A place called Wave that offers various business services, such as invoicing, accounting, and payment processing is now launching a new no-fee business-oriented banking service. As it launches, it will be oriented to single-owner businesses. Any money in your account will be FDIC insured up to the $250,000 level, but Wave is not actually launching a new bank, the money will be held by Community Federal Savings Bank.
This is launching soon. There is a button at that link to reserve a spot.
I can't find any information about any interest rate earned on deposits. It also doesn't specify whether this is only a savings account, or whether you also can have a checking account. It does offer a VIsa debit card. It also incluides free built-in bookkeeping, among other things.
Wave will not be making money on this banking service directly. This is a marketing offer exected to draw in more customers for its other business services. I presume you msut first sign up for a Wave account, but you can dothat for freee. (I have one, which I have used in the past when doing a little freelancing. I just used it for is free invoicing and for payment processing at about 3% charge. I have been completely satisified with Wave, it operates smoothly, never a problem.)
As for the bank that will be holding the money, Community Federal Savings Bank, Wave says no more about it that the name. But I have to think that is this one here: