10 Best Free Business Checking Accounts For 2023

The best free business checking accounts should have no monthly fees, or fees that are easily waivable, and limited and transparent routine fees. Some providers have next to no fees for typical banking services while others offer a limited number of free transactions before fees are charged. The banks on this list have the best free business checking accounts while also providing you with the other business services needed for your company's growth. These include interest-bearing accounts, lending products, personal accounts for you and your employees, and merchant services. Here are the 10 best free business checking accounts: * Bluevine: Best overall for free business checking with a high interest yield * Bank of America: Best free business checking with a traditional bank * Chase: Best premium business checking account with a traditional bank * Capital One: Best for unlimited transactions with a traditional bank * U.S. Bank: Best for businesses with minimal monthly transactions * First Internet Bank: Best for full-service online banking * Mercury: Best digital-only bank for tech companies and startups * Novo: Best digital-only bank for rapid access to funds and express payment processing * Grasshopper: Best digital-only bank for integrated free payment software * Oxygen: Best digital-only provider for cash back on debit card purchases Best Free Business Checking Accounts At a Glance Annual Percentage Yield (APY) 2.0% on qualifying balances up to $100,000 $4.95/deposit (Green Dot locations) Free (MoneyPass network) $2.50 out-of-network Fundamentals Business Checking Free (first 200), then 45 cents/item Free up to $7,500/month; 30 cents every $100 after Free (more than 16,000 ATMs nationwide) Business Complete Banking Free (first 20), then 40 cents/item Free up to $5,000/month; $2.50 for every $1,000 after $2.50/ transaction + operator fees (non-Chase ATM) Free up to $5,000/month, $1 for every $1,000 after Free (Capital One, MoneyPass & Allpoint ATMs) Free (first 125), then 50 cents/item None; limited to $2,500 in cash deposits each month No charge out-of-network, operator fees may apply 0.50% on balances of $10,000 or more Cash deposits not accepted None; reimburses up to $10/month in ATM fees None; cash is deposited through money orders None; cash is deposited through money orders Innovator Business Checking Cash deposits not accepted Free (MoneyPass & SUM network ATMs) $4.95/deposit (Green Dot locations); Also through Plaid link to bank Free at Allpoint ATMs; $3 out-of-network domestic; $5 out-of-network international See fullscreen table Annual Percentage Yield (APY) 2.0% on qualifying balances up to $100,000 $4.95/deposit (Green Dot locations) Free (MoneyPass network) $2.50 out-of-network Fundamentals Business Checking Free (first 200), then 45 cents/item Free up to $7,500/month; 30 cents every $100 after Free (more than 16,000 ATMs nationwide) Business Complete Banking Free (first 20), then 40 cents/item Free up to $5,000/month; $2.50 for every $1,000 after $2.50/ transaction + operator fees (non-Chase ATM) Free up to $5,000/month, $1 for every $1,000 after Free (Capital One, MoneyPass & Allpoint ATMs) Free (first 125), then 50 cents/item None; limited to $2,500 in cash deposits each month No charge out-of-network, operator fees may apply 0.50% on balances of $10,000 or more Cash deposits not accepted None; reimburses up to $10/month in ATM fees None; cash is deposited through money orders None; cash is deposited through money orders Innovator Business Checking Cash deposits not accepted Free (MoneyPass & SUM network ATMs) $4.95/deposit (Green Dot locations); Also through Plaid link to bank Free at Allpoint ATMs; $3 out-of-network domestic; $5 out-of-network international *Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership. Partnerships: Coastal Community Bank for Bluevine, Evolve Bank & Trust for Mercury, Middlesex Federal Savings for Novo, and The Bancorp Bank for Oxygen Bluevine: Best Overall for Free Business Checking With a High-interest Yield Bluevine What We Like * No monthly fees * No transaction fees * 2.0% APY on balances up to $100,000 What's Missing * $4.95 fee per transaction for depositing cash * No other business deposit accounts * No branch locations Features * Free debit card, mailed within 10 business days of application approval * Two free checkbook orders per year * Integrates with QuickBooks and Xero * Connects with business payment solutions, including Stripe, PayPal, and Expensify * Live customer support from dedicated professionals * Line of credit also available Bluevine Business Checking Overview Transaction Limit Before Fees Automated Clearing House (ACH) Fees Teller Cash Withdrawal Fee Domestic Wire Transfer Fees $15 for outgoing, incoming are free $15 for outgoing, incoming are free Free at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use 2.0% on balances of up to $100,000, once qualifications are met *Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. Free debit card, mailed within 10 business days of application approval Two free checkbook orders per year Accounting Software Integrations Business Payment Integrations Includes Stripe, PayPal, and Expensify Live customer support from dedicated professionals Line of credit also available *Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. Bluevine is our best free business checking account thanks to its lack of monthly fees and high interest yield account. The only fees it charges are for outgoing wires, ATM withdrawals outside the MoneyPass network, and cash deposits. You can also earn 2.0% APY on balances up to $100,000 if you meet one of two qualifying criteria: 1. Spend $500 or more a month with Bluevine Business Debit Mastercard issued by Coastal Community Bank. 2. Receive $2,500 per month in customer payments into your account via ACH, wire transfer, mobile check deposit, or directly from a merchant payment processing provider. Bluevine doesn't offer free cash deposits, so it may not be the best option if you deposit cash frequently. Deposits must be completed at a Green Dot retail location for $4.95 per deposit. For out-of-network ATM withdrawals, Bluevine charges $2.50 in addition to third-party fees. One other perk for Bluevine compared to other digital-only banks is the availability of physical checks. Not only does Bluevine allow you to purchase physical checks, but it provides two free checkbook orders per year. Overall, for businesses that don't mind a digital-only bank wanting to earn interest on checking balances, Bluevine is an excellent option. Bank of America: Best Free Business Checking With a Traditional Bank Bank of America What We Like * 200 free transactions per month * $7,500 in free cash deposits per month * Ongoing rewards What's Missing * Charges a monthly maintenance fee unless balance or transaction minimums are met * Doesn't offer ATM fee reimbursements * Requires a $100 opening deposit Features * Deposit checks, view accounts, make transfers, and pay bills with the mobile app * Credit card processing and payroll services through ADP * Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions * Allows you to check your business credit score through a partnership with Dun & Bradstreet Bank of America FundamentalsTM Business Checking Overview Transaction Limit Before Fees 200, then 45 cents per item $16 (waivable if conditions are met) Domestic Wire Transfer Fees Free access to more than 16,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs Up to $7,500 per month free, then 30 cents per $100 per statement cycle Cost varies depending on the type of checks ordered Accounting Software Integrations QuickBooks, ADP (for payroll services), and TurboTax Business Payment Integrations Business payment solutions, including Zelle® Phone and in-branch customer service available during business hours, or can message through social media direct messages Merchant services through Expensify and cash flow tools available Business Advantage Relationship Banking, business savings, certificates of deposits (CDs), lending products, financial analysis through Merrill financial advisor Bank of America is our best free business checking account at a traditional bank given its waivable monthly fees and outstanding ongoing rewards. One of its two business checking options should fit your business needs. The $16 monthly fee of Business Advantage FundamentalsTM can be waived in one of three ways: 1. Maintain a $5,000 combined average monthly balance. 2. Spend at least $250 in new net purchases on a business debit card. 3. Become a member of Preferred Rewards for Business. Business Advantage Relationship Banking's monthly fee of $29.95 can be waived in one of two ways: 1. Maintain a $15,000 combined average monthly balance. 2. Become a member of Preferred Rewards for Business. With the company's preferred rewards for business, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on business advantage savings accounts. The higher amount of free transactions available at the basic business checking account level gives Bank of America a slight edge over Chase but both offer similar products. Check out our comparison of Bank of America vs Chase business accounts to see which is right for you. Bank of America is known for its outstanding customer service and online experience. In the Keynova Group 2022 Small Business Banker Scorecard report, Bank of America ranked first for overall digital customer experience capabilities catered to small