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Best Online Business Checking Accounts of October 2022

Opening a business bank account online is generally faster and easier than applying in person.

Sep 20, 2022

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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.

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.

Best Online Business Checking Accounts

American Express® Business Checking

5.0

NerdWallet rating 
American Express® Business Checking

Monthly fee

$0

APY

1.10%

Min. opening deposit

$0

Min. opening deposit

$0

Why we like it

American Express Business Checking has no monthly or incidental fees and a competitive APY. But the account’s mobile app — needed to make mobile check deposits — is only available on iPhones.

Pros

  • No monthly fees or minimum opening deposit.

  • Unlimited fee-free transactions; no overdraft fees.

  • Earn 1.10% APY on balances up to $500,000.

  • 24/7 customer support.

Cons

  • Can’t deposit cash.

  • Mobile check deposit (via app) is only available on Apple iOS.

Read Full Review
Axos Bank® Basic Business Checking
Learn more

at Axos Bank®, Member FDIC

Axos Bank® Basic Business Checking

5.0

NerdWallet rating 
Axos Bank® Basic Business Checking

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at Axos Bank®, Member FDIC


Min. opening deposit

$0

Why we like it

Axos Bank's free business checking account offers a lot of perks, including 24/7 customer service, cash deposits via compatible Allpoint and MoneyPass ATMs, and free ATM access nationwide (including refunds for fees charged by other banks and ATM operators).

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.

Read Full Review
Bluevine Business Checking
Learn more

at Bluevine, Deposits are FDIC Insured

Bluevine Business Checking

5.0

NerdWallet rating 
Bluevine Business Checking

Monthly fee

$0

APY

1.50%

With $0 min. balance for APY

Min. opening deposit

$0
Learn more

at Bluevine, Deposits are FDIC Insured


Min. opening deposit

$0

Why we like it

Bluevine's free business checking account earns 1.50% APY on balances up to and including $100,000. But Bluevine doesn't offer joint accounts and cash deposits, via Green Dot, come with restrictions and fees.

Pros

  • No monthly fees or minimum opening deposit.

  • Unlimited fee-free transactions; no overdraft fees.

  • Earn 1.50% interest on account balances up to and including $100,000.

  • 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.

Read Full Review
LendingClub Tailored Checking
Learn more

at LendingClub Bank, Member FDIC

LendingClub Tailored Checking

5.0

NerdWallet rating 
LendingClub Tailored Checking

Monthly fee

$10.00

Waived with $500 minimum balance

APY

0.10%

With $100 min. balance for APY

Min. opening deposit

$0
Learn more

at LendingClub Bank, Member FDIC


Min. opening deposit

$0

Why we like it

This account pays you back when you spend and when you save, with cash back on qualifying debit purchases and interest on the balance in your account (terms apply).

Pros

  • Unlimited fee-free transactions; no overdraft fees.

  • Earn 1.00% APY 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.

Read Full Review
Mercury Business Bank Account
Learn more

at Mercury, Deposits are FDIC Insured

Mercury Business Bank Account

5.0

NerdWallet rating 
Mercury Business Bank Account

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at Mercury, Deposits are FDIC Insured


Min. opening deposit

$0

Why we like it

Mercury's business account takes free to the next level, with no transaction fees, overdraft fees and free domestic and international wire transfers. This account isn't available to sole proprietors.

Pros

  • No monthly fees or minimum opening deposit.

  • Unlimited fee-free transactions; no overdraft fees.

  • No fees at Allpoint ATMs.

  • Free domestic and international wire transfers.

  • Advanced digital tools including API access to automate and customize your banking.

Cons

  • Not available to sole proprietors.

  • Can’t deposit cash.

Read Full Review
nbkc Business Account
Learn more

at nbkc bank, Member FDIC

nbkc Business Account

5.0

NerdWallet rating 
nbkc Business Account

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at nbkc bank, Member FDIC


Min. opening deposit

$0

Why we like it

This free business account offers unlimited fee-free cash deposits via compatible MoneyPass ATMs — a rare feature for online accounts.

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.

Read Full Review
Novo Business Checking
Learn more

at Novo, Deposits are FDIC Insured

Novo Business Checking

5.0

NerdWallet rating 
Novo Business Checking

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at Novo, Deposits are FDIC Insured


Min. opening deposit

$0

Why we like it

Novo's free online business account includes unlimited invoicing and bill pay, plus refunds on any ATM fees charged in the U.S. or abroad.

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.

  • $27 fees for insufficient funds/uncollected funds returned.

Read Full Review

Oxygen Business Account

5.0

NerdWallet rating 
Oxygen Business Account

Monthly fee

$0

APY

N/A

Min. opening deposit

$0

Min. opening deposit

$0

Why we like it

Oxygen's free business checking account offers cash back (up to 5%) and the ability to create an LLC from within the Oxygen app when you open your account.

Pros

  • No monthly fees or minimum opening deposit.

  • Unlimited fee-free transactions.

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

  • Earn up to 5% cash back when using the Oxygen business debit card.

  • Ability to create an LLC through the Oxygen app before signing up for a business account.

Cons

  • App only, no web access.

  • Fee for using out-of-network ATMs.

  • Cash deposits limited to $1,000 per day; service fee of up to $4.95 per cash deposit.

  • Can’t send domestic or international wires; can’t receive international wires.

  • No multi-user accounts.

