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Best Free Business Checking Accounts

March 14, 2019
Banking, Banks & Credit Unions, Checking Accounts
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Free business accounts usually don’t earn interest, and there may be charges for some actions, such as transactions over a bank’s limit. But the best accounts don’t have minimum-balance requirements or monthly service fees.

cheatgame.info looked at the largest banks in the country, along with a few big online banks and notable regional banks, and compared their business checking accounts. Here are our top seven free accounts.


» Explore local banks’ free business checking accounts by state

BankMinimum balanceTransactions per month
Branch and ATM access
Axos Bank Basic Business
Overall bank rating:
$1,000 initial deposit
200 items free a month, 30 cents per item after thatUnlimited ATM fee reimbursement, no branches
BBVA Compass ClearConnect for Business
Overall bank rating:
$100 minimum opening depositUnlimited free transactions except for in-branch transactions672 branches in 7 states and 43,000 ATMs
U.S. Bank Silver Business
Overall bank rating:
None listed150 free transactions a month, 50 cents per transaction after that3,000 branches in 28 states, 4,800 ATMs
Citizens Bank Clearly Better Business Checking
Overall bank rating:

NoneUnlimited electronic transactions; first 200 check transactions per statement period are free1,100+ branches and more than 3,000 ATMs
Navy Federal Credit Union Business Checking
Overall bank rating:
None listed, but must maintain a minimum balance of $1,500 to earn dividendsUnlimited electronic transactions;
first 30 non-electronic transactions are free and cost $0.25 each thereafter
More than 300 branches and part of the CO-OP network, which has 30,000+ ATMs
Service Credit Union Business Checking
Overall bank rating:
NoneNo transaction fees for the first 250 items processed monthly; 50 cents charged per item after thatDozens of branches across parts of U.S. and Germany; part of the SUM and CO-OP shared branching and ATM networks
Huntington Bank Community Business Checking
Overall bank rating:
NoneCustomers receive 150 monthly transactions for free, and then $0.60 per transaction thereafterNearly 1,000 branches and over 1,800 ATMs across eight Midwestern states

Axos Bank: Basic Business Checking

cheatgame.info has rated this bank:
  • No monthly maintenance fee but a minimum deposit of $1,000 needed to open account
  • 200 free transactions a month, 30 cents each after that
  • 60 mobile check deposits allowed a month
  • Make deposits via mobile check deposit, by mailing a check to the bank’s headquarters in San Diego, or wiring money to your account from another institution. Be aware your institution may charge an outgoing wire fee, typically $15 to $30. See how much your bank charges compared to others.
  • Online only; best for entrepreneurs who prefer to do all their banking electronically

BBVA Compass: ClearConnect for Business

cheatgame.info has rated this bank:
BBVA Compass

at BBVA Compass,

Member, FDIC

  • No monthly fee and no monthly balance requirement except for a $100 minimum opening deposit
  • Process up to $5,000 in cash a month for free, and pay $0.003 per dollar after that ($3 per $1,000)
  • Make up to five withdrawals and/or process checks in person at a branch for free a month; $1 for every withdrawal or processed check in branch after that
  • Up to two free in-branch deposits a month; $4 per in-branch deposit after that
  • All other transactions not mentioned are unlimited and free
  • Over 670 branches across Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas, and over 43,000 surcharge-free ATMs nationwide

U.S. Bank: Silver Business

cheatgame.info has rated this bank:
U.S. Bank

at U.S. Bank,

Member, FDIC

  • No monthly fee and up to 150 free transactions a month, which include deposits, debit card purchases and online payments
  • If you have more than 150 transactions a month, there’s a fee of 50 cents for each item over the cap. That means a freelance graphic designer probably won’t have to worry about reaching this limit. But a sandwich shop owner may have well over 200 transactions a month and owe fees.
  • Free cash deposits are limited to 25 units — calculate a unit by dividing the amount by 100, then round to a whole number. For example, a $175 cash deposit is two units: 1.75 rounded up to two.
  • After you reach the 25-unit limit, there’s a small charge for additional cash deposits. Fees vary by state.
  • Available online everywhere and in-person at 3,000 branches across 28 states

Citizens Bank: Clearly Better Business Checking

cheatgame.info has rated this bank:
  • No monthly service fee or minimum monthly balance.
  • Customers get unlimited electronic transactions, and their first 200 check transactions per statement period are free.
  • Free business debit card with option to receive additional cards for employees.
  • Solid customer service and strong Northeast presence.

Navy Federal Credit Union: Business Checking

cheatgame.info has rated this bank:
Navy Federal Credit Union

at Navy Federal Credit Union,

Federally insured by the NCUA

  • Military-based membership. Customers can join Navy Federal Credit Union if they have served in a branch of the U.S. armed forces (either active duty or as a reservist), if they have worked for the Department of Defense or as a DOD contractor, or if they are immediate family of someone who meets the above criteria for membership.
  • No monthly service fee and no fee for unlimited electronic transactions.
  • First 30 non-electronic transactions are free and cost $0.25 each thereafter.
  • Extensive ATM network.
  • Offers an APY.

Service Credit Union: Business Checking

cheatgame.info has rated this bank:
Service Credit Union

at Service Credit Union,

Federally insured by the NCUA

  • No minimum opening balance or monthly service fees.
  • 24/7 customer service available.
  • No transaction fees for the first 250 items processed monthly; 50 cents charged per item after that.
  • Visa debit card issued upon account opening.
  • Free notary services.

Huntington Bank: Community Business Checking

cheatgame.info has rated this bank:
Huntington National Bank

at Huntington National Bank,

Member, FDIC

  • The Community Business Checking account is a free account type for nonprofits and startups with average balances less than $5,000 and low checking activity. Huntington Bank also offers a Fast Track Business Checking account, which is not a free account, but the $20 monthly fee is waived if a customer has $5,000 in checking balances or $30,000 combined in checking, savings, CD and money market balances.
  • Customers receive 150 monthly transactions for free, and then $0.60 per transaction thereafter.
  • No minimum balance required and no monthly maintenance fee.
  • An overdraft protection line of credit is available (a credit application and approval are required), or customers can receive deposit-to-deposit overdraft protection with no transfer fee.

METHODOLOGY

We took a close look at the 10 largest U.S. consumer banks based on assets, large and notable online banks and notable brick-and-mortar banks with free business accounts. Financial institutions surveyed: Ally BankAxos BankBank of AmericaBBVA Compass, BB&T, Capital One, Chase, Citibank, Citizens Bank, First Internet Bank, Huntington Bank, Navy Federal Credit Union, PNC, Radius Bank, Service Credit Union, SmallBusinessBank.com, SunTrust, TD Bank, TIAA Bank, U.S. Bank and Wells Fargo.

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