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If you run a small business, a bank account isn’t an option, it's a requirement. Every business should have its own dedicated checking account, and possibly savings, credit cards, and other accounts, to keep cash safe and build a financial record for the business.

But don’t just head to the closest bank and think they will offer the best deal or even all of the features you need in a small business bank. It is important to do research to choose the best bank for your unique business needs. When reviewing accounts, consider some of these features, which may or may not matter for your business: cash deposits, mobile check deposits, free ATMs, keeping all accounts at one bank, interest-bearing checking accounts and in-person customer service.

And while keeping in mind that business bank accounts tend to charge higher fees than personal accounts, you should still seriously consider the costs of a bank account. Major fees for business bank accounts include monthly account fees, excess transaction fees and excess cash deposit fees.

Because every business is different, there is no perfect account for small businesses. Some small businesses may be happy with an online-only bank that does not charge any monthly fees. Other businesses care more about frequent cash deposits and will never need to deposit a check from their phone.

The only universal desire in small business bank accounts is low fees, so be on the lookout for fees that you may be charged unless you meet specific criteria to avoid them.

Now that we have all that out of the way, let's take a look at the best banks for small businesses.

Business banking is a little different from consumer banking. Our master list of the best online banks around is surprisingly short on business checking accounts with no monthly maintenance fees, minimum balance requirements, or monthly transaction limits.

Also, most business bank accounts impose transaction limits and demand hefty minimum balances to waive high monthly maintenance fees (also known as monthly service fees).

That puts microbusiness owners and solopreneurs at a distinct disadvantage. And it’s a stark contrast to the consumer banking world, where the best free consumer checking accounts cater to individuals and joint account holders who aren’t swimming in cash.

But the picture isn’t uniformly bleak. Once you know where to look, you’ll find ample small-business checking options to choose from.

Best Small-Business Checking Accounts

The best small-business checking accounts have low minimum balance requirements to waive their monthly maintenance fees (or no monthly service fees at all) and enough fringe benefits to keep things interesting for account holders.

Some pay interest as well. All are FDIC-insured. Read on for our list of the best business checking accounts available right now.

1.Chase Business Complete Checking

$300 Bonus for New Account Holders Who Open With Shore united bank hours Activities

Chase Business Complete Checking has a category-leading bonus opportunity for new account holders: $300 when you open a new account online or in-person (with no minimum deposit required) and complete the required qualifying activities.

Moving forward, you can avoid the $15 monthly maintenance fee in multiple ways, including maintaining a minimum daily balance or making qualifying purchases on your Chase Ink Business credit card.

Plus, enjoy unlimited electronic deposits, ACH, and mobile check deposits via Chase QuickDeposit.

Chase has ATMs and branches in the following states: AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KY, LA, MA, MI, NV, NJ, NY, OH, OK, OR, TX, UT, WA, WV, WI. This offer is available online nationwide, except for residents of AK, HI, and PR.

• Minimum Deposit and Balance Requirements: There’s no minimum deposit or ongoing balance requirement.
• Yield: None.
• Rewards and Incentives: Open a newChase Business Complete Checking account and complete qualifying activities to earn a $300 bonus. This offer expires Oct. 21, 2021.
• Possible Fees: Chase Bank offers multiple ways to waive the $15 monthly maintenance fee.

Apply Now

2. BlueVine Business Checking

Totally Free Business Checking With No Minimums & Interest on Eligible Balances

BlueVine Business Checking has no minimum balance requirements, no monthly fees, and unlimited transaction allowances for all users. It’s also quite rare in the free business checking world for paying interest on balances: 0.6% APY.

BlueVine Business Checking has plenty of value-added capabilities for small-business users too. For example, you can easily connect your account to online accounting platforms like QuickBooks Online, Wave, and Freshbooks, as well as business revenue and deduction tools like PayPal, Stripe, and Expensify.

• Minimum Deposit and Balance Requirements: This account has no monthly fees, minimums, or transaction limits.
• Yield: All eligible balances earn 0.6% APY.
• Rewards and Incentives: This account comes with a powerful mobile banking interface that offers mobile check deposit, debit card locking and unlocking, biometric security, custom account alerts, and more. Plus, you can deposit cash at more than 90,000 Green Dot retail locations, and you’ll pay no fees at more than 38,000 ATM locations nationwide.
• Possible Fees: This account has no NSF, overdraft, or incoming wire fees.

Learn More

3. Axos Bank Basic Business Checking

Earn a $100 Account Opening Bonus With Qualifying Activities

Axos Bank Basic Business Checking is a fantastic alternative to Axos Bank Business Interest Free small business checking account california (which we cover further down).

