Best Free Business Bank Accounts [2024]: Business Benefits Without Monthly Fees

When running a small business, finding the right business bank account can be crucial for managing your finances efficiently. While many options are available, those free of monthly service charges and other common fees can save you money to better put toward your business needs.

As a freelancer, I don’t want to be nickeled and dimed by my business bank account, and you shouldn’t either. After researching several options with different perks, I think some of the best free business bank accounts include those from Novo, U.S. Bank, Found, and Bluevine.

Let’s explore these accounts and a few others so you can decide which one is right for your business.

How we evaluate products

To determine our list of the best free business bank accounts, we evaluated accounts that didn’t charge monthly service fees or have minimum balance requirements. We also considered each bank’s overall fee schedule, account earnings potential, account opening rules, and added tools that may benefit business owners.

Key takeaways

• Free business bank accounts from online and traditional institutions don’t have monthly service fees or minimum balance requirements.
• Tax, invoicing, and accounting tools can be added benefits offered by business bank accounts, such as those from Novo and Found.
• Bluevine Business Checking and American Express Business Checking offer interest and potential rewards.
• You may need an Employer Identification Number (EIN) and business documentation to open a business bank account.

The 7 best free business bank accounts

• Novo Business Checking
• Bluevine Business Checking
• Lili Basic
• U.S. Bank Silver Business Checking
• American Express Business Checking
• Found Business Banking
• Navy Federal Credit Union Business Checking

Compare the best free business bank accounts

Account name	Best for	Annual percentage yield (APY)	Business features
Novo Business Checking	Invoicing	None	Free unlimited invoicing No minimum balance or deposit requirements Integration with many payment apps Unlimited transactions Novo Reserves feature Fast-tracked Stripe and ACH payments
Bluevine Business Checking	Earning interest	2.00% (as of 06/26/24) for balances under $250,000	No minimum balance or opening deposit requirements Large fee-free ATM network Invoicing tools Integration with business software Unlimited transactions Above-average Federal Deposit Insurance Corporation (FDIC) coverage Cash back on select debit card transactions
Lili Basic	Managing multiple businesses	None	No minimum balance or opening deposit requirements Early payday Unlimited transactions Ability to open accounts for multiple businesses under one login Large free ATM network Automated savings feature
U.S. Bank Silver Business Checking	In-person banking	None	Many physical locations Large free ATM network Limited free monthly transactions and cash deposits QuickBooks Online integration
American Express Business Checking	Earning rewards points	1.30% APY (as of 10/14/24) for balances of up to $500,000	No minimum balance or opening deposit requirements Large free ATM network Unlimited transactions Membership Rewards program QuickBooks Online integration
Found Business Banking	Independent contractors and small business owners	None (1.50% (as of 06/27/24) with the paid FOUND Plus plan on balances up to $20,000)	No minimum balance or opening deposit requirements Free tax, invoicing, and accounting tools Early direct deposit Unlimited transactions No credit check Integration with payment apps
Navy Federal Credit Union Business Checking	Military members	0.01% (as of 10/14/24)	Free unlimited electronic transactions Limited non-electronic transactions Global branch network Many free ATMs

Novo Business Checking: Best for invoicing

Novo is not a bank but rather a fintech company that offers an entirely online business checking account. There are no monthly fees, minimum deposit or balance requirements, or ATM fees (except third-party surcharges).

Your monthly transactions are unlimited, and you won’t pay for incoming domestic and international wire transfers. The account doesn’t offer the ability to send outgoing domestic wire transfers directly, but the Wise integration allows international transfers.

A nice perk of the Novo Business Checking account is that it comes with built-in business invoicing software that you can use to bill your clients. The invoices are free and unlimited. This is beneficial if you’re a small business owner who doesn’t want to pay for a separate invoicing program.

One of the drawbacks to Novo Business Checking is that there aren’t any physical locations, which may be a negative if you like to handle your finances in person or deposit cash. The company also doesn’t offer savings accounts, though the Novo Reserves feature lets you allocate funds within your checking account for certain expenses such as taxes. Also, while the fintech company reimburses third-party ATM operator fees, they’re limited to just $7 per month.

Novo deposits are FDIC insured through its banking partner, Middlesex Federal Savings.

Visit Novo

Bluevine Business Checking: Best for earning interest

If you're looking for an interest-bearing option, the standard Bluevine Business Checking account has one of the highest APYs. You can get a 2.00% (as of 06/26/24) APY if you spend $500 per month using your Bluevine Business Debit Mastercard or Bluevine Business Cashback Mastercard or if you deposit or receive $2,500 in customer payments into your account or sub-accounts monthly. Plus, you can earn up to 4% in cash back on select business debit card purchases.

