Best online business bank account

Online banks have grown in popularity in recent years, becoming a popular choice for many.

It’s straightforward to set up most online bank accounts, and they can be more convenient than going to your local branch.

This post will cover some of the best online business banks, to help you make a decision.

It will also explore some key features to look out for when selecting the best online business bank account.

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Best online business bank accounts - Top 11

Here’s a list of the top banks that allow you to open a business account online:

Wise Business Axos Bank Chase Business Complete BankingSM Novo NorthOne LendingClub Banking NBKC Mercury BlueVine BankProv Brex Cash

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Wise Business

Great for: Businesses with customers abroad and companies operating overseas.

Wise isn’t a bank, but a specialist payment provider that offers bank-level security. Wise Business offers an international account you can use to make and receive transfers from anywhere in the world.

It’s a great option for freelancers with customers abroad and companies operating overseas.

Top features:

With the Wise Business account, you can have account details in up to 10 major currencies. This means you can pay employees or receive payment from customers in the currency local to them.

There are no hidden fees, and you can store all your money in one account.

To make international invoicing and accounting easier, Wise also connects with tools such as QuickBooks and Xero.

Fees:

Research shows that it can be on average 19x cheaper to send and receive money with Wise than PayPal.

Account setup is free, but to receive multiple currencies, you’ll pay a one-off fee of $31.

There’s an exchange rate fee to pay at the real mid-market rate, but compared to some banks like NBKC which charge up to $45 for international wires, it’s a small price to pay.

Pros	Cons
No account registration fee Receive account details for different countries No hidden fees Store all your different currencies in a single account	You can’t make cash deposits

Discover Wise Business

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Axos Basic Business Checking

Great For: The Axos Basic Business Checking account can be a great option for small and medium-sized businesses.

Top Features:

With this checking account, there are no monthly fees. Users can receive unlimited domestic ATM fee reimbursements and access their money from anywhere.

There’s a sign-up bonus of $100 for businesses established after June 1, 2020.

The account features QuickBooks integration for managing your finances and accounts.

Fees:

There are no monthly fees or minimum balance requirements, but there’s a minimum initial deposit of $1,000.¹

Pros	Cons
Receive unlimited domestic ATM fee reimbursements New business owners (after June 1, 2020) receive a $100 sign-up bonus No monthly maintenance fees	You can’t make cash deposits You’ll need to make an initial deposit of $1,000

🔍 Read the full Axos Business checking review here.

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Chase Business Complete BankingSM

Great For: The Chase Business Complete Banking account is best for businesses that mostly conduct business in cash.

Top Features:

Customers have up to 5,000 fee-free cash deposits a month.

There’s a $300 sign-up bonus for new customers, and several options to waive the monthly service fee.

You can accept card payments from anywhere and at any time with Chase QuickAccept.

Fees:

There’s a $15 monthly fee, which customers can waive in various ways, such as having a $2,000 minimum daily balance.²

Customers are allowed 5,000 fee-free cash deposits per month.

Pros	Cons
$300 sign-up bonus for new customers You can waive the monthly service fee in various ways 5,000 fee-free cash deposits per month	$15 monthly fee

🔍 Read more about Chase business accounts here.

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Novo

Great For: Novo can be an excellent option for freelancers and small startups.

Top Features:

Novo offers third-party integrations with apps such as QuickBooks and Stripe.

The account includes Novo Reserves, a budgeting tool that can help you account for expenses.

There are unlimited ATM refunds and free ACH transfers, incoming wires, and mailed checks.

Fees:

While there are no monthly fees, there is an initial deposit of $50 to set up an account.³

Incoming wires are free, as are ACH transfers and mailed checks.

There is no minimum balance requirement.

Pros	Cons
No monthly fees or minimum balance requirements Third-party app integration Customers can budget and manage expenses with the Novo Reserves tool	You’ll need to verify your business to register for an account It doesn’t support cash deposits

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NorthOne small business banking

Great For: The NorthOne small business banking account can be considered by small business owners and freelancers.

