Best Free Business Checking Accounts
Free Business Checking Accounts - Comparison
Whether opening a new business checking account or switching providers, comparing accounts is an essential part of the process. Use the tables on this page to see how some of the best free business checking accounts in the US match up.
It’s important to keep in mind that even free business checking accounts may have some service fees. Although free business accounts shouldn’t have a monthly or annual fee, you may still have to pay for some transactions like wire transfers - or for additional services like arranging an overdraft.
The best free business bank accounts.
The best free business bank accounts.
| Bank / Plan | Monthly meintenance fee | Minimum opening deposit | Minimum daily balance required | Outgoing wire transfers | Incoming wire transfers | FDIC/ NCUA insurance? | Additional business services |
|---|---|---|---|---|---|---|---|
Navy Federal Business Checking | $0 | $100 | $0 | $14-$25/ each | No charge | Yes | 2 signers |
U.S Bank (Silver Business) | $0 | $100 | $0 | $40-$50 / each | $14 -$15/ each | Yes | Free cash deposits per month |
BlueVine | $0 | $0 | $0 | $15 but doesn't support international wires | $0 | Yes | Earn 1% interest on your balance |
NOVO | $0 | $50 | $0 | Integrated with Wise | $0 | Yes | Free ACH transfers & mailed checks |
Citizens Bank (Clearly Better Business Checkings) | $0 | Any amount | $0 | $20-35 / each | $10 - $15 / each | Yes | Online, mobile and phone banking/ debit card |
Axos Business Checking | $0 | $1,000 | $0 | $35 - $45/ each | $0-$45/ each | Yes | $100 welcome bonus |
PayPal | $0 | $0 | $0 | Doesn’t support wire transfers | Doesn’t support wire transfers | Licensed as a money-transmitter | Easy integration with multiple shopping cart systems |
Wise | $0 | $0 | $0 | $5.34 / each | $7.50 / each | Regulated by FINCEN | Hold 40+ currency balances/ Pay invoices abroad |
Wise Business: Get paid and accept payments for less.
The Wise Business account will give you a lot for free, you’ll be able to send and receive international payments at the mid-market rate. Purchase goods and services internationally with no sneaky hidden fees, use the batch payments tool to pay suppliers and staff and integrate with accounting software like Xero to save you time as well as money.
If you upgrade your free Wise Business account for a one-time fee of 31 USD, you’ll have everything you need for international banking: get local bank account details US, UK, euro area, Canada, Australia and New Zealand to receive fee-free payments from these regions.
Give your customers an easy way to pay. Get paid faster on invoices by adding your Wise local account details. Add up to 10 currency accounts, and see all your currencies in one place.
Learn more about Wise Business
Sign up today and do Business without borders.
Free business checking account fees and features explained.
Maintenance fee
It’s common to find that business checking accounts come with a monthly maintenance fee. What you pay will depend on the specific provider and account, and can run up to tens of thousands for a big business account. However, there are often ways to reduce or waive the fee, such as holding a minimum balance, or using your business debit card a fixed number of times.
Minimum opening deposit
Some business checking accounts require - even free business accounts - may require a fixed opening deposit. In this case, you’re tying up a chunk of your business capital, which may impact your cash flow and make it harder to invest. If you’re a startup or small enterprise, avoiding high opening deposit accounts can be crucial.
Minimum balance requirement
Check if your chosen bank has a minimum monthly balance requirement. If you don’t hit this balance during the course of the month you could have to pay additional fees, or lose the option to waive the monthly service charge. In effect this means you reduce your usable funds, impacting cash flow - or face higher costs overall.
Electronic (ACH) and Wire transfers
Some business bank accounts have fees for electronic payments such as direct debits and standing orders. You may also pay a fee to use your business debit card online or in stores. You may also pay for incoming and outgoing wire transfers.
International payments
When you make a payment in a foreign currency, you’ll usually pay an administration fee - and there will often also be an extra charge included in the form of a marked up exchange rate. Cut these costs and access the mid-market exchange rate by using Wise for Business for your cross border payments.
FDIC/ NCUA Insurance
Traditional banks or credit unions are required to put customers’ money in a financial protection scheme(FDIC/ NCUA). FDIC insurance for business bank accounts typically covers up to USD250,000 per depositor per bank. Choosing a bank which offers FDIC/NCUA insurance means your money is safe, in the event that the bank runs into difficulties. This is because they make profit by lending and risking customers’ money. Wise isn’t a bank. We don’t lend your money or make high-risk investments with it. So, we don’t insure it in a financial protection scheme.
