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Home » Business Bank Account » Best Online Business Bank Account

Best Online Business Bank Accounts in 2024

Author: Chandra Dhopatkar
Published: 03/13/2024 10:45 p.m. EST
Last Update: 03/24/2024 1:59 a.m. EST
Edited by: Jennifer Bonilla

Review the best online business bank accounts for small business. Then decide which option best suits your needs. We’ll help you pick the best business bank account online.

Business man in a coffee shop checking his online business bank account.
Business man in a coffee shop checking his online business bank account.

Our approach: 

To assist small business owners trying to build business credit in navigating the plethora of online business bank account options, this review adopts a concise, four-point approach:

  • Identifying specific banking needs for businesses
  • Comparing fees, services, and overall value
  • Evaluating the digital user experience and support
  • Assessing each bank’s security measures and reliability

Top Ten Online Banks for Small Business

We reviewed the best online business checking accounts and found the top ten for small business. Here they are.

1. Bluevine Business

Snapshot: Bluevine is the best online business bank account for starting businesses for those who do not want service fees.
Offers:  2.0% APY,  No monthly fees, Mobile check deposits, Free standard ACH, No in-network ATM fees  Up to $3M in FDIC protection.
Pros: Easy to use web interface and app, dashboard is simple and easy to navigate.
Cons:  No branch locations if needed for in-person transactions.
Suitability:  Great for smaller to medium sized businesses.
Customer Service: Bluevine offers the usual customer service options with phone and email support. With an A+ rating from the Better Business Bureau.
Reliability In business for 10 years and over 500,000 users.
Final Thought:  Accounts include no monthly fees, and options for cash back. And great for high interest rate. 

2. Lili

Snapshot: Lili offers an online business bank account designed for freelancers and small businesses.
Offers:  Several different plans, from free to paid for different banking experiences.
Pros: Does offer free small business checking plans. Offers business tools for invoicing, tax preparation and book keeping.
Cons:  Does not earn interest on free plans and lower limits for transfers, withdrawal and deposits.
Suitability:  Best for small businesses who who do not need to deposit or transfer large amounts of cash.
Customer Service:  Lili offers call and email support for customers during business hours.
Reliability Founded in 2018 and is FDIC insured.
Final Thought:  Lili offers a wide variety of services including different plan options from free to paid… So it can cover an array of different account options for businesses to personalize their account. 

3. Found 

Snapshot: An online business bank account for the self-employed or a single member LLC.
Offers:  Book-keeping for self employed and small business, including smart tax tools.
Pros: With tax tools and book-keeping it allows for one less stressor in your business routine.
Cons:  Deposits limited to $2,000 per week with a $2 service fee. Account opening must be done in owner’s name and SSN. EIN can be added later.
Suitability:  Great for smaller businesses.
Customer Service:  Chat and phone options are available, but only during business hours.
Reliability  Found offers banking services to businesses via Piermont Bank, Member FDIC
Final Thought:  Found is a good choice for freelancers and small business owners who operate completely digitally. They offer many tools to help, but the service fees may not be something all find convenient. 

4. Novo

Snapshot: Great for businesses that use other tools such as Square, Shopify, Amazon, PayPal, Etc.
Offers:  Integrations for tools that small businesses use already or plan to use..
Pros: Quick setup, FDIC insurance, Virtual Card, No hidden fees, easy to send money electronically. 
Cons:  No cash deposits and no physical cards or checkbooks.
Suitability:  Best for small to medium-sized businesses that use multiple tools.
Customer Service:  The Novo Support is only available via email or through support on app.
Reliability  Founded in 2016, and continues to grow in equity.
Final Thought: Recommended for those trying to seamlessly integrate tools into their business online.

5. Chase Business Complete

Snapshot: Offers Chase Business Checking customers a comprehensive suite of financial tools and services tailored for businesses.
Offers: Includes online invoicing, bill pay, payroll management, mobile banking, merchant services, checking/savings accounts, credit cards, and lending options.
Pros: User-friendly interface, extensive financial tools, integration with accounting software as well as several ATM locations.
Cons: Some users may find fees for certain services relatively high, but there are ways to waive fees.
Suitability: Ideal for businesses of all sizes looking for a complete online banking solution.
Customer Service: Responsive customer support via phone, email, and in-person assistance.
Reliability: Chase is a reputable and reliable financial institution known for its security measures.
Final Thought: Chase Business Complete Online Banking is a top choice for certain businesses seeking a comprehensive online banking experience, despite potential fees for additional services.

