Free business checking account — Which is best for your business?

Starting or running a business is hard enough without worrying about banking fees eating into your profits. Free business checking accounts are an easy answer to saving money.

Ultimately, the best way to choose a free business checking account is to compare the features and fees of each option and select the one that best meets your needs.

We've done the research to find the best free business checking account. Whether you're a freelancer, a growing startup, or an established company, we've got you covered.

Open a Wise Business account online
with no monthly fees

Quick Overview

Free business checking accounts	Great for:
Wise Business	International payments
US Bank Silver Business Checking	In-person banking
Axos Bank Basic Business Checking	Unlimited ATM reimbursements
Bluevine Business Checking	Earning interest
American Express Business Checking	Earning rewards
Found Business Banking Account	Bookkeeping and tax tools
Grasshopper Business Checking	Unlimited cash back
Lili Business Banking Account	Unlimited transactions

Free business checking accounts: Key Features & Fees

Technology has led to a rise in banks and financial technology companies that can now offer business checking accounts and related products for free. Here are some of the most popular ones that freelancers, startups and small-to-large businesses are using:

Wise Business

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also send money to 160+ countries.

The Wise Business account works well for freelancers, small-to-medium businesses or large companies that operate internationally. Businesses that frequently send or receive international payments can benefit from Wise.

For example, companies with remote employees or overseas suppliers, freelancers and contractors who invoice international clients, or e-commerce businesses selling products globally.

Features	Considerations
International payments Batch payments Hold and manage multiple currencies	No cash deposit

Key features

With Wise Business, you can send money internationally with the mid-market exchange rate and low transparent fees. You always know exactly how much your transfer will cost upfront with no hidden fees.

You can also open local account details for a one-off fee to receive money internationally. This means overseas clients or contractors can pay you in their local currency, which can then be converted to your chosen account currency at the mid-market rate.

Simplify payroll or payouts to international teams with Wise's batch payment feature. Whether you’re sending or receiving, you can hold balances in 40+ currencies in your Wise account, easily converting between them all in one account.

Main fees

• No monthly fee
• Sending money: from 0.35% of the transfer amount
• Receiving local payments (non-Swfit) $0 fee
• Receiving USD wire payments: $6.11
• Receiving Swift payments in 15 currencies: Free

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up-to-date pricing and fee information.

Considerations

While Wise offers competitive exchange rates and a convenient online account, there is no in-person cash deposit option. This may make it unsuitable for businesses dealing mainly with cash transactions.

US Bank Business Account

US Bank has various business banking options that cater to businesses of various sizes. Its free business checking account, called the Silver Business Checking account, has no monthly fees.¹

Who it's good for

US Bank business accounts can be a good fit for small to mid-sized businesses with low transaction volume who value in-person banking.

Features	Considerations
No monthly fee Physical branches Traditional banking products	Limited monthly transactions $100 opening deposit High international transaction fees

Key features

US Bank’s silver-level account excels above other free business accounts with physical branches. With that, US Bank’s account also comes with traditional banking features like the ability to process credit card payments and the ability to sign up for other banking products like loans and lines of credit.

Main fees

• $0 monthly maintenance fee
• $100 opening deposit
• $0.50 for each transaction above 125 per month
• Domestic wire fee: $14 incoming, $40 outgoing
• International wire fee: $16 incoming, $75 outgoing²

Considerations

While US Bank does have a physical bank presence, its branch locations are focused on the Midwest and Western regions of the US. You’ll also pay fees if you do more than 125 transactions (such as deposits, debit card transactions, ACH payments and checks).

US Bank’s fees for wire transfers are also higher than most business bank accounts on this list, charging $75 for an outgoing international wire transfer. Consider your international banking needs and explore Wise as an alternative for managing international transfers.

Axos Bank Basic Business Checking

Axos Bank’s Basic Business Checking offers a fee-friendly way to manage your business finances, working well for businesses that primarily operate online and don't need to deposit cash.³

Who it’s good for

Axos’ business account is ideal for freelancers and startups with basic banking needs.

