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The 10 Best Free Business Bank Accounts In 2023

Skip the fees by choosing free business checking. Here are 10 great options for free business bank accounts you can choose from.

    Kate Hoots
  • Last updated onUpdated

  • Jason Vissers
  • REVIEWED BY

    Jason Vissers

    Senior Staff Writer

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
Free business checking

A free business checking account lets you keep more of your hard-earned money. So how hard is it to find a free business checking account with no regular fees?

It’s not as hard as you might think.

In fact, in addition to a free business checking account, some of the best business bank accounts even offer a free savings option — with a high interest rate if you’re lucky.

Wondering where to look for the best free business bank account? We’ve got you covered with this list of the 10 best free business checking accounts available for small businesses.

Learn More About Our Top Picks

CompanyBest ForNext StepsBest For
Square Business Banking

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  • 1% ACH fee
  • Access to loans
  • 1.75% APY
  • 1% ACH fee
  • Access to loans
  • 1.75% APY

Apply Now

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BlueVine Bank

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  • Cash deposit fees
  • Lines of credit available
  • 2% APY
  • Cash deposit fees
  • Lines of credit available
  • 2% APY

Apply Now

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Live Oak Bank

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  • Wire transfer fees
  • Access to SBA loans
  • 4.0% APY
  • Wire transfer fees
  • Access to SBA loans
  • 4.0% APY

Visit Site

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Lili

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  • Cash-deposit fees
  • No access to credit
  • No APY with free account
  • Cash-deposit fees
  • No access to credit
  • No APY with free account

Visit Site

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Relay

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  • Wire transfer fees
  • No access to credit
  • 1% APY and up
  • Wire transfer fees
  • No access to credit
  • 1% APY and up

Visit Site

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Novo

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  • Overdraft & returned payment fees
  • Merchant cash advances available
  • No savings option
  • Overdraft & returned payment fees
  • Merchant cash advances available
  • No savings option

Visit Site

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Oxygen

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  • Foreign transaction, cash deposit fees
  • Lines of credit available
  • 3% APY
  • Foreign transaction, cash deposit fees
  • Lines of credit available
  • 3% APY

Visit Site

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Found

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  • Standard payment processing fees
  • No access to credit
  • 1.5% only with paid Plus account
  • Standard payment processing fees
  • No access to credit
  • 1.5% only with paid Plus account

Visit Site

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Grasshopper

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  • Outgoing wire fees
  • SBA loans, venture funding, and CRE funding
  • Up to 2.25% APY
  • Outgoing wire fees
  • SBA loans, venture funding, and CRE funding
  • Up to 2.25% APY

Visit Site

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Mercury

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  • Currency exchange fees
  • Access to corporate card, venture capital
  • 5.30% APY for high balances
  • Currency exchange fees
  • Access to corporate card, venture capital
  • 5.30% APY for high balances

Visit Site

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Read more below to learn why we chose these options.

Table of Contents

What To Look For In A Free Business Bank Account

A free business checking account isn’t worth the price if it’s not safe and legitimate. Whether you choose an online-only bank or one with traditional branches you can visit, make sure the bank offers FDIC insurance. If the account you’re interested in is not FDIC insured, walk away.

Here are some other features you might want from your free business bank account. These may not all be requirements for you, but it’s still good to know what’s available.

  • Checking account
  • Savings option with a high-yield savings account if possible
  • ATM access
  • Bill payment
  • Debit card
  • Mobile check deposit
  • Payment apps such as Zelle or Venmo
  • Cash deposits
  • Accounting software integrations
  • Access to credit cards, loans, or lines of credit
  • Rewards and perks

10 Best Free Business Checking Accounts

The best free business checking options meet all your business needs without taking any money out of your pocket. We think Square, BlueVine, Live Oak, Lili, Relay, Novo, Oxygen, Found, Grasshopper, and Mercury offer the best free bank accounts for business.

A word of caution: While the bank accounts on this list come with no regular recurring fees, they may list fees for unusual or uncommon types of transactions, such as foreign transactions or international wire transfers. We’ll note when an account on this list includes any of these types of avoidable fees.

1. Square Bank: Best Free Business Checking For Square Sellers

Square Business Banking


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APY

1.75%

Monthly Fee

$0

Business Size

Sole proprietors only

Pros

  • No account minimums
  • Instantly available funds
  • Access to credit

Cons

  • No cash deposits
  • ATM limits
  • Available only to sole proprietors

Why We Choose Square For The Best Free Business Bank Account

If you’re already using Square to sell online or in person, there’s no question that Square’s banking option deserves a look. Square’s free business bank account gives you almost instant access to funds when you make a sale and follow up with a free Square Instant Transfer. That’s hard to beat.

Square Bank Rewards & Perks

Square banking’s biggest perk is the almost instant access to funds you get when you use the Instant Transfer option. Square also offers a discount when you use your Square debit card to make purchases from another Square seller.

A perk of banking with Square is access to loans through Square Capital. Square offers a savings option as well. The current advertised APY is 1.75%.

Square Banking Eligibility Requirements

Square banking is available to businesses that are US-based and structured as sole proprietorships. To use Square’s banking option, you must use Square POS or Square Online.

You won’t need to verify your business income or go through a hard credit check to apply.

Square Bank Fees

One of the few fees you may encounter with Square is a 1% charge for ACH transactions. You won’t find monthly fees or any fees for wire transfers, ATM use, bill payment, or foreign transactions.

Get Started With Square Business Banking

Read our in-depth review

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2. BlueVine: Best Free Business Checking With High APY

BlueVine Bank


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APY

2.0%

Monthly Fee

$0

Business Types

All

Pros

  • High APY
  • Free ATM network
  • Cash deposits accepted

Cons

  • Cash deposit fees

Why We Choose BlueVine For The Best Free Business Bank Account

There’s a lot to like about BlueVine Business Checking. Even so, BlueVine’s high APY stands out. Although BlueVine doesn’t offer a traditional savings account, your checking account balance of up to $250K will earn an impressive 2.0% APY.

BlueVine For Bank Rewards & Perks

BlueVine’s standout perk is its high interest rate of 2.0% APY. You won’t find any signup bonus, rewards points, or other perks with BlueVine, however.

Bank with BlueVine, and you will be eligible for a BlueVine line of credit. Your revolving line of credit will come with a 6 or 12-month term.

BlueVine For Banking Eligibility Requirements

BlueVine accounts are easy to apply for online. To qualify, you’ll need to be a business owner who is 18 or older and a US citizen or permanent legal resident with a verifiable address in a US state.

BlueVine does not offer accounts to businesses in high-risk industries.

BlueVine Fees

BlueVine Business Checking accounts are almost completely fee-free. You won’t find any recurring fees, transaction fees, or transfer fees.

However, BlueVine does charge $2.50 for out-of-network ATM use, $15 for outgoing wire transfers, and $4.95 for each $500 cash deposit.

Get Started With BlueVine Bank

Read our in-depth review

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3. Live Oak Bank: Best Free Business Savings Account With High APY

Live Oak Bank


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Pros

  • Free ATM network
  • High APY
  • Access to SBA loans

Cons

  • No cash deposits

Why We Choose Live Oak For The Best Free Business Bank Account

Live Oak offers a free business checking account and a savings account that comes with a delightfully high APY. At a rate that is 10 times higher than the national average, your Live Oak savings account lets your money work hard for you.

Live Oak Rewards & Perks

In addition to a high APY of 4% on business savings, Live Oak is currently offering a $300 cash bonus to qualifying new customers.

You can access an even higher APY by opening a Live Oak certificate of deposit, with rates for 6-month to 5-year CDs ranging from 2% to 5%.

Live Oak offers new customers a dedicated onboarding guide. Your guide will answer questions and help you set up bill pay, ACH, a mobile wallet, online banking, the Live Oak app, and more.

SBA loans starting at $150K are available through Live Oak.

