Free Business Checking Accounts for Online & Mobile Banking

10 min read

Compare multiple business checking accounts to find the best bank for small business owners with no monthly fees and small opening deposits. Most low or no-fee checking account offers are from online banks. If you need branch location services for cash deposits, then consider carrying a minimum balance to avoid the maintenance fee.

Best Banks

When reviewing different business bank accounts you’ll always want to read the fine print to review the monthly service charge, and any minimum daily balance required to waive it.

When domestic wires or currency exchange is required, be sure you check for a transaction fee. If you need cash deposits, then you’ll generally need at least one brick and mortal bank account that offers convenient locations and hours.

Once you know the charges you are likely to incur when doing your business banking, you can then determine which one is the best bank for you.

  1. Chase Bank
  2. Tiaa Bank
  3. Mercury Banking
  4. Capital One Bank
  5. Bank of America
  6. Novo Banking
  7. Bluevine Banking
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Chase Bank
Chase Bank

When opening a Chase Business Complete Checking account you can choose from over 4,350 branch locations across 33 different states. New accounts can also qualify for a $300 welcome bonus by meeting the following criteria. Offer expires on 8/29/2022.

  1. Deposit $2,000 or more not previously held at Chase within 30 days of enrollment
  2. Maintain this minimum balance of $2,000 for more than 60 days
  3. Complete 5 qualifying transactions such as bill payments, ACH transfers, wires, or QuickAccept payments in your first 90 days

Within 15 days after you meet these three qualifications, $300 will be deposited into your Chase Business Checking account. By maintaining the minimum $2,000 balance each month, they’ll also waive the monthly fee of $15. You can also get a monthly service fee waiver if you have $2,000+ in purchases on your Chase Business Ink credit card or eligible Chase QuickAccept/Chase Merchant Service transactions. Mobile banking is available for IOS or Android phones.

Chase Business Complete Checking accounts also have convenient access to their payment processing services. Chase QuickAccept is built directly into this business checking account and will allow you to accept all major debit and credit cards with no additional application needed. You can receive same-day deposits with QuickAccept too with charges of 2.6% + $0.10 for tap, dip, and swipe transactions, and 3.5% + $0.10 for manual transactions.


Tiaa Bank
Tiaa Bank

The small business checking account from Tiaa Bank offers no hidden fees that include free overdraft protection and a $0 monthly fee. A minimum opening deposit of $1,500is required to start, but you will earn 0.10% interest on all balances. Account-holders also get an unlimited supply of free transactions per month including online bill pay.

When making withdrawals, all Tiaa account holders will receive up to $15 per month in ATM fee reimbursements. For those with balances over $5,000, all ATM fees charged by other banks will be refunded,

Tina’s domestic and international wire transfers are a little pricey at $25/$35 respectively, but you can make free ACH payments including state & federal tax payments directly from your account. Their treasury includes remote deposit capture, and mobile check deposit, along with credit card processing through Elavon.

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Mercury Banking
Mercury Banking

While not a brick-and-mortar bank, Mercury is a great banking stack and cash management account for startups, eCommerce stores, and angel investors. Their business bank account services are run under FDIC member partnerships with Choice Financial Group and Evolve Bank & Trust. If you ever used for money transfers, these are also processed by Evolve.

With Mercury, you can open a completely free bank account whether checking or savings with no minimum balance, no monthly fees, and no overdraft fees. Account-holders can also freely send and receive checks. ACH transfers, domestic and USD international wires. The only items that seem to have any cost are their 1% currency transaction fees, mass payment via API, and treasury management.

Physical and virtual debit cards can be easily issued in seconds from within your account while booking and team management tools are also included. Lastly, anything you deposit into your Mercury Treasury is eligible to earn around 1.3%-1.4%, with interest rates being updated weekly.

To see how their growth-accelerating financial products work, just check out the Mercury dashboard demo, where you can easily see how transactions are stored, and payments are made.

Capital One

Capital One Bank
Capital One Bank

Capital One business bank accounts are best suited for companies that need to make cash deposits or require full-service banking. Their two main options are basic or unlimited checking accounts where they will only charge monthly fees if you can’t meet their average monthly balance minimums.

With over 460 branches in 9 different states, they have a lot of locations to choose from in New York, Louisiana, Texas, Maryland, Virginia, and New Jersey. There’s also a handful in Washington D.C, as well as a single branch location in both Connecticut and Delaware.

