Best Free Business Checking Accounts 2024
Getting a business account is essential as soon as you have to send or receive payments on behalf of your business. It makes sense when you’re just starting out to look for an account with low or no fees, to help maximize your profits as you get established. While truly free business banking isn’t usually an option, there are lots of accounts out there from banks and non-bank alternatives, which can limit costs and avoid ongoing fees – giving your business a boost.
This guide looks at 5 of the best business checking accounts which have free features or no ongoing fees, to help you decide if any is right for you.
Quick summary: No fee business checking accounts
Wise Business Account: Great for no ongoing fees, no minimum balance, and powerful international features to send, spend, hold, exchange and receive foreign currencies
Revolut Business Account: Great for choice of accounts including Basic plans with no ongoing charges, which include no-fee transactions to pre-set limits
Bluevine Business Checking: Great for opportunities to earn interest on unused cash, extensive USD services, and high FDIC insurance
American Express Business Checking: Great for earning membership rewards as you manage your business finances, with no monthly fees
US Bank Silver Business Checking: Great for shared access account with no monthly fee and some free transactions every month
Can you open a business account for free?
US entrepreneurs can open business accounts with no initial fee to pay, with banks and non-bank alternative providers. However, it’s helpful to note that fee schedules vary enormously between different account types, and you may also need to make a minimum opening deposit when you set up your account.
It’s important to look carefully at the fees associated with your preferred account – some, like Wise, have a one time account opening fee, but no monthly charges. Others, like Revolut and US Bank, have different account packages, some of which have ongoing charges to pay while others have no monthly fees. You may also run into other important costs such as account dormancy fees if you don’t transact regularly, as well as transaction and service costs.
Compare your options carefully before you pick – we’ve got all the details you need to get started coming right up.
Best free business checking accounts in the US
There’s no single best business checking account in the US – which is right for you depends on your business type, size and stage, as well as the types of transactions you’ll make frequently. Here’s a quick side by side look at some of the providers we’ve picked out – we’ll get into them one by one in more detail right after.
| Services/Business account | Wise Business Account | Revolut Business Account | Bluevine Business Checking | American Express Business Checking | US Bank Silver Business Checking |
|---|---|---|---|---|---|
| Account opening fees | 31 USD | None | None | None | None |
| Monthly fees | None | None for Standard plan | None for Standard plan | None | None for Silver plan |
| Minimum balance requirement | None | None | None | None | 100 USD minimum opening balance |
| Transaction fees | Currency conversion from 0.35% | Fair usage and out of hours fees can apply | Wire transfer and international fees can apply | 2.7% foreign transaction fee | 3% foreign transaction fee |
| Send and receive payments | Send from 0.35%, receive select currencies with no fees | Some accounts have no fee transfers, 5 USD fee after that | 15 USD wire transfer fee | Only domestic payments are available – no fee to send a standard ACH | 75 USD outgoing international wire, 16 USD incoming international wire |
| Business debit card fees | 1.5 USD + 2% fee once free ATM withdrawal limit is exhausted | 2% ATM withdrawal fee | 2.5 USD out of network ATM fee | Out of network fees can apply | 2.5 USD out of network ATM fee |
| Best features | 40+ supported currencies Mid-market exchange rates | Variety of plans available 25+ supported currencies | Variety of plans available Cash deposit options | Large, reputable provider with a selection of products 24/7 support available | No monthly fees to worry about Different packages available if your needs change |
*Details correct at time of writing, 21st May 2024
Wise business account
Great for: One time opening fee with no ongoing costs, with powerful international features to hold, send, spend and receive foreign currency payments
Wise accounts have a one time 31 USD fee for full feature access, but then allow you to hold and exchange 40+ currencies, and receive payments like a local in 10 currencies. That can make it far easier to connect with customers overseas, to run international payroll and to pay invoices to suppliers based abroad. While there are some transaction fees to pay depending on how you use your account, there are also many free features like batch payments, cloud accounting and API access.
Eligibility: US residents with a registered business, freelancers and sole traders. Wise Business is also available in many other countries and regions globally.
Best features: Wise business account
- No ongoing fees to pay, no minimum balance, no dormancy costs
- Free features including time saving benefits like cloud accounting integrations
- Multi-currency features to send and receive international payments easily
- Some free ATM withdrawals monthly before any fees apply
Wise business account fees
No ongoing fees to pay, and accounts come with 2 free withdrawals to the value of 100 USD/month before any ATM fees apply. Currency conversion costs from 0.35%, and there’s a 6.11 USD fee if you receive a USD wire payment (ACH transfers, and transfers in several other select currencies do not have incoming costs).
| Wise business pros | Wise business cons |
|---|---|
| ✅No ongoing fees to pay, no minimum balance ✅Hold and exchange 40+ currencies ✅Free ways to receive select foreign currencies ✅Some free ATM withdrawals monthly ✅ Time saving perks | ❌ One time fee to open your account ❌ Service and transaction fees can apply depending on how you use your account |
Learn more about the Wise business account here.
