A free business checking account should cost you exactly $0 a month, with no balance you have to babysit to keep it that way. Plenty of banks call an account free and then charge $15 the month you dip under $2,000.
If you just want the answer: Novo if you want checking that’s truly free with nothing to waive, Grasshopper if you keep a balance and want it to earn, Lili if you’re a freelancer and want taxes handled in the app. The full list of 8 accounts is below.
Open an account in as little as 5 minutes
- Earn up to 3.25% APY with automated savings
- Unlimited transactions with no monthly or overdraft fees
- Free ACH transfers and incoming wires
Earn 2.25% APY on savings with automatic tax savings
- Earn 2.25% APY on savings balances up to $500,000
- Automatic tax savings and expense tracking
- No monthly fees, minimums, or hidden charges
Connects to QuickBooks, Xero, Gusto and PayPal
- Connects to QuickBooks, Xero, Gusto, PayPal, Amazon and eBay
- Free unlimited transactions and no monthly fees
- Free physical and virtual debit cards included
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Best Free Business Checking Accounts
Novo Business Checking
4.4/5$0 monthly fee, no balance to keep, nothing to waive
at Novo, banking by Middlesex Federal Savings, F.A., Member FDIC
Details, pros and cons
Why we like it: Novo has no monthly fee, no waiver rules and no minimum balance. Standard ACH transfers are free and it refunds up to $7 a month in other banks’ ATM fees.
- There’s no monthly maintenance fee and no waiver requirement at all
- You don’t have to keep a minimum balance
- Up to $7 a month back on third-party ATM fees
- Invoicing, bookkeeping and Reserve accounts come with it at no charge
- Novo doesn’t advertise any interest on the checking account
- Optional extras like Express ACH carry a charge, shown before you send
- It’s a fintech, so your deposits sit at Middlesex Federal Savings
Grasshopper Business Checking
4.7/5Earns up to 1.35% APY on checking with no monthly fee
at Grasshopper Bank, Member FDIC
Details, pros and cons
Why we like it: Free checking that actually pays you. Grasshopper charges no monthly fee and pays 1.00% APY under $25,000 and 1.35% APY from $25,000 to $250,000. You do need $100 to open it.
- $0 monthly fee and no overdraft fees, so free really means free
- Your checking earns 1.00% APY under $25,000, then 1.35% APY from $25,000 to $250,000
- Unlimited 1% cash back on signature and online debit card buys
- Free unlimited ACH transfers and incoming domestic wires
- It takes $100 to open
- The 1% cash back needs a $10,000+ average balance for the month
- There’s no Zelle and no branch, and cash goes in only at select MoneyPass ATMs
Lili Business Banking
4.7/5Free Core plan, with savings that earns 2.25% APY
at Lili, banking by Sunrise Banks, N.A., Member FDIC
Details, pros and cons
Why we like it: Lili Core is free with no minimum deposit, and its savings pays 2.25% APY on up to $500,000 on every plan. The paid plans add tax and bookkeeping tools if you want them.
- Lili Core is free, and there’s no minimum deposit
- Savings earns 2.25% APY up to $500,000 and 4.00% APY from $500,000 to $1 million, even on Core
- Up to $3 million in FDIC coverage through a sweep network
- Pro is $15 a month ($9 for your first 3 months) and handles expense sorting, receipts and tax savings
- You only get debit cashback on a paid plan
- Invoicing, accounting and tax prep live on Smart ($35) and Premium ($55)
- Lili isn’t a bank. Sunrise Banks holds the deposits
More Free Business Checking Accounts
These aren’t our top picks. Some are free outright, and the big banks are free only if you meet their waiver rules.
Bluevine Business Checking
Earns 1.3% APY when you spend $500 a month on the card
on Bluevine’s site
Details, pros and cons
Why we like it: Online checking that pays interest, and a good fit for earning interest without a big balance.