This free business checking account has no monthly maintenance fee, unlimited ATM fee reimbursements, a fantastic welcome bonus for both newly incorporated businesses and long-incorporated businesses that open accounts by the stated offer end date, and a nice remote deposit feature you can use just about anywhere.

Apply 100% online (no paper forms required) and get your first 50 checks free. Plus, enjoy paperless statements once you’re signed up.

• Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,000, but there’s no monthly service fee.
• Yield: None.
• Rewards and Incentives: Here’s how to earn the $100 welcome bonus: Apply for your new Axos Bank Basic Business Checking account, then maintain an average daily balance of at least $5,000 during the first three months (new funds only). This offer is subject to change or revocation at any time at Axos Bank’s sole discretion.
• Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
• Possible Fees: $0.30 per item processed after the first 200 items each month.

For more information, read our Axos Bank review.

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4. Lili Standard

Totally Free Checking With Automatic Tax Savings and Financial Insights

TheLili Standard account is a truly free, all-in-one checking solution that’s built with freelancers in mind.

In practice, it appeals to a much broader audience: side hustlers and gig workers supplementing W-2 income, established solo professionals (one-person businesses), and full-time freelancers. With Lili Standard, these folks don’t need separate bank accounts for personal and business needs — just Lili.

Lili Standard’s signature benefits include a subaccount that simplifies tax savings, early payday for qualifying account holders, instant expense categorization, and a powerful cache of financial insights and expense management tools to help you spend (and save) smarter.

Plus, its “emergency bucket” feature enables savings transfers as small as $1 a day. It all adds up to one of the best business checking accounts around.

• Minimum Deposit and Balance Requirements: Lili has no account fees or minimums.
• Yield: Lili Standard doesn’t pay interest. Check back often for the latest offers.
• Rewards and Incentives: Lili’s referral program pays $50 per successful referral to Lili and promises a bonus of $1,000 when you deliver 10 successful referrals. Plus, Lili makes it easy to set aside funds earmarked for tax payments, has helpful expense management and categorization tools (like quarterly expense reports), promises an early payday for account holders with direct deposit (up to two days early), enables cash deposit at more than 90,000 locations around the U.S., and delivers real-time alerts about transactions and other account activities.
• Possible Fees: Lili Standard charges no account fees.

Learn More

Nearside is a free business banking platform that packs a tremendous amount of value into a lean, flexible account outfitted with a clutch Mastercard debit card. Take a few minutes to apply, then take advantage of these can’t-miss benefits:

• 1% cash back on all eligible debit card purchases
• Up to 5% additional cash back on eligible purchases, including car rentals (5% back), hotels and restaurants (4% back), and gas (1% back).
• Exclusive perks — discounts on the tools and services you need to run your business, like Yelp, Square, QuickBooks, and Zenefits
• Free, flexible ACH transfers
• Seamless Apple Pay and Google Pay integrations

And Nearside has virtually no fees — no NSF, card replacement, or minimum balance fees.

• Minimum Deposit and Balance Requirements: There’s no minimum deposit or monthly minimum balance requirement.
• Yield: Nearside doesn’t pay interest on balances, but select transactions earn up to 5% cash back.
• Rewards and Incentives: On top of 1% cash back on all purchases and up to 5% back on select purchases, enjoy perks that can reduce the cost of the business products and services you need to succeed, fee-free access to 55,000 ATMs nationwide, and Mastercard Enhanced Debit benefits (including ID theft protection, car rental insurance, and Mastercard Airport Concierge).
• Possible Fees: Nearside doesn’t charge NSF fees, monthly minimum balance fees, ACH fees, or card replacement fees.

Apply Now

6. Lili Pro

Premium Subscription Featuring Advanced Banking, Tax Management Features & More for Professional Freelancers

free small business checking account california height="196" src="https://www.moneycrashers.com/wp-content/uploads/2021/06/LILI-PRO-CARD-01-300x196.png" alt="Lili Pro Card 01">

Lili Pro builds on the already incredible value of Lili Standard with a premium subscription platform built for professional freelancers. It boasts all the features and capabilities Lili Standard users know and love, plus:

• A premium Visa business debit card with increased transaction allowances and cash-back rewards at over 14,000 merchants
• Yields up to 1% on eligible emergency savings balances
• Free overdraft up to $200 with no extra fees
• Unlimited invoicing that allows account holders to send and manage invoices from their Lili Pro accounts and get paid directly into Lili
• Advanced expense management, including custom categorization and percentage allocations for work and life expenses
• Automatic set-aside savings for taxes
• Access to more than 38,000 fee-free ATMs
• No hidden fees

All this for just $4.99 per month.

• Minimum Deposit and Balance Requirements: Lili Pro does not impose minimum deposit or ongoing balance requirements.
• Yield: Emergency savings balances held with Lili Pro earn up to 1% APY.
• Rewards and Incentives: Lili Pro has the same great referral program as Lili Standard. See terms and conditions for complete details.
• Possible Fees: Lili Pro carries a low monthly subscription fee of $4.99. Lili Pro has no hidden fees.

