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Online business checking accounts are a great way to manage your personal finances. Here are the five best online business checking accounts for 2022.
Small companies that don’t handle cash transactions should use an online business checking accounts. Low-cost checking accounts with bank services like in-network ATMs, ATM fee refunds, and easy app integration are available via the finest online business checking account choices. To put it another way, the top online banks make digital banking as simple to use as conventional banking.
The following are the finest online business checking accounts:
- The First Online Bank: This is the best bank for establishing both a checking and a savings account.
- TIAA Bank; is best for sole proprietors or limited liability firms with just one member (LLCs)
- LendingClub Bank; is the best place to get limitless 1% cashback.
- Novo: Ideal for freelancers and low-cost verification.
- Axos; is the best place to get a welcome bonus.
First Internet Bank
What We Enjoy
- There is no monthly charge.
- Possibility of earning interest on a checking account
- Other business accounts with high yearly percentage returns are available (APYs)
What Isn’t There
- Easy-to-earn APY
- Deposits in cash
- ATM costs are refunded indefinitely.
Features
- Debit card for the company at no cost
- Online and mobile banking are also available.
- The capture of remote deposits
- SBA (Small Business Administration) financing
- A variety of business accounts are available, including:
- Business savings accounts with high yields
- Money market accounts for businesses
- Certificates of deposit (CD) accounts for businesses
First Internet Bank provides both interest-bearing business checking and savings accounts. For individuals who wish to keep their accounts with the same bank and make money on their deposits, this is a huge benefit. Its checking account allows you to make limitless transactions without paying a monthly fee or maintaining a minimum balance. It boasts a large ATM network, making it simple to get cash anytime you need it. Furthermore, it reimburses up to $10 in monthly third-party ATM costs.
Best for:
Small business owners searching for interest-bearing checking with no monthly charge and unlimited transactions.
Pricing
- There is no monthly charge.
- There is no transaction charge.
- Domestic outgoing wire transfer fee: $20
- Fee for international wire transfers: $50
- There is no ATM charge.
- $100 is the minimum first deposit.
- There is no minimum balance.
- Ongoing Annual Percentage Yield (APY): 0.30 percent on balances of $10,000 or higher.
Why Do We Enjoy It?
First Internet Bank is at the top of our list because, despite the lack of a physical presence, it is a full-fledged bank. Personal accounts, loans, mortgages, and a range of corporate accounts are all available via FIB. This makes it a one-stop-shop for internet banking for small company owners.
TIAA Bank
What We Enjoy
- Monthly ATM costs of up to $15 are reimbursed.
- There is no monthly charge.
- Other possibilities for a business account are available.
What Isn’t There
- Low initial deposit
- High APY
- Low remittance fees
Features
- Online and mobile banking are two options for banking.
- Credit card for business
- Services provided by merchants
- A variety of business accounts are available, including:
- Account for a business
- CDs with a high return on investment
- Money market account for businesses
Small Business Checking from TIAA Bank is a good free checking account for solo owners and single-member LLCs. You may earn interest on your checking account with no minimum balance restriction. You can make deposits online, have access to over 80,000 ATMs, and be reimbursed for up to $15 in third-party ATM fees each month, so accessibility isn’t a problem. ATM fees are reimbursed indefinitely for TIAA Bank accounts with a minimum average daily balance of $5,000. It also includes tools that connect seamlessly with different areas of your company, such as accounting, payment methods, financial reporting, and analysis.
Pricing
- There is no monthly charge.
- There is no transaction charge.
- Domestic outgoing wire fee: $25
- Fee for sending a wire (foreign): $35
- There is no ATM charge.
- $1,500 is the minimum first deposit.
- There is no minimum balance.
- Current Annual Percentage Yield (APY): 0.10 percent
Why Do We Enjoy It?
TIAA Bank is one of our favorites since it uses a comprehensive set of security procedures to guarantee that you are banking securely. It places a premium on customer security and incorporates technologies like encryption, fraud detection, and online security. Clients who are victims of identity theft may also be eligible for up to $1,000 in reimbursement coverage for certain identity theft-related costs.
