You can open an account online with many traditional banks, but online-only banks still gain an edge for their attractive interest rates and little to non-existent banking fees. Apart from generous yields and low fees, the best online business banks will also provide user-friendly platforms, ATM accessibility, and banking products and services that streamline your business operations. In addition, excellent customer service is essential since engagement is mostly digital.
Here is a list of our 10 best online business banks.
- Best overall online business bank: Bluevine
- Best for robust startup services and free wire transfers: Mercury
- Best for large teams seeking more accounts and debit cards: Relay
- Best high-yield bundled business accounts and free payment software: Grasshopper Bank
- Best full-service banking and uncapped interest: First Internet Bank
- Best for speedy fund access and express payments: Novo
- Best high-APY savings and SBA financing: Live Oak Bank
- Best for freelancers and self-employed professionals needing tax preparation tools: Found
- Best for budgeting and multiple software integrations: North One
- Best for built-in accounting and high-yield savings: Lili
Best online business banks quick comparison
The table below reflects the top factors we evaluated for the 10 best online business banks.
Bluevine: Best overall online business bank
Our rating: 4.55 out of 5
Bluevine is an excellent fintech solution that offers three business checking options with competitive rates, unlimited debit card cash back, and a top-tier line of credit. You can access multiple accounting and business payment software, extended FDIC insurance of up to $3 million, and speedy international payments. Applying for a Bluevine checking account is convenient and can be completed online in minutes. Approvals can also be as fast as 24 hours.
Why we chose it
We picked Bluevine as the overall best because, apart from the easy online application for scalable business accounts, you can also apply for the best line of credit financing online. As a starter account, Bluevine Standard offers a good APY of 2.0% for up to $250,000 for qualifying deposits. As your business balances increase, you can switch to Bluevine Plus and Bluevine Premier to access higher rates of 3.0% to 4.25% and lower fees for same-day ACH and outbound wire transfers. For Bluevine’s line of credit, the qualifications are lower than other providers. You just need a minimum annual revenue of $120,000, and your business must be operating for 12-plus months.
Bluevine Standard checking account also lets you save a lot with no required opening deposit, monthly fee, or standard ACH fees. Domestic wire transfers are also free, and transactions are unlimited. Unlike some online providers, Bluevine lets you deposit cash at Green Dot
and Allpoint+ ATMs
.
Monthly fees
- Bluevine Standard: $0
- Bluevine Plus: $30; waivable by having:
- An ADB of $20,000 across your Bluevine checking account, including subaccounts.
- A spend of $2,000 monthly using your Bluevine debit or credit card.
- Bluevine Premier: $95; waivable by meeting:
- An ADB of $100,000 across your Bluevine checking account, including subaccounts.
- A spend of $5,000 monthly using your Bluevine debit or credit card.
Features
- FDIC insurance of up to $3 million.
- Welcome bonus available for qualifying balances.
- Business credit card with unlimited cashback and no annual fee.
- Free ATM access at over 37,000 MoneyPass locations.
- Lines of credit of up to $250,000 at low rates.
- International payments to 32 countries in 15 currencies.
- Quickbooks, Xero, and Wave integrations.
- Wise, Venmo, CashApp, and Square compatibility.
Pros and cons
| Pros | Cons |
|---|---|
| High business checking APY rates | No savings products. |
| Account applications take minutes and can be approved within 24 hours. | $2.50 for non-network ATM use, plus third-party operator fees. |
| No minimum balance requirement or monthly fee for Bluevine Standard. | No ATM fee reimbursement. |
Mercury: Best for robust startup services and free wire transfers
Our rating: 4.38 out of 5
Mercury is a fintech that supports startups, ecommerce, and venture capital firms. It offers a fee-free checking account with solid startup products and services, like venture debt, simple agreements for future equity (SAFEs), and investor community programs. Applying for an online account takes 10 minutes, and approvals are typically done in a day or two. Mercury protects your funds through its online risk management tool, Mercury Vault. You can access high FDIC coverage of up to $5 million via sweep networks with partner banks.
Why we chose it
Mercury stands out from other financial providers for its wide array of startup solutions. It offers an investor database and networking program where company founders can pitch ideas, raise funding, and get a mentorship opportunity. Startup firms can also save by opening a largely fee-free business checking account with no initial deposit or monthly fee. Additionally, you won’t worry about receiving and sending domestic and international wire transfers since no fees are charged.
