We've found the best business checking accounts that you can use for your day-to-day business transactions.
For years, most banks made the bulk of their fees on business products - including business checking accounts.
So, it's historically been frustrating as a side hustler or business owner to find a checking account because, unlike personal accounts which have lots of free checking account options, businesses typically didn't have that available.
But technology is changing that. And more banks are starting to offer great online business checking accounts with low or reasonable fees.
Note: The banking offers that appear on this site are from companies from which The College Investor receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). The College Investor does not include all banking companies or all banking offers available in the marketplace.
Business Checking Account Options
Based on the criteria we share below, here are our choices for the best business checking accounts available. Some of these accounts are basically free, while others do require some minimum balances and/or other requirements to waive the monthly fees.
1. Novo
Novo is a no-fee digital banking platform for small business owners and side hustlers. This is the perfect online checking account for small businesses. Novo is a fintech, not a bank. Banking services provided by Middlesex Federal Savings F.A.; Member FDIC.
They are very mobile friendly with a great app, photo check deposit, no fees, and they have a bunch of integrations to connect with the other tools you already use! They also offer sub-accounts, which is perfect if you like to use Profit First in your business. That's awesome for a business account.
Why I Like It: Free, easy to use, online business checking.
Read our full Novo review here.
⚠︎ This Is A Banking Service Provider, Not A Bank.
Novo is a financial technology company, not a bank. While it uses partner banks to provide banking services, your FDIC-insurance protection may be limited. Read this article from the FDIC to understand the risks of using a non-bank company.
Novo | |
|---|---|
Min Opening Deposit | $50 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | No |
ATM Access | Unlimited Nationwide |
Availability | Nationwide |
Promotions | None |
2. Bluevine
Bluevine has been a lender for small businesses for almost a decade, and it recently launched a business banking product that provides free business checking.
They offer free business checking with unlimited transactions per month. They also have no minimum balance requirements and free online statements.
Unlike most business checking accounts, they also pay interest on balances up to $100,000. Right now, you can earn up 4.25% annual percentage yield (APY) for Premier Customers and 2.00% APY for Standard Tier customers on your balance up to the $250,000 limit, as long as you meet one of the following requirements:
- Debit Card Spend: Spend $500 per month with BlueVine Business Debit Mastercard® issued by Coastal Community Bank pursuant to a license from Mastercard inc, which can be used everywhere Mastercard® is accepted.
- Incoming Payments: Receive $2,500 per month in customer payments into BlueVine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from merchant payment processing provider.
Read our full Bluevine Banking review here.
Why I Like It: Free business checking that earns interest.
Learn more about Bluevine Business Checking.
⚠︎ This Is A Banking Service Provider, Not A Bank.
Bluevine is a financial technology company, not a bank. While it uses partner banks to provide banking services, your FDIC-insurance protection may be limited. Read this article from the FDIC to understand the risks of using a non-bank company.
Bluevine Business Checking | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | Up To 4.25% APY |
ATM Access | 37,000 ATMs |
Availability | Nationwide |
Promotions | None |
3. Mercury
Mercury is a financial technology company that is revolutionizing banking for startups and small businesses. They offer a solid small business checking account as well as a ton of other cash flow and banking products. You can open an account online in minutes, and they are designed to make opening an account simple and easy!
The account has no monthly maintenance fees, no transaction fees, and $5 million in FDIC insurance. Plus, they offer great features like mobile check deposit, online bill payment, and more! The only draw back is that they are an online-only operation, so if you do have cash management needs, it might not work for you.
Read our full Mercury review here.
Why I Like It: Free, easy to use, amazing tools, high FDIC insurance limits.
Learn more about Mercury here.
⚠︎ This Is A Banking Service Provider, Not A Bank.
Mercury is a financial technology company, not a bank. While it uses partner banks to provide banking services, your FDIC-insurance protection may be limited. Read this article from the FDIC to understand the risks of using a non-bank company.
Mercury | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | Up to 5.46% APY |
ATM Access | 55,000 ATMs Nationwide |
Availability | Nationwide |
Promotions | None |
4. Grasshopper
Grasshopper calls itself the best digital business checking account - and we've been excited about what it offers. It's a fee-free business checking account with some great perks.