LendingClub Bank
What We Enjoy
- Up to 1.5 percent cashback is available.
- Reimbursement of ATM fees is unlimited.
- Autobooks provide invoicing services.
What Isn’t There
- On all amounts, there is no monthly charge.
- High APY
- Fees for outbound wire transfers are low.
Features
- Debit card for the company at no cost
- Deposits of checks and cash are made via the ATM network.
- Online and mobile banking
- Capture of remote deposits
- Autobooks are used for invoicing services.
- SBA loans and other types of financing
- Credit cards for businesses
When you have at least $5,000 in your account, LendingClub Bank’s Business Checking is one of the only business checking accounts that offer limitless 1% cashback on debit card transactions. It also provides limitless refunds for ATM fees paid by other banks throughout the globe. If your balance is at least $5,000, you won’t be charged a monthly maintenance fee and will receive 0.10 percent APY.
Best for
Payment-heavy companies with an average balance of $5,000 or more that want to take advantage of no monthly fees, APY, and cashback.
Pricing
- Monthly fee: $10, waived if you maintain a $5,000 minimum balance.
- There is no transaction charge.
- Domestic outgoing wire fee: $18
- Fee for sending a wire (foreign): $40
- ATM fee: nil; ATM fee refunds are limitless.
- $100 is the minimum first deposit.
- A $5,000 minimum balance is required to avoid a monthly charge.
- Ongoing Annual Percentage Yield (APY): 0.10 percent on balances of $5,000 or higher.
Why Do We Enjoy It?
When selecting an online bank, one of the most essential factors to consider is the functionality provided by the bank’s mobile app. LendingClub Bank topped our list because their mobile app enables you to see transaction history in real-time, create and send invoices, and produce accounting reports. Its software also allows payments by card, automated clearing house (ACH), and lockbox, making it very easy to use.
Novo
What We Enjoy
- All ATM costs are refunded.
- There is no monthly charge.
- Transactions are free and limitless.
What Isn’t There
- There is no initial investment required.
- Deposits that pay interest
Features
- Debit card for the company at no cost
- Online and mobile banking
- QuickBooks and Xero accounting software integration
- Integration with Slack and notification
- Stripe integration at the point of sale
Novo is a great choice for freelancers and businesses that like to keep things simple when it comes to banking. It provides a corporate checking account with popular features like online banking and mobile app integration that make digital banking even simpler. Owners of Novo’s checking account benefit from excellent banking services that are totally fee-free. If you’re a business owner in need of a basic account that’s simple to operate, open this online bank account.
Best for
Freelancers and entrepreneurs who desire simple, fee-free banking with easy app integration.
Pricing
- There is no monthly charge.
- There is no transaction charge.
- Incoming wire charge (domestic): This service is not available.
- Outgoing wire charge (foreign): This service is unavailable.
- All ATM costs are refunded.
- $50 is the minimum first investment.
- There is no minimum balance.
Why Do We Enjoy It?
Novo appeals to us because of its fee-free online banking, which includes unlimited free transactions and refunds for ATM fees. This bank is excellent for company owners that want simple and hassle-free digital banking thanks to its user-friendly mobile app. It also interacts with a variety of point-of-sale systems and other business tools.
Axos Bank
What We Enjoy
- For new company owners, a $100 welcome incentive is available.
- For the first 50 checks, it’s free.
- There is an opportunity to earn APY on your account.
What Isn’t There
- Transactions are free and limitless.
- There is no initial investment required.
- Basic Business Checking Account Interest
Features
- Customer service and dedicated relationship management
- All business bank accounts get free bill pay and picture statements.
- Provides workplace banking to assist workers in improving their financial well-being.
- Compatible with QuickBooks
- Accepts payments through ACH.
For new company owners who formed after June 1, 2020, Axos Bank is offering a $100 welcome incentive. It has no minimum balance restrictions, free online bill pay, a free first set of 50 checks, and unlimited domestic ATM charge reimbursements. Axos is also a good choice for companies with workers since it provides workplace banking, which enables employees to establish low-cost accounts.
