Free Business Checking accounts are a good tool for lowering your overhead costs that much more. All business owners know how quickly small fees here and there can add up over the course of a month. *See the best free personal Checking accounts here.
When you start looking around for a Business Checking account through your local bank, you’ll quickly realize many feature-rich accounts have monthly fees and restrictions. Here are the most common fees you’ll come across with Business Checking accounts:
- Monthly Service Fee: This is a charge that occurs every month the account is open, and can range from $8 to $12, and sometimes $35 or more. Most will allow you to waive this fee with requirements such as keeping a specified average daily balance or by making a minimum number of debit transactions.
- Excess Transaction Fee: Many Business Checking accounts have transaction limits, and will charge you fees for overage. This can be up to 75 cents per transaction. You’ll need to be aware of how many monthly transactions you’ll require – things like writing checks, debit card transactions, and ATM deposits will count. Limits can range from 100 to 200 transactions depending on the bank and account you choose.
- Cash Handling Fee: This is when you get charged for going over the limit of cash you can deposit monthly. Typical amounts are 20 to 30 cents for each $100 you deposit over the cash handling limit. Businesses such as restaurants and convenience stores will need to consider this issue.
Free Business Checking accounts take care of the monthly maintenance fees. You’re then left with deciding on which account gives you the most features with the fewest restrictions and overage charges. Other factors particular to your individual situation include branch and ATM locations.RELATED ARTICLES: Best money market accounts for high balances: check this highest savings account interest rates 2017
We reviewed the largest traditional banks and online banks to come up with the list of the best free Business Checking accounts below.
*If you’re interested in earning some sign-up bonus cash for opening a Business Checking Account, see our Business Account Bonuses Page.
Best Free Business Checking Accounts
Chase Total Business Checking®
- Monthly Fee? $12 when you are enrolled in Paperless Statements (or $15 for paper statements); waived when you maintain a $1,500 minimum daily balance
- Transactions Limit? 100 transactions per month without a fee, plus unlimited electronic deposits (excluding wires)
- Cash Deposit Limit? $5,000 monthly
- Availability: Nationwide (branches in AZ, CA, CO, CT, FL, GA, ID, IL, IN, KY, LA, MI, NJ, NV, NY, OH, OK, OR, TX, UT, WA, WI, WV)
- Bottom Line: For growing businesses looking for a free Business Checking account, we recommend the Chase Total Business Checking® as one of the best overall choices. While there is a monthly fee, we find the $1,500 minimum daily balance requirement an easy path to waive the fee. Going with a big bank like Chase, you’ll have these option to bank in-branch, as well as online 24/7/365.
- Full Review: Chase Business Checking Bonuses
The Chase Total Business Checking® is catered to growing businesses that stay under the 100 monthly transactions limit (electronic deposits are unlimited, excluding wires) and the $5,000 monthly cash deposit limit.
While there can be a monthly fee of $12-$15, it’s easily waived with a $1,500 minimum daily balance. If you’re able to keep that minimum daily balance, you’ll get to take advantage of all the modern features a big bank like Chase offers. Everything from online banking to mobile banking is executed superbly as you’d expect from an institution with such resources.
Chase Bank has a network of 16,000 ATMs and 5,100 branches. If you’re not able to confidently maintain at least the $1,500 minimum daily balance each month, we recommend one of the online Business Checking options further below without Monthly Fees regardless of balance. This Business Account takes the top spot because of the sign-up bonus opportunity, along with all the account features.
Use the offer page to get your personalized coupon for a $200 sign-up bonus opportunity.
TIAA Bank (Formerly EverBank) Business Checking
- Monthly Fee? None with $5,000 minimum balance
- Transactions Limit? 200 monthly
- Cash Deposit Limit? N/A
- Availability: Online nationwide
- Bottom Line: The Business Checking account from TIAA Bank will not incur a monthly maintenance fee as long as you keep at least a $5,000 minimum balance; otherwise, it will be a $14.95 monthly fee. This account will be suitable for most small businesses who won’t require more than 200 monthly transactions and 10 monthly bill payments. Going over your monthly limits will incur fees that are a bit more reasonable than the other options further below.
- Full Review: TIAA Offers
While the minimum opening deposit for the TIAA Bank Business Checking account is $1,500, you’ll want to deposit and maintain at least $5,000 to waive the $14.95 monthly maintenance fee.
Going over the 200 monthly transactions limit will incur a $0.25 per transaction overage, and each bill payment over the 10 monthly limit will have a $0.50 fee. If you’re a small business that will stay within these limits then you’ll be able to avoid these common bank fees.
This is an online-only Business Checking account, so you won’t be able to make cash deposits. You’ll have to make cash deposits into another local banking institution and then transfer the amount over. For check deposits you’ll have several different options:
- Business Mobile App . Use their app to make as many individual check deposits as you like. It will work in the same manner as other banking apps, using your smartphone’s camera to scan the check.
- Office Deposits. You can use any approved scanner to make deposits. For 50 or fewer check deposits a month, the Online Check Deposit (OCD) option will be free. For high monthly volumes of check deposits, the Remote Deposit Capture (RDC) will cost you $35 monthly.
- Wire Transfer. Generally this isn’t going to be a good option. TIAA won’t charge for incoming wire transfers, but the other institution usually will.
- Postage paid deposit envelops. If you’re one to avoid technology, you can order free postage paid deposit envelops.
