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A business checking account can help separate your business and personal finances. The best business checking accounts won’t charge monthly fees and have low minimum opening deposits. A good account should also be convenient for your type of business.
Read below to learn about our top picks for the best free business checking accounts. We’ve chosen accounts from both brick-and-mortar banks and online financial institutions to give you a plethora of options to consider.
Our expert panel for this guide
We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best business checking accounts for your needs. You can read their insights at the bottom of this post.
Insider
We’re focusing on what will make a business checking account the most useful, including low fees, transaction limits, branch locations, and more.
Axos Basic Business Checking
Why it stands out: You can make unlimited transactions each month. Axos has a large ATM network, but if you use an out-of-network machine, Axos refunds all fees charged by an ATM provider.
What to look out for: There’s a $50 international wire transfer fee. However, most banks charge a similar international wire transfer fee.
Bank OZK Small Business Checking
Why it stands out: You can make up to 250 transactions per month with Bank OZK, and its minimum opening deposit of $100 is relatively low. It does charge a fee if you use an out-of-network ATM — but it’s only $1, which is less than what many banks charge.
What to look out for: Bank OZK (previously Bank of the Ozarks) is a good option if you live near a branch and want a brick-and-mortar experience, but it only has locations in eight US states. You’ll also have to pay a fee if you exceed the 250 transaction limit.
BlueVine Business Checking
Why it stands out: BlueVine doesn’t require an opening deposit, and it doesn’t restrict how many transactions you can make each month. You’ll earn BlueVine Business Checking Account 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 gives you a way to deposit cash.
What to look out for: BlueVine doesn’t have physical locations so you might not have easy access on your account. You also won’t earn any interest on balances over $100,000.
Citizens Bank Clearly Better Business Checking Account
Why it stands out: You don’t need any money to open this account, and you can make 200 free transactions each month. Citizens Bank gives you two overdraft protection options: Either transfer money from savings or tap into a line of credit.
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.
First Citizens Bank Basic Business Checking
Why it stands out: The $100 minimum opening deposit is relatively low, and you can make up to 150 free transactions per month. First Citizens Bank has a large presence in the US with branches in 19 states.
What to look out for: Although 150 free monthly transactions is pretty good, the number isn’t quite as high as what our other top picks allow. Really consider how many transactions you’ll need to make each month before you choose a business checking account.
First Horizon Bank BizEssentials Checking Account
Why it stands out: You can make 250 monthly transactions and deposit up to $5,000 in cash for free each month. The minimum opening deposit is also pretty low.
What to look out for: You’ll have to pay $0.50 per transaction that goes over the 250 limit and $0.20 per $1000 that goes over the $5,000 limit.
NBKC Business Checking
Why it stands out: This account gives you a lot of freedom. There’s no minimum opening deposit, transaction limits, monthly service fees, incoming wire transfer fees, or overdraft fees. If you use a non-MoneyPass ATM and the ATM provider charges a fee, NBKC reimburses you up to $12 per month.
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.
Novo Business Checking Account
Why it stands out: You can make an unlimited number of free transactions with Novo. 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.
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 accounts that didn’t make the cut and why
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:
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.Huntington National Bank Business Checking 100: You can only make 100 monthly transactions for free, which is significantly less than what you can do with our top picks.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 Checking 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.US Bank Silver Business Package: This is a good large, national bank option, but you’re only allowed 125 free monthly transactions.
Are these banks trustworthy?
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:
InstitutionBBB gradeAxos BankA+Bank OZKB-BlueVineA+Citizens BankA+First Citizens BankAFirst Horizon BankA+NBKC BankA+NovoA-
Most of the companies on our list have received strong scores from the BBB. Bank OZK’s grade can be attributed to the fact that it hasn’t responded to all customer complaints on the BBB website. Novo has lower than an A grade because its received 44 complaints.
Some of these companies have recent public controversies.
In 2019, a former executive filed a lawsuit against Bank OZK, claiming her colleagues engaged in sexual misconduct and discriminated based on age. 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.
If these recent scandals worry you, you may decide to bank with one of our other top picks.
What was our methodology in choosing the best business checking accounts?
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. If a bank had a high minimum opening deposit, we didn’t include it. Of our top picks, the most you’ll need to open an account is $1,000 with Axos Bank.
We also looked at how many free transactions you can make each month with an account. All our top choices let you make at least 150 monthly transactions, and many offer unlimited transactions.
Frequently asked questions
What factors should I look at when comparing business checking accounts?
When choosing between business checking accounts, ask yourself the following questions:
Do I want an online or in-person account? We’ve listed both digital and brick-and-mortar checking accounts. Online banks typically have more flexibility and lower fees, but brick-and-mortar institutions are helpful if you use in-person services.How many transactions will my business need to make each month? If you suspect the number will be in the hundreds, you may want an account that allows an unlimited number.How much will I deposit in cash each month? Some banks limit how much you can deposit in cash, and some online accounts don’t have a way for you to deposit cash at all.Will I need to make wire transfers? A wire transfer is a tool for moving money electronically from your bank to a friend or family member’s bank. It can be especially useful if you don’t have access to the recipient’s bank. Some banks allow free wire transfers, others don’t. If you expect to send or receive wire transfer, check a bank’s fees first.Will perks help me out? Some accounts, such as the Novo Business Account, offer perks like cash back at certain companies. If these are companies you work with regularly, using a partnering account could help you save money.
Can I use a personal account as a business account?
Yes, you can use a personal checking account for your business — but doing so comes with complications. Your personal name rather than business name will appear on checks, and you may find it difficult to separate personal and business spending. It could also be tricky when tax season rolls around and you need to prove business-related purchases.
What do you need to open a business checking account?
You’ll probably need the following documents to open an account:
Employer identification number, or social security number if the business is a sole proprietorshipBusiness licenseFormation documentsOwners agreement
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:
Tania Brown, certified financial planner at SaverLifeRoger Ma, certified financial planner with lifelaidout® and author of “Work Your Money, Not Your Life”Mykail James, MBA, certified financial education instructor, BoujieBudgets.comLaura Grace Tarpley, certified educator in personal finance, editor of banking and mortgages, Personal Finance Insider
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, CFP:
“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, CFP:
“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, CFEI:
“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?”
Laura Grace Tarpley, CEPF:
“If you plan to deposit cash at a branch, check whether the bank limits how much your business can deposit each month before incurring a fee.”
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.”