Eligible users can also get a no-annual-fee Mercury corporate card that earns 1.5% cash back on all purchases. The only downside is that Mercury lacks a cash deposit option to fund your account.
Monthly fee
- Mercury Business Checking: $0.
- Mercury Plus: $35.
- Mercury Pro: $350.
Features
- Mercury investor database and Mercury Raise program for networking and funding.
- SAFE is an early financing option for startup companies.
- Physical and virtual debit cards.
- 14 subaccounts.
- QuickBooks, Netsuite, and Xero accounting software integrations.
- Compatible with Shopify, Stripe, Square, Zapier, Amazon, and PayPal.
- Advanced accounting automation under a subscription plan.
Pros and cons
| Pros | Cons |
|---|---|
| Accounts have unlimited transactions and no monthly fees or opening deposits. | No cash deposit support. |
| No wire transfer fees. | Cannot open sole proprietorship and trust accounts. |
| FDIC insurance coverage of up to $5 million. | Checking and savings accounts are non-interest bearing. |
Grasshopper: Best high-yield bundled business accounts and free payment software
Our rating: 4.28 out of 5
Another top choice for the best online bank for business accounts is Grasshopper Bank, where online applications for a business checking account take only five minutes. The initial opening deposit requirement is $100, but no monthly fees will be charged. Grasshopper offers two types of the best online business banking accounts: Innovator and Accelerator. Innovator is designed for small businesses and mid-sized companies, while Accelerator is created for early-stage startups and venture capital or private equity firms. Grasshopper’s other products include money market accounts that provide higher APYs if you combine them with a checking product, startup banking services, treasury management, commercial real estate (CRE) loans, and SBA loans.
Why we chose it
Grasshopper is a digital bank that made it to our list for its uncapped APY of up to 2.25% under its Accelerator Checking product. Pairing your checking account with an Accelerator Money Market Savings Account can push up your APY earnings to 4.0% as long as you maintain a balance of over $50,000. Combined with unlimited transactions, no monthly fees, and cash back on debit card purchases, your reserve funds are bound to grow with Grasshopper. Additionally, you can take advantage of its integrated payment and invoicing software, Autobooks, which normally costs $9.99 each month.
Grasshopper Bank offers fee-free ATM transactions at 45,000 MoneyPass and SUM network ATMs but does not provide a cash deposit option.
Monthly fees
- Grasshopper Innovator Checking: $0.
- Grasshopper Accelerator Checking: $0.
Features
- Up to 4.0% APY when paired with an Accelerator Savings Account.
- Unlimited 1% cash back on online and signature-based purchases.
- Free physical and virtual Visa rewards debit cards.
- Free bill pay and check deposit services.
- Free domestic ACH and wire transfers for qualified balances.
- Autobooks, QuickBooks, and Plaid integrations.
- FDIC insurance of up to $125 million.
- US-based customer support via phone, email, chat, and secure message.
Pros and cons
| Pros | Cons |
|---|---|
| Interest-bearing account. | Minimum $100 opening deposit. |
| No monthly or transaction fees. | Cash deposits are not accepted. |
| Cash back on debit card purchases. |
Relay: Best for large teams seeking more accounts and debit cards
Our rating: 4.23 out of 5
Ideal for multi-member teams, the digital fintech Relay offers a business checking account that has no required minimum balance, opening deposit, or monthly fee. You get customizable debit cards, additional subaccounts, and low outgoing wire transfer fees. Apart from its free business checking account, Relay also offers a higher-tier plan, Relay Pro, which costs $30 monthly. Under Relay Pro, you get 50 same-day ACH transfers, fee-free wire transfers, and the option to batch bill payments. In addition, you can also open up to two business savings accounts with tiered APY from 1% to 3%.
Why we chose it
With Relay, businesses with large teams can open up to 20 reserve accounts and up to 50 physical and virtual debit cards, making it easy to organize your company funds and control your spending. Collaboration is also simple by setting up different employee permissions. You can allow specific team members to create ACH, wire, and check payments, and pay and approve bills. If you and your staff need instant real-time answers, you can also use Relay’s 24/7 virtual assistant or connect to a live agent to get accurate information within the day.