Learn More

7. Brex Cash

Up to 50,000 Bonus Points After Account Approval and Qualifying Spend; No Fees or Minimums

Brex Cash is a user-friendly cash account for growing businesses. With no fees or minimums, a generous welcome offer and ongoing rewards program, and an expansive lineup of value-added perks worth $150,000, it’s difficult to find fault here.

Take full advantage of the powerful mobile app and don’t miss the super-simple advance payment scheduling tools, either.

• Minimum Deposit and Balance Requirements: Brex Cash has no account fees or minimums.
• Yield: None.
• Rewards and Incentives: Earn 30,000 bonus Brex Rewards points after opening your account and spending $3,500 on purchases within 30 days, or earn 50,000 bonus points after opening your account and spending $9,000 on purchases within 30 days. Plus, earn points on every purchase and enjoy perks worth $150,000.
• Possible Fees: Brex Cash has no account fees.

Learn More

*Brex Treasury LLC is not a bank; Brex Cash is not a bank account.

8. Novo Powerfully Simple Business Banking

Thousands of Dollars in Exclusive Perks Available to Account Holders

Novo’s Powerfully Simple Business Banking product is another maintenance fee-free option for small-business owners and self-employed people (sole proprietors).

An easy application process, nice account opening bonus, robust mobile features, integrations with other useful small-business tools, and virtually no fees all count as standouts here.

If you’re done with branch-based business banking, put this free business checking account from Novo at or near the top of your list. It’s one of the best business checking accounts for smaller operators, period.

• Minimum Deposit and Balance Requirements: The account opening minimum is $50, but there’s no ongoing minimum balance requirement and no monthly maintenance fee.
• Yield: None.
• Rewards and Incentives:  Enjoy thousands of dollars in exclusive perks — see Novo’s website for details.
• Overdraft Options: If Novo chooses to honor an overdraft, there’s a $27 insufficient funds fee per item. The returned-item fee is also $27 per item.
• Possible Fees: Other than its insufficient funds and returned-item fees, Novo has virtually no fees.

Learn More

9. LendingClub Bank Tailored Checking

Up to 1% Cash Back on Signature Debit Card Transactions for Qualifying Customers; 0.10% APY on Balances Above $5,000

LendingClub Bank Tailored Checking doesn’t have the best yield in the business checking space, but 0.10% APY on balances over $5,000 is better than nothing.

Pair that yield with no limits or fees on transactions — ever — and you have an excellent account for active businesses able to keep some cash on hand.

Mobile check deposits and a powerful debit card app (which includes a card-locking feature) simplify banking on the go.

• Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. The $10 monthly maintenance fee is waived with a minimum daily balance of $5,000 or more.
• Yield: 0.10% APY on balances over $5,000.
• Rewards and Incentives: After your Tailored Checking account has been open for at least 30 days, keep an average balance of $5,000 or more in the account to qualify to earn up to 1% cash back on signature-based debit card purchases online and in-store. Cash back is automatically credited to your Tailored Checking account at the end of the month following the earning period. Plus, enjoy unlimited ATM fee rebates.
• Overdraft Options: If you opt in to overdraft protection, there’s a $5 daily overdraft fee as long as your account remains overdrawn (up to 30 days). Fees begin accruing on the fifth calendar day after the first overdraft item hits.
• Possible Fees: LendingClub Bank charges between $10 and $40 for wire transfers, depending on origin and destination.

Learn More

10. NorthOne Business Banking

Unlimited Payments, Deposits, Transfers & Debit Card Usage

NorthOne Business Banking is a refreshingly simple business banking platform that prides itself on “radically transparent pricing.”

Just $10 per month unlocks its full slate of features, including unlimited payments, transfers, deposits, and debit card transactions; more than 300,000 in-network ATMs; mobile check deposit (and a slew of other mobile-friendly features); and unlimited subaccounts for payroll, taxes, and more.

Plus, for a limited time, NorthOne is offering an exclusive deal for Money Crashers readers who sign up for a new account: one month of free business banking when you sign up using the link below.

• Minimum Deposit and Balance Requirements: The minimum opening deposit is $50.
• Yield: None.
• Rewards and Incentives: NorthOne Business Banking is chock-full of useful features, including more than 300,000 ATMs in-network, unlimited subaccounts for taxes and payroll (and other functions), mobile check deposit, and unlimited number of transactions.
• Overdraft Options: NorthOne charges a one-time overdraft fee when your account balance drops below $0. See pricing terms for more details.
• Possible Fees: The monthly maintenance fee is $10. NorthOne may also charge for wire transfers, overdrafts, NSF transactions, and ACH/PAD returns.