6. Relay

Snapshot: Relay Bank offers free business checking accounts with perks like cash back. .
Offers: Provides free multiple individual business accounts with many features..
Pros: Cash back rewards, free business checking, tools for maintaining a healthy account balance.
Cons: Limited physical branch locations may inconvenience some users.
Suitability: Best for small to medium-sized businesses looking for a free checking account with many perks.
Customer Service: Offers responsive customer service through email, and online chat support.
Reliability: Founded in 2018 and is based in Toronto, Canada is FDIC insured.
Final Thought: Relay Bank is a great option for businesses seeking a free checking account with added perks, though users requiring extensive in-person banking services may find its limited branch locations a drawback.

7. Small Business Checking by Bank of America

Snapshot: Bank of America is nationwide bank accessible to many. 
Offers: No fees on electronic transactions and high deposit limits. 
Pros: Options to waive monthly fees with minimum balance requirements, overdraft protection available.
Cons: Monthly maintenance fees may apply, and fees for out of network ATMs.
Suitability: Suitable for small businesses who make large deposits frequently.
Customer Service: Offers customer service through phone, online chat, and in-person assistance at branches.
Reliability: Bank of America is a well-established bank known for its security in banking services.
Final Thought: Solid choice for small businesses needing a checking account with features to manage finances provided they can meet the minimum balance requirements to avoid transaction fees.

8. Mercury 

Snapshot: Mercury Bank offers online banking services specifically designed for startups and small businesses.
Offers: Provides business checking accounts, savings accounts, expense tracking, invoicing, and integration with accounting software.
Pros:  Accounts has no monthly, unlimited transactions, virtual cards, and easy account integration for startups.
Cons: Limited physical branch locations and cash deposits are not supported
Suitability: Ideal for startups and small businesses looking for digital-first banking solutions.
Customer Service: Mercury Bank offers responsive customer support through email and chat, but phone support is limited.
Reliability: Founded in 2019 is known for online banking services. 
Final Thought: Fantastic choice for startups and small businesses seeking modern banking solutions without monthly fees, easy to use app making it a great to keep track of their business. 

9. US Bank

Snapshot: US Bank Online Business provides a range of digital banking solutions tailored for businesses.
Offers:  Online business checking accounts, invoicing tools, bill pay, payroll services, and access to merchant services.
Pros: Convenient digital banking tools, integration with accounting software, over 2000 branches for in person banking too..
Cons:  Charges fee for transaction beyond the monthly limit.
Suitability: Ideal for businesses with low monthly transaction volume. 
Customer Service: US Bank provides responsive customer service through phone, email, and online chat.
Reliability:  Founded in 1929 and has wonderful security measures. 
Final Thought: US Bank Online Business is a great choice for businesses who want to utilize online banking as well as a brick-and mortar bank branches. But with low transaction limits it could be a problem. 

10. Grasshopper Business Checking Account

Snapshot: Digital banking solution tailored for small businesses and freelancers.
Offers:  Free business checking with no minimum balance requirements, online invoicing, and expense tracking.
Pros: No monthly fees, including overdrafts. Easy account management, and access to digital banking tools all in one place.
Cons: Limited physical branch access and may lack some advanced banking features. .
Suitability: Ideal for small businesses, freelancers, and startups looking for a simple and cost-effective business checking solution.
Customer Service: Customer support through email and online chat, with limited phone support.
Reliability:  Has a focus on digital banking convenience for companies that don’t deal with cash.
Final Thought: A great choice for small businesses and freelancers seeking a straightforward and no-fee banking solution, though businesses requiring extensive in-person banking services may find it lacking.

Opening the Right Business Checking Account in 2024

Starting your own business? You’ll want a safe place to keep your money. That’s why it’s important to open a business bank account. It’s not just about storing cash though, it’s about managing your business’s finances effectively. Let’s explore how you can choose the best account for your small business.

Choosing the Right Small Business Banking Account

When starting, you might wonder why it’s necessary to open a business checking account. It’s simple: to keep your business money separate from personal funds and to look professional to your customers. Here’s what to look for:

  • Look for accounts designed for businesses like yours, whether you’re a freelancer, running an LLC, or a sole proprietor.
  • Check if you can avoid a monthly fee or meet easy conditions to waive it.
  • Ensure that your money is safe with FDIC insurance.

Features Essential for Small Business Banking in 2024

A good business account does more than just hold your money. It should help you manage your business finances smoothly. Before you open a business bank account, ensure it has:

  • A debit card for easy spending and ACH payments and wire transfers for handling larger transactions.
  • ATM access and efficient online banking capabilities are essential for day-to-day operations.
  • Additional features like bookkeeping tools can be a huge help in managing your business finances.

Compare Business Checking Options: Bank of America vs. Chase vs. Online Banks

There are many banks and financial institutions out there, so it’s important to compare business checking accounts. Each bank offers unique benefits for businesses:

  • Traditional banks like Bank of America Business Advantage Fundamentals™ Banking and Chase Business Complete offer comprehensive services and physical branches.
  • Online-only banks like Bluevine Business and Novo might offer more convenience with lower fees.
  • Don’t forget to apply online for a faster setup process.

How to Open a Business Checking Account

Opening a business checking account involves a few straightforward steps, designed to help you set up your banking foundation with ease:

  1. Gather Necessary Documentation: Collect all necessary documents, such as your EIN, formation paperwork, and ownership agreements.
  2. Choose the Right Bank: Select a bank that aligns with your business needs and preferences for an account that’s ideal for you.
  3. Complete the Application: Fill out the application for the account that’s provided by your chosen bank, whether online or in-person.
  4. Deposit Funds: Activate your new account that’s ready for use by making the required initial deposit, if applicable. For example, the US Bank Silver Business Bank® account is $25. Some banks may charge more or less, but the average is usually $25.
Recommended Read: What Do You Need To Open A Business Bank Account?

Why Additional Benefits Matter for Your Business in 2024

Beyond the basics, look for a business checking account that offers more than just a place to keep your money. The right perks can help your business grow:

  • Check if you’re eligible for business benefits like rewards or cash back on purchases.
  • Reliable customer support is crucial for resolving any issues quickly.
  • Look for accounts that offer insights and tools to help you understand your business’s financial health and grow your business.

FAQs

What are the minimum opening requirements to open a business savings account with Bank of America?

To open a business savings account with Bank of America, you typically need to meet certain minimum opening deposit requirements. These requirements can vary based on the specific type of business savings account you are interested in. It’s a good idea to check with Bank of America directly or visit their website for the most up-to-date information on minimum opening requirements.

What is the average daily balance needed to avoid fees on a Bank of America business checking account?

The average daily balance required to avoid fees on a Bank of America business checking account can vary depending on the type of account you have. Typically, maintaining a certain average daily balance is one way to avoid monthly maintenance fees. Bank of America may offer different tiers of business checking accounts with varying balance requirements, so it’s important to review the specific terms and conditions associated with your account.

Can I qualify for a Bank of America small business account if I operate outside of the U.S.?

Bank of America offers small business banking solutions primarily for businesses operating within the U.S. However, they may have specific options or services available for businesses with international operations. To determine if you qualify for a Bank of America small business account based on your international business activities, it is recommended to contact Bank of America directly for assistance and additional information.

What types of cash flow trends can I track with Bank of America business accounts?

Bank of America business accounts come with features that allow you to track various cash flow trends for your business. You can monitor incoming and outgoing transactions, view historical account balances, categorize expenses, and analyze spending patterns over time. These insights can help you make informed financial decisions and manage your business’s cash flow effectively.

Do Bank of America business checking accounts come with debit card purchases?

Yes, Bank of America business checking accounts typically come with debit cards that you can use for purchases and other transactions. These debit cards are linked to your business checking account and can be used at ATMs, online, and at various retail locations where debit cards are accepted. You can also set spending limits and manage card usage for added security and control.

Are there any editorial content or resources available from Bank of America to help small businesses?

Bank of America provides a range of editorial content, resources, and tools designed to help small businesses succeed. These may include articles, guides, webinars, and financial insights tailored to various industries and business needs. By accessing these resources, small business owners can get insights into industry trends, financial management best practices, and strategies for growth.

What additional information may Bank of America require to open a business account?

When you apply to open a business account with Bank of America, they may require additional information depending on the type of account and your business structure. Commonly requested documents may include business licenses, Employer Identification Number (EIN), articles of incorporation, partnership agreements, and personal identification for account signatories. Providing accurate and complete information helps streamline the account opening process.

Chandra Dhopatakar
Chandra Dhopatkar, MBA

Chandra, founder of “Build Business Credit in 30 Days,” specializes in increasing business valuations by helping companies build strong business credit.