businesses. Chase: Best Premium Business Checking Account With a Traditional Bank Chase What We Like * $300 bonus when you open an account * Easy-to-waive monthly fee * No opening deposit required What's Missing * Very limited number of free transactions in the basic business account * ATM fees not reimbursed * Fee for cash deposits of more than $5,000 per statement period Features * Manage debit, deposit, and ATM card settings for individual employees * Deposit checks, view account balances, pay bills, and make transfers through the mobile app * Integrates with QuickBooks and other leading accounting software Chase Business Complete BankingSM Checking Overview Transaction Limit Before Fees 20, then 40 cents per transaction $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee $15; waivable if conditions are met Domestic Wire Transfer Fees Up to $35 for outgoing wires, up to $15 for incoming wires Up to $50 for outgoing wires, up to $15 for incoming wires $2.50 per transaction at any non-Chase ATM, plus ATM operator fees $2.50 per $1,000 after you deposit $5,000 in a billing cycle Free debit card, mailed within 10 business days of application approval Cost varies depending on type of checks ordered Accounting Software Integrations QuickBooks and other leading accounting software Business Payment Integrations Live customer support online or in bank branch locations Business savings & certificates of deposit (CD), lending products, credit cards, merchant services, collection services With three business checking options, including the best premium account on the market, Chase is a great choice for free business checking. Thanks to its outstanding full-service business banking experience, it's on our list of the best small business checking accounts. While its most basic business checking account terms are listed above, it also offers Performance Business Checking® and Platinum Business CheckingSM. Both have higher fees but offer more features. Compare all three Chase business checking accounts to see which fits your business needs. To waive the $15 monthly fee for Chase Business Complete Banking, you must satisfy one of the following criteria: 1. Maintain a $2,000 minimum daily balance. 2. Accumulate $2,000 in net purchases on Chase Ink® Business Card. 3. Have $2,000 in deposits from Chase QuickAcceptSM or eligible Chase payment solutions. 4. Link a Chase Private Client CheckingSM account. 5. Provide qualifying proof of military status. The $30 monthly fee of Chase Performance Business Checking can be waived if you maintain a combined average daily balance of $35,000 or more in qualifying business deposit account Chase Platinum Business Checking, the best premium account on the market, has a monthly fee of $95 which can be waived if you satisfy one of the following criteria: 1. Maintain a combined average daily balance of $100,000 or more in qualifying business deposit and business investment balances. 2. Maintain a combined average daily balance of $50,000 and link a Chase Private Client CheckingSM account. With three business checking account types, business savings accounts, credit cards, lines of credit, and point-of-sale (POS) and software solutions, Chase is a bank that can scale with your business. Capital One: Best For Unlimited Transactions With a Traditional Bank Capital One What We Like * Unlimited transactions * Full-service banking options and physical locations * Low or no monthly fee What's Missing * Has $250 opening deposit * Accounts cannot be opened online * Account doesn't earn interest Features * Pay bills, track accounts, transfer funds, and deposit checks with the mobile app * Integrates with Xero and other top accounting software * Free overdraft protection when linked to another small business deposit account Capital One Basic Business Checking Overview Transaction Limit Before Fees $15; waivable if conditions are met Domestic Wire Transfer Fees $25 for outgoing; $15 for incoming $40 for outgoing; $15 for incoming Free at more than 70,000 Capital One, MoneyPass & Allpoint ATMs nationwide *Capital One requires you to visit a branch to complete an application to open a business checking account. There are locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C. Cost varies, depending on the type of checks ordered Accounting Software Integrations Xero and other top accounting software Business Payment Integrations Business payment solutions 24/7 support by phone, or in branch locations during business hours Lending products, credit cards, Unlimited Business Checking *Capital One requires you to visit a branch to complete an application to open a business checking account. There are locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C. Despite being limited to just six states and