Mobile banking at Capital One can be done via their Android or IOS apps and can be easily linked to their business credit cards.

Basic Checking

This basic cash flow management account comes with unlimited digital transactions and online bill pay includes most everyday banking activities that small business owners need. To have your monthly service fee waived ($15) though, you’ll need to have a 30 or 90-day balance that averages $2,000 or more.

Features of the Capital One Basic Business Checking account also include free cash deposits up to $5,000 per month, with a small charge of $1 for every $1,000 (0.10%) deposited afterward. Domestic wires are somewhat reasonable prices at $15 per incoming and $25 per outgoing.

Free overdraft protection is offered when linked to a Capital One Business deposit account, and you can order as many free business debit cards as you want.

Unlimited Checking

The Captial One Unlimited business checking account has some additional features like remote deposits with next-day funds. These can be done quickly with Capital One ProDeposit or through their mobile app.

Unlimited business checking customers at Capital One, also get two basic checking accounts that have no monthly service fees. The Unlimited account, however, does come with a $35 monthly fee which can only be waived if you have an average 30-90 balance of $25,000.

Unlike their basic account, incoming domestic wires are also free, as are the first 5 outgoing domestic wires. No fees are charged for businesses with less than $40,000 per month in cash deposits either.

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Bank of America

Bank of America
Bank of America

BOA is the third-largest bank in all of the United States with over close to 4,000 physical branch locations in 38 different states. If you do business in California, Florida, Texas, New York, or New Jersey, there is no other bank with more branches than BOA.

Small businesses can choose from two BOA Business Advantage Banking options that can be easily switched as needed. As a BOA client, you can further use Zelle to send and receive money between eligible U.S bank accounts or speak with Erica, their artificial intelligence help system.

When using their cash flow monitor system, you can easily connect other apps like QuickBooks, ADP Payroll, and Constant Contact to your bank account. Message and data rates apply.

You can easily apply for an account online and get approval within a few hours. Once your account is set up you can use your Bank of America Business debit card right away for in-store or digital purchases.

Business Fundamentals

While the BOA Business Advantage Fundamentals checking account does have a $16 monthly fee, they will waive it if you can maintain a $5,000 combined average monthly balance. You can have your account fee waived if you spend at least $250 in new net qualified debit card purchases or become a Preferred Rewards for Business member.

With a Fundamentals account, you will get the first 200 monthly transactions free of charge with it costing $0.45 per item thereafter. In-person cash deposits or via an ATM are free up to $7,500 per statement cycle with a cost of $0.30 per $100 (0.30%) thereafter.

Deposit tickets are free, and there are no excess transaction fees for electronic debits, mobile check deposits, or checks deposited via remote deposit or BOA ATMs.

Business Advantage

A more robust financial solution, BOA’s Business Advantage Relationship Banking has a monthly fee of $30, that can be avoided by maintaining a $15,000 average monthly balance or by being a Preferred Rewards for Business member.

With a BOA Business Advantage account, your first 500 transactions per month are free ($0.45 per item thereafter). Free cash deposits of up to $20,000 per statement cycle are included, but cost $0.30 per $100 (0.30%) thereafter. No fees will be charged for incoming wires, stop payments, or electronic deposits either.

One extra Business Advantage Relationship Banking account and one Business Advantage Savings account can be included for no monthly fee

Other Business Advantage banking features include being able to customize account access by employee.


Novo Banking
Novo Banking

An independent financial institution, Novo partners up with other banks to provide a unique digital banking experience for customers. It is best suited for small business owners, freelancers, and contract workers who are looking for a mobile banking solution.

When signing up for Novo online banking, users can connect their virtual cards to an already-existing app. This feature allows them to immediately spend their bank balance via Apple or Google Pay while they wait for their business debit card to arrive in the mail.

Novo’s free business checking account also enables you to automatically set aside funds into a reserve for payroll services, taxes, profits, and other legal expenses. In addition, Novo’s business checking account has a $0 monthly maintenance fee.


Bluevine Banking
Bluevine Banking

A financial technology company founded in 2013, A Bluevine business checking account is best suited for newer and growing businesses. This financial institution aims to offer efficient business solutions and company development.

Bluevine’s digital experience allows you to organize your finances in the way you find fit, pay your bills straight from your bank account, and safely share access with your account online. Bluevine’s most noteworthy features include being able to earn interest on account balances when a set of minimum monthly activities are met.

  • No monthly fees
  • No minimum balances
  • Unlimited transactions
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