Business Bank Accounts: Do You Really Need One?
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May 14, 2026
Filed under: Business Banking
Best Online Business Bank Accounts
Our top picks for online business bank accounts offer low fees, good rates, and features to help small businesses manage their finances.
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WRITTEN & RESEARCHED BY
Editor & Senior Staff Writer
Last updated onUpdated
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REVIEWED BY
Expert Contributor
Our content reflects the editorial opinions of our experts. While our site makes money through referral partnerships, we only partner with companies that meet our standards for quality, as outlined in our independent rating and scoring system.
We reviewed more than 30 online business bank accounts based on fees, APY, business tools, rewards, and account flexibility. Here are our top picks.
Compare Our Top Picks
| Provider | Best For | Opening Deposit | Monthly Fee | Minimum Balance | Next Steps |
|---|---|---|---|---|---|
 | Best For Square Users | $0 | $0/month | $0 | |
 | Best For Personalized Support | $0 | $0/month | $0 | |
 | Best Online Fintech With Accounting | $0 | $0 - $55/month | $0 | |
 | Best Online Business Checking | $100 | $0/month | $0 | |
 | Best Fintech For Startups | $0 | $0/month | $0 | |
| Show More Options | |||||
 | Best Online Business Savings | $100 | $0 - $100/month | $0 | |
 | Best For Interest & Rewards | $0 | $0 - $30/month | $0 | |
 | Best Fintech With Lines Of Credit | $0 | $0 - $95/month | $0 | |
 | Best For Freelancers | $0 | $0 - $80/month | $0 | |
 | Best For ACH Transfers | $0 | $0/month | $0 | |
| Show Fewer Options |
Square Business Banking
Best OverallBest For Square Users
Square Business Banking is designed for businesses already using Square for payments, invoicing, or POS.
Eligible Square sellers can access sales funds faster, use checking and savings tools, earn APY on eligible balances, and access other Square financial products. Square Banking is only available to US-based businesses that use Square payment processing.
Banking services are provided by Square Financial Services, Inc., Member FDIC, or Sutton Bank, Member FDIC.
Services Offered
Checking and savings accounts
APY Range
1%
Cash-Back
None
PROS
- No monthly maintenance fees
- Fast access to eligible sales funds
- Access to Square financing
CONS
- Transaction and transfer limits
Rho
Best For Personalized Support
Rho is a strong option for startups and incorporated businesses that want banking, corporate cards, and finance tools in one platform.
Rho offers bill pay, accounting integrations, APY opportunities, corporate card rewards, and access to a dedicated relationship manager. Rho does not support cash deposits or ATMs.
Rho is a fintech, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.
Services Offered
Checking, savings, Treasury, corporate cards
APY Range
0% - 4.24%
Cash-Back
None
PROS
- Few fees
- No minimum deposit
- Dedicated relationship managers
CONS
- No cash deposits
- No ATM withdrawals
Lili
Best Online Fintech With Accounting
Lili is a strong choice for small businesses and freelancers who want online banking with built-in bookkeeping tools.
Lili offers invoicing, expense categorization, financial reporting, APY opportunities, cashback rewards on select plans, overdraft coverage, and integrations with apps like Venmo, Cash App, and PayPal.
Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks, N.A., Member FDIC.
Services Offered
Checking and high-yield savings accounts
APY Range
up to 4.00%
Cash-Back
Varies
PROS
- Built-in bookkeeping
- Savings APY opportunities
- Cash-back rewards
CONS
- Limited cash deposit support
- Not full accounting software
Grasshopper Bank
Best Online Business Checking
Grasshopper works well for businesses that want an online bank account with APY opportunities and cashback rewards.
Grasshopper offers eligible business checking customers APY, cash back on qualified purchases, bill pay, invoicing, digital card controls, cash flow tools, and access to financing options, including SBA loans and lines of credit.
Grasshopper Bank is a Member FDIC.
