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The hidden costs of “free” checking
| Account | Outgoing domestic wire | Cash deposits | ATMs | Minimum balance |
|---|---|---|---|---|
| Mercury | $0 | Not accepted | $0 from Mercury | None |
| Relay (Starter) | Fee applies | Free at Allpoint+ ATMs; up to $4.95 at retailers | Free at 55,000+ Allpoint ATMs | None |
| Bluevine (Standard) | $15 | Not stated | Free at 37,000+ MoneyPass; $2.50 elsewhere | None |
| Novo | Shown in app | Money orders only | Refunds up to $7/month | None |
| Found (free plan) | $15 | $2 at 79,000+ retailers | $0 from Found | None |
| Lili (Core) | International $25 out | Retail deposits (retailer fee up to $4.95) | Free in network | None |
Rates, fees and eligibility change often. Figures come from each provider’s own site on the date shown; confirm before opening an account. Fintechs are not banks — deposits are held at partner banks, Member FDIC. Verified October 18, 2026. We may earn a commission if you sign up through our links, at no cost to you. How we’re funded.
Full comparison
| Provider | Monthly fee | Interest | FDIC coverage | Non-US owners | Link |
|---|---|---|---|---|---|
| MercuryFree wires · non-US founders · startups | $0 | No checking APY (Treasury up to 4.05% with $250K+, investment risk) | Up to $5M via partner-bank sweep (Choice Financial Group, Column N.A.) | Yes — US-formed companies with US operations; some countries excluded | Visit Mercury |
| RelayProfit First · up to 20 accounts · cash deposits | $0 Starter · $30 Grow · $120 Scale | Savings 1.19% (Starter) to 3.21% APY (Scale) | Up to $3M via Thread Bank sweep | Owners from 200+ countries if the business operates in the US | Visit Relay |
| BluevineInterest on checking · credit line | $0 Standard · $30 Plus · $95 Premier (waivable) | 1.3% APY up to $250K on Standard with monthly activity; up to 3.0% on Premier | Up to $3M via Coastal Community Bank and program banks | Residents of 25 supported countries; no SSN required | Visit Bluevine |
| NovoSimple free account for US-based owners | $0 | Not offered | $250,000 via Middlesex Federal Savings | No — owners must live in the US and have an SSN | Visit Novo |
| FoundFreelancers · built-in tax tools | $0 · Plus $35 · Pro $80 | Plus 1.50% (up to $20K) · Pro 2.50% | $250,000 via Lead Bank | No — US-based businesses with an SSN only | Visit Found |
| LiliNon-US owners incl. Latin America · savings APY | $0 Core · $15 Pro · $35 Smart · $55 Premium | Savings 2.25% APY up to $500K (variable) | Up to $3M via Sunrise Banks sweep network | Yes — passport + EIN, no SSN; supported countries include Mexico, Colombia, Argentina, Chile, Peru | Visit Lili |
How to pick
- You send wires → Mercury (free domestic and USD international wires).
- You handle cash → Relay (free at Allpoint+ ATMs).
- You keep a balance → Bluevine (1.3% APY on checking with light activity).
- You’re a US freelancer → Found (tax set-aside and free 1099s).
- You live outside the US → Lili or Mercury (full guide).
Mercury
$0/mo
- $0 monthly fee, no minimum balance, no opening fees
- Free ACH and free domestic wires, sent and received
- Free outgoing USD international wires
Watch out: No cash deposits
Relay
$0/mo (Grow $30, Scale $120)
- $0 Starter plan with no minimum balance
- Up to 20 checking accounts on Starter (Profit First friendly)
- Cash deposits at Allpoint+ ATMs and Green Dot retailers
Watch out: Wire and same-day ACH fees on Starter
Bluevine
$0/mo (Plus $30, Premier $95)
- Interest on checking: 1.3% APY on Standard (with $500 card spend or $2,500 in customer payments a month)
- $0 Standard plan, no minimum balance
- 37,000+ fee-free MoneyPass ATMs
Watch out: Outgoing domestic wires cost $15 on Standard
Frequently asked questions
Is there truly free business checking?
Yes — no monthly fee and no minimum balance at Mercury, Relay, Bluevine, Novo, Found and Lili (verified October 18, 2026). “Free” means no maintenance fee; you can still pay for wires, cash deposits or out-of-network ATMs.
Which free business checking pays interest?
Bluevine Standard pays 1.3% APY on balances up to $250,000 if you spend $500 on its debit card or receive $2,500 in customer payments a month. Relay and Lili pay interest on separate savings accounts.
Which free business checking accepts cash?
Relay (free at Allpoint+ ATMs, or up to $4.95 at Green Dot retailers) and Found ($2 at retail locations). Mercury doesn’t accept cash deposits; Novo only takes money orders.
Do free business checking accounts require a credit check?
Found says it does no credit check. Most fintech accounts verify identity rather than credit, but each provider sets its own rules.
Can my LLC open free business checking without an EIN?
Plan on needing one. Banks open LLC accounts under the company’s EIN, which is free from the IRS. How to get an EIN.
Your LLC setup checklist
- Get a free EINFrom the IRS, in minutes online.
- Sign an operating agreementSettle who owns and decides what before it matters.
- Get business insuranceCover what the LLC itself doesn’t protect.
- Plan your taxesKnow your tax status and federal due dates.
- Track state deadlinesFree reminders before each filing.
Everything in one list: printable LLC compliance checklist · live deadline calendar.