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The Top 11 Online Business Bank Accounts

Our top picks for business checking accounts offer low fees, good rates, and features to help small businesses manage their finances. Which small business bank account is best for you?

    Chelsea Krause
  • Last updated onUpdated

  • Shannon Vissers
  • REVIEWED BY

    Shannon Vissers

    Lead Staff Writer

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.

Online business bank accounts save time and money by offering the convenience of online banking with lower fees and often higher APY than traditional banks.

But with dozens of online banks, how do you know which is right for your business? We evaluated 30+ business banking accounts and narrowed it down to eleven options.

Learn More About Our Top Picks

CompanyBest ForNext StepsBest For
Square Business Banking

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  • $0 fees
  • $0 minimum balance
  • No cash deposits
  • $0 fees
  • $0 minimum balance
  • No cash deposits

Apply Now

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Novo Bank

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  • $0 monthly fees
  • $0 minimum balance
  • No cash deposits
  • $0 monthly fees
  • $0 minimum balance
  • No cash deposits

Visit Site

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Live Oak Bank

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  • $0 monthly fee
  • $0 minimum balance
  • No cash deposits
  • $0 monthly fee
  • $0 minimum balance
  • No cash deposits

Visit Site

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Bluevine

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  • $0 monthly fees
  • $0 minimum deposit
  • Cash deposits accepted
  • $0 monthly fees
  • $0 minimum deposit
  • Cash deposits accepted

Apply Now

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Mercury

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  • $0 monthly fee
  • $0 minimum balance
  • No cash deposits
  • $0 monthly fee
  • $0 minimum balance
  • No cash deposits

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Axos Bank

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  • $0-$15 monthly fee
  • $0 minimum balance
  • Cash deposits accepted
  • $0-$15 monthly fee
  • $0 minimum balance
  • Cash deposits accepted

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Bank Of America Business Banking

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  • $16-$29 monthly fees
  • $5,000+ minimum balance to waive fees
  • Cash deposits accepted
  • $16-$29 monthly fees
  • $5,000+ minimum balance to waive fees
  • Cash deposits accepted

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LendingClub

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  • $0-$10 monthly fee
  • $500 minimum balance
  • Cash deposits allowed
  • $0-$10 monthly fee
  • $500 minimum balance
  • Cash deposits allowed

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Found

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  • $0 monthly fees
  • $0 minimum balance
  • Cash deposits allowed
  • $0 monthly fees
  • $0 minimum balance
  • Cash deposits allowed

Visit Site

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Lili

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  • $0 - $35/month
  • $0 minimum balance
  • Cash deposits allowed
  • $0 - $35/month
  • $0 minimum balance
  • Cash deposits allowed

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Grasshopper Bank

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  • $0/month
  • $0 minimum balance
  • No cash deposits
  • $0/month
  • $0 minimum balance
  • No cash deposits

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Read more below to learn why we chose these options.

Table of Contents

The 11 Best Online Business Bank Accounts

The best online business bank accounts come with little to no fees, easy account access, and competitive APYs. Some even have stand-out additional perks like cash-back debit cards or business loans and lines of credit to keep up with your growing business.

Here are the top online business bank accounts that were good enough to make the cut.

How The Best Online Business Bank Accounts Compare

Services Offered APY Monthly Fee Minimum Opening Deposit Minimum Balance Requirement Overdraft Fee Foreign Trasaction Fee Wire Transfer Fee Maximum Transfer Amount
Square Checkings, Savings, Loans Up to 1.75% $0 $0 $0 $0 0% $0 $10,000
Novo Checking, Invoicing 0% $0 $50 $0 $27 0% NA NA
Live Oak Savings, CDs, Loans Up to 4% $0 $0 $0 May apply, but not set 3% NA NA
Bluevine Checking, Lines of Credit Up to 2% $0 $0 $0 $0 $25+ up to $15 NA
Mercury Checkings, Savings, Credit cards, Investor Opportunities Up to 5.5% $0 $0 $0 $0 1% currency excahnge $0 Contact for details on transactions of $200K+
Axos Checking, Savings, CDs, CDARs, Lending Up to 3.30% $0 – $10 $0 Varies by account type $0 Varies by account type $7 6 transfers per month
Bank of America Checking, Savings, Credit Cards, Lines of Credit Up to 0.04% $16 – $29.95 (can be waived) Not disclosed $2,500 $35 3% Varies Varies
LendingClub Checking, Savings, Invoicing Up to 4.65% $0 – $10 $0 – $100 $500 $0 0.20% $18 – $40 Varies
Found Checking, Invoicing, Bookkeeping Up to 1.5% $0 – $19.95 $0 $0 $0 0% NA NA
Lili Checking, Savings, Accounting Up to 4.15% $0 – $35 $0 $0 $0 0% NA NA
Grasshopper Checking, Invoicing, Lending Up to 2.25% $0 $100 $0 $0 $5/each Varies $10,000/day

Square Business Banking: Best Online Business Bank For Instant Access To Funds

Square Business Banking


Apply Now

APY

1.75%

Monthly Fee

$0

Business Size

Sole proprietors only

Pros

  • No account minimums
  • No fees
  • Instant funds availability
  • Access to credit

Cons

  • $2k – $10k transaction limit
  • No cash deposits
  • 1% fee on ACH transfers

Why We Chose Square For The Best Online Business Bank For Instant Access To Funds

If you use Square to process payments in person or online, your Square bank account delivers almost instantaneous access to funds from the sales you make. There's no minimum deposit required to open a Square Bank account and no required minimum balance. And Square Instant Transfers are 100% free to Square banking customers.