This business account has minimal fees and no minimum balance or opening deposit requirements. There aren’t monthly service fees, overdraft fees, incoming domestic wire or ACH fees, or in-network ATM fees. However, you must pay for outgoing wire transfers, out-of-network ATM transactions, and cash deposits through Allpoint ATMs or Green Dot. Your monthly transactions are unlimited, and expanded FDIC coverage of $3 million protects your funds.

Like Novo, the fintech company Bluevine has no branches, so in-person banking services aren’t available. However, the account does have helpful online services, including accounts payable automation, sub-accounts for budgeting and automated transfers, and integration with popular business software.

Visit Bluevine

Lili Basic: Best for managing multiple businesses

Although this online-only fintech company offers several business banking plans, the Lili Basic account is the only one free of monthly service fees.¹ If you’re looking for good bank accounts for LLCs, this barebone checking option lacks fee-free overdraft protection, high-yield savings, financial management tools, and other features.

The other plans — Lili Smart, Lili Premium, and Lili Pro — charge monthly fees but include numerous perks.

With the Lili Basic plan, you get limited benefits, including your pay up to two days early, an automated savings feature for emergencies, and the ability to open accounts for multiple businesses and manage them under one login. Plus, it doesn’t require a minimum opening deposit.

A drawback for some business owners may be the limits that Lili puts on how much you can deposit. Cash deposits are limited to $1,500 per day, $3,500 per week, and $5,000 per month. You’re also limited to $50,000 in mobile check deposits per month. Additionally, there are fees for transactions such as outgoing wire transfers and out-of-network ATM use.²

Lili’s banking services are provided by Sunrise Banks, N.A., Member FDIC.

Read our full Lili review.

U.S. Bank Silver Business Checking: Best for in-person banking

I recommend U.S. Bank’s Silver Business Checking account if you prefer to conduct your banking in person. As one of the best banks for small businesses, it has over 2,900 branches in 26 states across the country in addition to 4,700 ATMs. This basic business bank account has no monthly maintenance fees or in-network ATM fees. However, you’ll need a $100 deposit to open it.

You get free business transactions limited to 125 per statement cycle. Any transactions beyond that will cost $0.50 each. Free cash deposits are also limited to 25 per statement cycle. Plus, there are many other potential fees, including for incoming and outgoing wires, overdrafts, returned items, and checks.

The account doesn’t include perks like interest or many free financial management tools, though it does offer bill pay and connects with QuickBooks Online.

Member FDIC.

Visit U.S. Bank Silver Business Checking

American Express Business Checking: Best for earning rewards points

I like the American Express Business Checking account for its Membership Rewards program, which offers reward points you can use for travel, gift cards, or cash deposits. You can currently earn 30,000 points when you open an account and take these three steps: make eligible deposits totalling $5,000 or more within 30 days, maintain a $5,000 average balance for 60 days, and make at least five qualifying transactions within 60 days. In addition, you can earn one reward point for every $2 spent on eligible purchases as an ongoing perk.

This account offers a competitive APY of 1.30% APY (as of 10/14/24) on balances of up to $500,000 and has no minimum opening deposit or balance requirements. There are no monthly fees or charges for incoming wires or most ACH transactions. You can also withdraw money from over 70,000 ATMs in the Allpoint and MoneyPass systems for no cost.

However, there aren’t any branch or cash deposit options, and you’ll pay fees for outgoing wires and same-day ACH payments. American Express also restricts businesses in certain industries from getting this account and includes few business features beyond QuickBooks integration.

Visit American Express Business Checking

Found Business Banking: Best for independent contractors and small business owners

If you’re an independent contractor or small business owner, you may want to check out Found, a fintech company that offers a business banking platform for the self-employed. It has one of the best bank accounts for freelancers.

Beyond the business account and debit card provided, Found has free tools for bookkeeping, handling taxes, and invoicing clients. Other perks include no monthly transaction limits, no credit check, and early direct deposits.

As an independent contractor, I’m responsible for estimating and paying my income taxes quarterly, and keeping up with this can be challenging without the right tools. Found’s tax tools are pretty attractive, especially since they’re completely free. The platform will automatically set aside a portion of your income in a separate tax “pocket.” It will also estimate how much taxes you owe based on your income and track expenses you can write off.

