Ally business checking: Does Ally Bank have a business account?

Panna Kemenes
17.09.21
6 minute read

Ally Bank is an online bank that provides customers with a simple and easy way to access their funds digitally.

It has several high-yield savings accounts with high APR. There is also a personal interest checking account available.

If you own a business, however, then you may want to open a business checking account. But does Ally Bank offer its customers an Ally business checking account option?

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📝 This article will cover:

Ally business checking: Does Ally Bank allow business accounts?

The short answer is no; unfortunately, there is no Ally Bank business checking account. But that doesn’t mean the bank has nothing to offer business owners.

Ally Bank for business offers a range of high yield savings accounts, which is what the bank is most known for.

These are the Ally business savings accounts you can open:

  • Online Savings
  • Money Market
  • Interest Checking
  • High Yield CD
  • Raise Your Rate CD
  • No Penalty CD

While there is no Ally Bank business account, each of these accounts has something unique to offer. If you’re interested in setting up a new savings account, it’s worth considering each of them.

Ally Bank also offers several plans to help customers finance their businesses, from specialty vehicle financing to a commercial line of credit.¹

So while there may not be an Ally small business checking account option, you can still benefit from being a customer of the bank.

Can an Ally personal account be used for business?

It isn’t necessary to have a business account to manage your business finances in some instances, but if you run an LLC, partnership, or corporation, then a separate business bank account is compulsory.²

Why is this?

Primarily because the business types mentioned above are taxed as individual entities separate from the owners.

This is especially true for corporations, so if you’re involved in one, you must have a business account, which will rule Ally Bank out as a viable option.

If you operate your business as a sole proprietor, freelancer, or independent contractor, then you may use a personal account for all of your finances.

Often, though, business owners find that having a separate business account is more convenient. It allows them to easily differentiate what funds are theirs and what belongs to the business.

If all you have is a personal account, you could open yourself up to complications if the IRS decides to audit your account. Plus, it’s more difficult to receive payments with a personal account than it is with a business account that will link credit and debit card payments.

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You may also have an easier time getting a business loan if you own a business account.

💡 Having a multi-currency business account can be especially useful if you have international customers and vendors. Traditional bank accounts will often charge high foreign exchange fees. With the Wise Business account, you can pay and get paid like a local, at the real mid-market rate.

Ally business checking alternatives

While Ally Bank is online-only, it doesn’t offer a business checking account to customers. However, there are many online business checking accounts out there.

Here’s a roundup of some of the best digital options:

Wise Business account

FeesGreat for
$31 setup fee for international banking details, free otherwise³Sending and receiving payments internationally

Key Features:

With the Wise Business account, you can get the real mid-market rate for every overseas transaction. You can save hours on admin and streamline your payments both domestically and overseas.

Pros:

  • Streamlined international payments
  • Pay the real mid-market rate for overseas transactions
  • Handle invoices, mass payouts and recurring payments in more than 70 countries
  • Up to 10 local currency account details
  • Move currencies between your accounts, all in one place

Cons:

  • No cash deposits

Reviews from Trustpilot give a score of 4.6 (This is an aggregate score for Wise as a business, not the Business account).⁴

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BlueVine Business Checking

FeesGreat for
No monthly fees or minimum deposit⁵Accruing interest on funds under $100,000 (at 1%)

Key Features:

The BlueVine Business Checking account offers customers 1% interest on funds under $100,000. Another attractive aspect of this account is the lack of fees and fee-free ATM use with over 38,000 MoneyPass locations in the US.⁵

Pros:

  • Fee-free online banking
  • Earn 1% interest on funds under $100,000
  • Fee-free access to 38,000+ MoneyPass locations in the US

Cons:

  • Fees for depositing cash
  • Customer service only on weekdays

Reviews from Trustpilot give a score of 4.5 (This is an aggregate score for BlueVine as a business, not the Business Checking account).⁶

NBKC Business Checking

Fees⁷Great for
  • No monthly fees or setup fee
  • $5 for outgoing domestic wires
  • $45 for international wires both outgoing and incoming
  • Unlimited transactions
  • Receiving domestic wires is free of charge

Key Features:

With the NBKC Business Checking account, you will be charged fees for certain transactions, but there is no setup fee or monthly fees.

You are allowed unlimited transactions and can receive domestic wires for free.

