Best Free Business Checking Accounts in the US [2024]

As a business owner, having a dedicated business checking account is crucial to manage your business finances effectively. However, not all accounts are created equal.

Some come with high fees and require large opening deposits, while others offer cost-effective solutions with minimal account fees and no initial deposit requirements.

This article will discover the best free business checking accounts in the US in 2024! We will examine each option closely, including key benefits, fees, and eligibility criteria, to help you make an informed decision that best suits your business needs.

Begin with assessing your business's specific banking needs. Consider the monthly transaction volume and the types of transactions crucial for your operations, including:

• Cash deposits
• Checks
• ACH and local wire transfers
• International transfers in USD or other currencies
• ATM withdrawals
• Card payments

In addition to these transactional needs, consider whether your business could benefit from additional banking features.

These features include foreign exchange risk management tools, payroll services, accounting software integration, payment processing, and payment gateway integration to streamline financial operations.

A free business account typically means no monthly maintenance fee. However, other costs often apply. Common fees associated with business accounts include

• Transaction fees
• ATM withdrawal fees
• Overdraft charges
• Card fees
• Foreign exchange rates and conversion fees.

It's important to understand all potential costs to find a truly cost-effective banking solution.

Robust online and mobile banking capabilities are crucial for modern businesses, enabling business owners to efficiently manage their finances and improve cash flow with greater flexibility. Here are some key online banking features that businesses should consider:

• Mobile Application Compatibility: Opt for a banking service that provides a mobile app mirroring the functionality of its web counterpart, ensuring seamless, on-the-move banking. This capability is vital for conducting financial transactions effortlessly from your smartphone, anywhere and anytime.
• Advance Security Measures: Security is paramount. Look for options offering biometric login, multi-factor authentication, immediate fraud alerts, and options for temporary debit card deactivation to safeguard your financial resources effectively.
• Instant Notifications: Keep your business secure and informed with immediate alerts on transactions, balance changes, potential overdrafts, and security concerns.
• Bill Payment Tools: Streamline your financial operations with an integrated bill payment system. This feature facilitates the automation of recurring payments and consolidates bill management in one easy-to-access platform.
• Remote Check Deposit: Many online banks allow you to deposit a check directly from your mobile phone, wherever you are, without leaving the comfort of your home.
• ATM Finder: If you frequently use ATMs to deposit and withdraw cash, you might find it helpful to use an ATM finder feature in certain mobile banking apps. This feature can help you locate the nearest free ATM to your current location, which can be very convenient when you need cash quickly.

Traditional and online banks now offer the convenience of completing applications and submitting documents online via their websites or mobile apps.

Provided that you have all the necessary documents prepared, your account could be activated within a few days.

Founded in 1999, NBKC Bank is a Kansas-based online bank offering personal and business financial products and services.

As an FDIC-insured bank, NBKC Bank primarily operates online with only 4 branches in the Kansas City area as well as access to more than 37,000 ATMs through the MoneyPass network across the country.

• Send and receive domestic wire transfers via the ACH network.
• Send and receive international transfers via the SWIFT network. However, to send international transfers, clients must contact the customer service team to initiate the process.
• Schedule one-time or recurring payments (Bill Pay feature)
• Deposit and stop payment of a check in-person or online.
• Cash deposits and withdrawals via ATMs
• Complimentary business debit Mastercard®, compatible with various digital wallets, including Apple Pay, Google Pay, Samsung Pay, and Garmin Pay.
• Earn cash rebates of up to 20% on eligible purchases at partner stores when paying with a debit card. The rebates will automatically be credited to your account 2-5 business days after transactions are completed (T&C apply).
• Integrate with Autobooks to help your business automate bookkeeping and accounting.
• Deposits are protected up to USD 250,000 under the FDIC scheme.

*NBKC Bank will reimburse ATM fees up to USD 12 per month.

Please refer to the Business Fee Schedule for detailed information.

• Your business must be based within the United States.
• You must be a U.S. permanent resident or possess legal status.
• A valid U.S. mailing address is required.
• You are required to provide a Social Security Number (SSN).

In addition, NBKC Bank provides the required documents guide to help you streamline the application process. According to NBKC Bank, clients can complete the application as fast as 5 minutes online.

Axos Bank, formerly known as Bank of Internet USA, is a digital bank headquartered in California, USA. It offers a wide range of personal and business banking services, including deposit accounts, loans, and investments.

Businesses of all sizes, including both for-profit and non-profit organizations, can take advantage of Axos Bank’s financial products, which include checking accounts, interest-bearing accounts, and money market accounts.

• Send and receive domestic wire transfers with no transaction limits
• Send and receive cross-border payments via the SWIFT system with no transaction limits
• Unlimited free incoming wires
• Deposit a check via the mobile application (60 checks per month)
• Free first 50 checks upon successful account opening
• Cash withdrawals at any ATM network across the US have a daily limit of USD 1,010
• Unlimited local ATM fee reimbursement
• Complimentary Visa debit card with daily transaction limits of USD 5,000
• Accounts are insured by the federal government up to USD 250,000

Please check Axos Bank’s Fee Document for more pricing information.

