Free business checking account — Find the right one here

TransferWise content team
07.22.19
7 minute read

All business owners and entrepreneurs should have a business checking account to help them manage their money.

There are many different business accounts out there, with options from major banks, credit unions and online providers. If you’re not sure which will work best for you, focusing on finding an account which is free to open and comes without monthly fees makes good sense.

This guide covers a range of accounts which have no maintenance fee to pay - or where the maintenance charge can be offset or avoided easily. Don’t forget to check all of the additional fees associated with the accounts you’re researching before you commit to one, including transaction costs, ATM charges and fees for depositing money into the account.

Bigger banks offering free business checking accounts in many states

If it’s time for you to get yourself a business checking account, you’ll want one which is convenient to use, offers the features you need, and doesn’t cost too much to operate.

Some traditional banks offer business checking accounts which come with no monthly fees, or will waive the maintenance charge if you meet certain conditions. If you’d rather have the familiarity of a brick and mortar bank, these might be a good choice — although online business accounts are often cheaper overall. More on that in a moment.

Here are a few of the business checking accounts you might want to consider, from large banks:

US Bank Silver Business Checking - an account which allows customers to make 150 free transactions, and 25 cash deposits per month for no charge.

BBVA Business Connect Checking — unlimited digital transactions fee free, no minimum balance requirements and no service charge.

First Citizens Basic Business Checking — no monthly charge or minimum balance, and you can deposit up to $5,000 a month for free, plus 175 fee free transactions per statement cycle. You’ll also get a business debit card and access to online banking.

First National Bank Business Free Checking — no service fee, or minimum balance, and you’ll get 150 free transactions per month. Transactions cost $0.25 once you exceed that limit.

Bank OZK Small Business Checking — you’ll need to deposit $100 to open your account but there’s no service fee or minimum balance to worry about once you’re up and running. Customers also get 250 fee free transactions per month

If you prefer the convenience of banking on the go, choosing an account operated by an online provider can work well. Typically you’ll find great customer service over the phone and online, and the features and fees are often attractive. Here are a couple of popular choices for small businesses:

TransferWise borderless account for business — no minimum balance or monthly fee. They’re not a bank, but a terrific alternative or supplement account for international transactions. Great for businesses working with customers or suppliers overseas, as you can hold multiple currencies, and switch between them using the mid-market exchange rate. There’s no currency conversion markup, just a small transparent fee, and you’ll also get your own bank details for major currencies like euros, Australian dollars and British pounds.

Axos Basic Business Checking — $1,000 minimum opening deposit, but no monthly fee or minimum balance after opening. You’ll get free online banking and remote deposit services — deposit up to 60 items for free, and get 200 free transactions per month

If you’re thinking of opening an account with a traditional bank, it’s worth checking with your preferred provider, if you can open an account online for convenience. Some banks, such as BBVA, will allow sole proprietors to open an account without necessarily needing to visit a branch.¹

Free business checking accounts by state ²

If you’re thinking of getting a business checking account with a local bank, you’ll be able to find options to suit. Here’s a list of some of the most popular banks and their free business checking accounts, by state.

