When choosing a business bank account, look first at whether the money is held at an FDIC-insured bank or at a nonbank that places funds with a partner bank, then at the cost of the tier the business would actually use, the conditions attached to fee waivers and interest, and the documents needed to open it. Every provider on this site's list has a $0 starting tier as of 2026-10-06, so the monthly fee alone rarely decides the choice. For a business that has not formed yet, the entity and EIN come first, and ZenBusiness covers that stage before any account is opened.

What should I look for when choosing a business bank account?

Five things, in rough order of consequence. First, where the money is held, since that decides what deposit insurance does. Second, the cost of the tier actually needed, not the $0 starting point. Third, the conditions attached to waivers and interest. Fourth, whether the account handles what the business does every day, such as taking cash or connecting to bookkeeping software. Fifth, what the provider needs to open the account.

The SBA's guidance on choosing a bank points to the same practical items: fees, transactions and cash deposits. Each provider sets its own per-transaction and cash deposit charges, and its full fee schedule is the place to read them.

Does "no monthly fee" mean the account is free?

No. It means the monthly maintenance charge on that tier is $0. A provider can list a free tier and still price transactions, cash handling, wires or extra features separately.

Where a provider does not publish those charges, ask it for its full fee schedule before applying. "No monthly fee" and "no fees" are different claims, and a $0 monthly fee only establishes the first.

What does deposit insurance cover for a business?

The FDIC states that the deposit accounts of a corporation, partnership, or unincorporated association are insured for up to $250,000. The limit applies to the entity at one insured bank. All accounts held by the same entity at that bank are combined, so separate accounts for different divisions or purposes do not get separate coverage.

For a small business with modest balances, the limit may never matter. For one that accumulates cash, it is the number to plan around. Credit unions are insured through a different federal body, so a credit union's own disclosures are the place to check its coverage.

Is a fintech account insured?

A nonbank is never itself FDIC-insured. The FDIC says that funds sent to a nonbank company are not eligible for FDIC insurance until the company deposits them in an FDIC-insured bank and other conditions are met. Many fintech business accounts work this way, with the app run by the company and the funds placed at a partner bank.

The FDIC also states that deposit insurance does not protect against the insolvency or bankruptcy of a nonbank company. If the fintech itself fails, recovery runs through an insolvency or bankruptcy proceeding and may take some time.

Each listed provider publishes its own disclosures about how it holds funds, and they should be read before a large balance moves.

What do the providers charge?

The list below is alphabetical. It is not a ranking, and the order carries no preference. Prices were checked on each provider's own pricing page on 2026-10-06 and can change.

  • Axos Bank: Basic Business Checking is $0 per month with no minimum balance and no maintenance fee. Business Interest Checking is $10 per month, waived with a $5,000 minimum average daily balance, and it takes a $100 opening deposit.
  • Bluevine: Standard is $0 per month, Plus is $30 per month and Premier is $95 per month, and the Plus and Premier fees are waivable. The APY is 1.3% on Standard, subject to a monthly activity goal, 1.75% on Plus and 3.0% on Premier.
  • Found: Free is $0, Plus is $35 per month or $315 per year, and Pro is $80 per month or $720 per year.
  • Lili: Core is $0, Pro is $15 per month, Smart is $35 per month and Premium is $55 per month. Lili also runs a promotional rate of roughly 40% off for three months on the paid tiers, which is introductory pricing and not the ongoing cost.
  • Mercury: The base tier is $0 per month, Plus is $29.90 per month and Pro is $299 per month.
  • Novo: $0 per month, with no monthly fee.
  • Relay: Starter is $0 per month, Grow is $30 per month and Scale is $90 per month.

What conditions sit behind a free or waived fee?

Three kinds appear among the providers on this site's list. A balance condition, as with Axos Business Interest Checking, where the $10 fee is waived with a $5,000 minimum average daily balance. An activity condition, as with Bluevine's 1.3% APY on Standard, which is subject to a monthly activity goal. And a waiver on paid tiers, as with Bluevine Plus and Premier, where the fees are waivable.

A fee that can be waived is still a fee if the condition is never met. A promotional discount is a separate case: Lili's roughly 40% off for three months is introductory pricing, so the ongoing price is the figure to budget for.

Why does the tier matter more than the provider?

The gaps between tiers are often larger than the gaps between providers' free plans. Mercury's Pro tier is $299 per month against $29.90 for Plus, and Relay's Scale tier is $90 per month against $30 for Grow.

The practical test is to price the tier the business would genuinely use. If the free tier covers the work, the cost is $0. If a needed feature sits on a paid tier, that tier's price is the number to compare.

Do I need a separate business account?

The SBA says that keeping personal and business funds completely separate requires two different bank accounts. It frames the separation as a liability question, not just a tidiness one: failing to separate risks forfeiting the legal protections that entity structures offer, and separation is pivotal for protecting your own assets and credit.

The IRS makes the same point in Publication 583, saying one of the first things to do when starting a business is open a business checking account and keep it separate from the personal one. That advice holds whichever provider is chosen.

What does a bank ask for when opening an account?

Requirements vary by bank. Bank of America, for example, asks for the business name and address, the state of formation, an EIN or SSN, and the date the business was established. It also asks for personal details, including SSN and date of birth, for everyone on the application, including those with at least 25% or more ownership.

Bank of America may also request the Articles of Organization or an equivalent, and trade name documentation where the business operates under a different name. It does not list an operating agreement as required, so it would be wrong to assume every bank demands one. Other providers set their own lists.

Most of those items are formation documents. For a business that has not formed yet, ZenBusiness covers that earlier stage, including formation, the EIN and a registered agent, along with a free accounting consultation for customers who form with it. It does not offer business banking, so it sits before the choice of account rather than within it.

What is a sensible order for deciding?

Confirm where the money will be held and read the provider's disclosures. Price the tier the business would actually use, including any conditions on waivers or interest. Ask for the full fee schedule so that non-monthly charges are visible. Then confirm the documents the provider needs before applying.

No tier is automatically cheaper or safer in every case. Once those four points are settled, the choice among the $0 starting tiers mostly comes down to which one includes what the business needs.

Sources

This is general information, not legal, tax or accounting advice, and requirements vary and change.