Live Oak Eligibility Requirements

Live Oak Bank accounts are available to US citizens and permanent residents with valid Social Security numbers. All business structures are welcome, from sole proprietors to corporations. Nonprofits are included.

Live Oak Fees

Live Oak does not charge any regular or ongoing fees. You won’t pay any monthly maintenance fee, and ATM, ACH, and debit card transactions are free too. Live Oak offers access to a free ATM network and does not charge out-of-network fees, although the ATM owner might.

The only fees you might encounter with Live Oak are for wire transfers. Incoming wires cost $15, and outgoing wires cost $19.

Get Started With Live Oak Bank

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4. Lili: Best Basic Free Business Checking Account

Lili


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Pros

  • $0 minimum balance
  • Unlimited ACH deposits
  • No foreign transaction fees

Cons

  • Fees for cash deposits
  • ATM limits

Why We Choose Lili For The Best Free Business Bank Account

If you’re looking for a free business checking account with no frills, Lili may be just what you need. With four different accounts to choose from, Lili does charge monthly fees for three of its account choices. The Basic plan, however, will cost you $0/month.

Lili Rewards & Perks

Most Lili perks are available only to members on one of the three paid plans. If you upgrade from Lili Basic to a Pro, Smart, or Premium plan, priced from $9-$35/month, you unlock a high APY, automated savings, fee-free overdrafts, and access to business management tools.

All Lili customers have access to a fee-free nationwide ATM network. Lili banking does not include loans, lines of credit, or credit cards.

Lili Eligibility Requirements

Lili banking is available to adult business owners with Social Security numbers and a US address. You’ll also need a mobile phone number with a major US carrier.

Businesses of all types can use Lili banking, from sole proprietors to corporations. In fact, Lili caters to freelancers and self-employed individuals.

Lili Banking Fees

Lili’s free Basic checking account comes with almost no fees. There are no monthly account fees or fees for ATM use, mobile check deposits, or foreign transactions. The only fee you’ll encounter with Lili Basic is a $4.95 fee for cash deposits made using the GreenDot network.

In addition to its free business checking account, Lili offers three paid accounts. Monthly fees for these accounts range from $9-$35.

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5. Relay: Best Free Business Checking For Teams

Relay


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APY

Up to 3%

Monthly Fee

$0

Business Size

All

Pros

  • Employee cards
  • Cash deposits accepted
  • Integrations available

Cons

  • Some features limited to paid plan

Why We Choose Relay For The Best Free Business Bank Account

Relay is an online banking platform that offers features aimed at growing businesses. For one thing, business owners can maintain up to 20 separate checking accounts. For another, you can issue up to 50 physical and virtual debit cards to employees and set secure, role-based access and individual spending limits.

In addition to its completely free business checking account, Relay also offers a Pro account that starts at $30/month.

Relay Banking Rewards & Perks

Relay offers an attractive APY on its savings options. You’ll earn between 1% and 3% on your savings, and you’re allowed up to two savings accounts. Relay supports automatic transfers and allocations.

Account holders can request up to 50 virtual and physical cards for employees to use. You can set secure role-based access and spend limits for each card.

You will not find any credit options with Relay banking.

Relay Banking Eligibility Requirements

Relay banking is available to all business types, from sole proprietors to corporations. And Relay is one of the few business banks available to citizens of 200+ countries, so long as the business operates within the US.

Relay Banking Fees

Relay’s free checking account comes with no monthly fee and no fees for overdrafts, bounced checks, or most transfers. The only fees we found listed are associated with outgoing wire payments. Expect to pay $5 for outgoing domestic wires and $10 for outgoing international wires. Incoming wires are free.

Get Started With Relay

Read our in-depth review

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6. Novo: Best Free Business Bank Account With Travel Rewards

Novo


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Pros

  • Cashback rewards
  • Partner perks
  • Referral program with cash payments

Cons

  • No cash deposits
  • No interest-earning potential

Why We Choose Novo For The Best Free Business Bank Account

Novo doesn’t offer savings account, so you won’t earn interest when you bank with Novo. What you will earn is 6% cash back on travel arranged through Booking.com. You’ll also receive valuable partner perks from businesses such as Gusto, QuickBooks, Zendesk, and more.

