't charge you ATM fees but standard ATM fees will apply
- ATM withdrawal limit of $550
- Doesn't offer an APY using free version
- Weekly check deposit limit of $3,000/week and weekly cash deposit limit of $2,000/week; monthly cash deposit limit of $4,000
The Found business checking account is designed for the self-employed, freelancers and independent contractors. It has no mandatory monthly fees or minimum opening deposit and offers useful built-in tax, invoicing and bookkeeping tools. While it allows for cash and check deposits, which isn't always available with online banks, the limits for these types of deposits are relatively low.
Best for debit card rewards
Grasshopper Business Checking
Special offer
1.00% cash back on qualifying purchases
Monthly maintenance fee
$0
Minimum deposit to open
$100
Minimum balance
$0
Annual Percentage Yield (APY)
1.51% APY on balances of $0.01—$24,999.99 and $250,000.01; up to 2.25% APY on balances of $25,000-$250,000
Free ATM network
No fee withdrawals at over 37,000 MoneyPass ATMs nationwide
ATM fee reimbursement
No
Small business perks
Rewards debit card access
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply.
Pros
- No monthly fees, balance minimums or overdraft fees
- Offers a debit card that can be used to earn cash back
- Offers an APY
- Mobile check deposit
- Small minimum deposit amount to open the account
Cons
- Online only (not great if you prefer in-person banking)
- You need a higher account balance to earn the highest APY tier
The Grasshopper Business Checking account is an interest-bearing checking account with no monthly fees, balance minimums or overdraft fees. It incentivizes debit card use by offering 1% cash back on qualifying purchases.
Best for international transfers
Mercury
Special offer
None
Monthly maintenance fee
$0
Minimum deposit to open
$0
Minimum balance
$0
Annual Percentage Yield (APY)
Up to 5.46% APY for users of Mercury Treasury, the investment advising arm of Mercury
Free ATM network
Mercury doesn't charge ATM fees, however, the ATM operator may charge a fee
ATM fee reimbursement
Yes, see here for more details
Small business perks
Offers startup guides, users who sign up for the IO Credit Card can earn 1.5% cash back
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply.
Pros
- No monthly fees, balance minimums or overdraft fees
- Offers a debit card
- Mobile check deposit available
- IO credit card offers 1.5% cash back on purchases
- Users can send domestic and international wire transfers in over 30 different currencies
- USD international wires are free to send
- Integrates with several bookkeeping and accounting tools
Cons
- No cash deposits allowed
- No APY earned for checking account balances
Mercury is a free banking platform that allows account holders to send free domestic and international USD wire transfers. Although checkbooks aren't available, customers can send paper checks free of charge. There's no minimum opening deposit requirement and accounts are FDIC-insured up to $5 million.
Best for no foreign transaction fees
Lili Basic Business Checking
Special offer
Lili Pro, Lili Smart, and Lili Premium account holders can earn cash back on business debit card purchases
Monthly maintenance fee
$0 for Basic account; $9 for Pro account; $21 for Smart account; $33 for Premium account
Minimum deposit to open
$0
Minimum balance
$0
Annual Percentage Yield (APY)
4.15% APY for savings account balances
Free ATM network
$0 for in-network ATMs (ATM provider may charge a fee)
ATM fee reimbursement
Yes, see here for more details
Small business perks
Provides account access for multiple users and a debit card for each
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply.
Pros
- No monthly fees, balance minimums or overdraft fees
- Offers a debit card
- Mobile check deposit available
- Savings account holders can earn a generous APY on their balance
- No foreign transaction fees
- Offers overdraft protection
- Can add multiple users to the same account and provide each with a debit card
- Allows users with up to four businesses to manage them all under a single log-in
- Accepts cash deposits
Cons
- No APY earned for checking account balances
- Must uprade account plan for access to additional tools and special offers
Lili Basic Business Checking is a no-fee checking account that stands out for charging no foreign transaction fees. Account holders can also deposit cash at over 90,000 retail locations (up to $4.95 service fee per deposit), withdraw cash from over 38,000 fee-free ATMs and receive unlimited domestic wire transfers for no fee.
More on our picks for best free business checking accounts
Bluevine Business Checking
Bluevine is a fintech company with banking services provided by Coastal Community Bank. The Bluevine Business Checking account lets account holders earn a 2.00% APY on balances up to $250,000 after meeting certain monthly activity goals, like spending $500 per month on your Bluevine Business Debit Mastercard® or receiving $2,500 per month in customer payments to your Bluevine checking account, while Bluevine Plus customers can earn 3.0% APY and Premier customers can earn as much as 4.25% on balances up to $3 million.
For those who do business globally, the Bluevine account lets you send payments internationally to 32 countries and in 15 different currencies for a $25 flat fee per international payment, plus a 1.5% surcharge when sending money in foreign currencies.
Bluevine also provides integrations that can help business owners manage operations more efficiently. For instance, account holders can deposit checks from their phones, sync their account with QuickBooks and create dedicated logins for employees to share access across their team.
Minimum deposit to open
$0
Minimum balance
$0
APY
2.0% APY to 4.25%, depending on your account tier
Novo Business Checking
Novo is a digital fintech company that partners with Middlesex Federal Savings to offer banking services.
The Novo Business Checking account offers unlimited fee-free transactions with no overdraft fee. The account allows for easy integration with business tools like Stripe, Shopify, QuickBooks and Zero. Account holders can also use the mobile app to deposit money orders and checks.
Other perks include special discounts for services that can help you manage your business, including up to $3,000 in Google Cloud credits, $150 toward Google Ads, 40% off the first six months of QuickBooks Online and up to $20,000 in fee-free credit card transactions when you open your account and link it with Stripe.
Minimum deposit to open
$0
Minimum balance
$0
APY
None
Found Banking
Found is a fintech company with banking services provided by Piermont Bank.
The free version has no mandatory monthly maintenance fee, overdraft fees or minimum balance requirements. Notable perks include free built-in bookkeeping, invoicing and tax-planning tools, the ability to categorize your cash into different buckets and the option to connect popular business apps like Stripe and Quickbooks. For more advanced business tools, account holders can upgrade to a Found Plus account for $19.99 per month or $149.99 per year.
Although Found promotes unlimited transactions and free ACH transfers, there are limits on certain types of transactions, which might restrict businesses with larger cash flows. For instance, there is a $550 daily limit for ATM withdrawals, a $3,000 weekly limit for check deposits and a $2,000 weekly limit for cash deposits, with cash deposits capped at $4,000 every 30 days.
Minimum deposit to open
$0
Minimum balance
$0
APY
None
Grasshopper Business Checking
Grasshopper is an online bank geared toward small businesses, startups and venture capital and private equity firms.
Its business checking account has a relatively small $100 minimum deposit requirement to open the account. The account offers 1.51% APY on balances up to $25,000 and on balances greater than $250,000. Balances of $25,000 to $250,000 earn 2.25% APY. Account holders earn unlimited 1% cash back on online and signature-based debit card purchases if they maintain an average monthly balance of $10,000 or more in their account.
Minimum deposit to open
$100
Minimum balance
$0
APY
1.51% to 2.25% APY, depending on your balance
Mercury Banking
Mercury offers a robust suite of financial products, with banking services provided in partnership with Choice Financial Group and Evolve Bank & Trust. By spreading deposits across multiple banks, Mercury customers benefit from up to $5 million in FDIC insurance.
Its business checking account has no account minimums, overdraft fees, monthly fees or account opening fees. While there are no fees to send or receive domestic wires or USD international wires, one drawback may be that customers don't have access to a fee-free ATM network. Mercury also doesn't offer cash deposits.
Like many other business banking accounts, Mercury allows users to sync their accounts with various accounting and bookkeeping tools. Mercury also allows admins to add multiple users to their accounts and set controls, limits and permissions.
Minimum deposit to open
$0
Minimum balance
$0
APY
None; up to 5.46% APY for users of Mercury Treasury, the investment advising arm of Mercury
Lili Basic Business Checking
Lili is a business banking platform that offers banking services through Choice Financial Group.
Its basic business checking account has no monthly maintenance fee, no minimum balance or deposit requirement, no foreign transaction fees and no fees at MoneyPass ATMs. All customers have access to basic features like a debit card and joint account access, but you'll need to upgrade to a Lili Pro, Lili Smart or Lili Premium plan to unlock more advanced features, like fee-free overdraft protection up to $200 and access to expense management tools and reports.
While Lili doesn't support outgoing wire transfers, one unique feature is the ability to link the accounts of up to four businesses to a single login. This makes it easier for entrepreneurs to keep track of multiple business bank accounts at once.
Minimum deposit to open
$0
Minimum balance
$0
APY
None; 4.15% APY for savings account balances
FAQs
Can I open a business bank account with an Employer Identification Number (EIN) only?
An EIN is one essential piece of information needed to open a business bank account, in addition to basic identifying and contact information like your date of birth and address. Some banks may ask to see additional information about your business, like your business website and business license. Always read the requirements carefully to understand what would be needed of you during the process.
Do you need an LLC to open a business bank account?
It is not required to have an LLC to open a business bank account.
How much money do I need to open a business bank account?
The amount of money you need to open a business bank account can vary depending on the account. Some banks require as little as $0 as an initial deposit, while others may require a few thousand dollars.
Bottom line
Some business bank accounts can have hefty initial deposit requirements or monthly maintenance fees that may not be ideal for start-ups or businesses with limited cash flow. It can be advantageous to opt for a business bank account that has a $0 initial deposit requirement and low or no minimum balance to maintain. Monthly service fees can add up quickly and negate any benefits an account may offer.
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Why trust CNBC Select?
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every small business checking account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of small business products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. See our methodology for more information on how we choose the best free business checking accounts.
Our methodology
To determine which free business checking accounts offer the most convenience, CNBC Select analyzed dozens of U.S. business checking accounts offered nationwide by online banks as well as those with physical branches. We narrowed down our rankings by considering no-fee checking accounts or accounts with easy ways to waive the monthly maintenance fees.
We compared each checking account on a range of features, including:
- Fees
- Minimum balance requirement
- Mobile banking ease
- Small business tools and support
- Large ATM network
- Account accessibility
- Customer reviews, when available
All of the accounts included on this list are either members of the Federal Deposit Insurance Corporation (FDIC) or FDIC-insured through partner institutions. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.
The rates and fee structures for checking accounts are subject to change without notice and often fluctuate according to the prime rate.
Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.
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