As a business owner, you should be concerned with effective ways to handle your business expenses in order for the company to thrive over time. You could save on unnecessary expenses by choosing a no-monthly-fee business checking account. These accounts will enable you to focus on developing your business without impacting your bottom line due to exorbitant fees. In this article, we will review the best no-monthly-fee business checking accounts, the advantages involved in opening such an account, and how to find the best account for your business needs in 2024.

Why should you go for a no-monthly-fee business checking account?

No-monthly-fee business checking accounts have considerable advantages for small businesses and startups. Some of the major reasons why these accounts prove to be a better option include:

1. COST SAVINGS

For any company operating on razor-thin margins, every single dollar counts. Monthly checking account fees can range from as low as $10 to upwards of $30 or more per month, and these start adding up over time. Opt for a no-monthly-fee checking account to help you avoid pointless spendings and have more money in your business.

2. NO MINIMUM BALANCE REQUIREMENTS

Many of the no-fee business checking accounts have no minimum balance requirements, thereby giving account holders flexibility in terms of cash flow. You will not be able to worry about any penalties that are below a certain threshold balance, which is beneficial for startups and seasonal businesses.

3. ABILITY TO ACCESS BASIC BANKING SERVICES

Just because an account has no monthly fees doesn’t mean you give up necessary features. Most no-fee business checking accounts provide the basic business banking services that owners need, such as mobile check deposit, ACH transfers, bill pay, and access to business debit cards. Some even offer added features, such as free wire transfers or interest on your balance.

4. SIMPLIFIED FINANCIAL MANAGEMENT

A business checking account helps you to keep your personal and business finances separate, which is necessary for proper accounting and tax reporting. It simplifies the process of having such an account with no fees added to it, hence managing cash flow effectively.

Let’s take a more in-depth look into some of the best business checking accounts that have no monthly fees in 2024.

1. Bluevine Business Checking

Of these, the Bluevine Business Checking account is assuredly in the running as among the best options for no-fee accounts with some pretty great features. There’s a high-interest yield on your balance—a pretty unique offering for business owners who wish not only to grow their money but also handle everyday expenses.

KEY FEATURES:

• No monthly fees or minimum balance requirements.
• Earn 2.0% interest on balances up to $250,000—every month that qualification criteria are met.
• Free ACH transfers, online bill pay, and mobile check deposit.
• Access to over 37,000 fee-free ATMs through the MoneyPass network.
• Two free checkbook orders per year.

WHY IT’S A GREAT CHOICE:
Bluevine Business Checking works great for small businesses and freelancers who want to earn interest on their balance without spending money on monthly fees. With no minimums to open or keep, and with online banking so easy, it is one of the best options for modern entrepreneurs committed to convenience and savings.

2. Novo Business Checking

Novo is another major online business banking provider offering no–fee business checking. Novo invests heavily in ensuring a smooth, digital-first experience for the business owner, making it very suitable for startups, freelancers, and small business owners who prefer to handle their finances online.

KEY FEATURES:

• No monthly fees, no minimum balance requirements, and no hidden charges.
• Free unlimited ACH transfers and incoming wire transfers.
• Refunds on all ATM fees, both domestically and internationally.
• Integrations with accounting and payment tools, like QuickBooks, Shopify, Stripe, and PayPal, are easily set up.
• You’ll also get a customized Novo debit card and access to virtual cards to further secure your transactions.

WHY IT’S A GREAT CHOICE:
Novo Business Checking is ideal for the technology-savvy entrepreneur looking for a way to link their banking with other popular business tools. No hidden fees coupled with unlimited free transfers and ATM fee reimbursement make this account high on the list for many busy entrepreneurs.

3. Lili Business Checking

Lili Business Checking is tailored for freelancers, solopreneurs, and gig economy workers. It’s a no-fee checking account, making personal and business banking in one for easy management of both sides of your finances.