Novo Banking Rewards & Perks

Novo’s 6% cashback offer is a standout reward, but it’s not the only one. You’ll also find a Novo referral program that gives you a $40 cash bonus for new customers you refer.

Valuable partner perks are available, too. Novo offers an ever-changing variety of exclusive, money-saving offers. For example, you’ll find $5,000 in waived processing fees from Stripe and three free months with Gusto.

You won’t find traditional loans, lines of credit, or credit cards when you bank with Novo. But you may be able to receive a merchant cash advance via Novo Funding.

Novo Banking Eligibility Requirements

Novo works with all types of businesses, from sole proprietors, from sole proprietorships to corporations. High-risk businesses are not eligible.

A valid US mailing address and Social Security number or EIN will be required.

Novo Banking Fees

Novo’s fee schedule is extremely short. You can expect to pay $27 for each overdraft or returned payment you make.

Other than that, you will pay $0 when you bank with Novo. That includes no monthly, transaction, or hidden fees. Novo has no foreign transaction fees and no ATM fees. In fact, if you use your Novo card at an ATM and the ATM owner charges you a fee, Novo will refund that fee to you.

Get Started With Novo

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7. Oxygen: Best Free Business Checking For Cashback Rewards

Oxygen


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Pros

  • Cashback rewards
  • Support for LLC formation
  • Lines of credit available
  • Strong mobile app

Cons

  • Foreign transaction fees

Why We Choose Oxygen For The Best Free Business Bank Account

Oxygen offers a generous cashback reward of up to 6% on purchases. Purchase categories include fuel, rideshares, shipping, office supplies, food delivery, and more. You’ll need to activate cashback offers via the Oxygen mobile app first.

Oxygen Banking Rewards & Perks

Oxygen’s cashback rewards stand out from business banking competitors. You can use the Oxygen mobile app to activate one special offer at a time, with rewards delivered almost instantly to your Oxygen account.

Oxygen’s checking accounts allow free unlimited transactions. If you open a linked Oxygen savings account, you can earn 3% APY.

Oxygen also offers its banking customers access to Oxygen invoicing. You’ll be able to issue customized invoices to your customers and take payment to your checking account via ACH and wire payment. Analytics are also available, allowing users to track unpaid invoices and automate reminders, overdue notices, and late fees.

Oxygen Banking Eligibility Requirements

Oxygen business checking counts are available to businesses with a valid US mailing address. You will need to submit personal identification, including a Social Security number.

Oxygen Banking Fees

Oxygen business banking does not include regular recurring fees. That means no monthly fees, charges for ACH or wire transfers, or ATM use in the expansive AllPoint ATM network.

You may encounter the following fees: $3 for out-of-network ATM use, 1% foreign transaction fees, and $4.95 for every $1,000 in cash deposits.

Get Started With Oxygen

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8. Found: Best Free Business Bank Account For Side Hustles

Found


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Pros

  • No minimum balance
  • Unlimited transactions
  • Cash deposits accepted
  • Free expense tracking and tax tools

Cons

  • No savings with free account

Why We Choose Found For The Best Free Business Bank Account

When you’re making serious money off a side hustle, freelance gig, or hobby, you may need basic business banking services. In that case, you’ll like what Found has to offer, including easy tools you can use to run your business, such as customizable invoices, expense tracking, and tax estimates that help you save.

Found also comes with built-in payment processing capabilities via Stripe. Combined with the free invoicing tools Found offers, this means you could get paid faster. Standard payment processing fees apply.

Found Banking Rewards & Perks

Found banking comes with unlimited transactions and built-in tax and bookkeeping tools that help you run your business smoothly. That includes unlimited customizable invoices.

You can link your Found account to payment apps (Venmo, Cash App, PayPal), and payments to and from another Found account are instant and always free. ACH transfers are free as well.

You can earn a $20 bonus from Found when you open a new account via a special link and spend $100 within the first month.