Services Offered
Checking accounts, savings accounts
APY Range
1.00% - 3.00%
Cash-Back
1%
PROS
- Multiple lending options
- Cash back on eligible purchases
- Cash flow and expense tools
CONS
- No cash deposits
Mercury
Best Fintech For Startups
Mercury is built for startups that want banking, cards, spend controls, and founder-focused resources on one platform.
Mercury offers online banking, employee cards, software partner discounts, and investor networking opportunities through Mercury Raise and other startup events.
Mercury is a financial technology company, not a bank. Banking services provided through Choice Financial Group and Column N.A.; Members FDIC.
Services Offered
Checking and savings
APY Range
0%
Cash-Back
None
PROS
- Access to startup capital
- No fees or minimum balances
- Partner perks & discounts
CONS
- No cash deposits
- Not available to sole proprietors
Live Oak Bank
Best Online Business Savings
Live Oak works well for businesses that want online banking with high-yield savings and lending options.
Live Oak offers business checking, high-yield savings, CDs, SBA loans, USDA loans, and commercial financing. It’s ideal for businesses that want to earn APY on reserve funds while keeping access to digital banking and financing products.
Live Oak Bank is a Member FDIC.
Services Offered
Checking, high-yield savings, and CD accounts
APY Range
0% - 4.00%
Cash-Back
None
PROS
- Savings APY opportunities
- Free ATM network access
- CDs and business lending options
CONS
- No physical branches
- No cash deposits
North One
Best For Interest & Rewards
North One works well for businesses that want rewards-focused online checking with built-in banking tools.
Eligible accounts can earn APY on checking balances and cashback rewards on select debit card purchases. North One also offers savings envelopes, app integrations, and access to funding.
North One is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, N.A., Member FDIC.
Services Offered
Checking accounts
APY Range
1.5% - 3.0%
Cash-Back
1% - 4%
PROS
- APY opportunities on checking
- Cashback rewards available
- Cash and mobile check deposits
CONS
- No physical branches
- No traditional savings accounts
Bluevine
Best Fintech With Lines Of Credit
Bluevine is suitable for businesses that want online checking with APY opportunities and access to flexible financing.
Bluevine offers business checking, sub-accounts, automated accounts payable tools, and lines of credit for eligible businesses. Fees may apply for cash deposits, wire transfers, same-day ACH, and foreign transactions.
Bluevine is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC.
Services Offered
Checking account
APY Range
1.3% - 6.861%
Cash-Back
None
PROS
- Competitive APY opportunities
- Free in-network ATM access
- Cash deposits supported
- Access to business lines of credit
CONS
- No traditional savings account
- Several one-time fees
- Not for high-risk businesses
Found
Best For Freelancers
Found is designed for freelancers, independent contractors, and self-employed workers who want banking with built-in tax and bookkeeping tools.
Found offers invoicing, expense tracking, receipt capture, reporting, contractor payments, automated tax-saving tools, real-time tax estimates, and integrations with apps like QuickBooks and Square.
Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC.
Services Offered
Checking accounts
APY Range
0% - 2.5%
Cash-Back
None
PROS
- Low monthly fees
- Unlimited transactions
- Built-in freelancer tools
CONS
- No traditional savings account
- Advanced tools on paid plans
Novo
Best For ACH Transfers
Novo works well for businesses that rely on ACH transfers and want low-cost online banking tools.
Novo offers unlimited ACH transfers with no standard ACH fees, plus invoicing, budgeting tools, software integrations, ATM fee reimbursements, and access to funding products.
Novo is a financial technology company, not a bank. Banking services are provided by Middlesex Federal Savings, F.A., Member FDIC.
Services Offered
Checking account
APY Range
0%
Cash-Back
None
PROS
- Unlimited ACH transfers
- No minimum balance requirements
- ATM fee reimbursements
CONS
- No interest-earning accounts
- No cash deposits
- No outgoing international wires
Best Free Business Checking Accounts
Frequently Asked Questions
Erica Seppala
Editor & Senior Staff Writer at Merchant Maverick
Erica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
View Erica Seppala's professional experience on LinkedIn.
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