Best free business accounts for managing foreign currency
If you’re a business owner you may need to deal with customers, suppliers and staff based abroad. In this case, a multi-currency business account can be a real benefit. You’ll be able to manage dozens of currencies in one account, send and receive international payments more easily, and manage exchange rate fluctuations so you don’t lose out when the market dips.
Depending on the account you choose, you could access low fee international transactions which offer the mid-market exchange rate - and get your own bank details for different currencies to receive cross-border payments fee free. You cut your bank fees, and can grow your global footprint for less.
| Bank/provider | Outgoing International wire transfer | Incoming international wire transfer | Currencies supported |
|---|---|---|---|
Navy Federal | $25/ each | Free | Partners with WesternUnion |
U.S Bank | $70 /each | $15 /each | Supports payments to 180+ countries |
BlueVine | Doesn’t support international payments | Doesn’t support international payments | |
NOVO | Integrated with Wise | Integrated with Wise | ~ 70+ |
Citizens Bank | $20-$35 / each | $10-$15/ each | 15-120 (depending on the service) |
Axos | $45 / each | $0 | |
PayPal | Doesn’t support wire transfers | Doesn’t support wire transfers | 25 |
Wise | $5.34 / each | $7.50 / each | ~ 70+ |
Best free business accounts by number of monthly transactions.
Different business bank accounts suit different types and sizes of business. After all, the needs of a startup are different to an established company with a multi-million dollar turnover.
This means you need to check your account offers the services your business needs. Many products have caps on the number of free transactions you can make. These can cover:
- Check and cash deposits
- ATM withdrawals at home and abroad
- Checks written
- Electronic banking transactions
If the caps are set below your average requirements, you may be hit by unnecessary and excessive costs. Consider how you’ll use your account to choose one which covers your needs now and in the future.
Does your business require sending multiple business transfers? Explore Wise for Business and see how you can avoid paying fees for excess transactions.
| Bank / Provider | Number of free transactions | Charge per excess transaction |
|---|---|---|
US bank (Silver Business) | 125 | $0.50/ each |
Navy Federal Business Checking | 30 | $0.25 / each |
BlueVine | All free | |
NOVO | All free | |
Citizens Bank | 200 | $0.50 |
Axos | 200 | $0.30 / each |
PayPal | Varying fees / each transaction | |
Wise | Small fixed fee/ each transaction |
Choosing a free business checking account: Things to consider.
Online checking account
An online business checking account is intended to be accessed predominantly using online banking. Traditional banks don’t all have particularly user-friendly online and mobile banking systems - so it’s worth checking out the options carefully. Choosing a modern fintech platform like Wise may work better if you need intuitive and seamless online and mobile access to your account.
Business checking accounts promotions
It’s common for banks to offer opening promotions to new customers, which may reduce fees or give better rates and rewards. These can be useful in the short-term - but it’s crucial to check out the costs once the offers end. Being tied to an account which doesn’t serve your long-term needs, or which has high ongoing costs at a later stage can be an expensive mistake.
Reporting and accounting integrations
The best business bank accounts help to make your professional life easier, offering seamless services and easy integrations, letting you focus on the things that matter to your business.
Wise for Business integrates seamlessly with services like QuickBooks and other accounting software, aimed to be as easy to use as possible.
Business checking account no credit check
It’s possible to open a business checking account without credit history, or if you’ve had poor credit ratings in the past. However, these accounts may not represent the very best business accounts available. Compare the options available carefully before you choose.
Ultimately, building a good credit rating is important as a business owner, and can mean you get better access to investments and services over time.
High extra fees on free business accounts
It’s important to note that even free business checking accounts may not really be free. Double check if there are additional charges for certain types of transaction - or if fees may apply depending on how you use and maintain your account.
It’s worth considering the following questions:
- What are the transaction fees with your free business account?
- How much are international transactions with your free account?
- What’s the cost of ATM withdrawals at home and abroad?
- Are there deposit fees - or only a limited number of free deposits available?
How to switch to a free business checking account?
- Firstly, you’ll need to select the bank account you want to switch to. Use our helpful comparison table to see some of the features and fees of free business checking accounts available from major US providers. Go to table
Find a new account provider
What documentation do you need to open a free business checking account?
Some free business checking accounts can be opened online. Some require you to visit a branch in person. The exact documentation required depends on the type of legal entity you run, and the bank’s own processes.
To open a business bank account you’re likely to need the following:
- Company formation documents
- Employer identification number (EIN) or SSN if you’re a sole proprietor
- Government issued identification documents
- Business licenses as required
- DBA certificate if applicable
With Wise Business, opening an account couldn’t be easier. Find out more about our simple 6 step business account verification process and open a Wise account today.
Free business bank accounts FAQs.
Save time and money with Wise Business
Open a Wise Business account along with your chosen bank account to access low cost international transactions and currency services.