At Remitly, we’re committed to helping your business succeed. That includes sharing financial tools and banking options designed to support business growth while helping you manage expenses. Whether you’re just starting out or looking to optimize operations, choosing a business checking account without monthly maintenance fees can help improve your financial efficiency.
This article provides an overview of no-fee business checking accounts, the benefits they offer, and key factors to consider. We also review several well-regarded account options to help guide your decision.
Understanding Fee-Free Business Accounts
Fee-free business checking accounts are designed to reduce costs for business owners. In addition to no monthly maintenance fees, many also offer other advantages, such as low ATM fees or minimum balance requirements.
Why a Business Account Matters
Having a dedicated business account can benefit your company by:
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Separating personal and business finances: This can streamline budgeting and simplify tax preparation.
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Building professional credibility: A business account demonstrates formality and legitimacy to partners and clients.
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Offering tailored banking services: Many accounts include tools like online bill pay, business loans, and customer support.
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Improving cash flow management: Consolidated tracking of revenue and expenses supports clearer financial oversight.
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Laying groundwork for loans: A business account often serves as a foundation for securing financing.
Benefits of Choosing a No-Fee Option
Fee-free accounts allow you to access standard business banking tools without additional monthly costs—freeing up capital for other needs such as investments, inventory, or hiring. These accounts can be especially helpful for startups and small businesses managing tight budgets.
Notable Fee-Free Business Checking Accounts
Here are several banks and credit providers that offer business checking accounts with no monthly maintenance fees. Availability and terms may vary, so it’s important to review each institution’s website for current details.
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Bluevine Business Checking
An online-only option with no overdraft fees and no minimum opening deposit. -
American Express Business Checking
Offers no minimum opening deposit and access to a rewards program. -
Relay Business Checking
Suitable for midsize businesses, with free cash deposits and no overdraft fees. -
US Bank Silver Business Checking
A brick-and-mortar option offering limited free cash deposits and a $100 opening deposit. -
Axos Bank Basic Business Checking
Provides ATM fee reimbursements and free cash deposits, with a $25 overdraft fee.
Note: Inclusion of these banks is for educational purposes and does not imply endorsement. Features are subject to change.
Choosing the Right Account
When comparing fee-free accounts, consider factors such as:
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Transaction volume and fees
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ATM access and reimbursement policies
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Online vs. in-person banking preferences
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Tools for managing payroll, invoices, and cash flow
Online banks often provide competitive features, but physical branches may be preferable depending on your operational needs.
How to Open a Fee-Free Business Account
Most banks allow business accounts to be opened online or in person. You’ll typically need:
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Business name and physical address
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Employer Identification Number (EIN) or SSN (for sole proprietors)
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Business formation documents
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Personal identification for authorized signers
Be sure to verify the minimum deposit requirement, if applicable.
Tips to Avoid Additional Charges
Even with no monthly fees, certain behaviors may trigger costs. Consider these best practices:
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Maintain a balance above any applicable thresholds
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Monitor for overdraft risks
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Use linked accounts to manage cash reserves
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Enable automatic payments to avoid late fees
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Opt for digital statements to streamline communication
Leveraging Financial Tools
Complement your account with software to support business growth. Commonly used platforms include:
These tools help track expenses, manage invoices, and simplify payroll.
Next Steps
Opening a fee-free business checking account is a practical step toward better financial management. By evaluating your needs and comparing available options, you can choose a solution that supports your business today—and positions you for long-term success.
FAQs
Can anyone open a business bank account?
Yes. Most businesses will need an EIN, but sole proprietors can often use their SSN.
Can sole proprietors use personal accounts instead?
It’s possible, but not recommended. A business account simplifies taxes and presents a more professional image.