Which banks offer business accounts with no monthly fee

Several banks offer business checking accounts without a monthly maintenance fee, though what "no fee" means varies by bank. Some charge nothing under any circumstance. Others waive the fee if you meet a minimum balance or keep a certain amount in deposits. A few charge nothing but make money on other services like wire transfers or overdraft fees.

The banks most commonly offering truly free business checking (no conditions) include Novo, Mercury, Brex, and Lemonade. Traditional banks like Chase, Bank of America, and Wells Fargo typically charge $15 to $25 per month unless you maintain a high balance or use their premium tiers. Credit unions often have lower or no fees, but membership requirements and branch access vary widely by location.

The catch with free accounts is usually speed and features. Online-only banks move money faster and charge less for wire transfers, but they have no physical branches. Banks that waive fees for high balances tie up your cash. You need to match the account structure to how you actually run your business—how often you deposit, whether you need same-day access to cash, and whether you send wire transfers regularly.

Key Takeaways

  • Novo, Mercury, Brex, and Lemonade offer business checking with no monthly fee and no balance requirement.
  • Traditional banks waive monthly fees only if you keep a minimum balance, usually $5,000 to $25,000 depending on the bank.
  • Online-only banks have lower fees overall but no physical branches, so deposits and cash access work differently than at a brick-and-mortar bank.
  • Free accounts often charge for specific services like wire transfers, so compare the full fee schedule, not just the monthly maintenance fee.
  • Credit unions may offer no-fee accounts but require membership and may have limited hours or branch networks in your area.

Online banks with no monthly fee and no balance requirement

Novo is built for freelancers and small businesses and charges no monthly fee, no minimum balance, and no per-transaction fees. You get a debit card, online transfers, and ACH payments included. Wire transfers cost $15 to send. Deposits work through ACH or mobile check deposit; there is no way to deposit cash directly.

Mercury targets startups and small businesses with no monthly fee, no minimum balance, and no transaction limits. It includes a debit card and ACH transfers. Wire transfers cost $15 outbound. Mercury integrates with accounting software like QuickBooks and Stripe, which can save time on reconciliation if you use those tools already.

Brex offers no monthly fee and no minimum balance for its basic business checking account. The account includes a corporate card (which is separate from the checking account but linked). Wire transfers cost $20. Brex is fastest for businesses that process a lot of card payments or need corporate credit quickly, but the account itself is straightforward if you just need checking.

Lemonade (formerly Radius Bank) has no monthly fee and no minimum balance. It is less well-known than the others but offers the same basic services: ACH transfers, debit card, mobile check deposit. Wire transfers cost $15. Lemonade is a good option if the other three are full or if you want a backup account.

Traditional banks that waive fees for minimum balance

Chase charges $15 per month for its basic business checking account (Chase Business Checking) but waives the fee if you keep a $5,000 minimum daily balance. If you fall below that, you pay the full $15. Chase has thousands of branches and ATMs nationwide, which matters if you deposit cash regularly or need to access funds in person.

Bank of America charges $15 per month for its Business Advantage Checking account and waives the fee with a $10,000 minimum daily balance. Like Chase, it has broad branch and ATM access. The higher balance requirement means more of your money sits idle compared to Chase.

Wells Fargo charges $15 per month for its Everyday Business Checking account and waives the fee with a $5,000 minimum daily balance. Wells Fargo has similar branch coverage to Chase and Bank of America. The fee structure is the same as Chase, so the choice between them usually comes down to which bank is more convenient to your location.

The trade-off with these banks is clear: you avoid the monthly fee, but you have to keep thousands of dollars sitting in the account earning little or no interest. For a business with steady cash flow and regular deposits, this is often worth it for the branch access. For a business that runs lean or keeps most money in savings or investment accounts, the online banks make more sense.

Credit unions and regional banks

Credit unions often have lower fees than national banks, and many offer business checking with no monthly fee. However, you must be a member, and membership rules vary. Some credit unions open membership to anyone in a geographic area; others require you to work for a specific employer or belong to a specific organization.

To find a credit union near you, search the CO-OP Network or Shared Branch directories on the CO-OP website. These networks let you use ATMs and branches at other credit unions, which expands your access even if your own credit union is small. Call ahead to confirm that the credit union offers business accounts and what the fee structure is.

Regional banks (banks that operate in a few states rather than nationwide) sometimes undercut national banks on business account fees. Examples include Umpqua Bank (West Coast), Renasant Bank (Southeast), and Glacier Bank (Mountain West). These banks typically charge $10 to $15 per month but may waive fees for lower balances than Chase or Bank of America. Search for "business checking" plus your state to find regional options.

What to compare beyond the monthly fee

The monthly maintenance fee is only one part of the cost. Wire transfer fees, overdraft fees, and deposit methods matter just as much. A bank with no monthly fee but a $20 wire transfer charge costs more than a bank with a $15 monthly fee if you send two wires per month.

Check how you deposit money. If you handle cash, you need a bank with physical branches or a partnership with a cash deposit network. If you only receive ACH transfers and checks, an online bank works fine. Mobile check deposit is standard now, but some banks process checks slower than others—usually one to two business days for online banks versus same-day or next-day for branches.

Look at the debit card. Some banks include a card with no annual fee; others charge $25 to $50 per year. If you use the card for business expenses, that fee adds up. Also check whether the card works internationally if you travel for business or pay vendors overseas.

Finally, confirm the account opening process. Online banks open accounts in minutes. Traditional banks may require you to visit a branch or mail in documents, which takes days or weeks. If you need the account open quickly, that matters.

How to decide between free and fee-waived accounts

If you have cash flow that lets you keep $5,000 to $10,000 in checking without strain, a traditional bank with a waived fee makes sense. You get branch access, faster deposits, and the ability to walk in if something goes wrong. The monthly fee disappears, and you are not paying for wire transfers or other add-ons as often.

If you run lean, keep most money elsewhere, or rarely need physical branches, an online bank with no fee and no balance requirement is cheaper. You pay for wire transfers when you use them, but you avoid the monthly drag of maintaining a minimum balance. This works especially well for businesses that operate mostly online or use accounting software to manage cash flow.

If you are part of a credit union or have access to a regional bank with good terms, compare those against Novo and Mercury. Sometimes a credit union's no-fee account plus free wire transfers beats the online banks on total cost, especially if you send wires regularly.

Frequently Asked Questions

Can I get a business account with no fee and no minimum balance at a big bank?

No. Chase, Bank of America, and Wells Fargo all charge a monthly fee unless you maintain a minimum balance of $5,000 to $10,000. If you want truly no fee and no balance requirement, you need an online bank like Novo, Mercury, Brex, or Lemonade, or a credit union.

Do online banks with no monthly fee charge for deposits?

No. Novo, Mercury, Brex, and Lemonade do not charge to receive ACH transfers or deposit checks via mobile app. They charge for sending wire transfers (usually $15 to $20) and may charge for expedited transfers or other services, but routine deposits and payments are free.

What if I need to deposit cash regularly?

Online banks do not accept cash deposits directly. If you handle cash, you need a bank with physical branches or a partnership with a cash deposit network. Chase, Bank of America, and Wells Fargo all accept cash at branches. Some credit unions also accept cash; ask before you open an account.

Do I have to keep the minimum balance all the time, or just on one day?

Most banks check the balance daily and charge the fee if you fall below the minimum on any day of the month. A few banks check only on the last day of the month. Read the fee schedule carefully, or call the bank to confirm how they measure the balance.

Can I switch banks if I change my mind about which account works best?

Yes. Most banks make it easy to move money out via ACH transfer or wire. The harder part is updating your vendors and customers on the new account number. Plan the switch during a slow period, and give yourself a week to make sure all recurring deposits and payments have moved over before you close the old account.