Features	Considerations
No monthly fees Free unlimited transactions Unlimited ATM fee reimbursements	Online only Limited third-party integrations High international wire fee

Key features

The biggest figure for Axo’s business account is unlimited free transactions. Another unlimited feature includes unlimited ATM fee reimbursements for any transactions at a domestic ATM.

And unlike some online-only banks, you can still access certain traditional business banking products with Axos, such as merchant services for accepting debit and credit card payments.

Main fees

• $0 monthly maintenance fee
• No minimum opening deposit
• Domestic wire fee: $0 incoming, $15 outgoing
• International wire fee: $0 incoming, $50 outgoing⁴

Considerations

The Axos Bank Basic Business Checking is a solid option for startups and freelancers who prioritize low fees and basic functionality. However, businesses wanting to collect interest on their balance and doing business internationally may want to consider other options on our list.

Bluevine Business Checking

Bluevine Business Checking is an online-only business checking account offering interest on your balance and no monthly fees.⁵

Who it’s good for

BlueVine’s business account is ideal for businesses that want an online banking solution with the ability to earn interest.

Features	Considerations
No monthly fee Unlimited transactions Earn interest on your balance	Check payment fees Must qualify for interest Foreign currency payment fee

Key features

Bluevine’s account comes with no monthly fees and unlimited transactions. This works well for businesses that generate a high volume of checks, debit card transactions or ACH transfers. You can also earn 2.00% APY on balances up to $250,000.

Main fees

• $0 monthly maintenance fee
• No minimum opening deposit
• Check payments from its dashboard: $1.50 per check
• Domestic wire fee: $0 incoming, $15 outgoing
• International wire fee: $0 incoming, $25 outgoing
• 1.5% fee for payments made in foreign currencies⁶

Considerations

If you want to earn 2.00% APY on your checking balance you’ll need to meet the qualifying criteria, which include spending $500 per month with your debit card or receiving $2,500 a month in customer payments.

American Express Business Checking

American Express offers business solutions beyond just credit cards. They offer their American Express Business Checking account with some unique features that can be attractive to certain businesses.⁷

Who it's good for

American Express’ business account is ideal for small businesses that want to earn rewards on business purchases.

Features	Considerations
No monthly fee Rewards on debit card purchases Interest on account balance	High foreign transaction fee American Express debit card No international payments

Key features

American Express’ business account comes with no monthly fee and no minimum initial deposit. And unlike many typical checking account debit cards, you can earn rewards by using the debit card. You earn 1 Membership Rewards point for every $2 you spend.

Business accounts also earn 1.30% APY on their balances up to $500,000, with no qualifying requirements.

Main fees

• $0 monthly maintenance fee
• No minimum opening deposit
• Domestic wire fee: $0 incoming, $25 outgoing
• International wire fee: $0 incoming
• Foreign transaction fee: 2.7% of the amount

Considerations

To make international payments, you’ll need to sign up for the American Express Global Pay platform. Also, since it is an American Express-issued debit card you’ll need to be mindful of being able to use it at businesses that accept American Express.

Found Business Banking Account

The Found business banking account combines a business checking account with a suite of built-in financial tools.⁸

Who it's good for

Found is ideal for freelancers needing an account with built-in bookkeeping and tax tools.

Features	Considerations
No monthly fee Can earn on account balance Bookkeeping and tax tools	Fee to earn interest Cannot send domestic wires No international wires

Key features

Found offers a mobile-first solution for freelancers and independent contractors in the US. The primary benefit of Found’s business product is the integrated bookkeeping and tax tools like expense tracking and built-in invoicing.

Main fees

• $0 monthly maintenance fee
• No minimum opening deposit
• Found Plus is $19.99 a month or $149.99 a year (optional)
• Domestic wire fee: $0 incoming⁹

Considerations

On the downside, Found’s business product does not support sending domestic wire transfers or international wire transfers (sending or receiving). Found is primarily designed for domestic US transactions. Also, note that the free version of its business account does not earn interest.

