5 Best Free Business Banking Accounts Ranked for 2024

5 Best Free Business Banking Accounts Ranked for 2024

Opening a free business banking account offers a secure, affordable solution for managing your professional finances. Unlike your personal account, a business account lets you effortlessly track trade resources. 

Plus, a business account is essential for registering a business in the U.S. Discover which of the five best free business banking accounts of 2024 suits your needs. Let’s dive in.

>> Try Bluevine >> 

5 Best Free Business Banking Accounts of 2024

  • Bluevine – Best Overall
  • Lili – Best for One-Person Businesses 
  • Novo – Best for Ease of Use
  • Axos – Best for Cash Deposit
  • U.S. Bank – Best for Traditional Banking

Bluevine – Best Overall

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.


  • Unlimited transactions each month
  • 2.0% APY on balances up to $250,000
  • No charges for monthly maintenance, overdrafts, or transactions


  • No physical branch locations
  • No interest earned on balances over $100,000
  • Does not accept cash, paper checks, or foreign currency deposits

>> Try Bluevine >> 

Lili – Best for Scaling Businesses

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.


  • Includes a tax optimizer tool
  • Allows creation and sending of invoices
  • Easily separate business and personal transactions


  • Lacks comprehensive lending or merchant services

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 – Best for Ease of Use

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.


  • Simple 3-step application process
  • Free unlimited transactions and ATM reimbursements
  • Extra features such as Novo Reserves, Stripe integration, and a virtual card


  • No direct cash deposits
  • A minimum initial deposit of $50 required
  • $27 fee for insufficient funds and returned uncollected funds

>> Use Novo’s Business Checking Account >>

Axos – Best for Cash Deposit

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.


  • Allows cash deposits
  • FDIC insurance through Axos Bank
  • Includes 50 free checks and QuickBooks integration


  • No physical bank branches
  • Charges for international and domestic wires
  • No APY for Basic Business Checking account

>> Use Axos’s Business Checking Account >>

U.S. Bank – Best for Traditional Banking

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.


  • Physical bank locations
  • Check fraud prevention and overdraft protection
  • Multiple application methods, including in-person


  • No free checkbook
  • Minimum deposit of $100 required
  • No APY for a basic business account

>> Use U.S. Bank >>

Methodology for the Best Free Business Banking Account

We evaluated key factors when selecting the best free business banking accounts in 2024. 

These criteria included the type of banking service, monthly fees, transaction charges, ATM fees, minimum deposit amount, maximum monthly transactions, Annual Percentage Yield (APY), notable features, application process, and security options.

  • Banking Service Type: We examined whether the free business bank account is a checking or savings account and confirmed if it includes a debit or credit card.
  • Monthly Fee: We checked if there are monthly charges for general services and maintenance. We only classified an account as free if it had zero monthly fees.
  • Transaction Fee: We assessed whether fees are required for basic transactions like deposits, withdrawals, and transfers and analyzed fees for advanced transactions like wires and ACH, if applicable.
  • ATM Fee: We researched whether ATM usage incurs charges, whether for in-house, affiliated, or external machines. We also checked if ATM fees are reimbursed by the bank account provider.
  • Minimum Deposit: We looked at any minimum deposit requirements to open a business bank account and identified the specific amount, if applicable.
  • Maximum Transactions per Month: We verified whether unlimited or limited free transactions are allowed each month and specified the number of free transactions if there’s a cap.
  • Annual Percentage Yield (APY): We assessed the potential to earn interest through the free bank account and identified the average annual interest rate if APY is offered.
  • Additional Features: We analyzed the free business account’s extra features, such as Bill Pay, cash deposits, free checkbooks, third-party integrations, and live support.
  • Application Process: We explored the type of application procedure required to open a business bank account, noting if it is primarily online or offers other options.
  • Security: We investigated how safe your money is in a free business account, confirming FDIC insurance coverage and other security features.

This guide covers general banking, debit, and credit options. In another review, we discussed alternatives for small business loans.

>> Use Bluevine’s Business Checking Account >>

Frequently asked questions

A business banking account is tailored specifically for business transactions, opened under a business name rather than an individual’s. This allows payments to be sent and received on behalf of the organization. Some accounts are ideal for small businesses, while others cater to LLCs or corporations.

Opening a free business banking account offers several advantages. Firstly, it helps you manage your money more effectively by keeping your business and personal finances separate.

Additionally, you can streamline your banking transactions through online and mobile banking. Lastly, a free account allows you to avoid certain fees, such as monthly fees, ATM charges, and transaction fees.

When choosing a free business banking account, consider several factors. First, assess which fees are waived and which are required to estimate your banking expenses.

Next, evaluate if the account offers the features you need for your business operations, such as unlimited transactions, instant transfers, cash deposits, and Bill Pay.

Finally, verify your funds are protected through FDIC insurance and other security options. No matter which type of business account you select, you can maximize its benefits by following FDIC banking tips.

Final Thoughts on the Best Free Business Banking Accounts

Starting a free business banking account is crucial for ensuring your business’s financial success as an entrepreneur. Among the best free business accounts of 2024, Bluevine stands out as our top pick for its rich array of features and benefits.

>> Use Bluevine’s Business Checking Account >>


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Judith Harvey is a seasoned finance editor with over two decades of experience in the financial journalism industry. Her analytical skills and keen insight into market trends quickly made her a sought-after expert in financial reporting.