the District of Columbia, Capital One is a great choice for free business checking thanks to its unlimited transactions. It has a monthly fee for both of its business checking products, but it is waivable. Basic Business Checking costs $15 a month and gives you up to $5,000 in cash deposits monthly. You can waive the monthly fee if either your 30- or 90-day balance averages $2,000 or more. Unlimited Checking, its next tier of business banking, costs $35 a month. It has no fee for cash deposits, and up to five outgoing domestic wires are free monthly. You can waive the monthly fee if your 30- or 90-day balance averages $25,000 or more. Capital One has an advantage over the other brick-and-mortar options in this guide because it doesn't charge fees for everyday account transactions. You get unlimited deposits, withdrawals, and transfers, excluding international wires, cashier's checks, and other services. The company also offers lending products—including loans, lines of credit, and commercial real estate—plus a great selection of business credit cards and other business services. It would be higher on this list if it were available nationwide. You must open an account in a branch, and those are limited to locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington D.C. U.S. Bank: Best for Businesses With Minimal Monthly Transactions U.S. Ban What We Like * No monthly fee * Free mobile check deposits * Apply in person, online, or by phone What's Missing * Expensive wire fees * Limited free transactions * Only available to residents in 26 states Features * Send and receive money through the app * Digital invoicing and payment systems integrated into your online dashboard * Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online * Easy integration with overdraft protection or credit card processing services for your business U.S. Bank Silver Business Checking Overview Transaction Limit Before Fees 125 in a month, then 50 cents per transaction Domestic Wire Transfer Fees $40 for outgoing, $14 for incoming $75 for outgoing, $15 for incoming No charge for out-of-network ATMs, although operator fees apply 25 free cash deposits per cycle *To be eligible for a U.S. Bank Account, an applicant must reside in the following states: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, or Wyoming. 50% discount on first check order up to $50 Accounting Software Integrations Business Payment Integrations Business payment solutions, including U.S. Bank payment processing Online, phone, in-branch customer service Digital invoicing and payment systems available Lending products, cash flow products, Gold and Platinum business checking, point of sale solutions *To be eligible for a U.S. Bank Account, an applicant must reside in the following states: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, or Wyoming. If your business has a low number of monthly transactions and operates in one of the 26 states where U.S. Bank operates, this bank is a great brick-and-mortar option for free business checking. Its basic business checking, known as Silver Business Checking, has no monthly fees and offers 125 free monthly transactions. Meanwhile, Gold Business Checking has a $20 monthly fee. You get 300 free monthly transactions before paying 45 cents for each additional transaction. The fee can be waived by meeting one of the following scenarios: 1. U.S. Bank Payment Solutions Merchant Banking member 2. $10,000 average collected balance 3. $20,000 combined average collected business deposit balances 4. $50,000 combined average collected business deposits and outstanding credit balances Platinum Business Checking has a $30 monthly maintenance fee. You get 500 free monthly transactions before paying 40 cents for each additional transaction. The fee can be waived by meeting one of the following scenarios: 1. $25,000 average collected balance 2. $75,000 combined average collected business deposits and outstanding business credit balances Additionally, you can earn a $400 bonus when you open a new, eligible U.S. Bank business checking account (promo code: AF49ZCB) and complete qualifying activities, subject to certain terms and limitations—this offer is valid through January 9, 2023. To be eligible for a U.S. Bank Account, an applicant must reside in the following states: Arizona, Arkansas, California, Colorado, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, Nevada, New Mexico, North Carolina, North Dakota, Ohio, Oregon, South Dakota, Tennessee, Utah, Washington, Wisconsin, or Wyoming. First Internet Bank: Best for Full-service Online Banking First Internet Bank What We Like * Fee-free banking * Up to $10 refund for ATM fees * Other interest-bearing business accounts available What's Missing * 0.50% APY only available