Want to open a business bank account with Ally? Unfortunately, you’re out of luck. Ally Bank does not offer business checking accounts. It also prohibits using its personal accounts for business purposes.
The good news: A number of online business checking accounts deliver similar low-fee, high-yield banking. These accounts also have business-specific tools like invoicing and accounts receivable. You won't get that with a personal account at Ally.
Looking for a business checking account?
See our overall favorites, or choose your business type to find the best options for you.
Ally business checking alternatives
Bluevine Business Checking
Bluevine Business Checking’s main draw is its high interest rate: Earn 1.30% interest on account balances up to and including $250,000. Terms apply.
But this online business bank account sweetens the pot with built-in invoicing and payment links. Bluevine Standard has no monthly fees, no minimum opening deposit and no incoming wire fees.
Pros & cons
Pros
No required 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.
Access up to $3 million in FDIC insurance with Insured Cash Sweep.
Bill pay tools and invoicing with built-in payment links, plus tap-to-pay card acceptance.
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.
Does not offer jointly owned accounts.
Grasshopper Business Checking
Grasshopper Bank's business checking account pays you two ways: Earn up to 1.35% APY and get unlimited 1% cash back on qualified debit card purchases.
Grasshopper's Innovator Business Checking Account has no monthly fee. Account holders get free, built-in access to Autobooks, as well as business tools like invoicing and cash management. Startup founders can also get help raising capital and navigating growth stages.
Pros & cons
Pros
High-yield business checking.
Unlimited 1% cash back on qualified debit card purchases.
No monthly fees or overdraft charges.
Free, built-in bookkeeping and invoicing software.
All account holders are assigned a dedicated banker or customer support representative.
Cons
Can’t deposit cash.
Requires a minimum opening deposit.
NBKC business checking
NBKC’s free business checking account doesn’t earn interest, but it does check a lot of other boxes. You can deposit cash free of charge at compatible ATMs — a rare feature for online banks.
NBKC customers don't pay fees at MoneyPass or Allpoint ATMs. And NBKC will automatically refund up to $12 in third-party ATM fees each month.
Pros & cons
Pros
No monthly fees or minimum opening deposit.
Unlimited fee-free transactions, no overdraft fees and free incoming domestic wires.
Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
Unlimited cash deposits via MoneyPass and Allpoint ATMs.
Accept contactless payments via the NBKC app (iOS only). Fees apply.
Cons
High fee ($45) for international wire transfers.
Phone support only during business hours.
No third-party app integrations.
Can I use an Ally personal account for my business?
You should not use an Ally personal account for your business. The bank's account holder agreement prohibits it, warning that Ally may close accounts if you use them for business purposes.
It's better to open a dedicated business checking account instead. This lets you separate personal and business finances — an important task even for a side job. A dedicated account also makes it easier to balance your books and file taxes.
» MORE: Compare the best free business checking accounts
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small-business and personal finance.
Objective comprehensive business bank accounts rubric (Methodology).
NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.