It's simple to transfer money from your Square checking account to subaccounts you can set up for savings, making it easy to pay taxes, set aside money for payroll, save for special needs, or repay loans. Square Banking currently advertises an APY of 1.75%.

  • APY: 1.75%
  • Minimum Account Balance: None
  • Monthly Fees: $0
  • Types Of Accounts & Services: Checkings, Savings, Loans

Square Banking Rewards & Perks

The biggest perk of using Square Banking is the almost instantaneous access you’ll get to funds from sales made via Square, using the Instant Transfer option. Another perk is a discount available when you use your Square debit card to make purchases from other Square sellers. This discount is presented as a special offer that varies.

Your funds can also earn interest when you bank with Square; the current advertised APY is 1.75%.

Once you’re doing business within Square’s financial network, you’ll also be eligible to access loans through Square funding. Financing through Square is so easy you won’t even have to apply for it; you’ll receive loan offers automatically and be approved immediately, with no lengthy application or credit check.

Square Banking Fees

Square offers almost fee-free business banking. When you use Square Banking, you’ll pay no monthly fees, no wire transfer fees, no ATM fees, no bill-pay fees, and no foreign transaction fees. One of the few fees you may encounter is a 1% charge for ACH transfers.

Square doesn’t charge ATM fees, but users are liable for third-party ATM fees. Square does not offer ATM reimbursements like other banks on this list (see Novo if ATm reimbursements are a must for your business).

Square Banking Eligibility Requirements

Square Banking is available to US-based businesses operating as sole proprietorships. To use Square Banking, you must use Square POS or Square Online for sales. You won’t face income verification or a hard credit check that can affect your credit rating.

Watch Out For:

  • Square Banking is only available to US-based businesses
  • You must use or plan to use a Square account to process payments for in-person or online sales
  • Square does have a transaction minimum of $25 and a maximum of $10,000 so it’s not good for businesses that need to move $10k+
  • New Square sellers could be limited to a $2,000 transfer limit
  • Square isn’t great if you anticipate a lot of ACH transfers

Get Started With Square Business Banking

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Novo Bank: Best Online Business Bank For ACH Transfers

Novo Bank


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APY

0%

Monthly Fee

$0

Business Size

Small to medium sized

Pros

  • $0 fees
  • Free transfers
  • Low opening deposit and no minimum balance
  • ATM reimbursements

Cons

  • No interest-earning accounts
  • No cash deposits
  • No access to credit

Why We Chose Novo As The Best Online Business Bank Account For ACH Transfers

If your business requires ACH transfers, Novo is the company you'll want to check out. Novo offers unlimited ACH transfers with no maximum limit and has no ACH fees. To top it off, Novo has hardly any other fees, numerous integrations, ATM reimbursements, and no minimum balance requirements.

  • APY: n/a
  • Minimum Balance Requirement: None
  • Monthly Fees: $0
  • Types Of Accounts & Services: Checking, Invoicing

Novo Rewards & Perks

With no APY interest-earning options to offer, Novo takes a different approach than its competitors and offers the following perks:

  • 6% cash-back offer on travel arranged through Booking.com
  • $5,000 in fee-free Stripe payment processing
  • $3,000 in Google Cloud credits
  • 20% off LegalZoom

You’ll also find discounts and credits with Gusto, QuickBooks, HubSpot, Segment, Zendesk, Snapchat Ads, Salesforce Essentials, Homebase, and more.

Novo does not offer its customers access to credit. You’ll find no loans, lines of credit, or credit card offers with Novo. However, you will find a built-in invoicing feature.

Novo offers a referral program that delivers a cash deposit to current customers who refer new customers who make a qualifying deposit. Novo’s referral program maxes out at 10 qualified accounts.

Novo Fees

Novo’s pricing is straightforward: You won’t find any of the common fees many other fintechs and banks charge. That includes no monthly, minimum balance, transaction, or hidden fees.

The other big one is Novo offers free ACH transfers (unlike Square Banking which has 1% fee for ACH). There’s no maximum ACH limit. You won’t find any wire transfer fees because Novo doesn’t offer customers the ability to send wire transfers (only receive them) and relies on ACH instead.

You’ll also pay $0 in foreign transaction fees and ATM fees. When you use your Novo card at an ATM, you may be charged a fee by the ATM owner, but Novo reimburses ATM fees up to $7/month.

The only fees you might encounter are uncommon or avoidable ones, including $27 fees for each overdraft or returned payment. There is a $50 opening balance deposit required as well.

Novo Eligibility Requirements

Novo is a fintech company powered by its bank sponsor, Middlesex Federal Savings F.A., and works with all types of US-based businesses except those classified as high-risk. Specifically, businesses dealing in cryptocurrency, privately owned ATMs, marijuana, cannabis, gambling, crowdfunding, and money services are excluded.

A valid US mailing address and Social Security Number or EIN are also needed to qualify.

Watch Out For:

  • Novo does not offer cashier’s checks
  • Novo doesn’t offer APY
  • While you can receive wire transfers, Novo doesn’t provide wire transfers to its customers (it does offer free ACh transfer thought)
  • Novo has an ATM withdrawal limit of $1,000
  • Valid US mailing address required

Get Started With Novo Bank

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Live Oak Bank: Best Online High-Yield Business Savings Account

Live Oak Bank


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APY

4.00%

Monthly Fee

$0

Minimum Account Balance

$0 - $2,500

Pros

  • High APY
  • $0 monthly fees
  • Free ATM network
  • CDs & loans available

Cons

  • No in-person option
  • No cash deposits
  • No checking account

Why We Chose Live Oak For The Best Online High-Yield Business Savings Account

Live Oak doesn't just beat that national average for savings accounts, Live Oak blows it out of the water with a current 4% APY on business savings with interest compounded daily (compared to the national average currently stuck under 0.63%). Live Oak offers one of the best high-yield savings accounts available for small businesses.

And you can make your money work even harder for you by opening a certificate. Live Oak's CD rates stand out, with rates as high as 5.4%, making Live Oak a great online banking option for businesses wanting to earn interest on their hard-earned savings. Live Oak has even increased the APY on their CDs since our last update of this post.

  • APY: 4% (5.4% for CDs)
  • Minimum Account Balance: None for savings ($2.5k for CDs)
  • Monthly Fees: $0
  • Types Of Accounts & Services: High-Yield Savings, CDs, & Loans

While LiveOak doesn't offer business checking the product is said to be coming soon. You can sign up for email alerts about Live Oak's checking account launch on their website.

live oak checking accounts coming soon

Source: Live Oak website, screenshot captured 12/6/23

Live Oak Bank Rewards & Perks

Live Oak Bank is currently offering a $300 cash bonus to new customers who open a small business checking account and perform qualifying activities. This offer is available for a limited time.

Live Oak business checking accounts include a savings account with an APY of 4%. That’s well above the national average for savings, and there’s no minimum balance requirement.

But that’s not the best Live Oak Bank can do for APY. Certificates of deposit are available for business customers with terms ranging from six months to five years. APYs on CDs depend on the term increases, starting at 2.0% and going as high as 5.4%.

Live Oak offers SBA loans, US Department of Agriculture loans, and Commercial loans to eligible small businesses. Loans start at $150,000.

Live Oak Bank Fees

You’ll find no minimum balance requirements with a Live Oak Tidal Small Business Checking account. If you’d like to set up a Live Oak certificate of deposit, you’ll need a minimum balance of $2,500. However, you won’t pay any ongoing monthly maintenance fees for a Live Oak business bank account.

There are no fees for checks paid or deposited or for ATM, ACH, or debit transactions, but there are a few one-off fees to be aware of:

  • Stop Payment Fee: $15
  • Returned Item Fee: $10
  • Outgoing Wire Transfers: $19
  • Dormant Account Fee: $10.01
  • Tax Levies, Garnishments, & Legal Action Fees: $50

The other big fee is a 3% charge for foreign transactions, which rules Live Oak out as a viable international business option.

While Live Oak doesn’t give a set overdraft or insufficient funds fee, their business terms and conditions state that they can charge such fees at their discretion.

Live Oak offers free access to the AllPoint ATM network. Live Oak won’t charge you for using an out-of-network ATM, though the ATM owner might. Live Oak does not offer ATM reimbursements for out-of-network ATMs.

Live Oak Bank Eligibility Requirements

Live Oak Bank offers business banking services to US citizens and permanent residents with valid Social Security Numbers. Live Oak business accounts are available to corporations, LLCs, sole proprietors, partnerships and limited partnerships, professional corporations, associations, and nonprofits.

Watch Out For:

  • Live Oak doesn’t require minimum balances for savings accounts but does require a minimum balance of $2,500 for certificates of deposit
  • Live Oak offers up to $250k in FDIC insurance; to qualify for up to $10m in FDIC insurance, you’ll need a minimum balance of $350k+
  • Dormant accounts will be closed after 24 months of inactivity

Get Started With Live Oak Bank

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Bluevine: Best Online Business Bank With Lines Of Credit

Bluevine


Apply Now

APY

2.0%

Monthly Fee

$0

Business Types

All

Pros

  • No monthly fees
  • High APY
  • Free ATM network
  • Cash deposits allowed

Cons

  • No savings account
  • Numerous one-time fees
  • Doesn’t support high-risk industries

Why We Chose Bluevine For The Best Online Business Bank With Lines Of Credit

Among Bluevine Business Checking's multiple attractive features: high APY, automated accounts payable, business checking with no monthly fees, multiple sub-checking accounts, and access to lines of credit.

BlueVine offers revolving lines of credit up to $250,000, making BlueVine a great option for business owners who need regular access to funds or who want a strong emergency fund option. using Bluevine Checking makes showing proof of revenue much easier and keeps more of your financial information in one location.

  • APY: 2.0%
  • Minimum Account Balance: None
  • Monthly Fees: $0
  • Types Of Accounts & Services: Checking, Lines of Credit

Bluevine Business Checking Rewards & Perks

Bluevine offers an interest rate of 2.0% on balances of $1-$100,000, which is that’s currently well above the national average. If you’re looking for additional rewards, such as a signup bonus or points when you use your debit card, you won’t find them with this business checking account.

Bluevine Checking also supports up to five sub-accounts to help you keep your business finances organized.

Bluevine banking customers are also eligible for financing from Bluevine lines of credit. Bluevine offers a revolving line of credit on six- and 12-month repayment plans. (Note: Bluevine does not accept high-risk businesses.)

Bluevine Business Checking Fees

Bluevine bank accounts are free from monthly maintenance fees, transaction fees, and ACH transfer fees (unless you want same-day ACH which costs $10). There are no charges for in-network ATMs, but you may encounter a $2.50 out-of-network ATM fee.

Depending on if you are a Standard Bluevine Checking account holder or a premier account holder, you may also find the following fees (some fees are lower or waived for Premier holders):

  • Credit card processing fee: 2.9%
  • Outgoing wire fee: $15
  • Cash deposits: Up to a $4.95
  • Outgoing check fee: $1.50
  • International wires USD: $25
  • International wires FX: $25 + 1.5%

While Bluevine does have more one-time fees than some other online banking options, we appreciate how straightforward it is to find all of Bluevine’s fee information.