- $0 monthly fee on Standard
- Pays 1.3% APY when you spend $500 a month on the debit card
- FDIC coverage up to $3 million
- No interest unless you hit the $500 monthly debit spend
Mercury
$0 monthly fee, no minimum balance, no overdraft fees
on Mercury’s site
Details, pros and cons
Why we like it: Online banking for startups, and a good fit for tech startups and online businesses.
- $0 monthly fee
- No minimum balance
- No overdraft fees
- Built for tech startups and online businesses, so it’s online only
Bank of America Business Advantage
Big-bank checking with branches, fee waived at $5,000
Bank of America, N.A., Member FDIC
Details, pros and cons
Why we like it: Big-bank business checking with branches, and a good fit for LLCs that want a branch and already bank there.
- Branches if you want help in person
- The fee goes away with a $5,000 average balance or $500 in debit card buys
- No minimum opening deposit
- $16 a month if you miss both waivers
- No interest listed on this account
Wells Fargo Initiate Business Checking
$25 to open, branches, fee waived at $2,000
Wells Fargo Bank, N.A., Member FDIC
Details, pros and cons
Why we like it: Starter business checking with branches, and a good fit for small LLCs that want in-person help.
- Branches if you want help in person
- Only $25 to open
- The fee goes away with a $2,000 daily balance
- $15 a month if your daily balance dips under $2,000
DCU Free Business Checking
$0 monthly fee and unlimited check writing
Federally insured by NCUA
Details, pros and cons
Why we like it: Credit union business checking, and a good fit for DCU members who want no fees.
- $0 monthly fee
- $0 to open
- Unlimited check writing
- You have to be a DCU member to open it
What makes business checking really free
Two things: no monthly fee, and no balance or activity you have to hit to avoid one. Novo, Grasshopper and Lili Core clear both. Wells Fargo, Capital One and Bank of America don’t, since their fee only goes away if you keep enough money in the account.
Free doesn’t mean every single thing is free, though. Watch for charges on wires, cash deposits, out-of-network ATMs and faster transfers. Novo, for example, charges for Express ACH but not standard ACH.
Need to deposit cash a lot? Online accounts make that harder. Grasshopper takes cash at select MoneyPass ATMs, but if cash is a big part of your business, a bank with branches is easier.
Running an LLC? See our picks for the best business bank accounts for LLCs. Starting out and need money too? Compare startup business loans or look at Fora Financial.
Bottom line: Novo is the easiest free account, Grasshopper is the free account that pays you, and Lili is the one built for freelancers.
How we picked
We only call an account free if there’s no monthly fee, or one that’s easy to waive. Then we looked at what you need to open it, whether your balance earns anything, and how easy it is to deposit cash and use an ATM. Fees, rates and bank partners come straight from each bank’s own pages. Accounts that are free with nothing to waive rank first, and big banks that only go free when you keep a balance come after.
FAQs
Novo has no monthly maintenance fee, no waiver requirement and no minimum balance. Grasshopper and Lili Core also charge $0 a month.
Yes. Lili has no minimum deposit, and Novo has no minimum balance. Grasshopper asks for $100 to open.
Some do. Grasshopper pays 1.00% APY on checking under $25,000 and 1.35% APY from $25,000 to $250,000. Lili pays 2.25% APY on savings up to $500,000. Bluevine pays 1.3% APY if you hit its monthly activity rules.
The account is, but extras can cost money. Look at wire, cash deposit, out-of-network ATM and faster transfer charges. Novo charges nothing for standard ACH transfers and refunds up to $7 a month in other banks’ ATM fees.
Yes, if it’s FDIC insured. Grasshopper is a bank, Member FDIC. Novo banks through Middlesex Federal Savings, and Lili banks through Sunrise Banks, which offers coverage up to $3 million through its sweep network.
Grasshopper is our top pick for LLCs because it pays interest with no monthly fee. See all our picks for the best business bank accounts for LLCs.