Relay users can perform unlimited transactions and deposit and withdraw for free at Allpoint ATMs. Another option is to deposit cash at Green Dot retail locations for a fee of up to $4.95.
Monthly fees
- Relay Business Checking: $0.
- Relay Pro: $30; not waivable.
Features
- Tiered APY for Relay business savings accounts.
- Shared account access.
- Debit cards can be customized.
- AI chatbot, including email, chat, and phone support.
- Integrates with QuickBooks, Xero, Gusto, and Plaid.
- Compatible with PayPal, Stripe, Square, Wise, and Venmo.
- Relay Visa® Credit Card is available by invitation.
- Free outgoing wires and same-day ACH under Relay Pro.
Pros and cons
| Pros | Cons |
|---|---|
| Fee-free incoming wire transfers. | Checking accounts does not earn APY. |
| 20 subaccounts under a single ID (10 for sole proprietors). | Lacks business lending products. |
| FDIC insurance coverage of up to $3 million. |
First Internet Bank: Best full-service banking and uncapped interest
Our rating: 4.16 out of 5
The Do More BusinessTM Checking product of First Internet Bank offers unlimited transactions and no monthly fees. You also won’t be charged for ACH and ATM fees, although third-party operator charges can apply. The good news is that First Internet Bank provides ATM fee refunds of up to $10 monthly. Your checking account also integrates with popular accounting and business payment software, QuickBooks, and Zelle. The bank lets you earn a higher yield through its Balance Optimizer feature, where you can set up a daily target balance and move your excess money automatically from your checking to a money market or business savings account for better yields.
Why we chose it
Although First Internet Bank’s Do More BusinessTM Checking account has a lower APY than others at 0.50%
, its interest remains uncapped. It also provides a full suite of business banking products, so if you’re looking to have all your business banking, financing, and cash management in one place, it is the right choice. You can conveniently open other business products online, such as high-yield CDs, business savings, and money market accounts, including lines of credit, SBA loans, and CRE loans. Merchant services are also available, along with treasury management.
First Internet Bank does not charge ATM fees, but third-party fees can apply. Note that users cannot make cash deposits. Compared to other providers, its customer service hours are also longer. You can reach a bank representative from 7 a.m. to 9 p.m. on weekdays and 9 a.m. to 3 p.m. on Saturdays.
Monthly fees
- Do More BusinessTM Checking: $0
Features
- Uncapped 0.50% APY for accounts with $10,000 daily balance.
- Integrates with QuickBooks and Zelle.
- Refunds ATM operator surcharges up to $10 monthly.
- Remote deposit capture, bill pay, and sweep services.
- Cash flow forecasting via Cash Flow Analysis.
- Maximum interest using Balance Optimizer.
- Money market, savings, CDs, and lending.
- Chat, phone, and email support daily, except Sundays.
Pros and cons
| Pros | Cons |
|---|---|
| No monthly fees and unlimited transactions. | $100 opening deposit. |
| $10 ATM fee monthly refunds. | No subaccounts are available. |
| Extended customer service hours. | No free wire transfers. |
Novo: Best for speedy fund access and express payments
Our rating: 4.14 out of 5
Another notable addition to the best online business banks is Novo with its fee-free business checking account, which frees users from paying monthly fees, standard ACH fees, and incoming domestic wire transfers. You can receive your Stripe payments faster through Novo Boost while sending payments quickly using Express ACH. In addition, you can get ATM fee refunds of up to $7 monthly and send international payments for a low fee since Novo partners with Wise.
Why we chose it
Novo is a great online provider for small businesses that rely on fast collection of customer payments to boost their working capital. You won’t need to wait for days for Stripe payouts and can receive them in a matter of hours. You can also increase your product inventory by paying your suppliers through Express ACH, where payments can be reflected on the same day. With Novo, organizing your business expenses is also easy since you are allowed up to 20 reserve accounts to help you categorize your income and expenses.
Novo Business Checking has unlimited monthly transactions but does not offer an APY. Cash deposits can be done only through money orders.
Monthly fee
- Novo Business Checking: $0.
Features
- Physical and virtual debit cards.
- ATM fee refunds each month.
- Free incoming wire transfers and standard ACH fees.
- Low-fee international payments from Wise partnership.
- Integrates with QuickBooks, Stripe, Square, and PayPal.
- Free and unlimited invoicing.
- Discounts on QuickBooks, Stripe, and Google Cloud through Novo perks.