with average daily balance of $10,000 * No cash deposits * No physical branches Features * Small Business Administration (SBA) loans and commercial loans * Other business bank accounts available, including savings, money markets, and CDs—ranked among the best business savings accounts * Personal accounts * Health savings accounts (HSAs) First Internet Bank Business Checking Overview Transaction Limit Before Fees Domestic Wire Transfer Fees $20 for outgoing, $15 for incoming $50 for outgoing, $15 for incoming None; reimburses up to $10 per month in ATM fees No cash deposits accepted 0.50% on balances of $10,000 or more Free, with first replacement card free as well ($5 for each additional replacement) Cost varies depending on the type of checks ordered Accounting Software Integrations Business Payment Integrations Phone and email customer service available during business hours Business savings, business CDs, and lending products As one of the few full-service online-only banks, First Internet Bank provides a business checking account with no monthly fees and no transaction limits. It even refunds up to $10 in monthly ATM fees. In addition, you earn 0.50% APY on balances greater than $10,000. With no maximum like other interest-bearing accounts on this list, your interest earnings can grow with your account. If you're looking for other banking products, First Internet Bank has great business savings, business CDs, a variety of business lending products, and personal lending and banking products. One drawback is the required minimum deposit of $100, but there are no minimum balance requirements after opening the account. Also, you cannot deposit cash, so businesses that handle cash regularly should choose a brick-and-mortar option. Mercury: Best Digital-only Bank for Tech Companies & Startups Mercury What We Like * No minimum deposit to open an account * Physical and virtual debit cards * Mercury Treasury account allows you to earn interest once you qualify for the account and request it What's Missing * Accounts unavailable to sole proprietorships * Lacks paper check-writing abilities * No cash deposits Features * Accounts integrate with major accounting software * Set customer user permissions for your team members * Create auto-transfer rules for your accounts * Integrates fully with QuickBooks and Xero accounting software Mercury Business Checking Overview Transaction Limit Before Fees Teller Cash Withdrawal Fee Domestic Wire Transfer Fees None as long as it is sent through Mercury's structure No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) Cash deposits not accepted *Mercury is a business fintech platform backed by FDIC-insured Evolve Bank & Trust. Virtual cards available right away, with physical debit cards arriving in the mail in a few days Cannot send physical checks Accounting Software Integrations Business Payment Integrations Includes Shopify, Stripe, Zapier, Amazon, and PayPal. Email customer service available Savings account provided when you open checking, Treasury interest-bearing account, capital and venture debt *Mercury is a business fintech platform backed by FDIC-insured Evolve Bank & Trust. Mercury is a great choice for tech companies and startups looking for fee-free online-only checking combined with powerful banking tools. Its checking and savings accounts have no monthly fees, no transaction limits, and no minimum deposit or balance requirements. You can also get a $200 cashback bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening. Mercury recently added a credit card product that offers 1.5% cash back and unlimited virtual cards. It also offers free ATM withdrawals from one of 55,000 Allpoint network ATMs. There is no charge for out-of-network ATM withdrawals, but you will have to pay third-party operator fees. Mercury has a Treasury account, which you can request once you have $250,000 in your Mercury accounts. Money in the Treasury account can earn up to 2.524% APY, with rates changing weekly. Most businesses incorporated in the United States are eligible for an account, except sole proprietorships and trusts. One major drawback with Mercury is the inability to deposit cash. Also, lending products are limited to capital and venture debt. Novo: Best Digital-only Bank for Rapid Access to Funds & Express Payment Processing Novo What We Like * Zero maintenance fees * Refunds all ATM fees * Novo Boost and Express ACH allow faster access to your funds What's Missing * Unable to deposit cash directly * Lack of savings accounts and lending products * Non-interest drawing account Features * Integrates with other business tools, such as QuickBooks, Slack, Xero, Stripe, Square, PayPal, Wise, and Shopify * Set aside funds for taxes and other large business expenses with