Best Business Banks With No Monthly Fees
This guide compares business banking options that may offer no monthly maintenance fees, based on typical requirements and usage patterns.
Key takeaways
- Some banks waive monthly fees if balance or activity requirements are met.
- Online banks are more likely to offer no-fee structures.
- Transaction limits and add-on fees still matter.
Business Bank No Monthly Fee Comparison
| Bank | Monthly fee approach | Common waiver requirements | Trade-offs to consider | Visit site |
|---|---|---|---|---|
Mercury | No monthly maintenance fee | No balance or activity requirements | No branch access, limited cash deposit options | Visit siteDisclosure |
Bluevine | No monthly maintenance fee | No balance or activity requirements | No branch access, transaction limits may apply | Visit siteDisclosure |
Relay | No monthly maintenance fee | No balance or activity requirements | Online-only, limited cash deposit options | Visit site |
Novo | No monthly maintenance fee | No balance or activity requirements | Online-only, may have transaction limits | Visit site |
Chase | Monthly fee may apply, may be waived | Minimum balance or transaction volume requirements vary by account | Branch access available, per-transaction fees may apply | Visit site |
* Fee structures and requirements shown are approximate and may vary by account type and relationship tier. Always verify current terms with each bank.
How to Avoid Monthly Fees
Understanding fee waiver requirements and potential charges can help you choose a bank that fits your business:
- Minimum balance requirements: Some banks waive monthly fees if you maintain a minimum average daily balance
- Transaction thresholds: Meeting a certain number of transactions per month may qualify you for fee waivers
- Deposit requirements: Some banks require a minimum monthly deposit amount to avoid fees
- ACH vs wire fees: Even with no monthly fee, per-transaction fees for ACH or wire transfers can add up
- Add-on services: Premium features, additional accounts, or treasury services may incur separate fees
- Cash handling: Cash deposits or withdrawals may have fees even at no-fee banks
- Overdraft or negative balance fees: These fees may apply regardless of monthly fee structure
- Account type: Different account tiers may have different fee structures and waiver requirements
Example Scenarios
Solo LLC or Freelancer
A solo freelancer or single-member LLC typically has low transaction volume and may not need branch access. Online banks with no monthly fees may be a good fit, especially if you primarily receive payments via ACH or check deposits.
Consider: No-fee online banks may work well if you don't need cash deposits and stay within transaction limits.
Small Service Business
A small service business with moderate transaction volume may benefit from no-fee banking, but should consider whether transaction limits or per-item fees offset the savings. If you handle cash frequently, branch access may be worth a monthly fee.
Consider: Evaluate total costs including transaction fees, not just monthly maintenance fees, to determine the best value.
Growing Company with Multiple Users
A growing company with multiple users may need higher transaction limits, user roles, and approval workflows. Some no-fee banks may have limits that don't scale with growth, while traditional banks may offer better rates for high-volume businesses.
Consider: High-volume businesses may benefit from negotiated rates at traditional banks, even with monthly fees.
Related Comparisons
Compare business banks by other factors that may affect your total costs:
- Best Online Business Banks — Compare online-first banks by fees and features
- Best Business Banks for ACH Transfers — Compare banks by ACH fee structures
- Best Business Banks for Wire Transfers — Compare banks by wire transfer fees and speed
- Compare Business Banks — Interactive tool to find banks based on your needs
Frequently Asked Questions
Do business banks really have no monthly fees?
Many online business banks offer accounts with no monthly maintenance fees. Some traditional banks may also waive monthly fees if you meet certain requirements, such as maintaining a minimum balance, meeting transaction thresholds, or having other accounts with the bank. Always review the fee schedule and waiver requirements before opening an account.
Are there hidden fees?
Even banks with no monthly fees may charge for specific services like wire transfers, ACH transactions (beyond a certain volume), cash deposits, overdrafts, or premium features. Review the complete fee schedule to understand all potential charges, not just the monthly maintenance fee.
Do no-fee banks support cash deposits?
Many online banks with no monthly fees do not support direct cash deposits. Some may partner with ATM networks or retail locations for limited cash deposit options, but availability varies. If you need frequent cash deposits, you may need a traditional bank with branch access, which may charge monthly fees.
What happens if I exceed limits?
Banks with no monthly fees may have transaction limits, deposit limits, or balance limits. Exceeding these limits may result in fees, account restrictions, or require upgrading to a different account tier. Review limit policies before opening an account to ensure they meet your business needs.
Is a traditional bank ever cheaper?
For businesses with high transaction volumes or specific needs, a traditional bank with monthly fees may be cheaper overall if you can negotiate better per-transaction rates or if the bank offers bundled services. Compare total costs including transaction fees, not just monthly maintenance fees, to determine the best value for your business.
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