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There are many online business banking options out there, including several online-only banks with no or low fees for small business owners.
Helpful resource: What Do I Need to Open a Business Bank Account (Checklist)
Features of the best online business bank accounts
Before you start comparison-shopping, you should establish a baseline: what makes a good business bank account? Fee-free—or at least as few fees as possible—is a good place to start! While your business needs may vary, here are some important considerations for selecting the best online business bank account.
The best business bank accounts will:
- Offer a low or no fee business checking account option
- Include online banking features like online bill pay and fraud monitoring
- Offer mobile banking options, like a comprehensive app
- Allow for mobile deposits
- Include a way to access cash when needed
Here are our top suggestions to help you find the best small business checking account for your needs.
The best online business bank accounts
- The best bank for start-ups: Mercury
- The best bank for entrepreneurs: Novo
- The best bank for full-service financial offerings: LendingClub
- The best bank for cash deposits and international currency: Chase
- The best bank for many monthly transactions: Radius
- The best brick-and-mortar bank: U.S. Bank
- The best bank for sole proprietors and side gigs: Lili
- The best bank for small ecommerce businesses: Axos Bank
The best bank for start-ups
Mercury
Mercury’s basic and more comprehensive banking services make it great for start-ups and e-commerce businesses.
Some of the best features of a Mercury account include:
- FDIC insurance means deposits are covered up to $250,000
- Virtual debit cards that make online payments easy
- Built-in integrations with PayPal, Amazon, Stripe, and Shopify
- Zero fees for customers with a daily balance of $250,000
- No minimum balance requirements
- Online-only banking
- Available for domestic and global companies
- Integrations with financial software like QuickBooks or Xero
- Wire, check, and ACH payments available
- Searchable transactions
Mercury is a great option for companies with a significant cash reserve, like start-ups, but may not be a good fit in certain cases. There are a few drawbacks you should keep in mind:
- No cash deposits
- Online only, so no storefront locations
- Not available to sole proprietors
- No Android app is currently available
The best bank for entrepreneurs
Novo
Novo is an excellent online-only option for freelancers and entrepreneurs, with accounts that offer a wide variety of features and low rates. Novo’s financial services are designed to accommodate the needs of most entrepreneurs, and come almost fee-free.
Novo accounts include:
- No monthly service fees
- No minimum balance required
- Free ACH transfers (both incoming and outgoing)
- Refunded ATM fees
- Free wire transfers (both domestic and foreign)
- Free mailed checks
- Integration with other financial software like QuickBooks, Xero, Zapier, and Shopify
- Discounts on Google Cloud, Stripe, HubSpot, and more
- Mobile app available for download
- $50 minimum opening deposit
If you’re looking for a standard business bank account, Novo might be a good fit. There are a few areas to consider that might not meet your needs, though:
- Online only, so no storefront locations
- Checking account only, no other banking tools
- No dedicated ATM network
The best bank for full-service financial offerings
LendingClub
LendingClub has recently partnered with Bench to offer some exciting new features. Small businesses that open a LendingClub bank account through Bench now have access to a online checking account as well as bookkeeping, tax filing, and financial advisory services.
Some LendingClub highlights include:
- Free access to 20,000 ATMs through Radius Bank
- Bookkeeping, tax filing, banking, and financial advice through Bench
- Options for business loans and lines of credit
- FDIC-insured
- Free debit card with checking account
While some businesses may appreciate LendingClub’s full suite of connected financial services, there are some limitations to consider as well.
- Multiple platforms are required for bundled services
- Limitations on mobile apps
- Some services are fee-based
Further reading: Business Line of Credit: How Does it Work?
The best bank for cash deposits and international currency
Chase
Businesses that deal heavily with cash deposits may require more features from their business bank accounts, including physical branch locations. An institution like Chase may better serve those companies.
Chase Business Complete Banking offers flexibility that works well for cash businesses, including:
- 16,000 ATMs
- More than 4,700 storefront branches
- $300 sign-up bonus
- Unlimited deposits
- Options to waive monthly fees (minimum daily balance or minimum purchases on a linked credit card.)
- Same-day deposits
- Account alerts
- Payment processing through Chase’s QuickAccept
- Mobile app available
- Business credit cards, merchant services, and business loan options
Chase may be a strong contender among business bank accounts, but it does have some drawbacks to consider:
- Monthly fees on accounts
- Transaction fees for wire transfers and other services
Further reading: How Do Small Business Loans Work?
The best bank for many monthly transactions
Radius
If your business makes many transactions every day, Radius Bank might have the features you need.
Benefits include:
- Unlimited number of transactions
- 0.75% APY interest on balances larger than $5,000
- No monthly fee with a minimum $5,000 balance
- 1% cash back on business debit card purchases if you maintain an average monthly account balance of $5,000 or more
- No minimum balance requirements
- $100 opening deposit
- Free ATM network
- No documents required for sign-up
- Linked to other Lending Club services
Unlimited transactions make Radius attractive since many other banks limit free transactions and charge fees once you hit their cap. But Radius may not be right for you if these areas are a concern:
- Monthly fee of $10 on accounts with less than $5,000 balance
- Online only, so no storefront locations
The best brick-and-mortar bank
U.S. Bank
If you prefer to do business face-to-face, U.S. Bank is a strong option—they have more than 3,000 branches across 40 states.
Some of the top features of a business bank account with U.S. Bank include:
- Thousands of branch locations available
- Specializes in small business banking
- No monthly fees
- 125 free transactions per month
- No minimum balance requirement
- 25 free cash deposits every month
Many customers enjoy having a banking location to visit, which makes U.S. Bank appealing. But it does have some other features to consider that may make it less attractive.
- $5 fee for monthly paper statements
- $0.50 per transaction over 125 per month
- No interest-bearing options for business accounts
- Not located in every state
- Less comprehensive online offerings
The best bank for sole proprietors and side gigs
Lili
Your freelance business or side gig has different banking needs than, say, a medium or large company. Lili is a streamlined and straightforward platform designed for super-small businesses.
Some of the best features of Lili include:
- FDIC-insured
- No fees on debit cards
- No monthly fee for checking accounts
- No fees for mobile deposits
- No-fee withdrawals at 38,000+ ATMs
- No fees for overdrafts
- Integration with digital wallets and business management tools like PayPal
- Expense categorization and tracking tools
- Assistance with tax filing at tax time
While a good fit for some, Lili isn’t ideal for all small businesses. A few other factors to consider include:
- Designed for sole proprietors only, which means there’s no room to scale
- Online only, so no storefront locations
The best bank for small ecommerce businesses
Axos Bank
Axos Bank offers two online business checking accounts, Basic Business Checking and Business Interest Checking, and both are designed especially for small businesses. Their accounts are easy to open and manage entirely online, and they even offer a $100 welcome bonus when you open a new account.
Some of the best features of a business bank account with Axos Bank include:
- No monthly maintenance fees
- No minimum balance required
- Great ATM access, with unlimited domestic ATM fees reimbursed
- 50 free checks
- 200 free transactions per month
- Sign-up bonus for new businesses when opening an account
Axos offers features that may be appealing for businesses looking to enhance their employee benefits, but there are other considerations as well that might be less attractive.
- $1,000 minimum deposit (for the Basic Business Checking account)
- Limited free transactions per month, with fees that apply once you exceed 200
- No third-party app integrations
- No cash deposits available
- Online only with no storefront locations
Further reading:
