Does Ally Offer Business Checking?

Ally doesn't offer business checking accounts, but other banks provide alternatives.

Randa KrissMar 17, 2021
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Ally doesn't offer business checking accounts. Instead, the bank offers personal checking accounts, savings accounts and certificates of deposit.

To find a business checking account, you can search other online banks, as well as brick-and-mortar institutions, and compare options considering the account features that are most important to your small business.

Ally business checking alternatives

The personal checking account from Ally Bank is well-known for its low fees, ability to earn interest, digital tools and nationwide ATM access. If you were interested in an Ally business checking account for any of these features, consider these alternatives instead:

BlueVine Business Checking

BlueVine Business Checking
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If you were looking for Ally Bank business account options because you wanted an interest-earning checking account, BlueVine offers 1% interest on balances of up to $100,000 on its business checking account.

BlueVine Business Checking is also an online account, with no monthly fees, no minimum opening deposit, no incoming wire fees and no nonsufficient funds fees. This account includes unlimited fee-free transactions, mobile check deposit, online bill pay and fee-free ATM access at over 38,000 MoneyPass locations across the U.S.

Plus, unlike Ally’s personal checking account, which cannot accommodate cash deposits, BlueVine’s business checking account gives you the ability to deposit cash ($4.95 fee per deposit) at participating Green Dot locations.

Novo business checking

Novo Business Checking
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at Novo, Deposits are FDIC Insured

Novo might be a worthwhile Ally business checking alternative if you’re looking for an account with limited fees, ATM refunds and a focus on digital tools.

Novo’s online business checking account has no monthly fees, no ACH transfer fees, no incoming wire fees and no stop payment fees. With Novo, you receive unlimited fee-free transactions, unlimited online invoicing, access to the Novo Reserves budgeting tool, as well as the ability to integrate with third-party business apps like Stripe, Shopify and QuickBooks.

In addition, Novo business checking gives you the ability to use any ATM in the U.S. or abroad without having to worry about fees. Instead of offering a fee-free network, Novo simply reimburses you for all ATM fees from other banks at the end of the month.

Like Ally, however, Novo doesn't offer traditional cash deposits.

NBKC business checking

nbkc Business Account
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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 NBKC business checking account has no minimum opening deposit, no fees for incoming domestic wires, overdrafts, nonsufficient funds or stop payments, among other incidental fees. In addition, this account offers fee-free access to any MoneyPass ATM in the U.S., which includes the ability to deposit cash at eligible ATMs.

NBKC also provides up to $12 in monthly refunds for ATM fees charged by other banks. Moreover, although NBKC doesn’t offer an interest-earning business checking account, the bank does offer a free business savings account that can be opened simultaneously when you sign up for a business checking account.

Additional alternatives

Can I use an Ally personal account for my business?

Although sole proprietors, freelancers or independent contractors may technically be able to open an Ally personal account, we strongly recommend separating your personal and business finances with a dedicated business checking account.

Opening a separate business checking account, even for a side job, 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.