Does Ally Offer Business Checking?

It doesn’t, but alternatives to Ally business checking include several free high-yield online business accounts.
Randa Kriss
By Randa Kriss 
Updated
Edited by Ryan Lane

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Want to open a business bank account with Ally? Unfortunately, you’re out of luck. Ally Bank does not offer business checking accounts and prohibits customers from using its personal accounts for business purposes.

The good news: There are a number of online business checking accounts that deliver on the type of low-fee, high-yield (and high-convenience) banking that Ally is known for.

Looking for a business checking account?

See our overall favorites, or choose your business type to find the best options for you.

on Nerdwallet's secure site

Ally business checking alternatives

Bluevine Business Checking

Best for: Earning interest

Bluevine Business Checking’s main draw is its high interest rate: Earn 2.00% interest on account balances up to and including $250,000. Terms apply.

But this online business bank account sweetens the pot with no monthly fees, no minimum opening deposit, no incoming wire fees and no overdraft fees.

Pros

No monthly fees or minimum opening deposit.

Unlimited fee-free transactions; no overdraft fees.

Earn interest on account balances up to and including $250,000. Terms apply.

No fees at MoneyPass ATMs; cash deposits via Green Dot network (fees and limits apply).

Cons

Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.

Fee for using out-of-network ATMs.

No joint accounts or employee debit cards.

Bluevine Business Checking
Bluevine

Bluevine Business Checking

NerdWallet Rating 
4.7
APY 

2.00%

Grasshopper Business Checking

Best for: Overall cash back

Grasshopper Bank offers a free high-yield business checking account that pays you two ways: Earn up to 2.25% APY and get unlimited 1% cash back on qualified debit card purchases.

Grasshopper business customers also get free, built-in access to Autobooks, as well as business tools like invoicing and cash management. And startup founders can get help raising capital and navigating growth stages.

Pros

Unlimited 1% cash back on qualified debit card purchases.

No monthly fees or overdraft charges.

Free, built-in bookkeeping software.

Cons

Can’t deposit cash.

Requires a minimum opening deposit.

Balance must be between $25,000 to $250,000 to earn best interest rate.

Grasshopper Business Checking Account
Grasshopper Bank

Grasshopper Business Checking Account

NerdWallet Rating 
4.5
APY 

2.25%

Axos Basic Business Checking

Best for: Cash-based businesses

Axos Bank’s free business checking account doesn’t earn interest, but it does check a lot of other boxes, including 24/7 customer support and free nationwide ATM access with unlimited refunds for fees charged by other banks and ATM operators in the U.S.

Axos also allows customers to deposit cash, free of charge, via compatible AllPoint and MoneyPass ATMs, a feature not offered by many online business accounts.

Pros

No monthly fees or minimum opening deposit.

Unlimited fee-free transactions.

Automatic refunds of all ATM fees (domestic).

Cash deposits via MoneyPass and AllPoint ATMs.

24/7 customer support.

Welcome bonus for new customers (terms apply).

Cons

$25 fee for insufficient funds/uncollected funds returned.

No third-party app integrations.

Axos Bank® Business Interest Checking
Axos Bank®

Axos Bank® Business Interest Checking

NerdWallet Rating 
5.0
APY 

1.01%

LendingClub Tailored Business Checking

Best for: Free transactions

LendingClub’s Tailored Business Checking gives you multiple ways to save and earn with a high APY (up to 1.5% APY), unlimited 1% cash back on debit card purchases, unlimited reimbursements for ATM fees charged by other banks and unlimited free electronic transactions.

This business account does have a monthly fee of $10, which is waived if you maintain a minimum balance of $500.

LendingClub Tailored Checking
LendingClub Bank

LendingClub Tailored Checking

NerdWallet Rating 
4.9
APY 

1.50%

Pros

Unlimited fee-free transactions; no overdraft fees.

Earn interest on balances up to $100,000 and 0.10% on all balances after that.

Fee-free ATM access with automatic refund of third-party ATM fees (worldwide).