Learn More

11. Axos Bank Business Interest Checking

Up to 0.81% APY on Eligible Balances

Axos Bank Business Interest Checking is the highest-yielding small-business checking account on this list — paying up to 0.81% annual percentage yield (APY) on qualifying balances.

Throw in a low minimum opening deposit requirement, and you’ve got a solid online business checking account for business owners looking to earn a real return on working capital.

• Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. You must maintain a $5,000 minimum average daily balance to waive the $10 monthly maintenance fee.
• Yield: Earn 0.81% APY on balances up to $49,999.999. Earn 0.50% APY on balances between $50,000 and $249,999.999 and 0.20% on all balances above $250,000.
• Rewards and Incentives: Enjoy unlimited domestic ATM fee reimbursements and 50 free checks when you open your account.
• Overdraft Options: Axos Bank customers can opt into an overdraft line of credit that covers overdrafts the bank would typically return unpaid. The interest rate is variable but comparable to a high-interest credit card, and payment of at least 5% of the balance (or $25, whichever is greater) is due each statement cycle.
• Possible Fees: $0.50 per item processed after the first 50 items each month.

For more information, read our Axos Bank review.

Learn More

12. BankProv Small Business Checking

No Deposit or Balance Requirements; Higher Deposit Insurance Limits Than FDIC-Only Accounts

BankProv Small Business Checking is one of the best small-business starter accounts around. With no minimum deposit requirements or ongoing balance requirements and unlimited deposit transactions per month, it’s perfect for entrepreneurs looking to keep overhead low.

• Minimum Deposit and Balance Requirements: There’s no minimum opening deposit or ongoing balance requirement.
• Yield: None.
• Rewards and Incentives: Enjoy 100% DIF insurance coverage — boosting your deposit insurance protection above the standard FDIC coverage limit.
• Possible Fees: BankProv charges a per-item fee for ACH transfers after the first 50 each month. The monthly maintenance fee is $50, cut to $25 with a minimum daily balance of $100,000 and waived entirely with a minimum daily balance of $250,000. See terms for a complete accounting of possible fees.

Learn More

13. Citizens Bank Clearly Better Business Checking

No Monthly Maintenance Fees, Ever

Citizens Bank Clearly Better Business Checking is one of the only business checking accounts that never charge a monthly maintenance fee. That’s excellent news for business owners working on thin margins.

This account also boasts a relatively high monthly limit for free transactions and generous overdraft options.

On the negative side of the ledger, it doesn’t pay interest and isn’t available in all areas — Citizens Bank’s trade area is limited to the East Coast. But if you do live in an area served by Citizens Bank, you can hardly do better.

• Minimum Deposit and Balance Requirements: There’s no minimum opening deposit or ongoing balance requirement.
• Yield: None.
• Rewards and Incentives: None.
• Overdraft Options: Citizens Bank offers two overdraft options, both opt-in: an overdraft line of credit and overdraft savings transfer program. Both charge $12 for each day an overdraft transfer occurs, regardless of the number of transfers on that day. The savings transfer option is otherwise free, but the line of credit costs $30 per year. The required credit line payment is the greater of $20 or 2% of the balance.
• Possible Fees: $0.50 per item above the 200 monthly transaction limit.

Learn More

14. NBKC Business Checking Account

Virtually No Fees and No Balance Requirements

TheNBKC’s business checking account has no balance requirements, no monthly maintenance fees, and no transaction fees.

As part of the MoneyPass ATM network, it offers fee-free withdrawals at more than 32,000 ATMs in the U.S. and Puerto Rico.

And its simple Desktop Deposit feature — with added support from a robust mobile banking app — makes it easy to deposit checks remotely.

• Minimum Deposit and Balance Requirements: There’s no minimum balance requirement.
• Yield: None.
• Rewards and Incentives: Get up to $12 in monthly refunds for ATM fees charged by any other banks worldwide, plus mobile-friendly features like bill pay.
• Overdraft Options: NBKC offers a courtesy overdraft sweep option. See account disclosures for details on how this works.
• Possible Fees: Other than domestic and international wire fees — $5 to send a domestic wire and $45 to send or receive an international wire — NBKC has virtually no fees.

Learn More

15. Huntington Bank Unlimited Plus Business Checking

Enjoy Access to Exclusive, Potentially Valuable Business Perks

Huntington Bank Unlimited Plus Business Checking is a powerful business checking account designed for larger businesses with high transaction volumes and complex treasury management needs. 

