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Open a Free Business Checking Account Online With No Deposit

Setting up any kind of small business comes with numerous essential stages. Even after you are done with the paperwork, there is still more you have to do. The next important phase entails setting up your company, for which you will need a business bank account.

One of the best things about starting a small business or being the owner is the introduction of online business banking. With numerous free online checking accounts for businesses, it is easier for small business owners to find the right checking account for their startups.

That notwithstanding, it is more essential to focus on how a small enterprise can open a free business checking account online with no deposit. In any case, you may not have plenty of cash in your sole proprietorship to throw around.

Bearing in mind it might take time to start getting revenue, and having personally invested so much into the business, your only option would be to go for a free online checking account without an opening deposit.

There are options consumers can take to open a free online checking account with no deposit. Thereafter, you may want to check out the best free business checking accounts for your small business.

Why Open A Business Checking Account?

This is a good question, to begin with. Why would business owners want to know how to open a free business checking account online with no deposit when they can just opt to use their personal checking accounts for business? It is because you cannot use a personal checking account for business.

It is vital to separate personal and business finances as soon as you are operating a small business. The reason goes beyond being easier to separate business receipts. Having a separate business account from the personal one is necessary when taking business accounts as well as with your taxes.

The business is seen as a different accounting unit altogether. In accounting, this is often known as the principle of economic entity assumption.

Business owners should take cognizance of the fact that interweaving their personal checking accounts alongside their business expenses will cause headaches when separating them.

Worse still, entangling the two entities is one of the sure ways to create trouble with the IRS. This also explains why you need a separate business credit card as well.

Here are the best four reasons having a business checking is a sure need:

  • As a small business, you might be looking to secure your yet accessible working capital.
  • Since carrying around tons of cash is not secure or practical, a business checking account gives you access to debit cards for the business.
  • You are going to gain access to a free tool for tracking your business finances
  • When applying for any financial product in the future, whether a business loan or a business credit card, you will need a business checking account.

What Do You Need For A Business Checking Account?

Open a Free Business Checking Account Online With No Deposit

What are you trying to achieve by opening a business checking account? Are you only looking for a way to separate your business and personal finances? You can choose to make this the start of something big.

When searching for a business checking account, be sure to consider these factors:

1. Frequency Of Monthly Transactions

When looking for a free business checking account online with no deposit, one of the first items to consider is the number of free monthly transactions. Be sure to include cash withdrawals and deposits, check deposits, electronic payment as well as payables by check in your perspective.

The numbers of transactions per month go to the heart of how you are going to use the business checking account, as well as how much it is likely to cost you.

Most of the free business checking accounts will limit the number of monthly transactions. Other banking institutions often set a cap on the number of transactions qualifying for their free product category.

Business owners who process many transactions should keenly read the fine print, usually in the account-opening document, before signing on the dotted line.

2. An Approximate Of Your Daily Account Balance

Are you in a position to commit to a specific number in the business checking account each month? The financial health of banking institutions partly relies on the number of deposits available in their ledgers.

Therefore, banks will want to encourage consumers to retain a generous balance in their business checking accounts and other account types as well. Some of the business checking online accounts will surcharge fewer fees, or no fees at all, for maintaining highly sufficient daily and monthly balances in your account.

If you are shopping for a business checking account, consider realistic expenses for you in relation to the banks’ average daily and monthly checking account balance.

3. Opening Deposit

This should make you determine beforehand, whether you need a small deposit vs. a no deposit. However, it is okay depositing some money if you have it.

Besides requirements for average daily account balance, business owners should be wary of accounts with the lowest fees as they often attract much bigger opening deposits in comparison with higher fees.

It is vital to remember that the opening deposit can sometimes differ from the average account balance for each day. For instance, if you are looking to keep more than one checking account for some time as you change between checking accounts, it is going to influence your daily account balance.

Other banks provide sign-up bonuses for depositing and maintaining a balance over a particular level. This is not the most compelling reason to open an account. However, if a banking institution offers similar benefits to its competitor, but the competitor provides a sign-up advantage, it is a no-brainer.

4. Presence Of Physical Branches

Some of the business checkings account 100% digital. For a cash-intensive LLC, online-only business checking accounts may not be your best bet.

Do you have a physical storefront for your business or prefer dealing in cash for a substantial amount of income, you may have to access a local bank for deposits. In that case, banking institutions with few in-state branches, or 100% digital, might not be an ideal choice.

On the other hand, if your products and services are only available online, with all revenue streaming in from digital deals, an online-only business checking account might be the most fitting option. As a matter of fact, you might want to prioritize opening a 100% digital business checking account as it is often less expensive.

5. Integration With Accounting and Payment Software

Small businesses should endeavor to make is as easy as possible to run their business. This is often by utilizing only the features they absolutely need.

And preferably, all the features you use should work together impeccably. Thankfully, most of the business accounts are making this a reality by incorporating the existing payments and accounting apps.