Bluevine Business Checking Eligibility Requirements

You can apply for a Bluevine Business Checking account online. These are the requirements listed online:

  • A small business owner who’s aged 18+
  • US citizen or permanent legal resident
  • Verifiable address in one of the US states or DC (US territories are not included)
  • No high-risk industries

Watch Out For:

  • Bluevine doesn’t accept any high-risk industries
  • Bluevine only accepts businesses with a verifiable US address
  • BlueVine doesn’t have monthly fees but charges more additional fees (wire transfer, cash deposit, out-of-network ATM fees, etc.) than other online banks
  • Bluevine offers two checking account plans: Standard and Premier; you can save a significant amount on certain fees with the Premier plan
  • Card purchases have. a$10,000/day max

Get Started With Bluevine

Read our in-depth review

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Mercury: Best Online Business Bank For Startups

Mercury


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APY

Up to 5.5%

Monthly Fee

$0

Business Size

Startups excluding sole proprietors

Pros

  • Access to startup capital
  • No fees or minimum balances
  • Partner perks and discounts
  • High APY available

Cons

  • No cash deposits
  • Available only to businesses with EIN
  • Large balance required for high APY

Why We Chose Mercury For The Best Business Bank

Mercury is a banking stack aimed at startups. The company offers banking, high-yield savings, employee cards, and spend control tools to start. Mercury also uniquely offers startup celebration rewards as your company reaches certain business milestones and offers investor networking and pitching opportunities.

If you need business banking, but also the investment capital opportunities to grow your business, Mercury is a solid choice that offers startup perks not seen with other online business bank accounts.

  • APY: Up to 5.5%
  • Minimum Account Balance: None
  • Monthly Fees: $0
  • Types Of Accounts & Services: Checking, High-Yield Savings, Cash-Back Credit Cards, & Investor Opportunities

Mercury Rewards & Perks

Mercury offers up to 5.5% APY with interest compounded weekly using the Mercury Treasury service. The only thing to note is that to qualify for Mercury Treasury, you’ll need a minimum of $250K in your account to participate.

Mercury also offers 1.5% cash-back credit cards a wide range of discounts and promotional offers from software partners.

You’ll also receive special undisclosed “celebration” rewards when your startup hits specific milestones, such as raising funds, going public, or launching a special feature.

Mercury recently launched its own Mastercard credit card, called IO. Mercury also helps connect users with pitch opportunities and advisors. Mercury Raise is an event with 500+ investors, Future of Fintech brings together top investors to talk about fintech trends, and Series Tea brings together experts in investing, pitching, and more.

Mercury Fees

Mercury charges almost no fees and is transparent when it does. You won’t find any monthly or ongoing fees, foreign transaction fees, or domestic and international wire transfer fees. You will have ATM access without any fees, although another network may charge you if you use anything other than Allpoint machines.

Mercury does charge some uncommon fees, including for mass payments through the Mercury API, treasury management fees, and foreign conversion fees (the current exchange rate fee is 1%).

Mercury Eligibility Requirements

Mercury is open to US-based businesses, particularly tech startups. Unfortunately, sole proprietors and trusts are not eligible to use Mercury.

You’ll need an EIN to apply, and you’ll have to share your Social Security Number for identification purposes, but you won’t undergo a credit check. Some high-risk businesses are also excluded, such as adult entertainment, gambling, and marijuana businesses.

Watch Out For:

  • APY is only available on balances of $250K+
  • Mercury charges a 1% currency exchange fee
  • Sole proprietors & trusts are ineligible
  • Mercury doesn’t support certain high-industries

Get Started With Mercury

Read our in-depth review

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Axos Bank: Best Online Business Checking Account

Axos Bank


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Pros

  • Cash welcome bonus
  • Cash deposits via Green Dot
  • Unlimited debits, credits, and deposits
  • Savings options

Cons

  • Minimum balance requirements
  • Limited integrations

Why We Chose Axos For The Best Online Business Checking Account

Axos is a direct bank and not a fintech partnering with a bank. That makes it possible for Axos to offer a variety of checking and savings accounts as well as lending options that you'll be hard-pressed to find with other online banking companies. While Axos offers checking and savings accounts, Axos stands apart in online business checking by offering three different checking account models: Axos Essential, Axos Rewards Checking, and Axos Cashback.

Axos Essential offers low fees and unlimited ACH transfers and is a solid checking account option for businesses to begin with. But then, throw in Axos' Rewards Checking account with up to 3.30% APY and the Cashback account with up to 1% cashback on purchases and you've got yourself a stand-out business checking option.

  • APY: Up to 3.30%
  • Minimum Account Balance: $0 ($5,000 for the Cash Back account to qualify for no monthly fees)
  • Monthly Fees: Typically $0
  • Types Of Accounts & Services: Checking, Savings, CDs, CDARs, Lending

Axos Rewards & Perks

Axos offers multiple types of savings accounts with a top APY of 0.20% and multiple types of checking accounts with an APY of up to 3.30% or a cashback offer of up to 1% on purchases.

Axos really stands out with its rewards checking offerings; however, if you want a high-yield savings account or high-yield on your CDs, Axos leaves business owners wanting compared to other options like Live Oak.

For other perks, Axos is usually offering some sort of sign-up bonus. Currently, Axos is offering up to $700 for opening a high-yield reward checking account.

