Best Business Checking Accounts of 2016

From free business checking to interest checking accounts, find out which account is perfect for your business.

best business checking accounts

For many small business owners, a checking account used solely for business transactions is a must. Not only can business checking accounts help you manage and store your money, but some can help you avoid tax problems, protect you from legal liability and much more.

Picking the right business checking account isn’t easy, however. With many options available, it can be hard to compare checking accounts — which is why GOBankingRates.com did the research for you. GOBankingRates identified the best business checking accounts of 2016 based on the following criteria:

  • Monthly fees
  • Minimum and opening balance requirements
  • Free monthly transactions
  • Free monthly cash deposits

The best accounts tend to be the completely free business checking accounts that don’t have minimum deposit requirements or monthly fees. Still, some account features might outweigh the fees, depending on the type of business you own and your business needs.

Click on a link below to learn more about the best business checking accounts of 2016:

Business Checking AccountMonthly FeeMinimum Balance Requirement to Avoid FeeBusiness Checking Account FeaturesHow to Apply*
Whitney Bank Free Business Checking$0$0• 500 (combined) free items per month; $0.75 per item over limit
• $5,000 in free cash deposits; $0.13 per $100 over limit
•Overdraft protection available
Apply Now
 Bremer Bank Classic Business Banking$0$0• 100 deposited checks/month
• Interest available on balances over $500
• Free, unlimited transactions for electronic debits and credits
Apply Now
BBVA Compass ClearConnect for Business$0$0• $5,000/month cash processing allowance
• 5 free checks or in-branch withdrawals (combined)/month
• 2 free in-branch deposits/month
Apply Now
 Great Western Bank Primary Business Checking$0$0• 300 free items/statement cycle; $0.25 per transaction over limit
• Free online banking and bill pay
• Free check imaging with online statements
Apply Now
 First Niagara Bank BIZ200 Checking$0$0• 200 free transactions/statement cycle; $0.50 per transaction over limit
• Free $5,000 in cash and coin deposits; $0.20 for each $100 over limit
• Free $5,000 in cash and coin change orders; $0.20 for each $100 over limit
Apply Now
 FirstMerit Bank Reality Business Basic Checking Account$0 $0• 250 (combined) monthly transactions; $1 fee per transaction over limit
• $5,000 monthly limit for free cash deposits; $0.20 per $100 cash deposited over limit
• Overdraft protection available
Apply Now
FirstBank Free Business Checking$0$0• 150 transaction items/month; fees then range from $0.10-$0.30 depending on item
• Mobile and online banking available
Apply Now
 First National Bank of Omaha Business Free Checking $0$0• 150 free transactions/month; $0.25 per item over limit
• $200 mortgage closing cost credit
• Free online banking, bill pay and account alerts
Apply Now
Comerica Bank Basic Business Checking$0$0•150 transactions/statement cycle; $0.35 activity fee per item over limit
• 12 months of free bill pay; $6.95/month thereafter
• Free Comerica Business Check Card
Apply Now
Old National Bank Free Business Checking$0$0•200 items per month; $0.50 fee per item over limit
• Free business bill pay (includes 20 payments/month); $0.40 fee per online payment thereafter
Apply Now
Flagstar Bank SimplyBusiness Checking$0$0•200 free transactions/month
• Bounce protection available
• Direct deposit available
Apply Now
Bank of the Ozarks Free Small Business Checking$0$0•250 free combined items per calendar month/$0.50 fee per item over limit
• Free online banking and bill pay (but after 15 payments per calendar month for online bill pay, a $0.50 fee applies/payment)
Apply Now
US Bank Silver Business Package$0$0•150 free transactions/statement cycle; $0.50 per transaction over limit
•25 free cash deposit units/statement cycle
• 50% discount on first check order (up to $50)
Apply Now
First Citizens Bank Basic Business Checking$0$0•175 free transactions/month; $0.35 per item over limit
• Free $5,000/month in coin and currency deposits; $0.15 per $100 deposited over limit
Apply Now
BofI Federal Bank Basic Business Checking$0$0•200 free items/month; $0.30 per item over limit
• 60 free items/month for Remote Deposit Anywhere
• Free online bill pay and online banking
Apply Now

*Financial institutions may or may not require customers to apply in person or via phone. Visit the institution’s page for more details on how to apply.

Related: Best Free Checking Accounts of 2016

Whitney Bank Free Business Checking

Whitney Bank offers a Free Business Checking account that includes no monthly maintenance fees regardless of your monthly balance. If you’re running a start-up business and looking for a basic free business checking account, this account could be right for you.

Important to Know: On its website, Whitney Bank advises that its Free Business Checking account is geared for people who have “limited banking needs and low transaction volumes.” If your goal is to better manage your established business cash flow, consider Whitney’s Business Checking account instead.