If you’re a small business looking for an online-only Checking option, the Business Checking account from TIAA Bank is worth a look.
U.S. Bank Silver Business Checking
- Monthly Fee? None
- Transactions Limit? 150 monthly
- Cash Deposit Limit? 25 units monthly (explained below)
- Availability: AR, AZ, CA, CO, FL, GA, IA, ID, IL, IN, KS, KY, MN, MO, MT, ND, NE, NM, NV, OH, OR, SD, TN, TX, UT, WA, WI, WY
- Bottom Line: While there is no monthly fee with this account, you are limited to 150 transactions a month and 25 units of cash deposits a month. On the plus side, they are the 4th largest bank in the U.S. and have over 3,000 branch locations across 28 states.
- Full Review: Silver Business Package Checking Review
The U.S. Bank Silver Business Checking package has no monthly fee, but there is a monthly 150 transactions limit at no charge. Transactions include typical banking needs like deposits, debit card purchases and online payments. The fee for each transaction over the 150 monthly limit is 50 cents.
You’ll have access to more than 3,000 branches across 28 states to do your banking with. Many standard tasks can also be done online.
There’s also a cash deposit limit that can be a little tricky. You’re allowed for 25 free “units” per month in cash deposits. Each unit is a cash deposit divided by 100, and then rounded to a whole number. For example, if you deposit $190 cash in one transaction, the 1.90 is rounded up to 2, for a total of 2 units towards the 25 maximum monthly. Once you go over the 25 unit limit, there’s a small charge per additional $100 deposited. This charge will vary by state, but can be around 15 to 20 cents.
So, if you think you’re going to require more than 150 transactions a month or have to deal with huge cash deposits, take a close look at how the fees can add up.
Bank Of Internet Federal Bank Basic Business Checking
- Monthly Fee? None
- Transactions Limit? 200 monthly
- Cash Deposit Limit? None
- Availability: Online nationwide
- Bottom Line: Really just a good all-around free Business Checking account for entrepreneurs that are able to do all of their banking online.
- Full Review: Basic Business Checking Review
The Basic Business Checking account from Bank of Internet Federal Bank is another good online Business Checking account option. Because this is an online-only bank, this really is for business owners you can and prefer to do all their banking electronically. The minimum opening deposit is $1,000 and there is no monthly fee to worry about.
You are allowed up to 200 free transactions monthly with this account. The charge for each transaction past the limit is 30 cents each. There’s also a separate maximum of 60 scanned deposit checks monthly you can make. You can also choose to make deposits by mailing a check to their headquarters in San Diego, CA.
A good feature of this online-only account is that you’ll get unlimited ATM fee reimbursements for ATMs that are in the United States.
This account will only appeal to businesses that can manage to do all of its banking online.
Wells Fargo Business Choice Checking
- Monthly Fee? $14, but it’s easy to waive
- Transactions Limit? 200 monthly
- Cash Deposit Limit? $7,500 monthly
- Availability: AK, AL, AK, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, MA, MD, MI, MN, MO, MS, MT, NC, ND, NE, NJ, NM, NV, NY, OH, OR, PA, SC, SD, TN, TX, UT, VA, WA, WI, WY
- Bottom Line: With the Wells Fargo Business Choice Checking account, you do have to worry about all 3 of the typical fees and restrictions. However, the monthly fee is easily waived, and the limits on transactions and cash deposits are generous.
- Full Review: Business Choice Checking Review
Wells Fargo is the largest bank in the United States in terms of branch locations, so that’s going to be an advantage in terms of convenience for many business owners.
The Wells Fargo Business Choice Checking account has a $14 monthly fee, which means it’s technically not a free Business Checking account. However, this fee is easy to waive with any of these options:
- 10 debit card purchases a month
- Maintain a $7,500 balance in your Business Choice Checking account
- Maintain a combined balance of $10,000 across multiple Wells Fargo accounts
- Sign up for select Wells Fargo business services
There’s also a monthly transaction limit of 200 to consider. You’ll get hit with a 50 cents charge per transaction over the limit.
On the plus side, you can make cash deposits up to $7,500 a month at no extra charge, which is about double what many other banks allow. Going over the $7,500 limit will incur a 30 cents charge for every additional $100 in cash deposits.
With the transaction limit and cash deposit limit being very forgiving, along with a monthly fee that is easy to waive, the Wells Fargo Business Choice Checking is still a solid choice for many businesses.
- Best Bank Account Promotions And Bonuses September 2018
- HSBC Bank $350 & $750 Checking Account Bonuses
- Best Savings Accounts And High Yield Rates September 2018
- Best CD Rates | Find & Compare CD Rates September 2018
- Best Personal Loan Lenders For September 2018
- Best Cash Back Shopping Sites Everyone Should Be Using (Free Cash, Points, Rewards!)
- Best Robo-Advisors 2018: Top Automated Investment Services Reviewed
- Best Brokerage Promotions And Bonuses September 2018
- Best Credit Card Sign-Up Bonus Offers September 2018
- Chase Coupon Promo Codes: $200, $300, $350, $500 – September 2018
- CIT Bank Promotions: Online Money Market Account 1.85% APY Offer
- Chase Bank Business Checking Promotion: $200 Sign-Up Cash Bonus
- Chase Total Checking Account Bonus: $200 Coupon Available Online
- Chase Premier Plus Checking℠ Bonus: $300 Coupon Offer
- Barclays Arrival® Premier World Elite Mastercard®: Earn 75k Miles Yearly