It has a category-leading new account opening bonus opportunity as well. Through March 7, 2022, you can earn a bonus worth $750 when you open a new account and complete these qualifying activities: 

• Open a new Unlimited Plus Business Checking account between Nov. 1, 2021, and March 7, 2022
• Make cumulative new money deposits of at least $20,000 within 60 days of account opening
• Keep your account open for a minimum of 90 days

Look for your $750 bonus in your account within 14 business days after completing these activities. Then, enjoy benefits like:

• Unlimited transactions^§ and up to $25,000 in cash or currency deposits monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after
• Waived monthly maintenance fee with $50,000 in combined deposit relationship balances (otherwise, $40/month)^#
• Your choice of two additional bonus services, such as up to 25 returned deposit items per month and two free incoming domestic wires

Disclosures:

o To be eligible for the $750 cash bonus, business customer must open a new Huntington Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by March 7, 2022 then make a minimum cumulative new money deposit into the new checking account of at least $20,000 within 60 days of account opening.

o “New money” is defined as money that is not currently on deposit in any Huntington account
(except maturing business CDs). Account must maintain an open status for at least 90 days
before it is eligible for the bonus payment. All new accounts subject to account opening approval
and account conversions are not eligible. An Early Account Closing Fee will apply to accounts
closed within 180 days of opening.
o Your $750 bonus will be deposited into your new checking account within 14 days of meeting the
above requirements. Your business checking account must remain in an open status to receive
the bonus.
o This offer is only available to new business checking customers. All existing Huntington business
checking customers, including those with business checking accounts closed within the last six
months, are not eligible. Public Fund/Government Banking dollars and Brokers are not eligible for
this offer.
o Cash bonus does not count towards the deposit requirement. This offer cannot be used in
combination with any other offer. For tax purposes, the bonus will be reported on IRS Form
1099-INT for the year in which you receive your bonus. Huntington reserves the right to limit an
individual business owner with multiple businesses to one account-related gift incentive per
rolling 12-month period across all deposit account relationships.

§A “transaction” is any combination of checks paid, deposit tickets, deposited checks (except those you process through a remote deposit scanner), incoming ACH debits and credits, debit card purchases and bill payment transactions made through Huntington’s Online Bill Pay service.

#The business can avoid the monthly checking maintenance fee ($20.00 for Unlimited Business Checking and $40.000 for Unlimited Plus Business Checking) for any statement period on this checking account when the business keeps a total deposit relationship balance of at least $10,000 for the Unlimited Business Checking account and $50,000 for the Unlimited Plus Business Checking account in a combination of deposits held directly by us. Eligible deposits are this checking account and any other checking, money market, savings, or certificate of deposit (CD) account(s) owned by the business, but deposits owned by separate legal entities (even those that share EINs or TINs) are not eligible. We figure the total relationship deposit balance each month by adding the average daily balance for all eligible deposit account balances of the business for the applicable statement period. Free small business checking account california calculate the average daily balance by totaling the balances in your account from the end of each day in the applicable

statement period and dividing that amount by the number of days in that period. However, for new accounts or closed accounts, we only count the number of days that the account was open during the applicable statement period for purposes of determining the average daily balance.

16. Huntington Bank Unlimited Business Checking

Access to Exclusive, Potentially Valuable Business Perks

Huntington Bank Unlimited Business Checking is built for growing businesses with higher transaction volumes and steadily increasing cash flows. 

For a limited time, it also boasts one of the best small-business bank account promotions around. Through March 7, 2022, you can earn a bonus worth $400 when you open a new  account and complete qualifying activities. Just do the following: 

• Open a new Unlimited Business Checking account between Nov. 1, 2021, and March 7, 2022
• Make what is the routing number for renasant bank new money deposits of at least $5,000 within 60 days of account opening
• Keep your account open for a minimum of 90 days

You should receive your $400 bonus in your account within 14 business days after completing these qualifying activities. And you can always look forward to these great Unlimited Business Checking benefits:

• Unlimited transactions^§ and up to $10,000 in cash or currency deposits monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after
• Waived monthly maintenance fee with $10,000 in combined deposit relationship balances (otherwise, $20/month)^#
• Your choice of one additional bonus service, such as two incoming domestic wire transfers per month

Learn More

Disclosures:

o To be eligible for the $400 cash bonus, business customer must open a new Huntington Unlimited Business, Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by March 7, 2022 then make a minimum cumulative new money deposit into the new checking account of at least $5,000 within 60 days of account opening.

o “New money” is defined as money that is not currently on deposit in any Huntington account
(except maturing business CDs). Account must maintain an open status for at least 90 days
before it is eligible for the bonus payment. All new accounts subject to account opening approval
and account conversions are not eligible. An Early Account Closing Fee will apply to accounts
closed within 180 days of opening.
o Your $400 bonus will be deposited into your new checking account within 14 days of meeting the
above requirements. Your business checking account must remain in an open status to receive
the bonus.
o This offer is only available to new business checking customers. All existing Huntington business
checking customers, including those with business checking accounts closed within the last six
months, are not eligible. Public Fund/Government Banking dollars and Brokers are not eligible for
this offer.
o Cash bonus does not count towards the deposit requirement. This offer cannot be used in
combination with any other offer. For tax purposes, the bonus will be reported on IRS Form
1099-INT for the year in which you receive your bonus. Huntington reserves the right to limit an
individual business owner with multiple businesses to one account-related gift incentive per
rolling 12-month period across all deposit account relationships.