Plus, you can use the free online invoice generator to send professional-looking invoices to your customers, and Found links to several payment apps including Venmo, PayPal, and Stripe.

You won’t pay a monthly fee or have account minimums with Found. However, it does have limitations such as no in-network ATMs, no physical branches, and fees for cash deposits and certain other transactions.

You can opt for the Found Plus plan for $19.99 per month (or $149 per year) and earn a 1.50% (as of 06/27/24) APY on balances of up to $20,000. It has a few additional features not included in the free version, such as importing activity from your bank, credit card, and other accounts and paying quarterly federal taxes from the app.

Found’s banking services are through Piermont Bank, Member FDIC.

Visit Found

Navy Federal Credit Union Business Checking: Best for military members

The Navy Federal Credit Union Business Checking account is best for when you’re a current or retired armed forces member, an eligible Department of Defense civilian, or a qualifying family member. Otherwise, you can’t join this credit union or open an account. Many of its 362 global branches are also around military bases, though its ATM network is more extensive.

While Navy Federal Credit Union offers three business checking accounts, its basic Business Checking is the only one that doesn’t charge monthly service fees. It’s ideal for when you only have one or two signers on the account and primarily deal with electronic transactions. You can make 30 non-electronic transactions before paying $0.25 for each additional one.

While this business account offers interest, you only get a 0.01% (as of 10/14/24) APY, which might not offset the account’s many potential fees for various transactions. Depending on your business type, Navy Federal Credit Union will also require a larger minimum opening deposit of $250 to $255 to become a new business member.

Accounts at Navy Federal are insured by the National Credit Union Administration (NCUA).

Visit Navy Federal Credit Union

How does a free business bank account work?

When I ran my own business in the late 1990s, I was shocked at how expensive it was to open a business banking account. The offerings I looked into seemed to have all the same features as my personal account, just with more fees.

Things have changed a bit in the banking world since then, and there are now several free business bank accounts that don’t charge monthly maintenance fees or require you to keep a minimum balance. Many free options are through online-only fintech companies like Novo, Lili, or Found. You can even find interest-bearing business checking accounts, like Bluevine or American Express Business Checking.

However, you should still watch out for hidden fees that a business banking account may have. For example, it may limit the number or amount of transactions you can make within a month, and you might pay a fee every time you exceed that limit. If your business does a lot of domestic and international wire transfers, make sure your account charges reasonably for that service.

Free business bank accounts will often also include extra tools to help you with your business finances like invoicing, bookkeeping, and tax preparation, and integrate your account with popular software and services. Your account might include additional features that help you get paid sooner or manage multiple business accounts in one place.

How to pick the best free business bank account

When choosing the best free business bank account for your needs, here are some important factors to consider.

Fees and minimum balance requirements

There are enough business bank accounts out there that have eliminated monthly fees and minimum balance requirements, so consider seeking other options if your current account still has these. Other bank fees you should pay attention to are those for ATM transactions, overdraft or non-sufficient funds transactions, foreign transactions, domestic and international wire transfers (both incoming and outgoing), and ACH transactions.

Transaction and cash deposit limits

A business bank account may limit the number of transactions you can make or the amount of cash you can deposit daily or monthly. Accounts with limits can charge you fees per excessive transaction. The best accounts don’t limit transactions or cash deposits or at least have high limits that fit your business’s needs.

Accessibility

As a business owner, you should have access to your bank account whenever necessary. This includes fee-free ATMs, debit cards, and physical locations if you prefer to work with a brick-and-mortar bank. You should also ensure your business bank account offers 24/7 customer support so you can reach someone immediately if you have a problem.

Accounting tools and integration

You probably use some accounting software like Quickbooks to manage your finances, so it’s helpful for your business bank account to integrate seamlessly. To get more benefits from your business bank account, see if it also offers tools to help you handle your business taxes and customer invoices.

Interest and reward perks

You can make your money work for you with a business bank account that earns interest at a competitive rate. Some accounts offer debit cards that earn cash back or rewards points you can redeem for cash or other items. However, be sure to read the fine print because you may need to take specific steps to be eligible to earn interest or rewards.

FAQs

Bottom line

Choosing the best business account depends on your business’s unique needs and preferences. Whether you prioritize fee-free services, interest-bearing accounts, invoicing tools, or access to physical locations, there are plenty of options to explore.

I plan to look into opening an account with Found because, as an independent contractor, its tax, invoicing, and accounting tools may eliminate my need to invest in pricey accounting software. By considering each business bank account's distinct features and any extra costs, you can find the account that best supports your business’s financial growth.