These integrations can really save you plenty of time, particularly when balancing books and filing taxes. For example, when withdrawing money from the checking account, the transaction should automatically show up in QuickBooks

6. Size Of Financial Institution

As a small business, starting with a credit union might be the best option since you are looking to build a relationship with your banking institution. However, some business owners would still prefer having their business account working alongside their personal accounts at a large banking institution.

All the foregoing are factors to put into perspective. Eventually, all these factors are likely to influence the charges you will be paying for the business checking account.

When you open a free business checking account online with no deposit, for instance, you must make sure it offers a suitable fit for your business to avoid getting overcharged. In any case, overcharged fees mean the account is not free.

Where Can You Open A Free Business Checking Account With No Deposit?

Now that you’ve made up your mind to open a business checking account, there is still the question: Is it a good idea to open a free business checking account online? It might be a good option. But where do you find those accounts? How do you open a business account with these banking institutions?

The truth is that it is much easier opening a  free business checking account online without putting down money. The catch, however, is that it is a lot trickier to come across a banking institution that will allow a business owner to open a free business checking account with no deposit if they’ll be signing on the dotted line. This is unless you opt for a digital-only banking experience.

Best Banks To Open a Free Business Checking Account Online With No Deposit

Whether looking to open a business checking account online with no Chexsystems, or you just need the typical free business checking account online with no deposit, here are some great thoughts for you. The best part is you can apply for all these options from the digital platform.

1) Azlo Business Bank Account

Azlo Business Bank

What We Like: easy to use, digital-friendly business checking bank account, with no opening deposit

To Open Account

Minimum Opening BalanceNo Fee BalanceSign-up BonusMonthly Fee

Account Highlights

  • An Azlo account is online-only with no minimum deposit
  • Over 55,000 in-network ATMs with fee-free cash withdrawals
  • No monthly fees
  • Fee-free bank-to-bank transfers
  • Fee-free incoming wire deposits
  • Free Bill Payments
  • Unrestricted in-app invoicing
  • Mobile check deposit
  • Fee-free international transactions
  • Incorporations into Stripe and Square

Establishing your relationship with your banking institution comes with various rewards. This is particularly when you intend to apply for a small business loan in the future.

However, if you have quite a small business generating most or its entire revenue via digital dealings, and you have a preference for conducting all your banking online, a digital banking experience might benefit you. And there is nothing to lose if you try signing up for a free online checking account.

From the foregoing, Azlo Business Checking stands as one of the finest digital checking options for your business. Besides having a straightforward sign-up procedure as well as no fees, Azlo comes with full features to help run your business. Here are key among their features:

  • No requirement for minimum balance
  • Azlo users have access to direct, free payment transfers
  • Electronic bill payments
  • Access to customizable invoices
  • You can connect the payment processing system of your business through Stripe
  • Free debit card

Azlo Business Checking is particularly geared towards self-employed individuals and freelancers. Therefore, if you are a big business with many employees, you may want to consider a business checking account with a traditional bank.

Businesses that mostly handle cash and those that need to visit physical bank locations might also want to think of an option with a brick-and-mortar bank.

However, if you opt for this account, it helps to know that the FDIC insures all your deposits. This is because Azlo partner bank, BBVA, has all its accounts on that platform.

2) Capital One Spark Business Checking Account

Capital One Bank

What We Like: Unrestricted fee-free transactions

To Open Account

Minimum Opening BalanceNo Fee BalanceSign-up BonusMonthly Fee

Account Highlights

  • Purely digital checking account
  • Convenient and well-designed interface for desktop, iOS, and Android apps
  • Over 39,000 ATMs with 2,000 accepting deposits
  • 700 nationwide branches
  • No minimum deposit requirements, fee-free out of network ATM services, and no monthly fees
  • Unrestricted free transactions that include transfers, deposits, and withdrawals
  • Free bill payments and electronic invoicing
  • Have a next-day deposit service

If you are looking for small business checking options, Capital One is one of the excellent banks you can open an account with. Below are more incredible benefits of the Spark Business Checking Account from Capital One:

  • Unrestricted monthly transactions, including withdrawals, transfers, and deposits
  • Fee-free monthly account maintenance, with no out of network ATM charges, or requirements for minimum deposits
  • Online-only digital checking business account offering incredible web and mobile applications
  • Free bill payments and electronic invoicing
  • Access to next-day deposits

Capital One Spark Business Checking Account is undoubtedly a great choice for business owners who need a highly reasonable free business checking account online with no deposit. Obviously, with a 100% online business bank account, business owners can apply and open it from the digital platform.

3) Axos Basic Business Checking Account


Free when you deposit $1,000

What We Like: Fee-free online banking and access to check writing

To Open Account

Minimum Opening BalanceNo Fee BalanceSign-up BonusMonthly Fee

Account Highlights

  • Fee-free monthly maintenance
  • Minimum opening deposit of $1,000
  • Fee-free nationwide ATM network
  • Initial set of 50 checks surcharge-free
  • Compatible with Quickbooks
  • Provides up to 200 freebies per month, including deposited items, credits, and debits. Thereafter, $0.30 per item

Axos will only provide you with a free business checking account after you meet their requirement of $1,000 initial deposit. While this account does not qualify as a free business checking account online with no deposit, it is still worth listing under this review.