KEY FEATURES:

• No monthly fees; no minimum balance requirements.
• The automatic savings feature for taxes helps you set aside money for taxes.
• Expense categorization and tax optimization tools designed just for freelancers.
• No charge for ACH transfers, direct deposits, or mobile check deposits.
• More than 38,000 fee-free ATMs.

WHY IT’S A GREAT CHOICE:
Lili Business Checking provides gig workers the ease of financial management, with special tools like automated savings for taxes and expense tracking—all at no extra cost to banking services. Thus, Lili Business is rated as one of the best no-fee checking accounts.

4. Axos Basic Business Checking

The next one is Axos Basic Business Checking, which is excellent and has no monthly fees. Axos is known for its digital banking services, and this account has a host of features perfect for online business owners.

KEY FEATURES:

• No monthly fees with no minimum balance requirements.
• Up to 200 free monthly transactions; after that, a small fee per transaction.
• Unlimited ATM fee reimbursements.
• Free debit card and online bill pay.
• Full suite of digital tools: mobile check deposits, ACH transfers.

WHY IT’S A GREAT CHOICE:
Axos Basic Business Checking is a very good option for businesses using an average amount of transactions. No monthly fees, and reimbursement of ATM fees, make this account very attractive to business owners trying to keep their books without needing to stop by a physical branch.

5. NorthOne Business Checking

NorthOne Business Checking is a digital-first banking platform catering to small businesses, startups, and freelancers looking for a user-friendly online checking account that offers mighty financial management tools. Benefits include no monthly fees and complete transparency in pricing, with no hidden charges.

KEY FEATURES:

• Easy budgeting tools, including the ability to create sub–accounts for specific expenses or projects.
• Offers unlimited free ACH transfers, bill pay, and direct deposit.
• Access to over 300,000 ATMs nationwide.
• Seamless integration with accounting platforms like QuickBooks and Xero.

WHY IT’S A GREAT CHOICE:
NorthOne’s focus on budgeting and financial management tools makes it a standout option for businesses that want to organize their finances effectively. The ability to create sub–accounts and integrate with accounting software is especially useful for small business owners managing multiple projects or clients.

6. TIAA Bank Business Checking

TIAA Bank Business Checking has no monthly maintenance fee, plus all the features a business can want. It’s an ideal choice for a small to mid-sized business that wants the perfect blend of traditional banking paired with modern banking tools.

KEY FEATURES:

• No monthly fees or minimum balance requirements.
• 200 free monthly transactions, with additional transactions available for a small fee.
• Up to $5,000 in cash deposits per month without fees.
• Free debit card, mobile check deposits, and online banking.
• Free access to more than 80,000 surcharge-free ATMs nationwide.

WHY IT’S A GREAT CHOICE:
TIAA Bank Business Checking strikes a good balance between traditional banking and online banking. It’s the best choice for businesses that deal with cash but would not want to incur monthly charges. If your business uses cash frequently, it is a good deal since it offers access to a large network of ATMs and has no fee on cash deposits up to $5,000.

7. Found Business Banking

Found Business Banking is designed with a specific focus on freelancers, independent contractors, and small business owners. This no-fee business checking account has been designed with features built just for managing taxes, expenses, and business income.

KEY FEATURES:

• No monthly fees, minimum balance requirements, or hidden charges.
• Built-in tax tools that estimate how much you owe in taxes and help set aside money for taxes.
• Real-time notifications of every transaction and expense.
• Free ACH transfers, mobile check deposits, and direct deposits.
• Integration with top accounting platforms.

WHY IT’S A GREAT CHOICE:
Found is ideal for freelancers and gig workers who need a business checking account to make managing their taxes easier. For no monthly fees, the built-in tax tools and real-time expense tracking provide ease of use in staying atop your financials.

Conclusion: How to Find the Best No-Fee Business Checking Account

The best no-fee business checking accounts of 2024 grant flexibility, cost savings, and a slew of essential banking features—without the additional expense. From startups and freelancers to small business owners, great options like Bluevine, Novo, and Lili offer fantastic banking solutions with no hidden costs. Consider what your specific business requires in terms of transactions and cash handling, and select the one offering the most value for your company.