§A “transaction” is any combination of checks paid, deposit tickets, deposited checks (except those you process through a remote deposit scanner), incoming ACH debits and credits, debit card purchases and bill payment transactions made through Huntington’s Online Bill Pay service.

#The business can avoid the monthly checking maintenance fee ($20.00 for Unlimited Business Checking and $40.000 for Unlimited Plus Business Checking) for any statement period on this checking account when the business keeps a total deposit relationship balance of at least $10,000 for the Unlimited Business Checking account and $50,000 for the Unlimited Plus Business Checking account in a combination of deposits held directly by us. Eligible deposits are this checking account and any other checking, money market, savings, or certificate of deposit (CD) account(s) owned by the business, but deposits owned by separate legal entities (even those that share EINs or TINs) are not eligible. We figure the total relationship deposit balance each month by adding the average daily balance for all eligible deposit account balances of the business for the applicable statement period. We calculate the average daily balance by totaling the balances in your account from the end of each day in the applicable

statement period and dividing that amount by the number of days in that period. However, for new accounts or closed accounts, we only count the number of days that the account was open during the applicable statement period for purposes of determining the average daily balance.

17. Huntington Bank Business Checking 100

Enjoy Access to Exclusive, Potentially Valuable Business Perks

Huntington Bank Business Checking 100 is a maintenance-fee-free small-business checking account for startups and established businesses. It’s ideal for entities with modest account balances and lower transaction volumes.

For a limited time, Business Checking 100 has a solid account opening bonus opportunity too. Open a new Huntington Bank Business Checking 100 account and complete the following qualifying activities for the opportunity to earn a $100 bonus:

• Open navigate me to the nearest bank of america new Business Checking 100 account between Nov. 1, 2021, and March 7, 2022
• Make cumulative new money deposits of at least $2,000 within 60 days of account opening
• Keep your account open for a minimum of 90 days

Look out for your $100 bonus in your account within 14 business days after completing these activities. Then, take advantage of Business Checking 100 benefits like:

• 100 monthly transactions^§
• Deposit up to $5,000 in cash or currency monthly in-branch or at an ATM^#
• Free 120-day trial of a fraud tool: Reverse Positive Pay
• No monthly maintenance fee

Disclosures:

o To be eligible for the $100 cash bonus, business customer must open a new Huntington Business Checking 100, Unlimited Business, Unlimited Plus Business, Business Analyzed, Business Non Profit Analyzed, or Business Non Profit Interest Checking account by March 7, 2022 then make a minimum cumulative new money deposit into the new checking account of at least $2,000 within 60 days of account opening.
o “New money” is defined as money that is not currently on deposit in any Huntington account
(except maturing business CDs). Account must maintain an open status for at least 90 days
before it is eligible for the bonus payment. All new accounts subject to account opening approval
and account conversions are not eligible. An Early Account Closing Fee will apply to accounts
closed within 180 days of opening.
o Your $100 bonus will be deposited into your new checking account within 14 days of meeting the
above requirements. Your business checking account must remain in an open status to receive
the bonus.
o This offer is only available to new business checking customers. All existing Huntington business
checking customers, including those with business checking accounts closed within the last six
months, are not eligible. Public Fund/Government Banking dollars and Brokers are not eligible for
this offer.
o Cash bonus does not count towards the deposit requirement. This offer cannot be used in
combination with any other offer. For tax purposes, the bonus will be reported on IRS Form
1099-INT for the year in which you receive your bonus. Huntington reserves the right to limit an
individual business owner with multiple businesses to one account-related gift incentive per
rolling 12-month period across all deposit account relationships.

§A “transaction” is any combination of checks paid, deposit tickets, deposited checks (except those you process through a remote deposit scanner), incoming ACH debits and credits, debit card purchases and bill payment transactions made through Huntington’s Online Bill Pay service.

#Deposit up to $5,000 in cash or currency monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after.

18. TIAA Bank Business Checking

High Monthly Transaction Limit

TIAA Bank’s business checking account boasts low- or no-cost overdraft protection options and a robust suite of mobile-friendly features.

It’s ideal for customers who can make the $1,500 minimum opening deposit and keep enough cash on hand ($5,000 or more) to waive the monthly maintenance fee

A reasonably high monthly transaction limit appeals to businesses with active cash flows.