Found Banking Eligibility Requirements

Found’s banking services are aimed at freelancers and other self-employed people. The application process is speedy and entirely online.

Found Banking Fees

Found charges no regular recurring fees. That means no monthly account fees and no fees for transfers, payments, or invoicing.

You could see some fees for optional activities. Instant withdrawals are available for transferring money from a Found account to an external debit card; a 1.75% transaction fee applies.

You can upgrade your free Found bank account to Found Plus for a $149.99 annual fee. This allows users access to advanced tools.

If you use Found’s invoicing tool, you’ll pay a standard payment processing fee to Stripe. Debit and credit card payments incur a 2.9% + $0.30 fee, direct debit payments incur a 1% fee, and Cash App payments result in a 3.1% + $0.30 fee.

Get Started With Found

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9. Grasshopper: Best Business Checking With A Corporate Card

Grasshopper


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Pros

  • Cash back rewards
  • High APY
  • Unlimited transactions

Cons

  • Outgoing wire fees
  • No cash deposits

Why We Choose Grasshopper For The Best Free Business Bank Account

Grasshopper’s digital checking account offers a high APY, 1% cash back rewards, and access to one of the top-rated corporate cards available. Grasshopper’s business banking customers can open a Ramp account and enjoy unlimited 1.5% cash back on all purchases made with the fee-free Ramp card, expense management tools, valuable partner perks, unlimited virtual and physical cards, and useful software integrations that tie all your business finance management needs together.

Grasshopper Banking Rewards & Perks

Grasshopper’s Innovator Business Checking accounts offer unlimited 1% cash back rewards and up to 2.25% APY, with no monthly fee and unlimited transactions. You’ll be able to issue and manage customizable and tokenized virtual and physical branded debit cards.

Grasshopper banking customers have access to SBA lending, venture capital and private equity opportunities, and commercial real estate financing options.

Grasshopper Banking Eligibility Requirements

To open a Grasshopper banking account, you must be 18+ and a US citizen or permanent resident with a verifiable address in the 50 states or Washington, D.C.

Grasshopper Banking Fees

The Grasshopper business checking account has no monthly fees and comes with unlimited free transactions via ACH and incoming wires. Outgoing wires cost $10 (domestic) and $25 (international). Outgoing international wires cost $5.

Get Started With Grasshopper

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10. Mercury: Best Business Bank Accounts For Startups In Growth Mode

Mercury


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APY

Up to 2.524%

Monthly Fee

$0

Business Size

Startups excluding sole proprietors

Pros

  • Includes corporate card
  • Access to capital for growth
  • Partner perks and rewards

Cons

  • Not available to sole proprietors
  • Very high minimum balance for high APY

Why We Choose Mercury For The Best Free Business Bank Account

Mercury is a banking stack aimed at startups that offers business checking and savings accounts, a corporate charge card with cashback rewards, and a high-yield savings option for high balances. Additionally, Mercury offers its customers access to capital and venture debt, making it a good choice for new companies poised for growth.

Mercury Banking Rewards & Perks

Mercury’s corporate charge card, available to qualified customers, comes with an automatic 1.5% cash back on all purchases and free 2-day shipping from hundreds of online stores.

Perks include discounts and promotional offers from Mercury’s software partners. Startups will appreciate these offers in areas like accounting, finance, advertising, eCommerce, hosting, and other software types.

Mercury also offers a special savings vehicle, Mercury Treasury. Banking customers who can meet the high minimum balance requirements (currently $20 million) can earn 5.30% APY. Startups with that amount of cash on hand may not need to access Mercury’s venture cash opportunities. Others will appreciate Mercury’s searchable investor database.

Mercury Banking Eligibility Requirements

Mercury banking is available to all business types except for sole proprietors and trusts. The main requirement is that the business be US-based with an EIN.

High-risk businesses are not eligible.

Mercury Banking Access To Credit

The IO corporate credit card from Mercury offers cashback rewards, and you won’t need a large amount of cash on hand to qualify.

