The 9 best free business checking accounts

The best free business checking accounts for 2022

Looking to start a business in 2022? A business checking account can help separate your business and personal finances.

The right checking account should also be convenient for your type of business. Do you need to deposit cash? Then you may prefer a brick-and-mortar bank to an online bank. Do you make numerous transactions every month? You might want an account with unlimited free monthly withdrawals and deposits.

The best accounts don't charge monthly fees and require low minimum opening deposits. Read below to learn about our top picks for the best free business checking accounts .

Our expert panel for this guide

We consulted banking and financial planning experts to inform these picks and provide their advice on finding the best business checking accounts for your needs. You can read their insights at the bottom of this post.

Insider

We're focusing on what will make a business checking account the most useful, including low fees, transaction limits, branch locations, and more.

Axos Basic Business Checking

None $1,000 None $1,000

• Pros & Cons
• Details

Pros

• No monthly service fees
• 200 transactions per month
• Unlimited refunds on domestic out-of-network ATM fees
• You may qualify for a $100 bonus
• Compatible with QuickBooks
• Free incoming and outgoing domestic wire transfers

Cons

• No physical branches
• $1,000 minimum opening deposit
• $0.30 fee for each transaction after the first 200 per month
• $7 to $15 fee for outgoing domestic wire transfers
• $50 international outgoing wire transfer fee
• No way to deposit cash
• Make 200 transactions (credits, debits, or deposits) per month, then pay $0.30 per transaction
• Receive a $100 sign-up bonus if you incorporated after June 1, 2020, and use the code NEWBIZ100 when you apply
• FDIC insured

Why it stands out: You can make up to 200 transactions per month before incurring a $0.30 fee per transaction. Axos has a large ATM network, but if you use an out-of-network machine, Axos refunds all fees charged by an ATM provider.

What to look out for: Minimum opening deposit. You must have at least $1,000 to get started.

Bank OZK Small Business Checking

None $100 None $100
• Pros & Cons
• Details

Pros

• $100 minimum opening deposit
• No monthly service fees
• 250 transactions per month

Cons

• Limited branch locations
• $0.50 fee per transaction after 250 monthly limit
• $1 out-of-network ATM fee
• $10 to $15 outgoing domestic wire transfer fee
• $5 incoming domestic wire transfer fee
• $35 international wire transfer fee
• Around 240 locations in 8 US states: AL, AR, FL, GA, NY, NC, SC, and TX
• 250 transactions per month, then $0.50 per transaction
• FDIC insured

Why it stands out: You can make up to 250 transactions per month with Bank OZK, and its minimum opening deposit of $100 is relatively low. It does charge a fee if you use an out-of-network ATM — but it's only $1, which is less than what many banks charge.

What to look out for: Branch locations. Bank OZK (previously Bank of the Ozarks) is a good option if you live near a branch and want a brick-and-mortar experience, but it only has locations in eight US states.

BlueVine Business Checking

0.60% APY None 0.60% APY None
• Pros & Cons
• Details

Pros

• No minimum opening balance
• No monthly service fees
• Unlimited monthly transactions
• Earn competitive interest rate on balances up to $100,000
• No non-sufficient funds fees
• No out-of-network ATM fees
• No incoming wire transfer fees
• Ability to deposit cash

Cons

• No physical branches
• No interest earned on balances over $100,000
• Doesn't reimburse any fees charged by out-of-network ATMs
• $4.95 fee for cash deposits at Green Dot locations
• $15 outgoing wire transfer fee
• Earn interest on balances up to $100,000
• Unlimited monthly withdrawals and deposits
• FDIC Insured by partner bank, The Bancorp Bank

Why it stands out: BlueVine doesn't require an opening deposit, and it doesn't restrict how many transactions you can make each month. You'll earn 0.60% APY on balances up to $100,000. This sets the account apart from the others on our list, which don't pay interest at all. It is also one of the few online business checking accounts that gives you a way to deposit cash.

What to look out for: Interest. You won't earn any interest on balances over $100,000.

Brex Cash Account

None None None None
• Pros & Cons
• Details

Pros

• No minimum opening deposit
• No monthly service fees
• Unlimited monthly transactions
• Money management tools
• Earn credit card rewards and exchange them for gift cards, cash back, travel, or switch points to miles
• Receive discounts with partner businesses
• No foreign transaction fees
• No incoming, outgoing, domestic, or international wire transfer fees

Cons

• No physical branches
• No debit card, only credit card
• No way to deposit cash
• Only available for incorporated businesses
• 50,000 signup bonus points after spending $9,000+ in the first 30 days
• Brex's business account is called Brex Cash. It's a cash management account that works much like a business bank account for secure deposits, payments, tracking, and built-in expense management to understand your spending. It also comes with a credit card that's automatically paid daily, like a debit card, except that it builds your business credit and gives you reward points on every purchase: 8x on rideshare, 5x on Brex Travel, 4x on restaurants/food delivery, 3x on Apple products, 3x on recurring software, and 1x on everything else
• No fees to send unlimited ACH, wires, and checks-even internationally
• The Brex Cash account and card are for all business types
• Brex Mastercard® issued by Emigrant Bank, Member FDIC. Brex Cash provided by Brex Treasury LLC, member FINRA and SIPC. Brex Treasury is not a bank; Brex Cash is not a bank account. Testimonials may not represent experiences of all clients. Terms apply, visit brex.com.

Why it stands out: You don't need a minimum deposit to open this account, and you can make unlimited monthly transactions. Your Brex credit card earns cash back on everything, and up to 8x cash back on purchases like ridesharing. You'll also receive discounts at various companies. Brex doesn't charge any wire transfer fees, regardless of whether it's for an incoming, outgoing, domestic, or international transfer.

What to look out for: No debit card. Brex is a great option if you want a rewards credit card. But if you want a debit card, you'll want to look at some of our other top picks.

Citizens Bank Clearly Better Business Checking

None None

Via PakApNews