Grasshopper business checking account

Grasshopper Bank’s Innovator Business Checking account is designed for small and medium-sized businesses needing a free account with unlimited transactions and cashback rewards.¹⁰

Who It's Good For

Grasshopper’s business bank account works well for small businesses that want an online-only checking account with cashback. Businesses that make frequent debit card purchases could benefit from this account.

Features	Considerations
No monthly fee Unlimited 1% cashback Interest on account balance	No physical branches No cash deposits Initial deposit requirement

Key features

The key feature that separates Grasshopper is its unlimited 1% cashback on debit card transactions. It also comes with** no monthly transaction limits** for things like debit card purchases and ACH transfers.

You can also earn up to 2.25% APY on your business checking balance. However, it is tiered based on your account balance. For example, if your account balance is less than $25,000 the APY is 1.51%.

Main fees

• $0 monthly maintenance fee
• $100 opening deposit requirement
• Domestic wire fee: $0 incoming, $10 outgoing
• International wire fee: $5 incoming, $25 outgoing¹¹

Considerations

On the downside, Grasshopper has no physical branches and doesn’t accept cash deposits. It also requires $100 as an initial opening deposit requirement.

Lili Business Banking Account

Lili’s business banking account is a mobile-first business banking solution offering a user-friendly interface and low fees.¹²

Who it’s good for

Lili’s account is best for freelancers and solopreneurs who only operate domestically. As well as those that manage their business finances digitally.

Features	Considerations
No monthly fee Unlimited transactions No minimum balance requirement	Monthly fee for additional features Cannot send domestic wires No international wires

Key features

Lili’s business account pairs no monthly fee with unlimited transactions. It also offers no foreign transaction fees, ACH fees, or overdraft fees. Its main marketed feature of accounting and expense tools, however, requires a monthly fee to access.

Main fees

• $0 monthly maintenance fee
• No minimum opening deposit
• $9 to $33 per month for access to premium features like expense management tools and tax and accounting software¹³

Considerations

Lili is a domestic-focused bank and doesn't offer international money transfers or multi-currency accounts. Lili’s business accounts also do not support receiving domestic wires or international wires (sending or receiving).

Conclusion: Which is the Best Free Business Checking Account?

The best free business checking account depends on your specific business needs. For example, consider how low-fee transactions or quick, secure international payments can help you grow your business and its profitability.

Discover Wise Business: International Transactions Made Easy

Wise Business makes international payments a breeze. You can focus on growing your business globally and save money when you:

• Make International payments at the mid-market rate: You get the exchange rate you see on Google, without any hidden fees.
• Easy batch payments: Send payments to multiple employees overseas in one go, saving you time and hassle.
• Receive payments like a local: Get virtual bank accounts with local details so you can receive payments internationally without hefty fees.

You can easily open an account online, and there is no opening deposit or minimum balance required. Opening a Wise Business account is free in the US, and there are no monthly subscription fees to worry about either.

Open a Wise Business account online

Some key features of Wise Business include:

Major local account details to receive international payments with ease No monthly account fees just a simple one-off fee for account details Receive payments from e-commerce platforms (such as Amazon or via Stripe). Create invoices using the Wise invoice generator or invoice templates. Accounting integrations, including a QuickBooks Bill Pay connection. Bill payments will be synced, matched, and categorized in QuickBooks for simple reconciliation. Batch payment options. Fast payment of up to 1,000 people.

About the author:
	Panna is an expert in business finance topics for the US, covering topics from invoicing to international expansion. She creates high-quality reviews on business finance tools and products with the aim to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.

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Sources:

1. US Bank - Business Checking Accounts
2. US Bank - How much does a wire transfer cost?
3. Axos - Basic Business Checking
4. Axos - Small Business Deposit Account Agreement and Schedule of Fees
5. BlueVine - Business Checking
6. BlueVine- Get more for your money with no monthly fees
7. American Express - Business Checking
8. Found - Business banking that does more
9. Found - Choose the plan for your
10. Grasshopper - Banking Solutions
11. Grasshopper - Innovator Business Checking Fee Schedule
12. Lili - Business Banking
13. Lili - Plans

All sources checked June 2024