Read Full Review
Grasshopper Business Checking Account
Learn more

at Grasshopper Bank, Member FDIC

Grasshopper Business Checking Account

5.0

NerdWallet rating 
Grasshopper Business Checking Account

Monthly fee

$0

APY

1.00%

With $10,000 min. balance for APY

Min. opening deposit

$100
Learn more

at Grasshopper Bank, Member FDIC


Min. opening deposit

$100

Why we like it

Grasshopper's high-yield business checking account has no monthly fees and offers unlimited cash back on qualified purchases, but the bank does not support cash deposits.

Pros

  • Unlimited 1% cash back on qualified debit card purchases.

  • Earn up to 1% APY. Terms apply.

  • No monthly fees or overdraft charges.

  • Free, built-in bookkeeping software.

Cons

  • Can’t deposit cash.

  • $100 minimum opening deposit.

  • High balance requirement to hit top-tier APY.

Read Full Review
Found Small Business Banking
Learn more

at Found, Deposits are FDIC Insured

Found Small Business Banking

5.0

NerdWallet rating 
Found Small Business Banking

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at Found, Deposits are FDIC Insured


Min. opening deposit

$0

Why we like it

Found's free business checking includes invoicing, bookkeeping and tax-planning tools and integrates with popular business and gig work apps.

Pros

  • No monthly fees or minimum opening deposit.

  • Unlimited fee-free transactions; no overdraft fees.

  • Free, built-in invoicing, bookkeeping and tax-planning features.

  • Integrates with popular business apps, including Stripe, Etsy and PayPal.

Cons

  • Can’t deposit cash; can’t deposit checks or pay by check.

  • No weekend or after-hours customer support.

  • Have to open account in your name, not business name, and use your SSN to apply. (Business EIN can be added later).

Bank of America Business Advantage Fundamentals™ Banking
Learn more

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

Bank of America Business Advantage Fundamentals™ Banking

4.0

NerdWallet rating 
Bank of America Business Advantage Fundamentals™ Banking

Monthly fee

$16.00

Waived with $5,000 minimum balance

APY

N/A

Min. opening deposit

$0
Learn more

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


Min. opening deposit

$0

Why we like it

Bank of America's Business Advantage Fundamentals account has a high cash deposit allowance for a brick-and-mortar bank and offers unlimited fee-free electronic transactions. But there is a monthly fee and you'll pay to use non-Bank of America ATMs.

Pros

  • Unlimited fee-free electronic transactions.

  • High cash deposit limits.

  • Business accounts can be opened entirely online.

Cons

  • No free business checking account option.

  • High incidental fees.

  • Fee for using out-of-network ATMs.

Read Full Review

Chase Business Complete Banking℠

5.0

NerdWallet rating 
Chase Business Complete Banking℠

Monthly fee

$15.00

Waived with $2,000 minimum balance

APY

N/A

Min. opening deposit

$0

Min. opening deposit

$0

Why we like it

Chase business checking customers have access to more than 4,700 branch locations. But the account carries a monthly fee and caps cash deposits and in-person transactions.

Pros

  • No minimum opening deposit.

  • Unlimited fee-free electronic transactions.

  • Integrated credit card processing.

  • Welcome bonus for new customers (terms apply).

Cons

  • $15 monthly fee.

  • Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).

  • Fee for using out-of-network ATMs.

  • $34 fee for overdrafts, insufficient funds.

Read Full Review
U.S. Bank Silver Business Checking
Learn more

at U.S. Bank, Member FDIC

U.S. Bank Silver Business Checking

4.5

NerdWallet rating 
U.S. Bank Silver Business Checking

Monthly fee

$0

APY

N/A

Min. opening deposit

$100
Learn more

at U.S. Bank, Member FDIC


Min. opening deposit

$100

Why we like it

It's unusual to find a free business checking account from a big brick-and-mortar bank, but this account delivers just that. Transaction and deposit limits do apply, though.

Pros

  • No monthly service fee for Silver Business Checking account.

  • Business accounts can be opened entirely online.

  • Optional payment processing services ranging from mobile apps to in-store payment terminals. Additional fees apply.

  • Welcome bonus for new customers (terms apply).

Cons

  • Low cash deposit limits.

  • Terms and fees are not easily accessible via the bank’s website.

Read Full Review

Wells Fargo Initiate Business Checking℠ Account

4.0

NerdWallet rating 
Wells Fargo Initiate Business Checking℠ Account

Monthly fee

$10.00

Waived with $500 minimum balance

APY

N/A

Min. opening deposit

$25

Min. opening deposit

$25

Why we like it

Wells Fargo offers a one-stop shop for business banking, but its Initiate Business Checking account carries the fees and restrictions typical of a brick-and-mortar bank.

Pros

  • More branch locations than any bank in the U.S.

  • Business accounts can be opened entirely online.

  • Extended customer service availability.

Cons

  • No free business checking account option.

  • Stingy transaction allowance.

  • Fees for using out-of-network ATMs.

Read Full Review

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. There are some differences between the two to keep in mind when deciding where to open your business checking account.

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.

Traditional banks

A handful of 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.

How to open a business checking account online

To open a business checking account online, you'll need to:

  1. Provide basic information about yourself and any additional business owners.

  2. Include personal identification, such as a driver’s license or Social Security number.

  3. Provide essential details about your business, like your tax ID number.

  4. 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.

» Learn more about the requirements to open a business bank account

Compare Top Business Banks
Check out our roundup of best banks for small businesses and compare offers to find the right bank for you.

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.

Last updated on September 20, 2022