First, there's no monthly fee - which is huge for side hustlers and small business owners. Then, you can earn cashback on your spending! Users can earn unlimited 1% cashback on all debit purchases.
They offer unlimited free transactions, which is very unlikely for a business bank account (banks usually charge a fee per transaction) - this includes ACH and incoming wires.
Finally, you can earn interest on your money - 2.25% APY on your balance.
They also have one of the easiest online applications - taking about 5 minutes! Most banks do not have complete online application and have to send in multiple documents that takes up a lot time.
This account also has the usual features you'd expect in a top notch business checking account:
- Online banking
- Free ATM withdrawals at 46,000+ ATMs
- Free online bill pay
Read our full Grasshopper Bank review here.
Why I Like It: A business checking account option that can earn cashback on your spending.
Learn more about Grasshopper here.
Grasshopper | |
|---|---|
Min Opening Deposit | $100 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | Up to 2.25% APY |
ATM Access | 46,000+ |
Availability | Nationwide |
Promotions | None |
5. U.S. Bank Silver Business Checking
The U.S. Bank Silver Business Checking account is a solid basic business checking account with all the features you need in a bank.
This account is designed for businesses with limited transaction activity, and has a $0 monthly maintenance fee. This account is consistently on our list of the best business checking accounts.
This account includes a U.S. Bank Visa Debit Card, mobile and online banking, mobile check deposit, online bill pay, and more! It also includes 125 free transactions per month with a $0.50 fee for each additional transaction.
And right now, you can earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 16, 2024. Member FDIC.
Complete these steps to earn the offer:
Earn your $300:
- Make a deposit of at least $5,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
Earn your $800:
- Make a deposit of at least $30,000 in new money within 30 days of account opening and maintain the balance until the 60th day after account opening.
Read our full U.S. Bank review here.
Learn more about U.S. Bank Silver Business Checking account here.
U.S. Bank Silver Business Checking | |
|---|---|
Min Opening Deposit | $100 |
Min Balance Requirement | $0 |
Monthly Maintenance Fee | $0 |
Earns Interest | No |
ATM Access | Thousands of ATMs |
Availability | Nationwide |
Promotions | Up To $800 Bonus Offer |
Get up to an $800 bonus offer! At U.S. Bank N.A. Member FDIC.
6. Navy Federal Business Checking
Navy Federal Credit Union Business Checking is one of the best business checking products available, if you qualify to be a member of Navy Federal Credit Union.
This account is a basic business checking account with online banking, mobile check deposits and more.
But best of all, it pays dividends (just a small amount, but that's something). Right now, the basic business checking earns 0.01% annual percentage yield (APY). You can get up to 0.45% APY on their Premium Business Checking.
NFCU Basic Business Checking is limited to just 30 non-electronic transactions per month and these cost $0.25 per transaction. That's low. If you need more, you might consider the Premium Business Checking. It does have a $20 per month fee, but that fee is waived with an average daily balance of $5,000 or more.
The minimum deposit is $0 for current Navy Federal business members. A minimum deposit of $250-$255 is required to establish a business membership.
Read our full Navy Federal Credit Union Review here.
Why I Like It: Interest bearing business checking.
Learn more about NFCU Basic Business Checking.
Navy Federal Basic Business Checking | |
|---|---|
Min Opening Deposit | $0 or $250-$255 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | 0.01% APY |
ATM Access | 30,000 ATMs via Co-Op Network |
Availability | Nationwide |
Promotions | None |
7. Live Oak Bank Small Business Checking
Live Oak Bank is an FDIC-insured bank that is on a mission to be America's small business bank. They offer a solid small business checking account. You can open an account online in minutes, and they are designed to make opening an account simple and easy!
The account has no monthly maintenance fees, no transaction fees, and only a $0 minimum to open. Plus, they offer great features like mobile check deposit, online bill payment, Zelle, and more!
Why I Like It: Free, easy to use, online business checking.
Read our full Live Oak Bank review.
