If you have an established business, startup, or home-based business, you’ve probably thought about banking options. Opening a bank account is not always as simple as we would like; It requires research and special attention, as we are dealing with our most critical problem: our money.
But, like other sectors, the banking sector adapts to the demands of the digital market.
Business trends for 2022 suggest that e-commerce will remain the top priority for many businesses, as will consumer demand for virtual services. For many business owners, the traditional physical banking experience is giving way to the convenience of online banking.
Online banking is no different from traditional banking. It offers almost all the services available in a local branch: deposits, transfers, payments, etc. Of course, the difference is that all your transactions are done completely online, at your convenience. Understanding this desire for convenience, many major banks and credit unions now offer online banking services.
For a busy business owner, banking on the go is a huge plus. However, choosing the right online bank to open a business account requires special care.
Let’s take a look at some of the best online business bank accounts available today.
Compare the top online small-business banks
|Bank||Checking monthly fee||Account types||Accepts cash deposits||Get an Account|
|Small Business Bank||$0||Checking; money market; high-yield savings||At Shazam ATMs||Apply Now|
|Kabbage||$0||Interest-bearing checking||At Green Dot locations||Apply Now|
|BlueVine||$0||Interest-bearing checking||At Green Dot locations||Apply Now|
|NBKC Bank||$0||Checking; money market; CDs||At MoneyPass ATMs||Apply Now|
|LendingClub Banking||$10||Checking; interest-bearing checking; savings; money market; CDs||At MoneyPass and SUM ATMs||Apply Now|
Best Online Business Bank Account in 2022
Online banking offers tons of convenience. From opening an account to managing your accounts, you never have to set foot in a bank.
But as with any banking option, you need to think about what your business needs from a bank. For example, do you want a full-service bank that can provide you with all types of bank accounts, as well as credit cards and business services? Or do you just need a simple, inexpensive, or free business checking account?
Finding out what kind of features you are looking for will help you narrow down your options.
And speaking of features, we have to talk about cash deposits in particular. Different online banks handle cash in different ways. Some don’t accept cash at all, while others may allow you (reluctantly) to send a cash deposit, and still others allow you to make cash deposits at your local convenience store.
So think about your cash flow habits when choosing your online bank account, and keep in mind that cash-intensive businesses are likely to prefer traditional banks. (If that describes your business, check out our list of the best investment banks in each state.
1. Chase online business
Some business owners want the convenience of online banking. They can also find solace in knowing that a physical branch is just around the corner. Chase Business Online brings the vast resources of the banking giant to the small business owner with a simple online banking option. Chase Business online banking services are provided by the FDIC.
Chase Business Online offers superior security and management features to its members. Digital payment features allow you to monitor your business cash flow completely online, with 250 transactions per month at no charge.
- Account management tools allow members to configure multiple account users, with control over what is seen and done on the account. Cash management, such as paying bills and transferring funds, can be easily performed by any authorized user.
- Mobile banking with the Chase Mobile Banking app enables business owners to bank on the go, with banking messages and account alerts; You can check your account balance with a text message and receive alert notifications when your account does not meet minimum balance requirements.
- ACH Payment allows you to pay employees and suppliers online by direct deposit. Through a partnership with Zelle, Chase enables members to send and receive money directly from their online checking account.
- Account monitoring and protection services help protect your account against fraud.
2. Small Business Bank
Small Business Bank is our preferred online business bank, with its free checking and super competitive business savings accounts.
You can get your free Small Business Bank business checking account (no monthly fees or transaction fees) with an initial deposit of just $ 5. And unlike other online banks, Small Business Bank allows you to use checks and deposit cash (at via Shazam ATMs).
In addition to a debit card for your checking account, you can also take advantage of a Small Business Bank MicroPayment payment card (such as a business credit card that pays in full each month).
And that’s all well and good, but Small Business Bank really stands out when you look at their business savings accounts. Small Business Bank offers a Money Market Account and a High Yield Savings Account. They both have low monthly rates. Most importantly, they have very high interest rates (the best we’ve seen on business accounts) so you can earn more on your account balance.
So while Small Business Bank may not have the most modern website or feature-rich app, it does well at what matters – banking. Its affordable, high-value accounts make it a versatile online business bank and our first choice for most businesses.
BlueVine is another great online bank account option for business owners who like to earn interest on their money. BlueVine is insured by the FDIC.
BlueVine offers great online features, competitive interest rates, and support for small business owners.
- Members will benefit from competitive interest rates on their business current accounts, with an APY of 1% on balances below $ 100,000.
- BlueVine gives business owners control over its online format and mobile banking app. Members can view their balances on the go, make transfers and deposit checks just by taking a photo.
- Although there is no physical location, business owners can use the BlueVine business debit card to withdraw money from over 38,000 ATMs.
- Current account transactions are unlimited, there is no minimum balance required and there are no insufficient funds fees. Members can schedule supplier payments and pay bills with easy-to-use money management features.
You probably know that you can earn interest on savings accounts, but did you know that you can earn interest on business checks, too? This is where Kabbage Checking shines.
Kabbage offers interest-bearing checking accounts (like BlueVine, LendingClub Banking, and a few others on this list). This means that you can earn more money just by having money in your checking account, no action is required on your part.
Best of all, Kabbage offers the highest interest we’ve found on interest-bearing checks. Your accounts earn 1.1% APY (Annual Percentage Return) on any account balance up to $ 100,000. This rate is higher than what we have found in any other bank. So whether you keep $ 1 in your account or $ 99,999, you are passively earning (a lot) of interest.
Plus, Kabbage Checking comes with other great benefits, like cash deposits at many outlets and low fees on your bank accounts.
So if you want a solid business checking account with great income potential, Kabbage Checking is the way to go.