Ameris Bank: Business Checking

Iberia Bank: Free Business Checking

Trustmark: Free Business Checking

National Cooperative Bank: Basic Business Checking

Northrim Bank: Business Edge Checking

Comerica Bank: Basic Business Checking

FirstBank: Business Checking

Iberia Bank: Free Business Checking

Beneficial State Bank: Small Business Checking Account

Comerica Bank: Basic Business Checking

FirstBank: Business Checking

Ent Credit Union: Free Business Checking

Partner Colorado Credit Union: Basic Business Checking

Affinity Federal Credit Union: Business Checking

Liberty Bank: PayBack Business Checking

Washington Trust: Small Business Checking

Artisans’ Bank: Free Business Checking

District of Columbia

National Cooperative Bank: Basic Business Checking

United Bank: Free Business Checking

Florida

Ameris Bank: Business Checking

Capital Bank: Better Business Checking

Comerica Bank: Basic Business Checking

The First: First Free Business Checking

Iberia Bank: Free Business Checking

Popular Community Bank: Totally Free Business Checking

Trustmark: Free Business Checking

Ameris Bank: Business Checking

Iberia Bank: Free Business Checking

Bank of Hawaii: Business Checking

Bank of Idaho: eBiz Advantage Checking

Central Bank: Free Small Business Checking

MainSource Bank: Free Business Checking

Old National Bank: Free Business Checking

Wintrust Bank: Entrepreneur Checking

Horizon Bank: Micro Business Checking

MainSource Bank: Free Business Checking

Old National Bank: Free Business Checking

Wintrust Bank: Entrepreneur Checking

Alliant Credit Union: Business Checking

Arbor Bank: Simple Business Checking

Bank 1st: Business E-Checking

Arvest Bank: Free Small Business Checking

Central Bank: Free Small Business Checking

Central National Bank: Central Business Value

City National Bank: Best Free Business Checking

MainSource Bank: Free Business Checking

Old National Bank: Free Business Checking

The First: First Free Business Checking

Gulf Coast Bank & Trust: Business Checking

Home Bank: Small Business Checking

Iberia Bank: Free Business Checking

Bar Harbor Bank & Trust: Easy Business Checking

First National Bank: Free Small Business Checking

United Bank: Free Business Checking

Digital Federal Credit Union: Free Business Checking

Washington Savings Bank: Free Business Checking

Comerica Bank: Basic Business Checking

Flagstar Bank: Standard Business Checking

Horizon Bank: Micro Business Checking

Old National Bank: Free Business Checking

Bank Forward: Business 200 Checking

Bell Bank: America’s Best Checking for Business

First National Bank Minnesota: Free Checking

Spire Credit Union: Classic Business Checking

WESTconsin Credit Union: Business Checking

The First: First Free Business Checking

Home Bank: Small Business Checking

Trustmark: Free Business Checking

Arvest Bank: Free Small Business Checking

Central Bank: Free Small Business Checking

Montana

Opportunity Bank of Montana: Free Business Checking

Arbor Bank: Simple Business Checking

Central National Bank: Central Business Value

America First Credit Union: Basic Business Checking

Bar Harbor Bank & Trust: Easy Business Checking

Digital Federal Credit Union: Free Business Checking

Affinity Federal Credit Union: Business Checking

The Bank of Princeton: Wise Business Checking

Popular Community Bank: Totally Free Business Checking

United Teletech Financial Federal Credit Union: Free Business Checking

City Bank: Small Business Checking

Affinity Federal Credit Union: Business Checking

National Cooperative Bank: Basic Business Checking

Popular Community Bank: Totally Free Business Checking

Capital Bank: Better Business Checking

First National Bank: Free Small Business Checking

Bank Forward: Business 200 Checking

Bell Bank: America’s Best Checking for Business

City National Bank: Best Free Business Checking

First National Bank: Free Small Business Checking

MainSource Bank: Free Business Checking

National Cooperative Bank: Basic Business Checking

United Bank: Free Business Checking

Arvest Bank: Free Small Business Checking

Central Bank: Free Small Business Checking

Beneficial State Bank: Small Business Checking Account

First National Bank: Free Small Business Checking

MoreBank: Business Checking

United Bank: Free Business Checking

Washington Trust: Small Business Checking

South Carolina

Ameris Bank: Business Checking

Capital Bank: Better Business Checking

First National Bank: Free Small Business Checking

Andes State Bank: Free Checking

Capital Bank: Better Business Checking

Trustmark: Free Business Checking

Comerica Bank: Basic Business Checking

City Bank: Small Business Checking

Iberia Bank: Free Business Checking

Trustmark: Free Business Checking

America First Credit Union: Basic Business Checking

Bank of Utah: Free Business Checking

First Utah Bank: Free Business Checking

Bar Harbor Bank & Trust: Easy Business Checking

Community National Bank: Business Checking

Capital Bank: Better Business Checking

City National Bank: Best Free Business Checking

National Cooperative Bank: Basic Business Checking

United Bank: Free Business Checking

Washington

Beneficial State Bank: Small Business Checking Account

First Financial Northwest Bank: First Business Checking

Harborstone Credit Union: Basic Business Checking

City National Bank: Best Free Business Checking

First National Bank: Free Small Business Checking

United Bank: Free Business Checking

Alliant Credit Union: Business Checking

Spire Credit Union: Classic Business Checking

Westbury Bank: Totally Free Small Business Checking

WESTconsin Credit Union: Business Checking

Wyoming

Big Horn Federal Savings Bank: Free Ramcheck

How to Find the Best Free Business Checking Account for Your Small Business

Choosing a business bank account can seem a bit daunting. There are so many different options to choose from it may seem hard to figure out where to start. The best thing to do is to consider the features which really matter to you, based on how you’ll use the account on a day to day basis.

Once you have a short list of accounts which may work for you, it’s time to check the small print. Firstly make sure you’re eligible for the account, and that you have the correct fees and features for your location, as some banks have different terms for different states.

You’ll then want to compare the options based on their opening deposit requirements, maintenance fee, and what the service fee covers. If your account says it offers a fixed number of free transactions per month, don’t forget to look at what type of transactions are included. Services like international payments, for example, may not be covered by this offer, which can become expensive in the long run if you work with overseas suppliers or customers.

In truth, there’s no such thing as a completely free business bank account. There will be fees to pay for some specialist services, and most accounts come with a limited number of free transactions per month, with a charge if you exceed these limits.

The right account for one business will not necessarily be the best choice for another. If you work in a business dealing with cash payments, and need to regularly deposit money into your account, then the fees for this service will be important. However, if you sell digital services, maybe simple online banking and fast payments are key features to look out for.

By thinking about how you’ll use the account you can make sure you find one with low fees where it matters to you. Check out a wide range of accounts, from traditional banks, as well as modern alternatives like the TransferWise borderless account for business, to see which product suits you best.


Sources:

  1. BBVA Business Connect Checking
  2. Nerdwallet's 'Find a Free Business Checking Account'

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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