Revolut business account
Great for: No ongoing fees with some no-fee transactions included in even the Basic plan option
Revolut has several different account options in the US, but for newer businesses looking to open a checking account the Basic plan would be a good place to start, with no monthly charge to worry about. Accounts offer a linked ATM card and support 25+ currencies. You’ll be able to access weekday no fee currency conversion to the value of 1,000 USD per month before fees apply, with 5 no-fee local transfers also included in the plan every month.
Eligibility: US residents with a registered business, freelancers and sole traders. Revolut business is also available in many other countries and regions globally.
Best features: Revolut business account
- Basic plans have no monthly fees
- Exchange up to 1,000 USD a month with no extra fees to pay
- 5 local transfers monthly with no fee
- Lots of other no fee features like recurring transfers and and ways to add team members to your account
- Options to trade up to fee paying accounts as your business grows
Revolut business account fees
Basic accounts have no monthly fee. You can convert 1,000 USD per month to a foreign currency with no fee, but then fair usage charges of 0.6% begin. There’s a 1% fee if you exchange out of market hours. ATM withdrawals cost 2%, and international transfers are 5 USD.
| Revolut business pros | Revolut business cons |
|---|---|
| ✅ No monthly fee for Basic plan ✅ 25+ supported currencies, with some no-fee weekday exchange included ✅ All accounts have a linked debit card ✅ Add team members to your account easily ✅ Different account tiers for when your business grows | ❌ Fair usage charges apply ❌ Out of hours currency conversion fees apply |
Learn more about the Revolut business account here.
Bluevine business account
Great for: Very high FDIC protections, with a flexible USD account that offers check and cash deposit features
Bluevine is a non-bank provider which has business accounts that are interest earning, with linked debit cards and ways to send and receive payments in USD. You can also receive foreign currencies but as the account is USD denominated, your funds are converted before being added to your balance.
Eligibility: US residents with a registered business, freelancers and sole traders.
Best features: Bluevine business account
- No monthly fees to pay, no stated minimum deposit
- Earn interest on your cash balance
- Standard ACH payments are free
- Open sub accounts and add team member to your account as needed
- Loans and credit services available from the same provider
Bluevine business account fees
No ongoing charges to pay. Transaction charges can apply including a 15 USD wire transfer fee and a 2.5 USD out of network ATM fee.
| Bluevine business pros | Bluevine business cons |
|---|---|
| ✅ Interest earning account ✅ FDIC insured to 3 million USD per depositor ✅ Mobile check deposits and cash deposit options ✅ Free standard ACH payments ✅ Different plans available if you need more features and free transactions | ❌ 2.5 USD out of network ATM fee ❌ Cash deposit costs apply |
Learn more about the Bluevine business account here.
American Express business account
Great for: Ways to earn interest and member benefits while you manage your company’s money
The American Express business checking account pays interest on eligible balances, and also offers membership rewards you can convert to cash to deposit to your account, or use as air miles. There’s no fee to receive incoming payments to your account, but your option to send international transfers is limited, which may mean this account won’t work for businesses dealing with international suppliers.
Eligibility: US residents with a registered business, freelancers and sole traders.
Best features: American Express business account
- No monthly fees
- Interest earning, with extra membership rewards as you transact
- Cloud accounting integrations available
- Accounts come with a linked debit card for spending and withdrawals
- Select free features including echecks
American Express business account fees
There’s no monthly fee and no account opening fee. However, there’s a 2.7% foreign transaction fee and you’ll likely find out of network fees are assessed by ATM operators if you’re overseas.
| American Express business pros | American Express business cons |
|---|---|
| ✅ No monthly fees ✅ Earn member rewards you can trade for cash or travel benefits ✅ Cloud accounting options are included in your package ✅ Interest earning account ✅ Lots of other services available from Amex if you need them | ❌ You’re unlikely to be able to make overseas payments ❌ 2.7% foreign transaction fee |
Learn more about the American Express business account here.
US Bank business account
Great for: Flexible business bank account with no monthly fees as long as you transact regularly
US Bank has several different business account products including the Silver checking account which has no monthly fee to pay. You get a set number of free transactions monthly, making this a good option for new businesses with fairly limited banking requirements. International account use is expensive so this may not be the right account if you need to send regular overseas payments or spend with a card abroad.