Key Features:

  • No monthly fees
  • No minimum balance requirements
  • 500 combined free items per month
  • $5,000 no-fee cash deposit

Bremer Bank Classic Business Banking

Bremer Bank offers small business owners a free business checking account option with no monthly fees. Similar to Whitney Bank’s business checking account, the Bremer Classic Business Banking checking account is more suitable for business owners with simpler needs.

Important to Know: Although there is no minimum balance requirement, there is an initial minimum deposit requirement of $100. But, if your balance is over $500, you could earn interest.

Key Features:

  • No monthly fees
  • No minimum balance requirements
  • $100 minimum opening deposit requirement
  • 100 free deposited checks per month
  • Free Business Debit MasterCard
  • Free, unlimited electronic debit and credit transactions

BBVA Compass ClearConnect for Business

Compass Bank’s ClearConnect for Business checking account requires only a low $100 initial deposit and carries no monthly fee. Plus, it also offers free mobile banking, online banking and bill pay.

Important to Know: If possible, elect to receive your paper statements online, which is free. Otherwise, you’ll be paying $3 or $5 for paper statements and statements with check images.

Key Features: 

  • No monthly fees
  • No minimum balance requirements
  • $100 minimum opening deposit requirement
  • 5 free in-branch withdrawals/processed checks per month (combined)
  • 2 free in-branch deposits per month
  • No cost for all other transactions (unlimited)
  • $5,000 in cash processing per month

Great Western Bank Primary Business Checking

It’s hard to find a free business checking account that offers no monthly fee, no minimum opening deposit requirement and no minimum balance requirement to avoid a monthly fee — but Great Western’s Primary Business Checking account offers all three perks.

Important to Know: If you want to earn interest on your business checking account, this is not the account for you. Instead, you might be interested in Great Western’s Premier Business or CMS Business checking accounts.

Key Features:

  • No monthly fees
  • No minimum opening deposit requirement
  • No minimum balance requirement
  • 300 free transactions per statement cycle
  • Free online banking and online business bill pay
  • Free access to Visa Checkout

First Niagara Bank BIZ200 Business Checking

First Niagara offers small business owners a solid free business checking account option with its BIZ200 Business Checking account. This account boasts no balance minimums or monthly fees.

Important to Know: On its website, the bank implies this business checking account might not be the right account for you if your customers pay mostly with cash. Instead, it complements businesses whose customers pay with checks and credit cards.

Key Features: 

  • No monthly fees
  • No minimum balance requirements
  • No minimum opening deposit requirement
  • 200 transactions included each statement cycle
  • $5,000 in cash and coin deposits included
  • $5,000 in cash and coin change orders included

FirstMerit Bank Reality Business Basic Checking Account

FirstMerit Bank’s Reality Business Basic checking account has a minimum opening deposit of just $50 and no monthly fee. If your business moderately uses checking accounts, this account might be perfect for your business needs, according to the bank.

Important to Know: You might not be able to find a branch or ATM in your area. FirstMerit’s 368 banking offices and 400 ATMS are located in Ohio, Michigan, Wisconsin, Illinois and Pennsylvania.

Key Features: 

  • No monthly fees
  • No minimum balance requirements
  • $50 minimum opening deposit requirement
  • 250 (combined) transactions per month
  • $5,000 monthly limit for free cash deposits
  • Free Business Debit MasterCard
  • Free online bill pay and online banking

FirstBank Free Business Checking Account

The FirstBank Free Business Checking Account lives up to its name. This free checking account doesn’t charge a monthly fee, and it doesn’t require a minimum balance or opening deposit minimum.

Important to Know: Although FirstBank has more than 200 ATMs and more than 120 locations, they’re only located in three states: California, Arizona and Colorado.

Key Features:

  • No monthly fees
  • No minimum balance requirement
  • No minimum opening deposit requirement
  • 150 transaction items (or less) per month

First National Bank of Omaha’s Business Free Checking

First National Bank of Omaha’s Business Free Checking offers customers 150 transactions per month at no cost, plus no minimum balance requirements and no monthly maintenance fees.

Important to Know: Big businesses might not benefit from it too much, but the Business Free Checking account is a good fit for small businesses. Plus, it also offers free online banking, bill pay and checking account alerts.

Key Features: 

  • No monthly fees
  • No minimum opening deposit requirement
  • No minimum balance requirement
  • 150 free transactions per month
  • $200 mortgage closing cost credit available

Comerica Bank Basic Business Checking

If you’re looking for a low-cost business checking account, Comerica’s Basic Business Checking account is a solid choice. The account offers 150 transactions per statement cycle, plus no monthly maintenance fee or minimum balance requirements.

Important to Know: Although you can access Comerica Web Bill Pay for free, that’s only for the first 12 months. After your 12 months are over, you’ll be charged $6.95 per month to use bill pay.