Novo Reserves * Deposit checks directly through the mobile app * Online banking includes unlimited invoicing and bill pay * Novo Boost in coordination with Stripe allows you to access funds faster * Express ACH let you accept or receive same-day ACH payments Novo Business Checking Overview Transaction Limit Before Fees Domestic Wire Transfer Fees None to receive; cannot send wires domestically but can send fee-free ACH transfers Novo partners with Wise to send international wires for a "low" feeAll fees refunded at the end of the month None; money orders can be purchased and deposited through the app *Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. Virtual debit card available immediately, one free physical debit card per user Paper checks can be sent straight from the app Accounting Software Integrations Business Payment Integrations Includes Stripe, Square, PayPal, Wise, and Shopify Live customer support from dedicated professionals *Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. If your business accepts payments through third-party software, especially Stripe, Novo is an excellent choice. The company offers Novo Boost, which lets you receive payments sent from your Stripe account faster than other providers. In addition, it has Express ACH, which enables you to accept or send same-day ACH payments. The combination of Novo Boost and Express ACH allows you access to your money faster than other digital-only providers. If your business makes frequent ATM withdrawals, Novo benefits you as well. It refunds all ATM fees at the end of the month with no limits. It also has no monthly fee, transaction limits, minimum opening deposit, or minimum balance requirement. It allows cash deposits, but it must be done through money orders deposited through the app. Novo doesn't charge for this, but there is a cost involved when you purchase money orders. You can get money orders from a variety of locations; the US Postal Service (USPS) sells them for up to $1.95 for up to $1,000 money orders. Novo also offers up to 10 reserve accounts, free unlimited invoicing, and great software integrations with accounting and payment software. You cannot order checks, but paper checks can be sent from the app at no cost. One drawback is that it doesn't have any lending products. Grasshopper: Best Digital-only Bank for Integrated Free Payment Software Grasshopper What We Like * Cash back on debit card purchases * Interest-bearing account * No monthly fees or transaction fees What's Missing * No physical location * $100 minimum deposit required to open * Cash deposits not accepted Features * 1% cash back on all online and in-store debit card purchases * Earn 1.5% APY with no minimum and no cap * Autobooks software purchased by Grasshopper for all small business banking customers for digital invoicing and online payments * No monthly fees or transaction fees; no minimum balance required * 24/7 online and mobile banking * Unlimited free ACH and incoming wires Grasshopper Innovator Business Checking Overview Transaction Limit Before Fees Domestic Wire Transfer Fees $5 for incoming; $25 for outgoing Free at 45,000 MoneyPass & SUM network ATMs Cash deposits not accepted Physical and virtual debit card available; 1% cash back online and in-store with debit card purchases Accounting Software Integrations Business Payment Integrations Grasshopper provides Autobooks to each customer free of charge, built into online banking Customer support via phone, live chat, email, secure message, and text message; also available through the app Autobooks provided for free API banking, treasury management, startup banking services, lending products If you're looking for a free business checking account, excellent cash back rewards, and a solid APY, Grasshopper is an excellent choice. It has no monthly fees and no transaction limits. An additional benefit is the inclusion of payment software Autobooks for free with each account. The account also integrates with accounting software such as QuickBooks. Grasshopper's debit card earns 1% cash back on all online and in-store debit card purchases. Also, accounts earn 1.5% APY on all balances with no minimum and no cap. Cash deposits are not permitted with Grasshopper. There is a $100 minimum opening deposit, but there is no minimum balance requirement after opening the account. In addition, its free ATM network is a little smaller than some of its competitors, with no ATM fee reimbursement out-of-network. Oxygen: Best Digital-Only Provider for Cash Back on Debit Card Purchases Oxygen What We Like * Rare fintech that offers both personal and business banking * No monthly fees or transaction fees * Single-use virtual cards available for online shopping provides extra security What's Missing * No free cash deposits * Only one authorized user allowed per account * No physical locations Features * Nationwide LLC creation available through the Oxygen App * 5% cash back rewards on everyday purchases with your debit card * Ability to create single-use virtual cards to keep your business bank account secure * Business savings product available with 1% APY on balances up to $20,000 * Multiple personal checking accounts available Oxygen Business Checking Overview Transaction Limit Before Fees Domestic Wire Transfer Fees No fees incoming; outgoing unavailable $3 out-of-network domestically $5 out-of-network internationally *Oxygen is a business fintech platform backed by FDIC-insured The Bancorp Bank. Free Oxygen Visa Business Debit Card; Unlimited number of virtual cards, including single-use cards for online purchases No physical checks available; individual preauthorized checks can be sent through the mobile app to US customers Accounting Software Integrations QuickBooks, Xero, Plaid, and Gusto Business Payment Integrations Includes Stripe, Square, and PayPal Toll-free phone number, email, social media support and online help articles *Oxygen is a business fintech platform backed by FDIC-insured The Bancorp Bank. For freelancers and creatives wanting an online-only bank that offers both personal and business banking products, Oxygen is a great choice. It's one of the few financial technology companies offering robust personal and business banking products. In this guide, the only other online-only bank to have both is First Internet Bank. Oxygen markets its product toward freelance and creative business owners, especially owners who may be looking to incorporate their businesses. It offers nationwide LLC creation in the Oxygen app powered by CorpNet, Inc. There are fees involved, which is one of the few services with a fee. It also provides a business bank account with no monthly fees, minimum balance requirements, or transaction limits. Deposits can be made through Green Dot locations for $4.95 per transaction and by in-app mobile check capture, via ACH or Plaid, from an outside account. Oxygen was awarded the 2021 Best Overall FinTech Mobile App by the FinTech Breakthrough Awards. You can also open a business savings account, which earns 1% APY on balances up to $20,000. Drawbacks include no outgoing and international wire transfers, and you cannot set up multiple users in the Oxygen app. It is only open to a single sign-on per account, which puts it behind many other fintechs on this list. How We Evaluated the Best Free Business Checking Accounts When we evaluated the best free business checking accounts, we considered * Which accounts had no monthly fees or easily waivable monthly fees * Required opening deposit and balance minimums * Transaction limits before fees * ACH and wire transfer fees * ATM fees and availability * Cash deposit fees and availability * Interest yield, if applicable * Other checking account perks * Software integrations * Other business services provided * Lending products provided * Customer service * Customer reviews What You Need to Open a Small Business Checking Account Though each provider on this list may require different documents to open a business bank account, here is a general list of what you will need: * Employer identification number (EIN) or Social Security number if you're a sole proprietor * Fictitious business name certificate or doing-business-as (DBA) certificate * Business formation documents * Organization documents, including your ownership agreements * Business licenses * Government-issued photo ID, such as a passport or driver's license Frequently Asked Questions (FAQs) What bank doesn't charge monthly fees for a business account? Many online-only banks and some traditional banks, such as U.S. Bank, provide business checking accounts with no monthly fees. Others, such as Bank of America and Chase, offer easy ways to waive monthly fees. What banks have free checking with no minimum balance? Several online-only banks offer free checking with no minimum balance, including Bluevine, Novo and First Internet Bank. Some traditional banks, such as Capital One, have waivable monthly fees with unlimited free transactions. Even if a bank has waivable monthly fees, check the free transaction limit and ensure your business won't exceed that each month. Bottom Line If you are looking for a business checking account with no or easily waivable monthly fees, the providers on this list are all outstanding choices. When deciding which provider to choose, first figure out what you need from your business bank. Decide whether online-only banks or traditional banks provide the services you need, then select the bank and checking account that best meet your business needs.