Eligibility: US residents with a registered business, freelancers and sole traders.
Best features: US Bank business account
- No monthly fees to pay
- Low minimum opening deposit to pay
- All accounts have some free transactions monthly
- Large and trusted bank with branch network if you need it
US Bank business account fees
There’s no monthly charge but you’ll need to have 100 USD to deposit when you open your account. There’s then a 3% foreign transaction fee, as well as a 2.5 USD out of network ATM fee. International wires can be 75 USD to send and 16 USD to receive.
| US Bank business pros | US Bank business cons |
|---|---|
| ✅ No monthly fees to pay ✅ Some free transactions every month are included ✅ Low opening deposit of 100 USD ✅ Several different account types are available to suit different customers ✅ Shared access for employees | ❌ Account dormancy fees can apply ❌ 3% foreign transaction fee |
Learn more about the US Bank business account here.
How to open a business account online for free with no deposit
Different banks and providers have their own processes to open a free business account – but you can usually get everything done with just your phone or laptop. Bear in mind that you’ll need some information and documents to hand, which we’ll run through in a moment. Once you have everything you need pulled together the steps you’ll usually need to take include:
- Choose your preferred account and head to the provider’s app or website
- Click Apply now and follow prompts to confirm your eligibility
- Enter your personal and contact information
- Add details of your business and any other directors or partners
- Complete the verification step by uploading images of required documents
- Your debit card will be mailed to you once your account is verified.
The paperwork and information you need can depend on the account you pick and the entity type you have. Usually you’ll need to provide:
- Full name, contact information, address, and date of birth of the business owner, as well as any partners and directors with over a 25% stake
- Your Tax EIN or SSN
- Your passport, driving license or other valid ID
- Your full business address, and contact details
- Business registration documents, depending on entity type
- Business estimated annual turnover
Best free international business accounts
If you have customers overseas who prefer to pay in their home currency, or if you deal with international suppliers, you could be better off with an account which has multi-currency features. This will allow you to keep your costs down as you won’t need to convert between currencies unnecessarily – plus you may get beneficial exchange rates. Of the providers we’ve looked at earlier, we’ve picked out the following as the top picks for international businesses:
- Wise Business Account: No monthly fees to hold and exchange 40+ currencies, receive payments with local details in 10 currencies, convert with the mid-market exchange rate and low fees
- Revolut Business Account: No monthly fees to hold and exchange 25+ currencies, get some weekday no fee currency conversion – some accounts also offer some no fee international payments monthly
While the business accounts we selected from Bluevine, Amex and US Bank have some interesting features, they’re USD denominated only and can have limited international reach. This can mean you can’t freely send or receive overseas payments – or the fees are high when you do so.
Best online business bank accounts with no minimum deposit or balance
If you’re just starting your business you may not have money to hand to add as a minimum deposit for your business account. Some of the providers we picked do not require any minimum deposit at all, although in some cases, you’ll need to hold a set balance to access all features such as interest earning.
Wise Business Account: No minimum deposit
Revolut Business Account: No minimum deposit
Bluevine Business Checking: No minimum deposit
American Express Business Checking: No minimum deposit
US Bank Silver Business Checking: 100 USD minimum deposit
Conclusion: Business checking accounts with no fees
Choosing a business checking account with no ongoing charges can mean you have more money to invest in growing your business. Finding completely free business account products is pretty much impossible, but there are certainly some good solutions available for accounts which cut costs and limit monthly fees.
Check out options like Wise if you want a powerful international account with no ongoing fees, or consider a provider like Bluevine if you’d like to earn interest with a USD denominated digital business account you can manage with your phone.
Free business banking online FAQs
Which bank doesn’t charge for business accounts?
There’s a cost to offering business banking services, so you’ll usually run into some service and transaction fees with any business account you pick. However, you could consider business bank accounts with no monthly charges from providers like US Bank and American Express, as a good place to start if you’re dealing with USD transactions only. For international services, consider a non-bank alternative like Wise or Revolut.
Do all banks charge a fee for business accounts?
Usually there are some fees to pay for business accounts but these could be transaction fees for things like out of network ATM fees or international payments, rather than rolling charges you pay every month. Check out a selection of bank and non-bank alternative business accounts to see which works best for you.
Do business bank accounts have fees?
Most business accounts have some fees – but the way banks and non-bank providers approach fees can vary a lot. Some have monthly charges, while others waive ongoing fees but use transaction and service fees instead. Review your preferred provider’s terms and conditions document carefully before you sign up.