Axos also offers a wide range of financing and credit options to customers. These include commercial lines of credit, term loans, real estate lending, equipment financing, and more. Axos does not offer an in-house credit card, however.

Axos Fees

Although Axos marketing materials say it’s a “no-fee checking account”, a close read of the fine print reveals that’s not quite true. For starters, most Axos checking accounts come with monthly maintenance fees that are waivable if you maintain a minimum average balance of $5,000+. Fees start at $10/month.

Axos users will also pay foreign transaction fees of 1% and wire transfer fees of $7 and $15 for outgoing and incoming wires. Outgoing international wires cost $50.

While Axos’ fees aren’t outrageous compared to other online banks, the company certainly loses points for claiming it’s a “no-fee” banking option and does have more fees than competitors like Novo or Square Banking.

Axos Eligibility Requirements

All US-based business types are eligible to use Axos banking services. That includes sole proprietors all the way up to corporations.

Watch Out For:

  • Axos does charge monthly maintenance fees if you don’t maintain a minimum balance of $5k
  • Axos’ savings and CD APY are hardly considered high-yield compared to competitors like Live Oak Bank
  • Axos does have more one-time fees than other online banks (but you won’t find the same rewards checking perks with other banks either)
  • Axos’ fine print says there’s a limit on withdrawal transactions that your business may be subject to

axos bank fine print

Source: Axos Bank, screenshot captured 12/7/2023

Get Started With Axos Bank

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Bank Of America Business Banking: Best Hybrid Online Business Bank

Bank Of America Business Banking


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Pros

  • Waivable fees
  • Access to credit
  • Unlimited free electronic deposits
  • Numerous physical locations plus a strong mobile app

Cons

  • Transaction limits
  • Caps on cash deposits
  • Low APY

Why We Chose Bank of America For The Best Hybrid Online Business Bank

Bank of America is a good fit for anyone looking to combine online convenience with traditional bank services.

With BoA's hybrid online and branch banking model, you can deposit checks, send payments via the bank's mobile app, use digital debit cards, connect with important business software, and more online; or, you can use one of BoA's 4,000 physical locations across the US if you want an in-person experience.

And because BoA is such a big name in the banking world, it has certain features that smaller fintechs may not have the manpower to supply like cash flow management, checking business credit scores, and access to Zelle for business. This does mean it has higher fees and lower APY, but the pros may outweigh the cons for some businesses

  • APY: Up to 0.04%
  • Minimum Account Balance: $2,500
  • Monthly Fees: $16 or $29.95
  • Types Of Accounts &Services: Checking, Savings, Credit Cards, Lines of Credit

Bank Of America Business Banking Rewards & Perks

While there’s a lot to like about Bank of America business accounts, if you’re looking for a high APY this won’t be the right choice for you. This bank’s savings accounts offer an interest rate of 0.01% – 0.04%, which is well below the national average on savings of 0.61% and far below other online banks like Live Oak and Bluevine.

To qualify for BoA’s Preferred Rewards, you need a three-month minimum combined average daily balance of $20K or more. Benefits include reduced or eliminated fees, interest boosts, discounts on lines of credit, and more.

Bank of America Business Banking offers credit cards, loans, and lines of credit to keep your business growing.

Bank Of America Business Banking Fees

Higher fees are more common with traditional banks than with online options, and Bank of America is no exception. To avoid monthly fees on your Bank of America business account, you’ll need to maintain a minimum balance.

You can waive the $16 monthly fee for the Business Advantage Fundamentals Banking account by maintaining a $5,000 average balance. The Business Advantage Relationship Banking account has a $29.95 monthly fee that you can avoid by maintaining a $15,000 average monthly balance.

Regardless of whether your fees are waived or not, you’ll need to maintain a minimum balance of $2,500.

Bank of America business accounts also include these additional fees:

  • Cash Deposits: Each type of BoA account has a free cash deposit limit per statement cycle and then charges a fee of $0.30 per $100 deposited
  • Excess Transaction Fees: Each type of BoA account also has a reasonable amount of free transactions (200-500 transactions per statement cycle depending on the account) and then charges a $0.45 fee per transaction item.
  •  ATM Fees: If you go out-of-network, you’ll pay a fee of $5 or 3% of the transaction up to a maximum of $100
  • Foreign Transaction Fees: 3% of the US dollar amount
  • Overdraft & NSF Fees: $35 each

Bank Of America Business Banking Eligibility Requirements

Bank of America Business bank accounts are available to US businesses of all types and sizes. Each type of business, from sole proprietorships to corporations, has a different list of documentation required, according to industry standards. Applications may be completed online or in person at a local branch office.

Watch Out For:

  • Bank of America monthly fees can only be waived if you have a minimum balance of $5,000 – $15,000 depending on the account type
  • BoA has higher fees than other online banks
  • BoA has a lower APY than other online banks
  • BoA is not a good fit for businesses with many foreign transactions because it has such a high foreign transaction fee

Get Started With Bank Of America Business Banking

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LendingClub: Best Online Business Checking Account For Rewards

LendingClub


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APY

1.5%-3.5%

Monthly Fee

0$-$10

Minimum Account Balance

$0-$500

Pros

  • Monthly fee can be waived
  • High APY
  • Cash rewards
  • Includes business checks

Cons

  • Requires $500 minimum balance

Why We Chose LendingClub For The Best Business Bank Account For Rewards

LendingClub's Tailored Checking account includes a high-interest rate that's currently at 1.5% APY on balances below $100K and unlimited 1% cash back rewards on debit card purchases.

Either of those would be notable in a business bank account -- having both together is hardly ever seen in online banking and makes LendingClub an attractive option for businesses looking for banking rewards.