Pros:

  • Unlimited transactions
  • No monthly fees or setup fee
  • Receive domestic wires free

Cons:

  • Fees for outgoing domestic wires and all international wires
  • No branches outside of Missouri and Kansas

Reviews from Trustpilot give a score of 2.5 (This is an aggregate score from nine customers for NBKC as a business, not the Business Checking account).⁸

Novo Business Account

FeesGreat for
  • No monthly fees
  • $50 minimum amount to open
  • $27 for insufficient funds⁹
Using with finance software such as Stripe and QuickBooks

Key Features:

The Novo Business Account is good for a fee-free online banking experience.

There are unlimited transactions free of charge, and you can integrate the bank with business and finance software like QuickBooks and Stripe.

Pros:

  • No monthly fees
  • Unlimited fee-free transactions
  • Compatibility with business software
  • Wise integration to send international wires with transparent fees

Cons:

  • No option to deposit cash
  • You can’t send domestic wires

Reviews from Trustpilot give a score of 4.2 (This is an aggregate score for Novo as a business, not the Business account).¹⁰

Axos Bank Basic Business Checking

FeesGreat for
No monthly fees or setup fee, but there’s a deposit of $1,000¹¹Remotely checking deposits and paying bills.

Key Features:

The Axos Bank Basic Business Checking account attracts new business owners with a $100 sign up bonus. There is a free account and an interest-earning business account.

Pros:

  • You can check your deposits and pay bills from anywhere
  • Here is a free and interest-earning option
  • $100 sign up bonus

Cons:

  • Minimum opening deposit of $1,000
  • You can’t deposit cash
  • Free transactions have a monthly cap

The Basic Business Account is the free option, while the business interest checking account costs $10 per month.¹²

This fee can be waived with a daily average balance of $5,000 or more, and the account only requires a $100 minimum opening deposit amount.

Reviews from Trustpilot give a score of 1.9 (This is an aggregate score from 17 customers for Axos as a business, not the specific accounts).¹³

💡 You can also check the guide to the best business checking accounts, or best business savings accounts, for more options.

What to consider when looking for an Ally business checking alternative

If you’re looking for an Ally business account alternative, these are some factors worth considering:

Opening Deposit Amounts

Some business checking accounts will require a minimum opening deposit before you can activate them. This could be a sum of anywhere from $100 to $1,000, so make sure you check if the account you’re looking at requires a minimum deposit.

Account Fees

Nobody likes fees, least of all when they’re hidden.

The most common type of fee associated with a business checking account is a setup fee, which will be a fixed price for opening the account.

You might also have fees for transactions, though. These fees can depend on whether they’re domestic or international, incoming or outgoing.

Branches

These days, many sectors are gradually moving online, and banking is no exception. Due to this so-called digital disruption, you might find that a lot of the business accounts you consider belong to online-only banks.

If you prefer interacting with tellers in person at a branch, then going with an online bank might not be the best option for you.

Integrations

One of the benefits of online banking is integration with other software. Business tools such as Stripe and QuickBooks can be seamlessly integrated with some business checking accounts. If your business already uses these tools, then this is something to look out for.

Wise - The business account for going global

You may not be able to open an Ally business checking account, but luckily there are alternatives.

If your idea of the ideal business account is one that streamlines the international payment process, then take a look at Wise Business.

With Wise, you can do everything from managing invoice and employee payments to managing your cash flow overseas, all in one place.

You can also integrate with business tools and other banks.

You can use the Wise Business Account with the software you already use to run your business and manage your finances, such as QuickBooks and Xero.

Importantly, you can have up to 10 local account details. This means you can pay and get paid like a local.

You can open a Wise Business account in minutes, and enjoy the world’s most international account.

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Sources:

  1. Commercial Vehicle Financing | Business Auto Finance
  2. Can a Business Use a Personal Bank Account?
  3. Pricing and Coverage | Wise Business
  4. Wise (formerly Wise) Reviews
  5. Business Banking - BlueVine
  6. BlueVine Reviews
  7. Business Checking Account - NBKC
  8. NBKC Bank Reviews
  9. NOVO CHECKING FEE SCHEDULE
  10. Novo Reviews
  11. Axos business checking
  12. Business Interest Checking - Axos
  13. Axosbank Reviews

All sources checked 16 September 2021.


This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from TransferWise Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.

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