Live Oak Bank Small Business Checking | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | No |
ATM Access | 16,000 ATMs Nationwide |
Availability | Online Nationwide |
Promotions | None |
8. AXOS Basic Business Checking
AXOS is an online bank that focuses on simple business banking online. It's free, but it does have some higher requirements compared to other banks.
With AXOS, you get no monthly maintenance fees, no minimum deposit requirement, and unlimited domestic ATM fee reimbursements.
Their free tier comes with unlimited transactions (deposits, transfers, ACH, etc) per month. Plus, you also get 2 free domestic wires monthly.
Bonus: Right now, business owners can get up to a $400 welcome bonus when they open an account with the promo code NEW400 and complete qualifying activities.
Read our full Axos Bank review here.
Why I Like It: Free mobile business banking.
Learn more about AXOS Basic Business Checking.
AXOS Basic Business Checking | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | No |
ATM Access | Unlimited ATM Free Reimbursement |
Availability | Nationwide |
Promotions | $400 |
Get a $400 bonus
9. Relay
Relay* is a fee-free online business checking account that offers a huge range services to help you run your small business online. You can open multiple accounts, send and receive ACH transfers, setup automatic recurring payments, and so much more! Plus, it allows sub-accounts so you can run your business with a Profit First mindset if you want.
The amazing thing about Relay is that it offers a no-monthly fee level that includes so many features you'd be shocked it's free. Relay does have a Relay Pro-level that is designed for businesses that need more accounts payable features.
Read our full Relay Review here.
Why I Like It: Free business checking with a whole suite of complimentary business products.
⚠︎ This Is A Banking Service Provider, Not A Bank.
Relay is a financial technology company, not a bank. While it uses partner banks to provide banking services, your FDIC-insurance protection may be limited. Read this article from the FDIC to understand the risks of using a non-bank company.
Relay Financial | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 - $30/mo |
Earns Interest | No |
ATM Access | 32,000 ATMs nationwide |
Availability | Nationwide |
Promotions | None |
10. Lili
Lili is an online business checking account that is designed for freelancers. With no monthly fees, no minimum opening deposit, and helpful tools built-in, it's a great online business checking account. Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.
One thing that sets Lili has a great tax saving tool which allows you to automatically set money aside for taxes on every income, and an Emergency Bucket, which helps users set money aside for emergencies with daily deposits of small amounts.
They are very mobile friendly with online bill pay, invoicing, no fees, and they have a bunch of integrations to connect with the other tools you already use! That's awesome for a business bank account.
Why I Like It: Free, easy to use, online business checking.
Learn more in our Lili review here.
⚠︎ This Is A Banking Service Provider, Not A Bank.
Lili is a financial technology company, not a bank. While it uses partner banks to provide banking services, your FDIC-insurance protection may be limited. Read this article from the FDIC to understand the risks of using a non-bank company.
Lili Business Checking | |
|---|---|
Min Opening Deposit | $0 |
Min Balance Requirement | $0 |
Monthly Fee | $0 |
Earns Interest | Up To 4.15% APY |
ATM Access | 32,000 Fee-Free ATMs |
Availability | Nationwide |
Promotions | None |
Why A Business Checking Account vs. A Personal Checking Account?
When you're running a business - even just as a side hustle - it's important to keep your business finances separate from your personal finances. For many people starting out, that can be as simple as having a PayPal account. But as your business grows, you start receiving check and ACH payments, you simply need more.
You should keep your business accounts separate from your personal accounts for a variety of reasons. First, it's simplicity. By keeping all your business stuff in one place, you can easily know what you made, what you spent, and what's left.
Second, by mixing personal and business accounts, you can create bookkeeping, accounting, and tax headaches for yourself come tax time.
Third, you can also run into major liability issues - opening yourself up for personal liability if anything should happen to your business. If you're an LLC, S-Corp, or C-Corp, you definitely need to have a separate business bank account to maintain the liability protections a business offers.
Finally, if your business fails and you need to declare bankruptcy, your personal assets become open to being used for your debts because there's no way for a judge to separate the two.
