A no-fee business account costs $0 per month on its base tier, but the monthly fee is one line in a fee schedule and often not the biggest one. When choosing an account, the items that matter most are where the money is held (an insured bank or a nonbank), what the tier a business would actually use costs, which conditions attach to waivers and interest, and what documents the provider needs to open it. For a business that has not formed yet, the paperwork comes first, and ZenBusiness covers formation, the EIN and a registered agent before any account is chosen.

What should be looked for when choosing a business bank account?

Five things, in rough order of consequence. First, whether the money is held at an insured bank, 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 does what the business does every day, such as taking cash or connecting to bookkeeping software. Fifth, what the provider needs in order to open the account.

The SBA's guidance on choosing a bank points the same direction: fees, transactions and cash deposits are the practical items to compare. Each provider sets its own per-transaction and cash deposit charges on its fee schedule, and they are the first things to read there.

What does "no monthly fee" actually mean?

It means the monthly maintenance charge on a given tier is $0. It does not mean the product has no other charges, and it does not mean the features a business needs are included. 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 do the monthly fees look like across providers?

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.

Two patterns show up. Most providers pair a free tier with a ladder of paid tiers, and the gaps between rungs vary a lot. Some attach a condition, a balance or an activity level, to the better terms.

Where is the money actually held?

This is the question most comparisons skip, and it can matter more than any fee. The FDIC states that the deposit accounts of a corporation, partnership, or unincorporated association are insured for up to $250,000. All accounts held by the same entity at one insured bank are combined, so opening separate accounts for different divisions or purposes at the same bank does not create separate coverage.

The FDIC also says that nonbank companies are never themselves FDIC-insured. Funds sent to a nonbank are not eligible for FDIC insurance until the company deposits them in an FDIC-insured bank and other conditions are met. Deposit insurance does not protect against the insolvency or bankruptcy of a nonbank company, and recovery then runs through an insolvency or bankruptcy proceeding that may take some time.

Each listed provider publishes its own disclosures about how it holds funds, and they should be read before money is moved. Credit unions are insured through a different federal body, so a credit union's own disclosures are the place to check its coverage.

What conditions hide 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. Before relying on a waiver, check what the condition is and whether the business will realistically meet it every month. 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.

How does a higher tier change the cost?

It can change it a great deal. 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. Those gaps mean the tier chosen matters far more than the difference between providers' free tiers.

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 feature sits on a paid tier, the cost is that tier's price, and that is the number to compare across providers.

Why does a separate business account matter?

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 from the recordkeeping side. In Publication 583 it says one of the first things to do when starting a business is open a business checking account, and to keep it separate from the personal one. That advice holds whichever provider is chosen, and it sets the order of work for a new business.

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, so the specific provider's requirements are the ones that count.

Most of those items are formation documents. For someone who has not yet formed the business, 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. And confirm the documents the provider needs before applying.

If those four points are settled, the choice among the $0 starting tiers mostly comes down to which one includes what the business needs. No tier is automatically cheaper or safer in every case, and the details above are what separate a good fit from a poor one.

Sources

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