• Minimum Deposit and Balance Requirements: The minimum opening deposit is $1,500. You’ll avoid the $14.95 monthly maintenance fee if you have a minimum daily balance of $5,000 or more.
• Yield: None.
• Rewards and Incentives: None.
• Overdraft Options: There’s no monthly or per-item fee for TIAA Bank’s overdraft protection services, which include money market transfers (with a qualifying linked account) and a credit line. If you enroll in an overdraft protection line of credit, the late payment fee is $25.
• Possible Fees: $0.25 per item above the 200 monthly transaction limit; $0.50 per item above the 10 monthly online bill payments limit.

Learn More

19. U.S. Bank Silver Business Checking Package

No Monthly Maintenance Fee; 50% Discount on Your First Check Order

TheU.S. Bank Silver Business Checking Package is one of the few maintenance-fee-free small-business checking accounts offered by a major national bank. 

Designed for sole proprietors, high-growth startups, and established mom-and-pop businesses alike, it’s ideal for entities with relatively low transaction volumes and straightforward money management needs. 

Highlights include 25 free cash deposits each statement cycle, deep discounts on fees for personal banking through U.S. Bank’s Gold Personal Package account, and overdraft protection with a Business Reserve Line. 

• Minimum Deposit and Balance Requirements: The minimum opening deposit is $100. There’s no ongoing monthly balance requirement.
• Yield: None.
• Rewards and Incentives: Get 50% off your first check order up to $50. Plus, get 50% off the monthly maintenance fee on a U.S. Bank Gold Personal Package (personal bank account).
• Overdraft Options: Open a Business Reserve Line of credit with U.S. Bank and link it to your U.S. Bank Silver Business Checking Package for overdraft protection. All business credit lines are subject to credit approval and fees may apply on overdraft transfers. Speak with a banker for more information.
• Possible Fees: $0.50 per item above the 125 free monthly transaction limit. The first 25 cash deposits each month are free at U.S. Bank branch locations or ATMs.

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Final Word

These small-business checking accounts aren’t always the stars of the show at their respective online banking institutions.

Most of these banks offer multiple personal and business deposit accounts. Several make our lists of banks with the best CD rates and the best money market rates, and some offer enticing high-yield savings accounts to boot.

So even if you come for the low-cost small-business checking, you could find yourself staying for more. There’s something to be said for doing all your banking under one roof — and your bank certainly won’t mind.

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Advertiser & Editorial Disclosure

For small business owners, limiting expenses and maximizing profits are a top priority. But one area where it can be tough to save money is with your business checking account. There are very few options available that don’t charge a fee, and many “no-fee” business checking accounts require that you keep a minimum balance to qualify. 

Opening a business checking account is crucial for keeping your business and personal finances separate. It can make filing taxes for your business simpler, too. 

What to Consider When Choosing a Free Business Checking Account

In addition finding a business bank account that doesn’t charge a monthly service fee and doesn’t what is the capital of wyoming cheyenne minimum balance requirements, what else do you want in an account? Consider the features your business needs.

Do you need to do your banking transactions in person or are you okay conducting banking online? If you need a physical location, check for a bank that has convenient branch locations. If you like online banking, look for one that has mobile banking and online bill pay features. Some banking mobile apps even let you make remote deposits from your phone!

There are other features to free small business checking account california for with a free checking account, including being able to get business debit cards for you and your employees, getting overdraft protection, and being able to open a business savings account.

If you think you might apply for financing for your business down the road, look for a bank that offers business credit cards, small business loans, and lines of credit. Having an existing relationship with a bank may help you qualify for a good rate with the lender.

How to Open a Free Business Checking Account Online with No Deposit

Gone are the days when you were required to open a business checking account in person. While some banks still prefer it, you can save a lot of time by applying online. 

Also, you’re more likely to find a free online business bank account with no strings attached than you are with a traditional bank.

If you’re looking for a no-fee account that doesn’t require an upfront deposit, here’s how to open a business bank account.

1. Provide Details on Your Business

At the very beginning of an online application for a business checking account, you’ll be asked for your name as the business owner, as well as the name, address, email address, and phone number of your business. If you’re not the sole owner, you’ll also need to provide the names of your partners.

If you’re running a business out of your home, consider setting up a P.O. box or a forwarding address to keep your business and personal mail separate. 

2. Get a Little Personal

If your business is a sole proprietorship, you’ll need to provide your Social Security number because that’s also the tax identification number for your business. The bank may also ask you to upload a copy of your driver’s license or another government-issued photo ID to prove your identity.