Because if you meet the minimum deposit requirement, there are a variety of benefits accompanying the Axos Basic Business Checking account. Here are the details:

  • Surcharge-free monthly maintenance
  • No requirement for average daily balance
  • Fee reimbursement for all U.S. based ATMs
  • 60 surcharge-free remote deposits every month
  • 200 free items every month
  • Offers the first batch of 50 checks with no fees
  • Have online and mobile banking tools, such as bill pay and e-statements

Not all small business proprietors can afford the requirement for a $1,000 initial deposit. That is understandable. However, for those who can afford to pay for the initial deposit fee, it will unlock a full range of banking features, which can offer your business more versatility.

4) Chase Total Business Checking

chase Bank

Offering a slight upgrade from the free business checking account but comes with great value.

What We Like: Great for startups in need of business checking accounts with traditional banks

To Open Account

Minimum Opening BalanceNo Fee BalanceSign-up BonusMonthly Fee

Account Highlights

  • Has a monthly fee totaling $12 when enrolling for paperless statements and $15 for traditional paper statements.
  • The waivered monthly fee for maintaining a minimum $1,500 daily balance or when linked with Chase Premium Checking accounts.
  • 100 surcharge-free monthly transactions.
  • Unrestricted surcharge-free electronic deposits, save for wire transfers.
  • In cash deposits of $5,000 per statement cycle with no extra fee.
  • Chase deducts the $200 sign-up bonus for checking accounts closed within 6 months after opening, by the client or Chase.
  • The network of 16,000 ATMs as well as about 5,000 bank branches across 26 states.

While this is not one of the affordable options for small business online checking accounts, this account from Chase is not only a step up but provides a big upgrade too.

The Total Business Checking account from Chase offers a good balance for small business proprietors that need low balance threshold accounts, with low monthly service fees. This comes with an opportunity to waive the fees.

Benefits of the account at a glance include:

  • Receive a bonus cash reward worth $200 for opening the business checking account and do the following:
  • Deposit $1,000 in 20 business days
  • Maintain a balance of $1,000 or more for 60 days
  • Effect 5 qualifying transactions within the 60 days, including checks paid, qualifying deposits, and debit card purchases
  • 100 surcharge-free transactions every month with unrestricted free electronic deposits, save for wire transfers
  • $5,000 surcharge-free cash deposits per month

Best No Fee, No Minimum Balance Business Checking Accounts

Most of the banking institutions claiming to offer free business checking usually end up surcharging you for failing to maintain a minimum balance, or for going over cash deposit limits. The rising popularity of online business banking is changing that aspect.

The majority of digital banks do not surcharge business checking accounts and provide limitless transactions. It is also vital to note that plenty of the bad credit credit cards guaranteed approval no deposit are available with 100% digital banks.

Nonetheless, there are limits associated with digital banks. For instance, you cannot make cash deposits. Therefore, if you prefer having cash transactions, then an online-only bank may not be the best fit for you.

1) Novo Business Checking Account

Novo is among the best surcharge-free digital banks for small business proprietors. Applying for a Novo account online takes a few minutes. Once you have opened an account, you will be in a position to send money or transfer money from your iPhone, and make payments. Also, this bank has money transfers on the web and Android app.

When sending a physical check, the bank will handle the processing and sending on your behalf.

Account Features

  • FIDC insures the Novo checking account
  • Comes with a Google and Apple Pay Mastercard debit card
  • No fees and no minimum balances
  • $50 minimum to activate account

One of the notable downsides is that Novo does not accept cash deposits. Customers should first use cash to buy money orders before they are able to make deposits into their Novo account.

2) NBKC Bank Business Account

This business account from NBKC provides a full array of functions at a very little cost. While the bank has a requirement of $5 for opening an account, business owners can basically operate their accounts for free.

Account Features

  • No minimum balance
  • Surcharge free overdrafts, check deposits, transactions, stop payments, eStatements, receiving domestic wire transfers, among others
  • Access account online or on a mobile device
  • Use your free debit Mastercard at 32,000+ MoneyPass ATMs
  • Monthly refunds of up to $12 for using other ATMs
  • Unlimited transactions

Unlike most other free business checking accounts online with no deposit, you can add extra tools to your online accounts, such as ACH debits and credits, desktop deposit, and low monthly fees.

3) First Horizon Bank Free Business Checking

If you are a business owner hoping to nurture a relationship with your bank, you should consider looking at business checking accounts from First Horizon Bank.

If you precisely open the First Horizon Bank Free Business Checking account, the bank can also offer you two free personal checking accounts. This is a great way to keep your cash under a single banking institution.

Once you outgrow the free business checking account, the bank offers other business checking accounts, where you can graduate to.

Final Words

No matter the lifespan of your business, and the reasons you are looking to open a free business checking account online,  you can never miss out completely on matching your needs to the right bank.

This is because of the plenty of free online checking options, which will match your needs without going through the pile of paperwork and difficulties linked with the grind of building and maintaining a company.