Search results
People also ask
Which online business bank has the best APY?
What are the best small business checking accounts?
Are online-only banks backed by the FDIC?
Which bank accounts are FDIC insured?
Jan 29, 2024 · Best Business Checking Accounts. Safest Banks in the U.S. March 2024. Every bank included in this list is on the Financial Stability Board’s 2023 List of Global Systemically Important Banks...
Mar 19, 2024 · Our experts chose First Internet Bank as the best online bank for small businesses because it has low fees and high interest rates on business accounts.
- Cassidy Horton
- Bluevine Business Checking. 4.7. Learn more. at Bluevine, Deposits are FDIC Insured. APY. 2.00% With $0 min. balance for APY. Monthly fee $0 Min. opening deposit.
- Grasshopper Business Checking Account. 4.5. Learn more. at Grasshopper Bank, Member FDIC. APY. 2.25% With $0 min. balance for APY. Monthly fee. $0.
- nbkc Business Account. 4.9. Learn more. at nbkc bank, Member FDIC. APY. N/A. Monthly fee $0 Min. opening deposit Free cash deposits. Yes. Unlimited.
- LendingClub Tailored Checking. 4.9. Learn more. at LendingClub Bank, Member FDIC. APY. 1.50% With $0 min. balance for APY. Monthly fee. $10.00. Waived with $500 minimum balance.
- Bluevine: Best Overall For Interest-Earning Checking & Business Line of Credit
- Novo: Best Digital-Only Bank For Rapid Access to Funds & Faster Payments
- Found: Best Digital-Only Provider For Self-Employed Professionals
- Relay: Best For Businesses That Need Multiple Accounts & Debit Cards
- Grasshopper: Best Digital-Only Bank For Integrated Free Payment Software
- Lili: Best For Digital Tax Preparation Assistance
- Live Oak Bank: Best High-Yield Savings Account
- NBKC Bank: Best Full-Service Online Bank
- Oxygen: Best Digital-Only Provider For Cash Back on Debit Card Purchases
- How We Evaluated The Best Online Banks For Small Businesses
When To Choose Bluevine
With an interest-earning business checking account and the best business line of credit, Bluevine is our best overall online business bank. With its business checking account, you can earn 2% APY on qualifying balances of $250,000 or less as long as you either spend $500 a month with the debit card or receive $2,500 in customer payments in a month. While Grasshopper’s top interest rate is now 2.25%, Bluevine’s higher rate at lower balances gives it a slight edge over Grasshopper. Bluevine is...
When To Choose Novo
Novo offers a great business checking product and outstanding software integrations. However, what stands out is its Novo Boost and Express ACH products. Using those products, Novo allows you to receive and make payments faster than with other online banks, which is why it is one of our best banks for small businesses. Novo Boost enables you to receive payments from your Stripe account more quickly than other providers while Express ACH allows you to accept or send same-day ACH payments. To f...
When To Choose Found
If you’re looking for a business checking account with robust built-in bookkeeping software and excellent tax tracking and preparation, Found* is a great option. The integrated bookkeeping solution allows you to categorize expenses, capture receipts, and set custom rules within the Found app. Found also allows you to complete and send your Schedule C directly from the app and pay your tax bill directly. Geared toward freelancers and self-employed small business owners, it has no monthly maint...
When To Choose Relay
For businesses that need multiple accounts to separate business finances, Relay* is an excellent choice for a business bank. You can get up to 20 checking accounts, which allows you to use accounts to set aside reserves for different expenses. In addition, Relay has great financial tracking within its app. You can also order up to 50 Mastercard debit cards, giving you additional tracking power for individual business expenses. If your business needs to send wire transfers frequently, it is an...
When To Choose Grasshopper
Grasshopper is another digital-only bank with a full range of banking products. Now offering the highest APY of the providers listed in this guide, as well as the highest uncapped APY, it is a great choice for an online business bank. Its interest yield is tiered depending on your balance. Here is the tier structure for interest earnings: 1. Balances up to $24,999.99:1.51% APY 2. $25,000 to $249,999.99:2.25% APY 3. $250,000 or greater:1.51% APY While there is no minimum or cap on balances tha...
When To Choose Lili
Lili is another online business bank with no monthly fees, transaction limits, minimum balance, and deposit requirements on its basic checking account. The institution offers two checking options: Lili Basic, which is free, and Lili Pro, which is $15 a month. Both provide you with a debit card, the option to get paid faster with direct deposit two days early, built-in expense tracking, and no hidden fees. The highlights of Lili Pro include 1% cash back rewards on all purchases, fee-free overd...
When To Choose Live Oak Bank
For businesses that want to earn maximum returns off of company reserves, Live Oak Bank is a great choice. Its business savings earns 4.0% APY and business CDs earn as much as 5.40% APY. The company gears its product offerings toward self-employed business owners—specifically startups, entrepreneurs, gig workers, freelancers, and side hustlers. While its business checking product has been sunsetted, you can get a debit card with your savings account. You can withdraw funds for free at more th...
When To Choose NBKC Bank
For a small business owner looking for a full-service online bank, NBKC Bank is a great option. In addition to business checking products, it offers business money market, CDs, commercial lending, business solutions, and credit card products. Its business checking is a fee-free account with no monthly fees or minimum opening deposit requirements. Transactions are free with no limit, and you can deposit cash for free at both NBKC and MoneyPass ATMs. In addition, NBKC refunds up to $12 in ATM f...
When To Choose Oxygen
Oxygen is a digital-only bank geared toward freelancers and creatives, among other small businesses. It is one of the few fintechs that provides personal and business banking options. For businesses that use a debit card frequently, it is a great option for a business bank account since it offers 5% cash back rewards on all debit card purchases. For businesses considering becoming LLCs, Oxygen offers nationwide LLC creation in the Oxygen app powered by CorpNet, Inc. There are fees involved, w...
When we evaluated the best online banks for small businesses, we considered: 1. Monthly fees, if any, and how easily they are waived 2. Required opening deposit and balance minimums 3. Transaction limits before fees 4. ACH and wire transfer fees 5. ATM fees and availability 6. Cash deposit fees and availability 7. Interest yield, if applicable 8. O...
- Matthew Sexton
Feb 5, 2024 · Axos Bank: Overall best online business checking account. Grasshopper Bank: Runner-up to the overall best business checking account. Square Business Banking: Best for integrated payment processing, invoicing, & POS. Bluevine: Best for high APY. LendingClub: Best business rewards checking account. Lili: Best checking account & savings account.
- Chelsea Krause
Novo Business Checking. : Best for discounts with partner services. The nbkc Business Account. : Best for no fees. Lili Basic Business Checking. : Best for international...
Mar 1, 2024 · Best Online Checking Accounts 2024. We’ve compared 157 checking accounts at 66 nationally available banks and credit unions to find some of the best accounts available. See below to learn...