• Your business is incorporated in the US
• Eligible businesses include sole proprietorships, general partnerships, limited liability companies (LLCs), limited liability partnerships (LLPs), corporations, and associations/HOAs.
• You are a resident of the US
• You have a valid US address
• You have the Social Security Number (SSN).

Before applying for an account, we recommend reviewing the Business Banking Account Documentation Checklist to prepare your required documents. 

Grasshopper Bank is a digital-first banking platform offering financial products to help SMEs, startups, and the investment community grow their businesses.

Founded in 2019 and headquartered in New York, Grasshopper Bank offers various financial products, including business checking accounts, business savings accounts, and loans.

• Make and schedule payments through checks or ACH from any device.
• Send and receive USD transfers (SWIFT) internationally
• Remote check deposits by taking a photo with your phone.
• Earn up to 2.25% annual percentage yield (APY)
• Offer physical and virtual Visa debit cards to spend online and in-store. The card is also compatible with mobile wallets, including Apple Pay, Google Pay, and Samsung Pay.
• Earn unlimited 1% cash back on eligible debit card purchases.
• Free ATM withdrawals at MoneyPass and SUM across the US
• Integrate with accounting software: Autobooks and QuickBooks
• As a member of the FDIC, deposits are protected up to USD 250,000.

However, transaction limitations apply. We recommend reviewing Grasshopper’s transaction limits page for more details.

For more detailed fee information, please refer to the Innovator Business Checking Fee Schedule document.

• Your business must be located in the US
• Your business must not engage in prohibited industries: adult entertainment, gambling, illegal substances, virtual currency, or weapons and firearms.
• You must be 18 years old or over
• You are a U.S. citizen or permanent U.S. resident
• You must have a valid address in one of the 50 US states.

Furthermore, Grasshopper provides a list of required documents to help applicants in their preparation process.

American Express (AMEX) is a global financial services corporation established in 1850. Amex is a leading card issuer renowned for its premium services and rewards programs, particularly in the travel and luxury segments.

The company also offers various financial services, including business savings accounts, loans, and insurance products.

• Receive and send domestic wire transfers for free
• Mobile check deposit
• Earn 1.30% APY on a balance up to USD 500,000
• Offer an AMEX business debit card compatible with digital wallets like Apple Pay, Google Pay, and Samsung Pay for making purchases.
• Earn 1 Membership Rewards point for every USD2 spent using an American Express Business Debit Card.
• Integrate with QuickBooks to help manage bookkeeping and accounting more easily.
• Deposits are insured under the FDIC scheme.
• Welcome offer: Earn 30,000 Membership Rewards® points after completing qualifying activities. (T&C apply)

Please note that you need to apply for the American Express Global Pay service to make overseas payments with AMEX.

• Your business is incorporated in the US.
• Your business must not engage in certain activities, including non-profits, money service businesses, cryptocurrency, and internet gambling businesses.
• You are not a current and prior American Express Rewards Checking customer.

According to AMEX, the application can be completed online within 10 minutes. Applicants are also required to submit these necessary documents during the application process.

Bluevine is a financial institution established in 2013 that aims to provide digital banking solutions tailored for small businesses. 

They offer business checking accounts with unlimited domestic transactions. They have also expanded their services to include loan options and business credit cards to help small businesses grow.

• Send and receive cross-border payments in 15 currencies to 32 countries.
• Mobile check deposit.
• Add up to 5 sub-accounts with unique account numbers to simplify and manage your budget more effectively.
• Deposit cash at Green Dot® retail locations and Allpoint+ ATMs nationwide.
• 2 free checkbooks per year as long as you maintain a balance.
• Earn 2% APY on a balance up to USD 250,000 (T&C apply).
• Can obtain up to 5 physical Bluevine Business Debit Mastercard® per account and earn up to 4% cashback at participating merchants. The card is compatible with Apple Pay, Google Pay, and Samsung Pay.
• Withdraw cash at MoneyPass ATMs nationwide.
• Integrate with QuickBooks to streamline bookkeeping and accounting.

Some account limitations are applied, so we recommend checking with Bluevine Business Checking Account Limits for more information.

It’s important to note that the Bluevine Business Checking Account cannot receive international transfers at the time of this review.

• Your business is incorporated in the US.
• Your business entity is a sole proprietorship, corporation, or partnership.
• Your business must not engage in certain industries, including illegal gambling, firearms and paraphernalia, illegal substances, and political campaigns.

Ensure to prepare all necessary documents before applying for an account.

Now that we have come to the end of our list, you should have a clearer idea of which business checking account best suits your needs. Remember to carefully consider the pros and cons of each option and thoroughly review all terms and conditions before opening an account.