NBKC offers strong business banking services, but also offers great personal banking services, perfect for when you want to keep all of your banking services in one place.
First of all, let’s talk business. NBKC offers checking and savings accounts, and neither has maintenance fees, transaction fees, or anything like that. Plus, NBKC has competitive rates on its savings accounts. And if that’s not enough, it also offers business credit cards and other banking services that you will need.
And for the personal? NBKC has a free high-yield checking account and an interest rate of 0.15%. You can also purchase specialized savings products (certificates of deposit and money accounts). And like any good personal bank, NBKC has financing galore for everything from auto loans to home loans.
Yes, you can find some other online business banks that also offer personal accounts, but NBKC is doing its best.
And like any good personal bank, NBKC has financing galore for everything from auto loans to home loans.
Yes, you can find some other online business banks that also offer personal accounts, but NBKC does its best.
6. LendingClub Banking
Do you make a lot of debit card purchases? You can be rewarded for them with the LendingClub Banking cash back program.
LendingClub Banking (formerly Radius Bank) offers a handful of different business bank accounts, but their custom checking account is the most interesting. It comes with a MasterCard debit card and you get cash back when you use it (like a credit card rewards program).
Virtually any purchase earns you a 1% cash back, and you get bonuses in some categories for a limited time (like a 1.5% cash back on computers at the time of writing). So depending on how you spend, you can end up making a lot of money just by using your business debit card.
LendingClub Banking’s personalized verification also has other great benefits, such as (relatively low) interest on account balances of $ 5,000 or more and unlimited ATM fee reimbursement. So even though it’s one of the few banks on this list that charges a monthly fee, LendingClub still offers a lot of value. (Plus, you don’t have to worry about fees if you keep at least $ 5,000 in your account.)
Simply put, if you want to be rewarded for your spending (and higher account balances), you will get a lot out of LendingClub Banking.
7. Axos Bank
If you are a new business owner and want to set up a simple online banking account, Axos Bank is a great option. Axos Bank is insured by the FDIC.
The Axos banking experience is straightforward and offers straightforward online account functionality.
- Axos Bank offers two online control options: basic commercial checks and interest-bearing commercial checks. Basic Business does not offer maintenance fees and unlimited refunds of ATM fees for home use.
- Business Interest Checking allows members with an average daily balance of $ 5,000 to earn up to 0.81% APY on their checking account. There is no monthly maintenance fee.
- Account features help members manage funds, process payments, complete transactions, and automate invoices. You can do all your banking transactions through your mobile banking app.
- Axos Bank also offers trading account members investment options via certificates of deposit (CDs) and deposit account registration service (CDARS) with guaranteed returns. Rates range from 0.15% APY within three months to 0.40% APY within five years for CDs with minimum account balances of $ 1,000.
Bonus offer: If you started your business after June 2020, Axos offers a bonus of $ 100 to new business owners when they sign up for a checking account.
Radius Bank is another online bank with perfect bank account features for small business owners. Radius Bank is insured by the FDIC.
Radius Bank Online Current Account offers premium online mobile banking and money management platforms.
- Radius Bank offers digital invoicing with Autobooks. Digital payment options make it easy for customers to pay you, all linked to your checking account. Syncing with other account software like QuickBooks is easy.
- With the Radius Bank Mobile app, business owners can track payment activity, view account balances and history, reorganize or deposit checks, and make internal transfers or payments to vendors. The app also offers 24/7 chat support.
- Members will benefit from an unlimited number of online current account transactions, with no account maintenance fees for accounts of a minimum of $ 5,000. Members with a minimum balance of $ 5,000 or more can earn up to 0.10% APY on their checking accounts.
- To streamline business purchases, business owners can create a mobile wallet, pairing their Radius Bank debit card with Apple Pay, Samsung Pay, and Google Pay.
Which online business bank account is right for you?
There are many factors to consider before choosing an online banking account for your business. Here are some of the most important:
- Reliable and Secure – No need to waste time with an online bank that doesn’t have the customer’s financial security first. Search FDIC-insured banks online.
- Management Tools and Services: What Services Will You Need? A current account and savings? Will you need a business credit card? Commercial services? Employee cards too? Most online banks offer payment tools and money management services. Find one that works for your business.
- Rates and Fees – Many online banks may offer higher interest rates on deposit accounts than traditional banking institutions. Therefore, if the accrued interest is significant, be sure to compare the rates. Also be aware of service fees: overdraft fees, minimum balance fees, monthly service fees, etc.
- Support – Finding an online bank with a great online help center, a reputation for excellent customer service, and a premium mobile app is essential for banking on the go.
Online banking is here to stay and choosing an online banking account for your business requires careful consideration. Safety is always paramount – Finding an FDIC-insured bank should be a top priority.
Additionally, account management features, mobile platforms, potential interest repayment rates on your money, transaction fees, and overall banking convenience are all factors to consider in making the right decision. for your professional account.
You need to know what services would serve you and, in effect, help you to best serve your customers and clients.
How much money should a small business have in the bank?
If your company spends $10,000 a month on average, then your business should keep $30,000 cash in the bank at all times. If you personally spend $5,000 a month, you should have a savings account with $15,000 in it. These cash reserves should NEVER be touched.
Can I get a business bank account with no fees?
Yes, you can get a fee-less small-business checking account from online banks. Several of the banks reviewed above (including Small Business Bank, BlueVine, and NBKC) don’t charge any monthly fees or transaction fees for their online business checking accounts.
Is there a minimum deposit requirement for online banks?
In some cases you’ll have to make a minimum deposit to open an account―but not always.
For example, BlueVine doesn’t require any minimum deposit. Banks like Small Business Bank and NBKC require just $5. Other banks have higher minimum deposits, ranging from $25 to $1,500.