Mercury also offers access to venture capital, with straightforward payback plans, minimal dilution, and competitive interest.

Get Started With Mercury

Read our in-depth review

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Our Methodology For Choosing The Best Free Business Checking Accounts

We researched 20+ business bank accounts to compile this list of the best free business bank accounts. We considered fees, features, and reputations with an eye for the banking options that offer the best banking services and customer satisfaction. Because every business has different requirements and plans for growth, we included a variety of banking options to meet the needs of a wide range of small businesses.

We also consider unincentivized reviews from actual users of the banking services profiled here. Information has been gathered from independent review sites, from each bank or fintech’s website, and from company representatives.

Information is reviewed by our editorial team for accuracy.

The Bottom Line On Free Business Checking

Opening a business checking account is a decision that will stick with your small business. It’s important to find a bank account that meets your needs now and also allows for the growth you hope your business sees in the years ahead.

Our complete guide on opening a business bank account offers more suggestions for choosing the right account. Although you may start with a business checking account, consider a business savings account too. If you have cash to stash, look for one of the best high-yield business savings accounts so your money grows at as fast a rate as possible.

If you’re wondering whether it’s worth it to pay a small monthly account fee, we have two more directions to steer you. We’ve created lists of the best bank accounts for LLCs and the best banks for freelancers. These lists include both free and paid accounts, so you can compare your options and choose the right business bank.

FAQs: Free Business Bank Accounts

What bank offers free business checking?

It’s not hard to find a free business checking account. We think the best free business checking accounts can be found with Square, BlueVine, Live Oak, Lili, Relay, Novo, Oxygen, Found, Grasshopper, and Mercury.

What banks charge $0 monthly fees for a business account?

The following banks offer highly rated free business checking accounts: Mercury, Novo, BlueVine, Square, Live Oak, Lili, Relay, Oxygen, Found, and Grasshopper.

Do I need a business bank account?

Most businesses should open a business bank account. Although it’s possible to run a business using your personal bank account, opening a business account makes it easier to track and control your finances. You’ll also find tax time easier and your audit risk lower when you separate your business and personal finances by using business bank services.

How do I open a business bank account?

You can open a business bank account online or in person if the bank has physical branches. You’ll need to show some personal identification, including a Social Security number or EIN, and a US address, to qualify for most business banking services.

In Summary: 10 Best Free Business Checking Accounts

  1. Square Business Banking:
    • 1% ACH fee
    • Access to loans
    • 1.75% APY
  2. BlueVine Bank:
    • Cash deposit fees
    • Lines of credit available
    • 2% APY
  3. Live Oak Bank:
    • Wire transfer fees
    • Access to SBA loans
    • 4.0% APY
  4. Lili:
    • Cash-deposit fees
    • No access to credit
    • No APY with free account
  5. Relay:
    • Wire transfer fees
    • No access to credit
    • 1% APY and up
  6. Novo:
    • Overdraft & returned payment fees
    • Merchant cash advances available
    • No savings option
  7. Oxygen:
    • Foreign transaction, cash deposit fees
    • Lines of credit available
    • 3% APY
  8. Found:
    • Standard payment processing fees
    • No access to credit
    • 1.5% only with paid Plus account
  9. Grasshopper:
    • Outgoing wire fees
    • SBA loans, venture funding, and CRE funding
    • Up to 2.25% APY
  10. Mercury:
    • Currency exchange fees
    • Access to corporate card, venture capital
    • 5.30% APY for high balances
Kate Hoots

Kate Hoots

Senior Staff Writer at Merchant Maverick
Kate started writing on business topics in 1996, working for groundbreaking B2B newsletters Communication Briefings and The Competitive Advantage. She joined Merchant Maverick in 2020 and is an expert in business banking, insurance, and eCommerce. She has been featured on NBC TODAY, Yahoo News, GoBankingRates, Scripps News Syndicate, and CBS Radio. She has a bachelor's degree in English literature from Lewis & Clark College and lives in Canby, Oregon.
Kate Hoots
View Kate Hoots's professional experience on LinkedIn.