Can you open a Discover business checking account? Top alternatives

Panna Kemenes
17.09.21
4 minute read

There is no Discover business checking account, but the bank does have a personal checking account. This could be an option for small business owners.

Discover Bank offers a variety of personal bank accounts, from a Money Market to a Savings account.

The options are there if you’re willing to settle for something that isn’t strictly a business checking account.

Check out Wise Business,
the no-stress international business account 🌎

📝 This article will cover:

Can I open a business checking account with Discover?

No, there is no Discover bank business checking account.

While Discover bank may not have a business checking account, it does have other accounts that can be suitable for business owners.

If you’re a small business owner, and you don’t need to separate your business earnings from your personal finances, then you can sign up for one of Discover’s many personal accounts online.

Discover has the following accounts available:

  • Online Banking
  • Checking Account
  • Online Savings Account
  • Money Market Account
  • Certificate of Deposit
  • Retirement Accounts

Discover has plenty to offer its customers in the way of convenience, especially given that is is an online-only bank.

You can make quick payments online and process wire transfers in a matter of minutes, all with the tap of your finger or the click of a mouse.

You can also access the bank and your personal account through the website or app wherever you are. So even if you frequently travel for business, you can still stay on top of your finances.

Several of the personal accounts, such as the Online Savings account, allow you to accrue interest on your money.

With the Online Savings account, Discover offers customers the opportunity to earn up to 0.4% APY, which is five times higher than the national average.¹

Is there a Discover card for business?

Yes, although there is no Discover business checking account, there is a Discover IT business credit card. By signing up for a Discover account, you will qualify for the bank’s business credit card.

The Discover IT business credit card grants customers unlimited 1.5% cash back rewards for every dollar spent and requires no annual fee.²

You can add employee cards, too, so you can incentivize purchases within the company and earn rewards for all of them. The rewards never expire, either, so you’re free to redeem them whenever suits you.

Discover business checking alternatives

If you run an LLC, partnership, or corporation, then a separate business bank account is compulsory due to taxation.³

If what you’re after is a business checking account, then here’s an overview of some Discover alternatives which also offer online banking:

Wise Business account

Key featuresGreat for
  • Wise Business offers customers an affordable way to pay and get paid overseas in the local currency.
  • The fees are transparent and are based on the real mid-market rate.
  • The Wise Business account is great for going global.
  • Stress-free international business banking.

Fees:

The Wise Business account is free to set up. If you need international bank details to pay and get paid in the local currency, then there’s a one-time fee of $31.

There are no monthly fees and no minimum opening deposits.

Pros:

  • International payments are simple and transparent
  • You pay the real mid-market rate for overseas transactions
  • You can save up to 19x compared to PayPal
  • Pay invoices in more than 70 countries
  • Third-party software integration

Cons:

  • There are no cash deposits

Reviews from Trustpilot give Wise an overall score of 4.6 (This score is for Wise, the bank as a whole, not the Business account alone.)⁴

Join Wise Business today

Axos Bank Basic Business Checking

Key featuresGreat for
  • There are no monthly fees with this account, and up to 200 fee-free transactions per month.
  • While the minimum opening deposit may be a little steep at $1,000, there is a $100 sign-up bonus and QuickBooks integration.⁵
  • The Axos Basic Business Checking account is great for minimal fees and managing your business finances through QuickBooks.

Fees:

No monthly fees, and a cap of 200 fee-free transactions, with $0.30 per item thereafter. Minimum opening deposit balance of $1,000.

Pros:

  • No monthly fees
  • Unlimited fee reimbursements at ATMs for domestic transactions
  • QuickBooks integration
  • $100 sign up bonus for businesses established after June 1st, 2020

Cons:

  • No option to deposit cash
  • $1,000 minimum opening deposit

Axos also offers a Business Interest Checking account, which has a $10 monthly fee and $100 minimum opening deposit, but allows customers to earn up to 0.81% APY.⁶

Axos bank has a Trustpilot score of 1.9 from 17 reviews, though bear in mind that this is for the bank overall, not the individual Business Checking accounts it offers.⁷

LendingClub Tailored Checking

Key featuresGreat for
The Tailored Checking account from LendingClub offers 0.10% APY, and no monthly fees with a balance of at least $5,000.⁸Earning interest on your income and using your bank with accounting software suites such as QuickBooks and Quicken.

Fees:

There is a $10 monthly maintenance fee which can be waived with a balance of over $5000. There is a $100 opening deposit requirement.

Pros:

  • Earn up to 0.10% APY
  • Unlimited ATM fee rebates
  • Integration with Mint, QuickBooks, and Quicken

Cons:

  • $10 monthly maintenance fee
  • To earn interest or waive monthly fees, a minimum balance of $5,000 is required

The LendingClub bank has an overall rating of 4.8 on Trustpilot, though this score applies to the bank as a whole, not the Tailored Checking account specifically.⁹

Try Wise - The world’s most international account

Wise Business is more than just a business account. It offers a convenient way for you to take care of your invoicing and payroll needs, regardless of where your suppliers or employees are located.

There are low, transparent fees, which work out 19x cheaper than PayPal, and you always get the real mid-market rate.

You can also sync your QuickBooks or Xero account with Wise Business, which can make managing international payments a breeze.

With Wise Business, you can also have up to ten local account details, including IBAN, UK Sort code, or US routing number. And all this in one place. Nifty.

The Wise customer support team is available around the clock, and you can even contact them by phone to put your doubts to rest.

Set up your Wise Business account in minutes 🚀

Wise Business

Sources:
  1. Online Savings Account - Discover
  2. Business Credit Card - Discover
  3. Can a Business Use a Personal Bank Account?
  4. Wise (formerly Wise) Reviews
  5. Small Business Banking Services | Axos
  6. Business Interest Checking - Axos
  7. Axosbank Reviews
  8. Tailored Online Business Banking - LC
  9. LendingClub Reviews

All sources checked 17 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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