5 Best Free Business Banking Accounts Ranked for 2024

Bluevine stands out among free business banking accounts by offering minimal fees and benefits. First, a small business checking account has no monthly, transaction, or overdraft fees. 

Plus, you won’t pay ATM fees when withdrawing at over 37,000 MoneyPass locations across the U.S. Opening an account is hassle-free since there’s no minimum initial deposit requirement, making it ideal even if your small business has limited funds. 

You can freely deposit, withdraw, and make payments whenever needed. Moreover, Bluevine offers an attractive Annual Percentage Yield (APY) of 2.0% on balances up to $250,000.

Additional perks include instant transfers, sub-account options, dedicated account numbers, an online application process, and two free checkbooks. Importantly, your assets are safeguarded as Bluevine deposits are insured up to $250,000 per depositor through Coastal Community Bank, an FDIC member.

Despite its many advantages, Bluevine has a few drawbacks. It needs physical branches, being a financial technology company rather than a traditional bank. Interest is not earned on balances exceeding $100,000. Also, Bluevine does not accept cash deposits, paper checks, or foreign currency.

Despite these limitations, our review finds Bluevine to be a top contender for free business bank accounts. Its robust features make it a leader in free and low-cost banking services.

Why we chose it: We recognize Bluevine as the best overall free business banking account for its near-perfect blend of affordability and functionality. It’s an excellent choice if you want to enjoy the benefits of online business banking without paying hefty monthly fees.

Pricing: Bluevine boasts $0 monthly fees and transaction fees.

>> Try Bluevine >> 

Lili is ideal for scaling businesses. It seamlessly bridges the gap between personal and business checking accounts for small businesses. While FDIC-insured, Lili operates as a financial technology company rather than a traditional bank.

Lili offers its free online bill payments make it one of the best business accounts for solo LLCs.

Fees: Lili’s standard banking services are free, with no monthly fee, overdraft fee, ATM fee, or minimum balance requirement, like Bluevine. However, the additional services cost Lili Pro $15 per month.

Interest Rates: The standard offerings don’t provide an APY. With Lili Pro, you can earn up to 1% APY with a savings account. The Automatic Savings feature allows you to set up a daily transfer of at least $1 to your savings account.

Lending: Lili isn’t a traditional bank, so its lending options are limited. The only lending feature is a free overdraft of up to $200 on debit card purchases.

Lili is a fantastic choice for tiny businesses seeking simplicity and essential services without extra costs.

Why we chose it: Lili is crafted to manage the often blurred lines between personal and business finances common with solo operations. It’s an excellent choice for freelancers and one-person businesses, offering innovative features like Automatic Savings and Tax Optimizer. 

For more details, check out our in-depth review of Lili Bank. Sign up today and discover how it can streamline your financial management!

Disclaimer: Lili is a financial technology company, not a bank. Banking services are provided by Sunrise Banks, N.A., Member FDIC.

>> Use Lili’s Business Checking Account >>

Novo is one of the most user-friendly free business banking accounts, with a setup process that takes less than ten minutes. The online banking app allows you to make global payments, deposit checks, transfer funds, and accept incoming wires. 

Enjoy no monthly service charges, ACH fees, or wire fees, plus unlimited U.S. transactions and ATM fee reimbursements.

Novo offers additional features to simplify banking, such as physical and virtual debit cards, free invoice sending, Novo Reserves, Stripe integration, and payments through Apple and Google Play stores. Security features and FDIC insurance via Middlesex Federal Savings protect your resources.

However, you need a minimum deposit of $50 to open a checking account. Novo also charges $27 for insufficient funds and returns of uncollected funds. It doesn’t offer APY on deposits, and you can’t directly deposit cash, though you can use a money order as a workaround.

Despite these limitations, our review finds Novo valuable, especially for business banking beginners. Its features are practical, and you don’t need advanced banking knowledge or technical skills. 

Also, check out our reviews of other business banking accounts, such as Bank of America Review and NBKC Bank Account Review.

Why we chose it: We commend Novo as the best free business banking account for ease of use due to its intuitive UI and quick application process. It’s a great alternative for first-time entrepreneurs, making it easy to navigate and use.

Pricing: Novo offers $0 monthly fees and transaction fees.

>> Use Novo’s Business Checking Account >>

Axos excels among free business banking accounts, especially for cash deposits. Unlike similar services that only allow online deposits, Axos lets you deposit paper cash through MoneyPass and AllPoint networks.

As a traditional bank rather than a financial company, Axos provides specialized online banking services like free Bill Pay, image statements, mobile banking, and personalized assistance from a dedicated relationship manager. Opening a basic business checking account with Axos online is cost-effective.

Enjoy no monthly maintenance fees, no minimum deposits, no maintenance amounts, unlimited domestic ATM fee reimbursements, and unlimited debit, credit, and deposit processing. Additional perks include 50 free checks, QuickBooks integration, and FDIC insurance via Axos Bank.

On the downside, the Basic Business Checking account offers no APY. You’ll need to pay for international and domestic wire fees, though two domestic wire fees are reimbursed each month. Axos operates as an online bank, so it has no physical branches.

Axos remains a practical option, especially for entrepreneurs who frequently make cash deposits. To learn more about its services, check out our in-depth review of Axos Bank.

Why we chose it: Axos stands out as the best free business banking account for cash deposits. It allows you to deposit cash through the AllPoint and MoneyPass networks, making it a great fit if you often handle cash in your business operations.

Pricing: $0 monthly fees and transaction fees.

>> Use Axos’s Business Checking Account >>

The U.S. Bank’s Silver Business Checking Package stands out from most free business banking accounts because it’s offered by an established bank, not just a financial technology company. Unlike accounts limited to online transactions, you can visit physical bank branches with U.S. Bank.

While U.S. Bank allows you to apply online like other free account providers, it also offers the option to apply via virtual appointment, phone call, or face-to-face meeting. This personalized assistance is beneficial if you’re new to business banking.

Other notable features of the U.S. Bank include online and mobile banking, check fraud prevention tools, and a Business Reserve line. As a member of the FDIC, the U.S. Bank automatically provides FDIC insurance worth $250,000 per depositor.

However, U.S. Bank’s free business account offers fewer perks compared to others on this list. While there are no monthly maintenance fees or U.S. Bank ATM charges, you get only 125 free monthly transactions. 

A minimum deposit of $100 is required to open a basic checking account. Other limitations include zero APY for the Silver account and no free checkbooks. In summary, U.S. Bank offers entrepreneurs the chance to experience the services of a traditional bank without all the expensive fees. 

For more details, read our in-depth review of U.S. Bank. Also, check out our reviews on other business banking accounts like Capital One Review and SoFI Review.

Why we chose it: We selected U.S. Bank as the best for traditional banking among free business accounts because it provides the basic perks of a conventional bank while avoiding some typical fees. It’s a suitable choice if you prefer to sign up with an established bank instead of a financial technology company.

Pricing: $0 monthly fees and a $0.50 per additional transaction beyond 125 free monthly transactions.

>> Use U.S. Bank >>