If your business is structured as a limited liability company (LLC) or corporation, you’ll likely be asked for your employer identification number (EIN) instead of your Social Security number. If you don’t have one yet, you can apply for an EIN for free on the IRS website. They’ll also likely still ask for a photo ID to make sure you are who you say you are.

3. Provide Your Business Structure Documents

Depending on the type of business you have, you’ll need to provide certain documents to prove that it’s formed legally as a business:

• Sole proprietorship: You may need to provide your business license. Also, if the name of your business does not include your legal first and last name, you may need a fictitious name certificate or statement or a certificate of assumed name.
• Partnership: You may need to provide your business license, fictitious name certificate or statement, certificate of assumed name, or the partnership agreement. If you have a limited partnership, you’ll also need a certificate of limited partnership or a limited partnership document. And if you have a limited liability partnership, you may need a statement of qualification, a limited partnership document, or a limited liability partnership election.
• LLC:The bank may require your articles of organization, certificate of organization, or certificate of formation.
• Corporation:You’ll need your articles of incorporation or a certificate of good standing.

Just keep in mind that while these are general documents that banks may ask for, it’s not a comprehensive list. Each bank is different, so check before you apply to make sure you have what you need.

4. After Approval, Download the Mobile App

Online banks don’t have physical branches, so the institution’s mobile app is the only way you’ll be able to deposit physical checks. In some cases, there may be no mobile app, but you can still get the services you need through your mobile browser.

Get to know the features of the mobile app. You should be able to review your daily balance, schedule online bill payments, and transfer money between accounts.

Free Online Business Checking Accounts that Require No Deposit

Here are a few of thebest business checking accounts that offer free monthly transactions and have no minimum opening deposit.

Novo

Novo’s web business mayo health clinic mankato platform is built for today’s business owners. It’s a good fit for both Android and iPhone users, making it convenient from desktop to mobile. 

The bank offers a largely fee-free small business checking account — there is a $27 fee if someone tries to cash a check you wrote and you don’t have sufficient funds, but that’s it. There’s also no minimum balance. 

Features include:

• Integration with tools like Xero, Zapier, and Slack
• Free and fast transfers and paper checks
• Works with Apple Pay and Google Pay

BlueVine

Another of the best free business checking accounts comes from BlueVine. Not only can you get unlimited withdrawals and cash deposits, but you also can earn 1% interest on your account balance! Note: there may be fees for wire transfers.

Features include:

• No ATM fees at 38,000+ network ATMs
• No transaction fees
• Pay vendors and bills by ACH, wire, or check

Mercury

Mercury offers online business checking services for startups. Its free account has zero fees, and there is a second-tier account if you have over $250k+ in deposits that offers free outgoing and incoming wires, dedicated support, and access to special events.

Features include:

• No minimum balance
• No overdraft fees
• Savings account available

Frequently Asked Questions

As we did our research on the topic of opening a free business checking account with no deposit, we came across several questions that business owners have. Here are some of the common ones along with their answers.

What Banks Have Free Business Checking Accounts?

Novo is one of our favorite free bank accounts, but there are also several other options out there including those we’ve listed above. 

Also, credit unions typically offer bank accounts to their members with no monthly maintenance fee. However, they may not provide the same level of features that you can get from banks with a national presence. 

Other traditional banks may charge fees that can be waived if you meet certain criteria, such as a minimum daily balance or other accounts with the bank.

Do You Need Money to Open a Business Checking Account?

Some banks do require you to deposit at least a nominal amount when you open your new business checking account, though the ones we’ve listed in this article do not.

Can You Open a Business Checking Account Online?

Absolutely. Online business checking accounts are an excellent option for freelancers and other businesses that don’t need to accept cash. They tend to be cheaper and still provide all the necessary features.

If you do accept cash, however, you may be better off with a business checking account from a traditional bank or credit union with physical branches.

Do You Need a Tax ID to Open a Business Checking Account?

Not necessarily. If you’re a sole proprietor, you don’t need a business tax ID (specifically, an EIN) to open a business checking account. In fact, you don’t need one at all unless you have one or more employees.

You will, however, need a tax ID number if your business is structured as an LLC or a corporation. Also, keep in mind that having an EIN is required to start building a business credit history. So if that’s a priority to you, it may be a good idea to get one anyway.

The Bottom Line

Unless your new business has very specific needs, it’s unlikely that you need a business checking account that charges a monthly fee. A fee-free business checking account with no deposit is best suited for companies that conduct their business online, don’t take cash, and don’t have a lot of transactions. 

As you search for and open a free business checking account with no deposit, look online for options that are inexpensive but also come with solid features. If you want in-person service, though, check out your local credit unions and brick-and-mortar banks to see what they have to offer.

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Susan Guillory

Susan Guillory is a Senior Content Writer for Nav. She’s written books on business and travel, and blogs about small business on sites including Forbes and AllBusiness.

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