Cash deposits via MoneyPass and SUM ATMs.

Earn unlimited 1% cash back on debit card purchases.

Cons

$10 monthly fee.

$100 minimum opening deposit requirement.

Minimum $500 balance required to earn cash-back rewards and waive monthly fee.

Novo Business Checking

Best for: No fees

You won’t find many fees with Novo’s online business checking account, which has no monthly fees, ACH transfer fees, incoming wire fees or stop payment fees.

What the account does have: unlimited online invoicing, access to the Novo Reserves budgeting tool, unlimited ATM reimbursements (in the U.S. and abroad) and convenient integration with third-party business apps like Stripe, Shopify and QuickBooks.

Pros

No monthly fees or minimum opening deposit.

Unlimited fee-free transactions.

Refunds on all ATM fees worldwide.

Integrates with top business tools, including QuickBooks, Xero, Stripe and Shopify.

Cons

Can’t deposit cash.

Can’t send domestic or international wires.

No recurring payments available with bill pay.

Novo Business Checking
Novo

Novo Business Checking

NerdWallet Rating 
4.4

NBKC Business Checking

Best for: ATM access

NBKC business checking is another online-based Ally business checking alternative that offers no monthly fees, unlimited fee-free transactions and widespread ATM access. The account also includes fee-free access to any MoneyPass ATM in the U.S., which includes the ability to deposit cash at eligible ATMs, and up to $12 in monthly refunds for ATM fees charged by other banks.

While you won’t earn interest with NBKC’s business checking account, the bank does offer a business money market account that, as of this writing, earns 2.75% APY.

nbkc Business Account
nbkc bank

nbkc Business Account

NerdWallet Rating 
4.9
Pros

No monthly fees or minimum opening deposit.

Unlimited fee-free transactions; no overdraft or incidental fees.

Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.

Cash deposits via MoneyPass ATMs.

Cons

High fee ($45) for international wire transfers.

No weekend or after-hours customer support.

No third-party app integrations.

Can I use an Ally personal account for my business?

Ally's accountholder agreement states that you cannot use its personal accounts for a business. If the bank suspects that you are doing so, it reserves the right to close your account. So while sole proprietors, freelancers or independent contractors may technically be able to open an Ally personal account, we strongly advise against doing so.

Beyond avoiding a potential account closure, opening a business checking account is important for separating your personal and business finances — even for a side job. A dedicated account also lends financial credibility to your business, makes it easier for you to balance your books and better prepares you for filing taxes. In addition, having separate personal and business bank accounts helps protect your personal assets in the case of an audit or lawsuit.

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Deposits are FDIC Insured

NerdWallet rating 

4.5

/5
NerdWallet rating 

4.5

/5
NerdWallet rating 

4.7

/5

Monthly fee 

$16.00

Monthly fee 

$0

Monthly fee 

$0

APY 

N/A

APY 

2.25%

With $0 min. balance for APY

APY 

2.00%

With $0 min. balance for APY

Bonus 

N/A

Bonus 

N/A

Bonus 

N/A

at Bank of America, N.A., Member FDIC

at Grasshopper Bank, Member FDIC

at Bluevine, Deposits are FDIC Insured

Best Banks for Small Business
ProductMonthly feeAPYMin. opening depositLearn more
Axos Bank® Basic Business Checking

Basic Business Checking

NerdWallet Rating 
5.0
Learn more

at Axos Bank®

$0 N/A$0
Learn more

at Axos Bank®

Grasshopper Business Checking Account

Grasshopper Business Checking Account

NerdWallet Rating 
4.5
Learn more

at Grasshopper Bank

$0 2.25% 

With $0 min. balance for APY

$100
Learn more

at Grasshopper Bank

Chase Business Complete Banking®

Chase Business Complete Banking®

NerdWallet Rating 
4.5
Learn more

at Chase

$15.00 

Waived with $2,000 minimum balance

N/A$0
Learn more

at Chase