For even better APY options, LendingClub also offers 4.65% APY LendingClub Savings accounts.

  • APY: Up to 4.65%
  • Minimum Account Balance: $500
  • Monthly Fees: $10 (can be waived)
  • Types Of Accounts & Services: Rewards Checking, High-Yield Savings, Invoicing

LendingClub Rewards & Perks

In addition to the high APY of 1.5% APY (0.10% on balances of $100K and up), you’ll receive unlimited 1% cash back rewards on qualified purchases made using your Tailored Checking debit card.

This account offers unlimited automatic rebates on ATM fees, accounting integrations, and an Autobooks connection to create and send digital invoices and take payment online.

While LendingClub’s checking rewards stand out, their savings rewards are also worth mentioning with a 4.65% APY

LendingClub offers traditional small business loans and SBA loans. LendingClub is even a Small Business Administration Preferred Lender. You can access small business loans from $5,000-$500,000 or apply for a SBA 7(a) or 504 loan starting at $400,000.

LendingClub Fees

LendingClub’s savings account requires a minimum deposit of $100. Both LendingClub’s Savings and LendingClub’s Tailored Checking accounts have a $10 monthly fee that can be waived by maintaining a $500 minimum account balance.

You’ll also pay fees for wire transfers, with outgoing domestic wires costing $18 and outgoing international wires costing $40 each. The plus side is that LendingClub is very transparent with its fees.

LendingClub has a 0.20% currency conversion fee and a cross-border/international transaction fee of 0.90%. There’s also a stop payment fee of $25.

There are no fees on in-network ATMs, and LendingClub offers an unlimited ATM rebate for out-of-network ATMs (most other online banks either don’t reimburse ATM fees or have a limit on reimbursements so this perk is a huge plus).

LendingClub Eligibility Requirements

LendingClub’s business banking services are available only to legal US residents. You’ll need to share your company’s legal name and DBA, EIN, or tax ID as well as your address.

Watch Out For:

  • LendingClub is not a good fit for businesses that send a lot of wire transfers as the wire transfer fee is quite high compared to other online banks
  • You have to have a minimum balance of $500 to avoid monthly fees (while many online banks don’t require a minimum balance, LendingClub’s minimum is still much smaller than most traditional banks or hybrid banks like Bank of America)
  • If you have a $0 balance for more than 3 months, LendingClub may close your account “without further notice”

Get Started With LendingClub

Read our in-depth review

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Found: Best Online Bank For Freelancers

Found


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APY

1.5%

Monthly Fee

$0 - $19.99/month

Minimum Account Balance

$0

Pros

  • $0 monthly and ongoing fees
  • No minimum balance
  • Unlimited transactions
  • Great features for freelancers

Cons

  • No savings
  • Tax and bookkeeping features only on the paid plan
  • No outgoing wire transfers

Why We Chose Found As The Best Online Business Bank Account For Tax Support & Budgeting

Found Banking has low fees and minimum, plus a slew of helpful built-in tax support and booking tools aimed specifically at the self-employed. What makes Found unique from other online banks and fintech companies is its "smart banking," which helps your business simplify taxes, identify and auto-categorize tax deductions, and automatically save for taxes.

Add expense tracking, invoicing, and budgeting into the mix and it's easy to see why Found's bookkeeping and tax support features put this online banking option on the list for freelancers and the self-employed.

  • APY: Up to 1.5%
  • Minimum Account Balance: $0
  • Monthly Fees: Typically $0
  • Types Of Accounts & Services: Checking, Invoicing, Bookkeeping

Found Rewards & Perks

Found’s free account includes unlimited transactions, multiple virtual cards with custom limits, automated expense tracking and receipt capture, business reporting, unlimited custom invoices, and 1099 contractor payments.

You’ll also be able to save automatically for taxes, see real-time tax estimates, and auto-generate tax forms. You can link Found to Venmo, Cash App, PayPal, QuickBooks, Square, and more. And if you set up direct deposits, you can access funds up to two days early, for free.

Found Plus includes a 1.5% APY on balances up to $20,000 and adds custom bookkeeping categories, transaction tags, photo receipt capture, and other time-saving bookkeeping perks. You’ll also get priority customer support.

Found does not offer access to credit.

Found Fees

There are no hidden fees with Found banking. You won’t have any monthly or ongoing fees, unless you upgrade to the Found Plus account.

Found offers a fee-based bank account for $19.99/month (pay annually and it’s $149.99).

While Found is an online bank, you can still deposit cash at certain retail locations, which is a great new addition since the last time we updated this post.

Found Eligibility Requirements

Found is aimed specifically at freelancers and self-employed workers. You can apply online for fast approval and account setup.

Watch Out For:

  • Found is designed specifically for freelancers and the self-employed (some micro businesses or side hustles could benefit as well)
  • Found does not offer business savings (but does have categories that you could use to organize “savings”)
  • Most of the bookkeeping, expense management, and tax tools that set Found apart are only on the paid plan
  • You can receive domestic wire transfers with Found but can’t send wire transfers

Get Started With Found

Read our in-depth review

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Lili: Best Online Business Bank With Accounting

Lili


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APY

4.15%

Monthly Fee

$0-35/month

Minimum Account Balance

$0

Pros

  • Accounting features
  • Minimal fees
  • High APY
  • Cash-back rewards

Cons

  • limited cash deposits
  • No outgoing wire transfers
  • Still requires additional accounting software

Why We Chose Lili As The Best Online Business Bank For Accounting

Lili prides itself on being "one platform for your business finances" and with banking plus built-in accounting, Lili gets pretty close.