- Up to $75,000 merchant cash advance via Novo Funding.
Pros and cons
| Pros | Cons |
|---|---|
| Up to $7 monthly ATM fee refunds. | No APY. |
| No opening deposit or monthly fee. | Cash cannot be deposited directly |
| Can receive payments faster via Novo Boost. | No savings products. |
Live Oak Bank: Best high-APY savings and SBA financing
Our rating: 4.01 out of 5
Live Oak Bank is an online-only bank that has one of the highest APY (4.0%) in the market. With no required opening deposit, monthly fee, and only a 1-cent requirement to earn interest, it is an easy choice for businesses seeking additional earnings for idle funds. You can also access an FDIC-insurance coverage of up to $10 million via its insured cash sweep program.
Why we chose it
It is easy to see why Live Oak Bank is often included in the best business savings accounts roundup with its excellent high-yield savings product on balances above one cent. As one of the best online banks for businesses, you can access multiple products, such as business checking, certificates of deposit, Small Business Administration (SBA) loans, and commercial loans. If SBA financing is one of your business needs, you can readily apply online. It is one of the top SBA lenders from 2023 to 2024, with a total loan volume of $1.4 billion-plus as of September.
Monthly fees
- Live Oak Bank Business Savings: $0.
Features
- High-yield CDs.
- No incoming wire transfer fees.
- Integrates with QuickBooks.
- Up to $10 million in FDIC coverage through Insured Cash Sweep (ICS).
- Three business checking accounts are available.
- SBA loans and commercial lending.
- Live Oak Express loans from $10,000 to $500,000.
- Personalized customer service from a North Carolina-based team.
Pros and cons
| Pros | Cons |
|---|---|
| No monthly fees for savings. | Cash deposit is not allowed. |
| No minimum balance is required. | $19 fee for sending wire transfers. |
| High interest for savings and short-term CDs. | No debit card is issued for savings accounts. |
North One: Best for budgeting and multiple software integrations
Our rating: 3.83 out of 5
North One is a fintech platform linking up sales, payments, spending, and budgeting in a single account. It offers a standard bank account you can open online in real time, which requires an initial deposit of $50. No monthly fees are charged. With North One, you can receive unlimited ACH and domestic wire deposits. If you regularly send wire transfers, consider upgrading to North One Plus for lower fees. In addition, you’ll get priority support, an onboarding assistant, and a dedicated manager. North One also offers online applications for lines of credit and term loans of up to $250,000 with easy qualifications.
Why we chose it
Small businesses that need efficient features to manage their day-to-day operations can take advantage of North One’s budgeting tool, Envelopes. You can segregate your funds for different expenses and set up unlimited envelopes. Aside from this streamlined method of allocating your business funds, we also recommend North One for its robust integrations with over 50 accounting software, financial management, invoicing, payments, payroll, and productivity tools. Given these multiple connections with your banking account, you can track your sales, expenses, and payments in one place easily.
North One allows you to deposit cash at Green Dot retail locations for a fee of up to $4.95 with one cash deposit fee refund for Standard users and three for Plus users. You can withdraw cash through the Mastercard®, Maestro®, or Cirrus® ATM network. North One will cover up to two ATM withdrawal fees for Standard customers and up to six for Plus customers. Restrictions apply.
Monthly fee
- North One Standard Account: $0.
- North One Plus Account: $20.
Features
- Account opening approval as fast as three minutes.
- Physical and virtual cards for each owner.
- Free bill pay and unlimited ACH and domestic wire deposits.
- Integrates with QuickBooks, Wave, Patriot Accounting, Zoho, and more.
- Compatible with Stripe, PayPal, Square, Shopify, Amazon, and eBay.
- Paper checks can be sent via the North One account.
- Discounts and free trials of business software and productivity tools.
- Local customer support is available through phone, email, and live chat.
Pros and cons
| Pros | Cons |
|---|---|
| Unlimited transactions. | No APY is provided. |
| Sales, payments, spending, and budgeting are viewed in one place. | Lacks interest earnings. |
| Its budgeting tool helps categorize funds. | No savings accounts. |
Features
- Tax tools for payment, auto-saving, and write-offs.
- Free and unlimited invoices.
- QuickBooks integration and built-in Found bookkeeping software.
