Our Best Free Business Checking Accounts April 2025

What to Consider When Choosing a Free Business Checking Account

Before you sign up for a free business checking account, it’s important to think carefully about what financial services your business needs. Business checking accounts differ widely, particularly when it comes to transaction limits, fees, interest, and balance requirements.

1. Transaction Limits

Many banks place limits on both deposits and withdrawals to your business checking account. For example, you may only be allowed to deposit a certain amount of cash into your account each month for free. If you exceed this cash deposit limit, you could face hefty fees that eat into your business’s revenue.

Just as frequently, banks place limits on the number of transactions your business can make for free. For example, you may only be allowed to make a certain number of check payments, electronic transfers, debit card payments, or cash withdrawals each month. If you exceed that, expect to pay more fees.

2. Fees

Fees are one of the most important things to look at when choosing a business checking account. Banks often advertise business checking accounts as “free,” but in reality the account is only free under certain - often very restrictive - conditions.

• Monthly Account Fees

To start, check whether a bank will charge a monthly account fee. This is a fee that you’ll pay every month, no matter how often you make transactions from your account. Small monthly fees may be worthwhile if the bank eliminates other fees, but in general it’s a good idea to stick with business checking accounts that come with $0 monthly charges.

You also need to watch out for “maintenance” fees. These are often listed separately from the primary monthly fee, and they can be as high as $50 per month at some banks. If a bank you like offers an account with a maintenance fee, ask them to waive it. If they won’t, you should reconsider whether that business checking account is worth it.

• Transaction Fees

For banks that offer “free” business checking accounts, transaction fees are the most common way to make money off of your business. Typically, business checking accounts come with anywhere between 200 and 500 transactions per month. While that sounds like a lot - and it may be for some businesses - it’s easy to run over that limit towards the end of the month if your business is processing dozens of transactions per day.

Transaction fees are often a flat fee per payment over your limit. So, for example, you might be charged $0.50 for every excess debit card transaction. That’s not much if you’re placing a supply order worth thousands of dollars, but it can be as much as a 25% surcharge if you’re using your business debit card to buy a $2 cup of coffee.

3. Interest

Another important factor that differs between banks is whether they offer interest on cash inside your business checking account. With interest rates low for the foreseeable future, this might not be a huge deal. 

Still, if you have a $100,000 balance in your business checking account, earning interest at even a modest 0.1% APY adds up to an extra $100 per year. Although that’s not much, it’s enough to throw a small office party for your employees.

So, be sure to check whether a bank offers interest payments to business account holders and how the interest rates compare to competitors.

4. Balance Requirements

Many banks require that you keep a minimum balance inside your business checking account. If you fall below this minimum balance, you could be subject to more fees.

On the other hand, some banks reward you rather than punish you for keeping a higher balance with them. For example, if you have more than a threshold amount of cash in your business checking account, you may qualify for higher transaction limits or higher interest rates.

This reward structure can make some business checking accounts that initially seem too expensive much more appealing.

5. Physical vs. Digital Banking

Another thing to consider when choosing a bank for your business checking account is whether it has a physical footprint or whether it’s an online-only institution. Digital banks can often offer better account terms and higher interest rates since they have less overhead than traditional banks.

On the other hand, if you need access to physical infrastructure like ATMs or want the ability to talk to someone at your bank in person, then a physical bank might be better for your business.

Whichever option you prefer, take a look to see what other services your bank offers. If your business needs a loan down the road, the bank that runs your business checking account is a good place to start. Plus, banks frequently offer better terms to existing customers. 

If you choose a small local bank or an online-only checking account, just keep in mind that you might have less financial flexibility in the future. 

Which account is right for you?

Bank	Monthly Fees	Earns Interest	Explore
	None	Yes	Visit Site
	None for Standard account	Yes, on paid accounts	Lili Visit Site
	None	No	Mercury Visit Site

Explore Online Business Checking Accounts

1. Relay

Relay is an online banking platform for small businesses, accountants, and bookkeepers to automate their bill pay and manage their cash flow and operating expenses. It charges no fees and makes it easy to send and receive ACH transfers, checks, or wires. You can sync transaction data directly in QuickBooks or Xero, and set up role-based permissions so there’s no need to share login information between staff.

Relay Visit Site

2. Lili

Lili Banking is ideal for small businesses looking to get a better hold on their finances. Lili makes it easy to set money aside for taxes, organize expenses, and even get early access to direct deposits. The Lili Smart account offers advanced expense management tools and a unlimited invoices and payments. Lili's Standard account is completely free, and their Smart account is just $35 per month.

Lili Visit Site

3. Mercury

Mercury is a banking* services platform that offers high-tech business checking and savings accounts for startups and growing companies. Mercury charges zero account fees and doesn’t require a minimum deposit. You can request physical debit cards or create your own virtual cards for employees. Mercury also offers an API so you can integrate your bank account with the rest of your business software.

Mercury Visit Site

Disclaimer

Lili:

¹ Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.

² The Lili Visa® Debit Card is issued by Sunrise Banks N.A., Member FDIC, pursuant to a license from Visa U.S.A. Inc.

³ The Annual Percentage Yield (“APY”) for the Lili Savings Account is variable and may change at any time. The disclosed APY is effective as of September 1st, 2023. Must have at least $0.01 in savings to earn interest. The APY applies to balances of up to and including $100,000. Any balance over $100,000 will not earn interest or have a yield. Available to Lili Pro, Lili Smart, and Lili Premium account holders only.

Bluevine:

¹ No limit on numbers of transactions, However, all accounts are subject to the aggregated monthly deposit and withdrawal amount limits of the Account Agreement.

² To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code above. After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding:

• Deposit at least $5,000 from eligible merchant services to your Bluevine account

• Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers

• Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®

Grasshopper:

Innovator Business Checking Annual Percentage Yield (APY) is accurate as of 1/1/2025. The minimum amount to open an account is $100.00. Rate tiers are as follows: 1.00% APY applies to balances of $0.01—$24,999.99. 1.80% APY applies to balances of $25,000-$250,000.00. 1.00 APY applies to balances of $250,000.01 and above. Rates may change after the account is opened. Fees may reduce earnings. National average interest rate for interest checking is 0.07% APY – source: www.fdic.gov. 

Innovator Money Marketing Savings Annual Percentage Yield (APY) is accurate as of 1/2/2025. The minimum amount to open an account is $100.00. Rate tiers are as follows: 1.80% APY applies to balances of $0.01—$24,999.99. 3.55% APY applies to balances of $25,000 and up. Rates may change after the account is opened. Fees may reduce earnings.