Lili offers basic bookkeeping and accounting, unlimited invoices, basic expense management and transaction categorization, and financial reporting -- on top of offering a great online banking platform. Lili also integrates with popular accounting apps, including QuickBooks, FreshBooks, Xero, and Wave.

  • APY: 4.15%
  • Minimum Account Balance: $0
  • Monthly Fees: $0 - $35/month
  • Types Of Accounts & Services: Checking, savings, bookkeeping

Lili Rewards & Perks

Not only does Lili offer many stand-account accounting and bookkeeping features, Lili doesn’t drop the ball when it comes to the banking side of things either. Lili has minimal fees, high APY, and solid rewards.

Lili Savings accounts can earn up to 4.15% APY on balances up to $100,000 with interest compounded daily. This APY is really generous compared to the national average and to other online banks that sometimes have lower balance caps. Lili also offers a cash-back Visa debit card.

Lili has a joint account access option for businesses with multiple owners and covers all overdrafts of up to $200.

Lili also links with popular payment apps, including Venmo, Cash App, and PayPal. Lili also supports cash deposits at various retail locations.

While Lili lets users receive wire transfers, you can’t send them (but there are unlimited ACH payments). Lili doesn’t offer any loan or line of credit services.

Lili Fees

Lili earns high points for being transparent with their fees. Lili offers very few banking fees.

There are no foreign transaction fees, no incoming wire transfer fees, and no ACH fees. There’s an unlimited number of transactions allowed. Not only does Lili not charge overdraft fees, they are the only online bank I’ve seen that covers overdrafts of up to $200.

The free Lili plan has no monthly fees, but Lili Basic costs $9/month, Lili Premium costs $20/month, and Lili Smart costs $35/month. While we generally look for a $0 monthly fee from online banks, Lili’s monthly fees make a lot of sense when you factor in the fact that you’re paying for accounting features as well.

The only banking fees you are likely to encounter are cash deposit fees and third-party fees on out-of-network ATMs.

Lili Eligibility Requirements

Lili has very few eligibility requirements. You must be 18+, located within the US,  and have an EIN.

Watch Out For...

  • Lili offers basic bookkeeping and accounting features, the software isn’t full-fledged accounting software, so you will still need a separate accounting software for certain features (Lili does integrate directly with QuickBooks to make this easier)
  • Lili Bank only operates in the US
  • Lili doesn’t offer domestic wire transfers
  • Lili is not a good fit for businesses needing large cash deposit amounts as Lili caps cash deposits at $9k/month

Get Started With Lili

Read our in-depth review

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Grasshopper Bank: Best Online Business Bank For Lending

Grasshopper Bank


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APY

2.25%

Monthly Fee

$0

Minimum Account Balance

$0

Pros

  • Multiple lending options
  • High APY
  • Cash-back checking rewards
  • Built-in cashflow & expense management features

Cons

  • No cash deposits
  • No savings account

Why We Chose Grasshopper As The Best Online Business Bank For Lending

Grasshopper (along with LendingClub) is one of the few online banks to offer both APY and cash-back on its checking accounts. Grasshopper boasts venture capital investment opportunities for both startups and small businesses, while also giving growing businesses plenty of opportunity for additional business financing.

Grasshopper has one of the most diverse offering of loan types for online banks, including SBA 7(a) loans, SBA 504 loans, commercial real estate loans, terms loans, lines of credit, working capital lines of credit, and end-of-life facility loans. Grasshopper is also an SBA Preferred Partner.

If you want an online bank with plenty of lending options, so you don't have to go outside of your banking institute for business funding, Grasshopper is definitely worth considering.

  • APY: Up to 2.25%
  • Minimum Account Balance: $0
  • Monthly Fees: $0
  • Types Of Accounts & Services: Checking, Invoicing, Lending

Grasshopper Rewards & Perks

Grasshopper offers up to 2.25% APY and 1% cash-back on qualifying purchases, making it a highly competitive rewards-checking option for businesses.

Grasshopper also offers several helpful features including bill pay, invoicing, digital card controls, and basic cash flow management. Grasshopper also stands apart with its API banking.

Grasshopper offers numerous lending and venture capital options for startups and small businesses.

The biggest downside of Grasshopper is that they don’t offer cash deposits.

Grasshopper Fees

Grasshopper has no monthly fees or minimum account balance. You also won’t find any ACH transfer fees. There is a $100 minimum deposit to open your Grasshopper account.

While Grasshopper doesn’t charge incoming domestic wire transfer fees, they do charge $10 for domestic outgoing wire transfers, $25 for international outgoing wire transfers, and $5 for international incoming wire transfers. You may encounter third-party ATM fees as well.

There are multiple other miscellaneous one-time fees to review before signing up for Grasshopper. The good news is that Grasshopper is transparent with fees.

Grasshopper Eligibility Requirements

To open a Grasshopper Innovator Business Checking account, you’ll need to be a US citizen or permanent resident who is over 18. You also can’t be in certain high-risk industries.

Watch Out For...

  • Grasshopper doesn’t offer cash deposits
  • Grasshopper doesn’t work with the following high-risk industries: adult entertaining, gambling, illegal substances, virtual currency, weapons or firearms
  • Grasshopper doesn’t offer savings accounts

Get Started With Grasshopper Bank

Read our in-depth review

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Our Methodology For How We Chose The Best Online Bank Accounts For Businesses

To find the best business bank accounts, we evaluated over 30 banking options. We immediately ruled out any bank accounts with no online options. Hybrid online and in-person banks that require going into a branch for certain services were also ruled out. We only kept traditional, big-name banks if they have an online banking focus and require no in-person interaction at branches.

