12 Places to Open a Business Checking Account Online
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Opening a business checking account online is generally faster and easier than visiting a branch location and applying in person. While the process will vary slightly depending on the individual bank, you should be able to complete and submit your online application in a matter of minutes.
Where to open a business checking account online
Both digital banks and some brick-and-mortar institutions allow you to open a business checking account online. Here’s a roundup of some of the top places to open a business bank account online and what you can expect during the process.
Online business accounts
Online banks typically offer unlimited transactions and waived incidental fees (goodbye, overdrafts) for little or no monthly fee. These accounts are fully digital, so you don’t just apply online — all of your business banking activity is done via an app or website.
Online business accounts do have some drawbacks. Few offer free, easy cash deposits. And some offer customer support only by email.
Monthly fee | APY | Overview | |
|---|---|---|---|
$0. | 1.10% on balances up to $500,000. |
| |
$0. | None. |
| |
$0. | 1.50% on balances up to $100,000 (terms apply). |
| |
$10 (can be waived). | 0.50% on balances up to $100,000 and 0.10% on all balances after that. |
| |
$0. | None. |
| |
$0. | None. |
| |
$0. | None. |
| |
$0. | None. |
|
Traditional banks
These brick-and-mortar banks offer the best of both worlds. Business owners can open a business checking account online and still have access to in-person banking when they need it.
Unlike online banks, traditional banks often place caps on free transactions and deposits, and many charge a monthly fee but offer ways to waive it. Brick-and-mortar banks typically charge incidental fees, too, so don’t expect to find free overdrafts, wire transfers or stop payments.
Monthly fee | APY | Overview | |
|---|---|---|---|
$16. | None. | Bank of America Business Advantage Fundamentals™ Banking
| |
$15. | None. | Chase Business Complete Banking℠
| |
$0. | None. | Silver Business Checking Package
| |
$10. | None. | Wells Fargo Initiate Business Checking℠ Account
|
» Explore more options: See NerdWallet's picks for best business bank accounts for cash deposits, branch access and more
How to open a business checking account online
To open a business checking account online, you'll need to:
Provide basic information about yourself and any additional business owners.
Include personal identification, such as a driver’s license or Social Security number.
Provide essential details about your business, like your tax ID number.
Upload legal business documentation, which will vary based on your entity type.
If the account requires a minimum opening deposit, you'll also need to fund that deposit — by ACH transfer, check or debit card — before submitting your application. The bank will refund or cancel the deposit if your application is denied.
Choose the right business checking account
Before applying, you’ll want to compare business checking account options and consider factors such as monthly fees, transaction limits, ATM access and additional banking tools to find an account that’s right for your financial needs.
Whether you opt to open a business bank account online or in person, you can streamline the process by preparing documentation ahead of time and following all instructions carefully.