The Process To Setup A Business Bank Account
Why most people hesitate to open a business checking account is because of the costs and the hassle to open one up.
The process to open a business checking account has traditionally be tedious - you need to bring documents, meet with a banker in person, and it takes time. However, technology is changing that and some companies are doing it all online (for example, LendingClub's Tailored Checking Account is 100% online).
To open a business checking account, you'll need the following:
- Your business employer identification number (EIN) - if you're a sole-proprietor, your SSN will work
- Business documents: Articles of Incorporation, Articles of Organization, charter
- Government issued ID
If you're a partnership or LLC with more than one member, you'll also need to have each member present to open the account.
What You Need In A Business Checking Account
Side hustlers and business owners have unique needs for their checking account. They also might not have a job yet (for direct deposit), or have other accounts at the bank.
As such, they have unique requirements that we wanted to share, so that you can see how we based our criteria for the best business checking account options.
In order to be one of the best business checking accounts, we put the following criteria in place:
- No Monthly Maintenance Fees: This is a big one. All of the accounts we consider must not charge a monthly maintenance fee or they must waive it in a really easy way.
- No Or Low Monthly Balance Required: You shouldn't have to have huge amounts of money to waive fees or qualify for a business checking account. We only look for banks that don't have a monthly minimum balance requirement or if they do, it's incredibly low.
- Transaction Count: Most business banks charge you based on your number of transactions each month. We want to make sure each account listed has a good amount of transactions available so you don't get charged.
- Awesome Online Access: The best business checking accounts will also have awesome online access, a great app or mobile site, and be accessible anywhere.
- No ATM Fees: Today's entrepreneurs are on the move. They should be able to access their money for free, where ever they are.
Common Questions
Here is a FAQ of the common questions we see around business checking accounts:
Does my business need a checking account?
It's recommended to keep your business and personal finances separated, and having a business checking account helps with that.
What's the best business checking account?
The best business checking account depends on your needs as a business. For example, do you operate online? Do you have a lot of cash transactions or deposits? All of these will play a role in figuring out which business account is best for you.
Do I need an LLC to open an account?
No, but you do need an EIN. You can get an EIN for your business by following these directions.
Can I open a business checking account at a credit union?
Yes! Most credit unions offer business checking accounts, and some of our best accounts on this list are actually at credit unions.
Do business checking accounts charge fees?
Many business accounts do charge fees - and that makes operating as a small business owner challenging. However, the accounts on this list are pretty fee-free, which is great.
Why Should You Trust Us?
I have been writing and researching banking and personal finance products since 2009. At The College Investor, we've been comparing and reviewing banks since 2018, and track the best banks for savings and money market accounts daily from a list of over 50 major banks and credit unions.
We are also small business owners, and finding bank accounts that match our needs has been a challenge. That's what led us to review the best business banks and share those with you.
Furthermore, our compliance team reviews our rates every weekday to ensure that we are accurately showing the correct rates and terms so you can make an informed decision about where to open a bank account.
Final Thoughts
Hopefully you can see that there are good options for free business checking. You can also check out our guide to business saving and money market accounts.
You don't have to pay fees to have a business checking account - you just need to open your account at a good bank.
Methodology
The College Investor is dedicated to helping you make informed decisions around complex financial topics like finding the best business checking account. We do this by providing unbiased reviews of the top banks and checking accounts for our readers, and then we aggregate those choices into this list.
We have picked checking accounts based on our opinions of how easy they are to use, their costs and fees, any interest rates and bonuses provided, and a variety of other factors. We believe that our list accurately reflects the best business bank accounts in the marketplace for side hustlers, small business owners, and freelancers.
Disclaimers
*Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank and Evolve Bank & Trust; Members FDIC.The Relay Visa®️ Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa®️ debit cards are accepted.
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared toward anyone wanting to earn more, get out of debt, and start building wealth for the future.
He has been quoted in major publications, including the New York Times, Wall Street Journal, Washington Post, ABC, NBC, Today, and more. He is also a regular contributor to Forbes.
Editor: Colin Graves Reviewed by: Richelle Hawley
