- 1 Chase Total Business Checking® (Bonus Available)
- 2 Axos Bank Basic Business & Business Interest Checking Accounts
- 3 Novo Online Business Banking
- 4 TIAA Bank Business Checking
- 5 U.S. Bank Silver Business Checking
- 6 Wells Fargo Business Choice Checking
- 7 Huntington Business Checking 100
Free Business Checking accounts are a good choice for keeping overhead costs low. All business owners know how quickly small fees here and there can add up over the course of a month.
When you start looking around for a Business Checking account through your local bank, you’ll 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.
We reviewed the largest traditional banks and online banks to come up with the list of the best free Business Checking accounts below.
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Chase Total Business Checking® (Bonus Available)
- 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
- 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, the $1,500 minimum daily balance requirement is an easy way to waive the fee. Going with a big bank like Chase, you’ll have the 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.
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 its features and a great sign-up bonus offer (see link below for current offer).
Chase Total Business Checking® $300 Bonus
- What you’ll get: $300 bonus
- Where it’s available: Available Nationwide
- About the offer:
- Get $300 as a new Chase business checking customer, when you open a Chase Total Business Checking® account with qualifying activities
- Access to 16,000 ATMs and nearly 4,900 Chase branches
- Chase has business specialists at your local branch to help with your business needs
- Account Alerts are a great way to stay on top of your account’s activity and enhance security
- Unlimited electronic deposits at no charge, including Chase QuickDeposit℠, ACH and ATM
- When it expires: 10/09/2020
Axos Bank Basic Business & Business Interest Checking Accounts
- Monthly Fee?
- Basic Business Checking – None.
- Business Interest Checking – $5,000 minimum average daily balance to waive $10 monthly fee.
- Transactions Limit?
- Basic Business Checking – Up to 200 free items (debits, credits, or deposited items) per month, $.30 per item thereafter
- Business Interest Checking – Up to 50 free items per month, $0.50 per item thereafter
- Cash Deposit Limit? None
- Availability: Online nationwide
- Bottom Line: Axos Bank is an internet-only institution and accounts are available nationwide.
- Full Review: Axos Offers
The Basic Business Checking is for small businesses with limited checking needs. There are no monthly maintenance fees, the minimum opening deposit is only $1,000, and you’ll have unlimited domestic ATM fee reimbursements.
The Business Interest Checking earns interest, has a $10 monthly fee you can waive with a $5k minimum average daily balance, and unlimited domestic ATM fee reimbursements.
Novo Online Business Banking
- Monthly Fee? None
- Transactions Limit? None
- Cash Deposit Limit? None
- Availability: Online nationwide
- Bottom Line: Novo is a mobile banking platform for modern businesses. Their partner bank is Middlesex Federal Savings, which is a community bank just outside of Boston, MA. Novo is available on iOS and Android. There are no physical branches and the application process is done online. You’ll be able to link to your existing accounts, pay your bills, process ACH transfers, and deposit checks all within the Novo app. With your account, you will receive a Novo Mastercard Business Debit Card to use around the world and at any ATM without any fees from Novo.
- Full Review: Novo Offers
Novo accounts do not have a minimum or maximum deposit amount. Novo accounts are completely free (no monthly service charge), and they do not have any regularly scheduled or hidden fees like many other business accounts.
Being a completely digital bank, cash deposits need to be made into another local bank and then transferred over. Check deposits are made within the app.
If you’re a small business looking for a digital-only banking option, the Business Checking account from Novo is worth a look.
[Expired] Novo Banking $25 Sign Up Bonus
- What you’ll get: $25 bonus
- Where it’s available: Nationwide
- How to earn it:
- Sign up for a new account using our referral link below and fund with $50.
- The one-time cash bonus of $25 will be distributed within 10 business days after you fund your account.
- When it expires: Expired
TIAA Bank 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? 125 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 125 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 125 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 125 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 125 transactions a month or have to deal with huge cash deposits, take a close look at how the fees can add up.
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.
Huntington Business Checking 100
- Monthly Fee? No monthly fees with this account
- Transactions Limit? 100 transactions per month without a fee ($0.50 per transaction over 100)
- Cash Deposit Limit? $5,000 in cash or currency monthly in-branch or at an ATM at no charge; $0.30 fee for each $100 after.
- Availability: Illinois, Indiana, Kentucky, Michigan, Ohio, Pennsylvania, or West Virginia.
- Bottom Line: Good basic Business Checking account for growing businesses who still need in-branch services. No monthly fees with this account. However, branch availability will be a bit limited.
- Full Review: Huntington Business Checking Offers
The Huntington Business Checking 100 account provides 100 transactions a month at no cost. It’s $0.50 per transaction over 100. You’ll get $5,000 in in-branch cash deposits during each statement cycle ($0.30 per $100 in-branch or ATM cash deposits thereafter). There are no monthly maintenance fees with this account.
A “transaction” is any combination of checks paid, deposit tickets, deposited checks (except those you process through a remote deposit scanner), incoming ACH debits and credits, debit card purchases, and bill payment transactions made through Huntington’s Online Bill Pay service.
Their branch footprint is much more limited than with the nation’s biggest banks. Of note, Huntington tends to have several sign-up bonuses to choose from for their various accounts. We update all their current offers here.
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