Opening costs range from nothing to $300, depending on the bank and account type
Most banks charge no fee to open a business checking account. Some charge $25 to $100 upfront. A few banks aimed at larger businesses charge $200 to $300. The fee depends on the bank's size, whether you're opening a checking account or a savings account, and what features come with the account.
Beyond the opening fee, you'll face monthly maintenance costs. These typically run $10 to $30 per month, though some banks waive the fee if you keep a minimum balance or set up direct deposit. A few online banks charge nothing monthly.
You may also pay per-transaction fees — for example, $0.25 to $1.50 per check deposited, or $1 to $3 per wire transfer. These add up if your business processes many payments. Some accounts include a set number of free transactions each month before fees kick in.
Key Takeaways
- Most banks charge nothing to open a business checking account, though some charge $25 to $100 at signup.
- Monthly maintenance fees typically range from $10 to $30, but many banks waive them if you maintain a minimum balance or receive direct deposits.
- Online banks and credit unions often have lower or zero opening and monthly fees than traditional brick-and-mortar banks.
- Transaction fees for checks, wire transfers, and ACH payments can add $50 to $200 per month depending on your volume.
- The total cost depends on how many transactions you process and whether you can meet the bank's balance or deposit requirements.
What the opening fee actually covers
An opening fee is not a deposit — it's a charge for setting up the account. The bank keeps it. This is different from a minimum opening deposit, which is money you put into the account and can withdraw later.
Some banks bundle these together. For example, a bank might charge $50 to open the account and require a $500 minimum deposit. You pay $50 and put in $500. The $50 is gone; the $500 stays in your account.
Other banks charge neither an opening fee nor a minimum deposit. These are usually online banks or credit unions. The tradeoff is that they may offer fewer in-person services or charge more per transaction.
Monthly maintenance fees and how to avoid them
Monthly fees are the larger cost for most small businesses. A typical business checking account costs $15 to $25 per month. This is charged whether you use the account heavily or not.
Most banks will waive the monthly fee if you meet one of these conditions: keep a minimum balance (often $1,000 to $5,000), receive a certain amount in direct deposits each month (often $500 to $2,500), or maintain a linked savings account. Some banks waive the fee for the first three to six months, then charge it after.
Online banks and some credit unions charge $0 per month with no conditions. The catch is that they may not offer check deposits by mail, in-person teller service, or physical branches. If your business needs these services, the monthly fee at a traditional bank may be worth it.
Transaction fees that add up quickly
Beyond the monthly fee, banks charge for individual transactions. Common fees include:
- Check deposits: $0.25 to $1.50 per check
- Wire transfers sent: $15 to $30 per wire
- ACH transfers sent: $0 to $3 per transfer
- Returned checks: $25 to $35 per check
- Overdraft fees: $25 to $40 per overdraft
- Stop payment requests: $15 to $35 per request
A business that deposits 50 checks per month and sends two wire transfers per month could pay $50 to $100 in transaction fees alone. This is on top of the monthly maintenance fee.
Many accounts include a set number of free transactions — for example, 100 free check deposits and 10 free wire transfers per month. Once you exceed that, fees apply. Read the fee schedule carefully before opening an account.
How bank type affects the cost
| Bank Type | Opening Fee | Monthly Fee | Transaction Fees |
|---|---|---|---|
| Large national bank (Chase, Bank of America, Wells Fargo) | $0 to $100 | $15 to $30 | $0.25 to $3 per transaction |
| Regional or community bank | $0 to $50 | $10 to $25 | $0.25 to $2 per transaction |
| Online bank (Novo, Mercury, Brex) | $0 | $0 | $0 to $1 per transaction |
| Credit union | $0 to $25 | $5 to $15 | $0.25 to $1.50 per transaction |
Large national banks tend to charge the most because they offer the most services and have the most overhead. Online banks charge the least because they have no physical branches. Credit unions often fall in the middle and may offer lower fees to members.
The cheapest option is not always the best. A large bank might charge $30 per month but offer in-person check deposits and a local branch for cash deposits. An online bank might charge $0 per month but require you to mail in checks and use ATMs for cash. Choose based on what your business actually needs.
What you need to bring to open an account
You'll need to provide documents before the bank opens the account. These typically include your business license or EIN letter, a government-issued ID, and proof of address. Some banks ask for your business plan or articles of incorporation.
The bank may also run a background check and check ChexSystems, a database of banking history. If you have a history of overdrafts or fraud, some banks will deny the account. This is separate from your personal credit score — banks do not usually check personal credit for business accounts.
Bring originals or certified copies. A photo of a document on your phone usually does not work. If you're opening the account online, you may be able to upload scans, but the bank will ask for originals later.
Frequently Asked Questions
Do I have to pay the opening fee upfront?
Yes. The opening fee is charged when you open the account, usually deducted from your first deposit or charged to a credit card. You cannot avoid it by paying it later — it's a condition of opening the account.
Can I get the opening fee refunded if I close the account quickly?
No. Opening fees are non-refundable. Some banks charge a closing fee ($25 to $50) if you close the account within a certain period, usually 90 days to one year. Read the terms before opening.
What's the difference between a business checking account and a business savings account?
A checking account is for frequent transactions — deposits, withdrawals, checks, transfers. A savings account earns interest but limits how many withdrawals you can make per month. Most small businesses open a checking account. A savings account is useful if you want to set aside money and earn a small return on it.
Do online banks really charge nothing?
Most online banks charge no opening fee and no monthly fee. They make money from interest on the deposits you hold and from fees charged to businesses that use their payment processing services. The tradeoff is no physical branch, no teller, and sometimes slower check deposits.
What if I don't meet the minimum balance requirement?
The bank will charge the monthly maintenance fee. If you cannot maintain the minimum balance, choose an account with no minimum or a lower one. Some banks offer tiered accounts — a lower fee if you keep $500, a higher fee if you keep less.