Best for:
Newly incorporated company owners and those with workers who wish to receive a welcome bonus.
Pricing
- There is no monthly charge. for Basic Business Checking; $10 for Business Interest Checking (waived if you maintain a minimum balance of $5,000).
- Axos Basic Business Checking account: up to 200 free things (debits, credits, or deposited goods) per month, 30 cents per item afterward; Business Interest Checking account: up to 50 free items per month, 50 cents per item thereafter.
- Domestic outgoing wire fee: $15
- Fee for sending a wire (foreign): $50
- All ATM costs are refunded.
- $1,000 is the minimum first deposit.
- There is no minimum balance.
- APY: 0.81 percent for Business Interest Checking and none for Basic Business Checking.
Why Do We Enjoy It?
What we appreciate about Axos is its workplace banking program—not only can small company owners receive a terrific fee-free checking account, but their workers may benefit as well by having a business connection with Axos. Employees may use Axos Workplace Banking to save money, create emergency savings, and enhance their financial health, all of which can help them plan for the future.
Special Mention
What We Enjoy
- There is no monthly charge.
- There are no transaction costs.
- 1% APY
What Isn’t There
- Other business account options
- Interest is charged on amounts in excess of $100,000.
- Reimbursement of ATM fees charged by third parties
Features Not Included
- Accounting software such as QuickBooks Online, Wave, and FreshBooks are all compatible.
- Stripe, PayPal, and Expensify are just a few of the corporate payment options available.
- Customer service is provided by specialized experts in real-time.
- There are two sets of free checkbooks available.
- Business loans, such as:
- Credit lines are a kind of credit available to you.
- Loans for a certain period of time
- Factoring invoices
BlueVine, which is known for providing small company loans and financing, is also offering a small business checking account as part of its dedication to small companies. This account is free of monthly fees, ACH costs, and incoming wire fees. It also pays a ten-times-the-national-average annual percentage yield on balances of at least $1,000 and up to $100,000. Opening a bank account like this is a fantastic bargain for any small company owner, with all of these benefits and over 38,000 ATM locations. It also works with QuickBooks Online, Wave, Stripe, and PayPal, as well as other popular payment and accounting applications.
Best for:
Entrepreneurs searching for a banking platform that prioritizes dependable customer service and pays a high annual percentage yield on checking accounts.
Fees and Conditions
- Monthly fee: None
- There is no transaction charge.
- Domestic outgoing wire transfer fee: $15
- Fees for international wire transfers are not applicable.
- There is no ATM charge.
- There is no minimum initial deposit.
- There is no minimum balance.
- Ongoing Annual Percentage Yield (APY): 1.00 percent on accounts up to $100,000.
Business Checking Accounts: Traditional vs. Online
Traditional and digital banks are available to company owners that need a business checking account. Traditional banks with physical locations provide traditional checking accounts. These accounts often provide a wider range of goods and services, but they also have higher costs overall.
Digital checking accounts, on the other hand, are better suited to online-only companies that don’t deal in cash. The majority of internet business checking accounts are fee-free. Online banks that do charge account fees, on the other hand, usually have systems in place that make it simple to avoid account fees by maintaining a certain minimum level. If you require access to a physical location or deal with cash regularly, this account may not be appropriate for you.
What We Looked For
We looked at a number of variables that make remote banking more accessible and cheap, such as low account fees and ATM availability. We also looked for other bank features that are beneficial to company owners, such as simple app integration, initial bonus offers, and reimbursement of third-party ATM fees. Because they excel in one or more of these categories, the accounts on our list are the best.
Conclusion
Owners that do not need physical locations or cash processing may benefit from online business checking accounts. The top banks for small companies often provide fee-free banking with features that small businesses value, making it simple to bank remotely. Consider the banking features that your company needs the most when choosing the finest digital account for your company.
Frequently Asked Questions
What type of account is best for small businesses?
The best type of account for a small business would be an individual account.
Which is the easiest bank to open a business account?
The easiest bank to open a business account with is the Bank of America.