Top Features:

There are unlimited transactions for a monthly fee of $10.

Customers receive a free MasterCard debit card, which works with more than 2 million ATMs around the world, allowing you to make free withdrawals and deposits.

Third-party software integration includes QuickBooks, Xero, and Shopify.

Fees:

Unlike with some accounts, such as the Chase Business Complete Banking, the monthly fee cannot be waived.⁴

Pros	Cons
Transparent pricing Free MasterCard debit card Mobile-friendly Third-party software integration	$10 monthly fee There’s no option to send or receive international wire transfers Green Dot location deposits cost $4.95

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LendingClub Banking

Great For: LendingClub Banking offers tailored banking solutions for growing businesses, with four different accounts.

Top Features:

The LendingClub Banking Tailored Checking account offers unlimited fee-free transactions, and fee-free access to ATMs worldwide.

Customers can earn up to 0.60% APY with a balance of more than $2,500.

The LendingClub mobile app provides users with tools to set up digital invoices, make transfers, and pay outstanding bills.

Earn unlimited 1% cashback with debit card purchases.

Fees:

There’s an initial deposit of $100 to set up an account.

There is no minimum balance requirement, and no monthly fees if you maintain a balance of $5,000 or more. Otherwise, there’s a $10 monthly fee.⁵

There are unlimited transactions, whereas an account such as the Axos Business account only allows 200 free items each month before charging a fee per item.

Pros	Cons
Unlimited transactions Earn up to 0.60% APY on balances over $2,500 There’s no minimum balance requirement Up to 1% cash back with debit card purchases	$10 monthly fee $100 initial deposit

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NBKC

Great For: NBKC is great for those looking for an affordable and convenient online banking solution they can set up quickly.

Top Features:

The NBKC business checking account requires no opening deposit or minimum balance, and charges no monthly fees. Transactions, check deposits, and incoming domestic wires are fee-free too.

You can access 32,000 MoneyPass ATMs in the US, and get up to $12 a month in ATM fee reimbursements.

Fees:

The only fees that apply are $5 for outgoing domestic wires, and a $45 fee for both incoming and outgoing international wires.⁶

Pros	Cons
Almost fee-free banking Unlimited transactions Up to $12 a month in ATM fee reimbursements	There’s no third-party software integration International wire fees are steep

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Mercury

Great For: Mercury is a solid option for startups and businesses in the tech industry.

Top Features:

There are no monthly fees or minimum balance requirements.

Registration for an account is straightforward, and Mercury offers an FDIC-insured online-only account which makes it easy to manage your money wherever you are.

Third-party software integration with Xero, QuickBooks, and others. There are also digital tools such as Mercury Raise which can help you secure investment for your business.

Fees:

There are no monthly fees, and you don’t need to make a minimum opening deposit.⁷

There are no fees for domestic or international wires.

Pros	Cons
No fees Virtual tools to assist business growth Third-party integration	Sole proprietors can’t set up an account There are no cash deposits

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BlueVine Business Checking

Great For: The BlueVine Business Checking account is best for small businesses.

Top Features:

There are minimal fees.

There’s 0.6% interest on funds below $100,000.

BlueVine offers several types of business loans, including line of credit, term loans, and invoice factoring.

Fees:

There are no fees with the BlueVine online bank account, other than $15 for outgoing wire transfers.⁸

Pros	Cons
Unlimited transactions 0.6% interest on balances lower than $100,000 Minimal fees	No ATM fee reimbursements $15 for outgoing wire transfers

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BankProv Business Checking

Great For: BankProv is great for businesses who want guarantees and insurance on any money they deposit.

Top Features:

There are FDIC-insured deposits up to the value of $250,000 and Depositors Insurance Fraud (DIF) protects any sum over that value.

The Classic Business account comes with no monthly fees, and provides up to 50 free deposited items.