- Payment integrations include PayPal, Cash App, Square, Stripe, and Venmo.
- No credit checks and ACH fees.
- No ATM fees since Found does not charge for ATM withdrawals
. - 1.5% APY on balances up to $20,000 for Found Plus subscribers.
- Customized bookkeeping and priority customer service under Found Plus.
Pros and cons
| Pros | Cons |
|---|---|
| No required monthly fee, minimum balance, or opening deposit. | Limited to checking products. |
| Expense tracking with receipt capture. | No physical check support. |
| Free integrated bookkeeping and tax tools. | No international wire transfer support. |
| Daily customer service. |
Lili: Best for built-in accounting and high-yield savings
Our rating: 3.75 out of 5
Another strong contender for top online banks is Lili for its free business checking and three higher-tier checking options (Lili Pro, Lili Smart, and Lili Premium) tailored for different business needs. It offers a high yield of 4.15% APY for savings accounts, and bookkeeping solutions when you subscribe to its paid plans. You can also create and send unlimited customized invoices and connect your Lili account to different payment apps, such as Venmo, CashApp, or PayPal. For customer support, Lili provides a toll-free phone number and email.
Why we chose it
With Lili’s different checking account options, you can always choose which features match your current business needs. As you scale, you can switch to another Lili Plan. Lili’s combined integrated accounting features and excellent savings account rates make it an excellent choice. Under a paid Lili plan, you can access expense management tools and financial reports, use receipt capture, and automate bookkeeping. You can also benefit from its chat-based AI-assisted accounting, which helps small business owners get personalized responses to accounting queries.
Monthly fees
- Lili Basic: $0.
- Lili Pro: $9.
- Lili Smart: $21.
- Lili Premium: $33.
Features.
- Unlimited invoice creation (Lili Smart and Lili Premium).
- Prefilled tax forms (Lili Smart and Lili Premium).
- Bookkeeping solutions (Lili Pro, Lili Smart, and Lili Premium).
- Dun & Bradstreet partnership for analytics and credit reporting solutions.
- Lili AI Accountant.
- Debit card cashback rewards.
- Integrations with QuickBooks, Venmo, PayPal, CashApp, and more.
- Toll-free phone and email support from Monday through Friday.
Pros and cons
| Pros | Cons |
|---|---|
| No monthly fees for the basic tier. | Some of the best features are in higher-tier accounts. |
| 4.15% APY on savings accounts. | Outgoing wire transfers cost $15. |
| All paid plans provide bookkeeping tools. |
How to choose the best online banks
We looked at the following factors when evaluating and assigning a rating for the best online banks:
- Monthly fees and waiver conditions.
- Minimum opening deposit and required maintaining balances.
- Interest rate offered.
- ATM fees and transaction limits, including ATM network availability.
- Cash deposit options.
- Wire transfer costs.
- Account features.
- Business software integrations.
- Business products and services offered.
- Customer support availability.
- App ratings.
Methodology
Before completing the best online business banks roundup, we reviewed the bank’s interest rate offer and fee structure, which includes the monthly fee, opening balance, and ATM fees. In addition, we looked at the ease of account opening and considered the availability of customer support, additional banking products, account features, and app ratings. Cash deposit options and monthly transaction limits were also evaluated.
Frequently asked questions
How do you open a business bank account online?
Opening a business bank account online is easy. You can simply visit the bank’s website, fill out your personal and business information, and submit the required documents for your business entity. After the bank performs verification and approves your account, you can begin depositing funds and linking business software integrations.
How much money do you need to open a business bank account?
Many financial providers don’t have a minimum opening deposit when you open a business bank account, especially fintechs. A few may require an initial deposit from $25 to $100 for business checking accounts and higher opening deposits for savings products, such as money market accounts and certificates of deposit.
What features do the best online business bank accounts have in common?
The best online business bank accounts offer high interest rates, low fees, and $0 monthly fees. Digital providers must also have an easy account opening process with a user-friendly platform. In addition, customer support must be extensive since engagement is non-physical, unlike in brick-and-mortar branches. It will be helpful if the financial institution offers robust features that can simplify business operations, such as accounting software integrations. See our list of the best banks that integrate with QuickBooks.
How long does it take for your business checking account to be opened online?
Opening a business checking account online can be done in a few minutes. However, in some cases, the financial institution can request more information and documents, which may extend the account opening period.