Key Features:

  • No monthly fee
  • $50 minimum opening deposit requirement
  • No minimum balance requirement
  • 150 free transactions per statement cycle
  • Free Comerica Web Banking for Small Business
  • Free Comerica Business Check Card

Old National Bank Free Business Checking

Old National Bank’s Free Business Checking account has a low $50 minimum deposit. However, it boasts no monthly fees or minimum balance requirements.

Important to Know: Companies with a lot of checking activities might want to steer clear of this account. However, if you’re a smaller or newer business, this could be a viable business checking account option. According to Old National Bank’s website, the Free Business Checking account is “great for start-up businesses or companies with low checking activity.”

Key Features: 

  • No monthly fee
  • $50 minimum opening deposit requirement
  • No minimum balance requirement
  • First 200 items are processed for free
  • Business Debit Card with Visa SavingsEdge
  • Online and mobile banking

Flagstar Bank SimplyBusiness Checking

Though Flagstar Bank’s SimplyBusiness Checking account has a $50 minimum opening deposit requirement, it offers other perks. For example, this business checking account has no monthly fee and no minimum balance requirement to avoid fees.

Important to Know: This bank has a strong ATM network consisting of 50,000 ATMs in the Flagstar, Allpoint and Presto! networks in all 50 states.

Key Features:

  • No monthly fees
  • $50 minimum opening deposit requirement
  • No minimum balance requirement
  • 200 free transactions per month
  • Bounce protection available
  • Personal checks available
  • Direct deposit available
  • ATM/Visa Debit Card available

Bank of the Ozarks Free Small Business Checking

The Free Small Business Checking account from Bank of the Ozarks requires a minimal $100 opening deposit and carries no monthly fee or minimum balance requirement.

Important to Know: With locations only in California, Texas, Arkansas, Florida, Alabama, Georgia, South Carolina, North Carolina and New York, you might have limited access.

Key Features:

  • No monthly fees
  • $100 minimum opening balance requirement
  • No minimum balance requirements
  • 250 free items per calendar month (combined)
  • Free online bill pay and online banking

US Bank Silver Business Package

US Bank is a “big” bank that offers a business checking account with no monthly maintenance fees regardless of your average balance, which makes the Silver Business Package a good choice for many business owners.

Important to Know: If your business has heavy transaction activity, this might not be the right choice for you. On its website, US Bank states its Silver Business Package is suitable for those who have “limited transaction activity.”

Key Features: 

  • No monthly fees
  • No minimum balance requirements
  • $100 minimum opening deposit requirement
  • 150 free transactions each statement cycle
  • 25 free cash deposit units per cycle
  • 50 percent discount (up to $50) on your first check order

First Citizens Bank Basic Business Checking

First Citizens Bank can be a great choice for a free business checking account. The bank’s Basic Business Checking account has no maintenance fees, and account holders can complete up to 175 transactions per month plus $5,000 in currency and coin deposits — for free.

Important to Know: First Citizens does offer overdraft protection. For example, you can use a line of credit that’s linked to your business checking account.

Key Features:

  • No monthly fees
  • $100 minimum opening balance requirement
  • No minimum balance requirements
  • 175 free transactions per month
  • $5,000 free coin and currency deposits per month
  • Free Visa Business Debit Card

BofI Federal Bank Basic Business Checking

The final entry on this list of the best business checking accounts of 2016 comes from BofI Federal Bank. With no monthly maintenance fees, the Basic Business Checking account is good for growing businesses that moderately use checking accounts.

Important to Know: There is a steep $1,000 minimum opening deposit requirement. But, the account offers other free benefits that might offset this requirement.

Key Features: 

  • No monthly fees
  • $1,000 minimum opening deposit requirement
  • No minimum balance requirements
  • 200 free items per month
  • 60 free items per month (for Remote Deposit Anywhere)
  • Free bill pay and online banking

Keep Reading: Best Business Credit Card Offers of 2016

Methodology: GOBankingRates assessed information about business checking accounts, including sourcing information from the financial institution websites as of May 11, 2016.  For information that could not be found on the institutions’ websites, GOBankingRates called their customer service number.

To comprise this list of the best business checking accounts of 2016, GOBankingRates considered the following factors: (1) minimum opening deposit requirement; (2) monthly fee; (3) minimum balance requirement to avoid the monthly fee, (4) transaction limits and (5) cash deposit limits.

GOBankingRates is a personal finance and consumer interest rate website owned by ConsumerTrack, Inc., an online marketing company serving top-tier banks, credit unions, and other financial services organizations. Some companies mentioned in this article might be clients of ConsumerTrack, Inc., which serves more than 100 national, local and online financial institutions. Rankings and roundups are completely objective, and no institution, client or otherwise, paid for inclusion or specific placement. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone and have not been reviewed, approved, or otherwise endorsed by the companies included in the article.