We analyzed each company’s fees, interest-earning potential, rewards and perks, access to credit, and eligibility requirements. We also read through the fine print of these banks’ fee schedules to make sure you won’t be surprised by any hidden charges, too. The experience of actual bank customers was another important consideration. We look for unincentivized reviews by actual users that are publicized on review platforms such as G2, Capterra, and Better Business Bureau.

Only online banks that operate fully online, have low to no fees, have strong reputations and positive customer reviews, and are fully FDIC-insured made the cut.

What Is An Online Business Bank Account?

Online business bank accounts are bank accounts that operate primarily or fully online. These online banks have online logins or mobile apps where businesses can manage the checkings and savings accounts for their businesses without having to go in to a traditional banking branch.

Some online banks operate on a hybrid model where all transactions can take place electronically online but there may be branch locations as well.

Benefits Of Online Banking

While there may be initial concerns over the security of online banking, online banking offers many benefits. To put any security concerns at ease, online banking has been on the rise for years and offers many security safeguards like FDIC insurance and 2-factor authentication.

Other benefits of online bank accounts include:

  • Saving time
  • Accessing funds from anywhere
  • Accessing banking information anytime
  • Faster funding decisions
  • Fewer bank fees
  • Higher APYs

Types Of Online Business Bank Accounts

When choosing an online business bank account, it’s important to know which type (or types) of bank account you need. Do you need just a checking account or a savings account as well? Do you want a traditional business savings or a high-yield savings account?

Business bank accounts can be divided into four main groups: checking, savings, high-yield savings, and the emergent cash management account. Here’s what each type of bank account means and how they can benefit your business.

  • Business Checking Accounts: A business checking account is an account for business revenue where business owners can manage business expenses through checks, debit card transactions, and/or wire transfers.
  • Business Savings Accounts: A business savings account is an account for business revenue where business owners can store savings
  • High-Yield Business Savings Accounts: A high-yield savings account is a business savings account with a high APY where business owners can store savings while earning interest on their funds.
  • Business Cash Management Accounts: A business cash management account is a growing fintech service that refers to online banks or brokerages that offer a hybrid combination of business checking, savings, and investments all in one.

Search For The Best Online Business Bank Accounts By Business Type

Looking for a business bank account for your specific business type? We’ve curated lists of the best business bank accounts for different business types, sizes, and situations below:

Do You Need A Business Bank Account?

You probably already have a personal bank account. So do you need a separate checking account for business? The long and short of it is, yes! You need a business bank account.

While it’s possible to use your personal bank account for business, we don’t recommend it (and neither do most accountants). Opening a business bank account is a must.

Opening a business checking account gives you certain legal and financial protections that just aren’t available when you run your business money through a personal bank account. It also keeps your personal and business account transactions separate which makes managing your business finances much easier.

Learn more about why you need a business bank account or keep reading for help choosing the best online bank option for your business.

How To Choose The Best Business Bank Account

The best bank account for your business depends on which features you need.

Are you looking for few or no fees, great rewards, high transaction limits, easy qualification requirements, or access to lines for credits or loans down the road? Which type of bank account or accounts do you need?

The answer to these questions will significantly narrow down your online banking options.

Once you narrow down your online bank list to those that meet the features you want, you’ll want to check the customer reviews, eligibility requirements, and the fine print on all banking fees before you start the application process.

A good online business bank account will:

  • Meet your business’s needs
  • Offer little to no fees
  • Have a solid reputation & positive customer reviews
  • Be forthcoming with fine print & security information
  • Offer multiple customer service avenues
  • Include FDIC insurance

Common Online Bank Fees To Be Aware Of

Online banks generally have fewer fees than traditional banks because there is no overhead to run a physical branch.

Most online banks offer no monthly maintenance fees. You also typically won’t see any out-of-network ATM fees and may even find that your banking institution offers ATM reimbursements. However, you’ll still find some bank fees.

Bank Fee Average Cost For Online Banks
Monthly Maintenace Fees $0 – $10
Wire Transfer $15
Overdraft Fee $0
Minimum Deposit To Open $0 – $100
Foreign Transaction Fee 0%

If the online bank you’re looking at has higher-than-average fees, you may want to go back to the drawing board (or scroll back up to our list of top picks).

How To Open An Online Business Bank Account

One of the great parts about online banking is that opening an online bank account is simple, quick, and doesn’t require going into a branch.

Once you’ve landed on the bank you want, you’ll need to gather several documents required to open a bank account and have that information handy while you fill out your online application.

While each application is slightly different because each banking institution has slightly different eligibility requirements, you can expect to fill out general business information and provide documentation regarding your business’s legal name, personal identification, EIN, articles of incorporation or partnership, etc.

Check our full step-by-step guide on how to open a bank account for more information or check out some of our other business finance content like how to maximize tax deductions, how to write a business loan proposal, or how to manage corporate credit cards.

FAQs About Best Business Bank Accounts Online

Is an online business bank account better than a traditional business bank account?

If you haven’t had experience with an online bank, it can seem less safe than walking into the local branch of a traditional bank. However, most online banks are just as safe as brick-and-mortar options. Just make sure you’re looking only at online banks with FDIC insurance so that your deposits are safe.

Are small banks better for small businesses?

Small banks and credit unions sometimes offer better customer service and rates than traditional big-name banking institutions. However, online banks generally have the fewest fees and best APYs for businesses.

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Chelsea Krause

Chelsea Krause

Lead Staff Writer
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been with Merchant Maverick helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well. She currently resides in Boise, Idaho.
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