Fees:

For the Classic Business account, there’s no monthly fee or setup fee.

Your first 50 deposited items every month are free.

Incoming wires are $10, outgoing domestic wires are $25 and outgoing international wires are $35.⁹

Pros	Cons
Full deposit insurance No monthly fee for Classic Business account No minimum deposit requirements	Only 50 free deposited items per month

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Brex Cash

Great For: Brex Cash is a banking alternative cash management account, which is good for earning interest.

Top Features:

The account offers unlimited transactions.

Customers can put all their money into a single account, and control how they invest and store them.

There are minimal fees, and there’s potential to earn interest on your funds.

Fees:

There are no account or transaction fees with the Brex Cash account. However, international transfers may be sent through third-party banks. Third-party banks may charge fees. The recipient’s bank can also charge the recipient a fee to process the wire.¹⁰

Pros	Cons
No account fees Earn 0.03% yield on average Unlimited transactions	Unincorporated businesses can’t use the service There aren’t many banking features There may be a charge for international transfers for both the business and the recipient

💡 You can avoid costly bank fees on international transfers by using Wise Business. With Wise, you'll always get the real mid-market rate, and there are no hidden fees.

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What features to look for in an online business bank account

It’s important to know what to look for to pick the right online business account.

Here are some factors worth considering to find the best online business checking account for you:

Fees and opening deposit

Fees and opening deposits are commonplace in the world of online banking.

However, some banks like Chase let customers waive monthly fees. Others, like Wise Business, have no monthly fees.

Opening deposits can vary too, from $0 like in the case of NBKC, or a flat fee of $50 for example in the case of Novo.

Limits

Some banks allow you to make unlimited fee-free transactions, while others cap the number to a certain amount per month before charging per transaction.

Interest rate

Most checking accounts don’t offer interest, but some do such as LendingClub Banking which offers 0.10% APY for balances over $5,000.

Often, you will have to deposit a certain amount of money to qualify for interest.

Customer support

Customer support can come in the form of 24/7 online access to customer service, to phone lines that operate within set hours.

Brick-and-mortar branch access

Not all online banks have brick-and-mortar branch access.

Some do, though, which can be helpful if you need to transfer large sums of money in cash or have queries and prefer to discuss them in person.

How to open an online business bank account

To open an online business account, you’ll typically need some or all of the following:

• Employer Identification Number (EIN)
• State-issued ID
• Business formation documents
• Ownership agreements
• Business license
• Certificate of Assumed Name
• Monthly credit card revenue

🔍 Read the full guide to what you need to open a business bank account.

Which online business bank is best?

The best online small business bank account should be one that suits your business needs.

For example, if you do business overseas and need to make affordable transfers, Wise Business could be your best bet.

If you prefer to pay minimal fees, Mercury might be a good option for you.

It all comes down to what you require from a bank account.

Open a Wise Business account online

Finding the best online business bank account can take some time with all the options on offer. If you have international accounts payables, then your options will soon become limited.

Traditional banks often charge above the mid-market exchange rate, and you can come across hidden fees. These extra fees for sending and receiving money from abroad can impact your cash flow.

Wise Business is not a bank, but a smart online banking alternative. With a Wise Business account, you’ll always get the real exchange rate that you see on Google.

Set up a Wise Business
account online

Wise Business offers bank-level security and low fees for international transfers. You can register for free in the US and see why over 300k businesses already use Wise.

🔍 Read more:
Best Free Business Checking Accounts 2021 Best business savings accounts compared Can I open a USAA business account?

Sources:

1. Basic Small Business Checking - Axos
2. Chase Business Complete Banking(SM)
3. Novo | Powerfully Simple Business Banking
4. Small Business Banking - Novo
5. Online Banking - Lending Club
6. Business Checking Account in Kansas City
7. Mercury Bank
8. Small Business Banking That Works For You
9. Business Checking Products | Apply Online Today
10. Replace Your Business Bank with Brex

All sources checked 12 November, 2021.