Opening a business checking account online is generally faster and easier than applying in person at a branch location. You can typically apply in minutes, whenever and from wherever is convenient for you — a major plus for busy business owners.
Online business banks are the most common option if you want to open a business account online. These online business accounts tend to have fewer fees and more perks, like cash back, a high APY and digital tools to manage your business finances. But there are tradeoffs, too. Many can’t accommodate cash deposits, and some only offer customer service via email.
Brick-and-mortar business banks, including Chase, Wells Fargo, Bank of America, U.S Bank and TD Bank, also allow customers to open a business checking account online. Business checking accounts from brick-and-mortar banks offer branch access, in-person customer service and easy cash deposits (albeit with limits) but typically have higher fees and more restrictions than online-only options.
NerdWallet evaluated more than 30 business checking accounts from national, regional and online banks, scoring them on fees, perks and accessibility, among other factors. Business accounts that earned at least 4 stars — and could be opened entirely online — were eligible to be included in this list. 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.
Featured
Learn more
at Bluevine, Deposits are FDIC Insured
Bluevine Business Checking
Learn more
at Bluevine, Deposits are FDIC Insured
APY
2.00%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Sign-up bonus
$0
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 2.00% 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.
Our Nerdy picks for
Best Online Business Checking Accounts
Bank/institution | Learn more | ||||
|---|---|---|---|---|---|
Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 5.0/5 | $0 | 2.00% With $0 min. balance for APY | $0 | Learn more at Bluevine, Deposits are FDIC Insured |
Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 5.0/5 | $0 | 1.51% With $0 min. balance for APY | $100 | Learn more at Grasshopper Bank, Member FDIC |
Chase Business Complete Banking℠ Learn more at Chase, Member FDIC | 5.0/5 | $15.00 Waived with $2,000 minimum balance | N/A | $0 | Learn more at Chase, Member FDIC |
Lili Business Checking Learn more at Lili, Deposits are FDIC Insured | 4.5/5 | $0 | N/A | $0 | Learn more at Lili, Deposits are FDIC Insured |
Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 5.0/5 | $0 | N/A | $0 | Learn more at Axos Bank®, Member FDIC |
nbkc Business Account Learn more at nbkc bank, Member FDIC | 5.0/5 | $0 | N/A | $0 | Learn more at nbkc bank, Member FDIC |
Mercury Business Bank Account Learn more at Mercury, Deposits are FDIC Insured | 4.5/5 | $0 | N/A | $0 | Learn more at Mercury, Deposits are FDIC Insured |
Found Small Business Banking Learn more at Found, Deposits are FDIC Insured | 4.0/5 | $0 | N/A | $0 | Learn more at Found, Deposits are FDIC Insured |
Novo Business Checking Learn more at Novo, Deposits are FDIC Insured | 4.5/5 | $0 | N/A | $0 | Learn more at Novo, Deposits are FDIC Insured |
Oxygen Business Account | 4.5/5 | $0 | N/A | $0 | |
American Express® Business Checking | 5.0/5 | $0 | 1.30% | $0 | |
Bank of America Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 5.0/5 | $16.00 Waived with $5,000 minimum balance | N/A | $0 | Learn more at Bank of America, N.A., Member FDIC |
U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.0/5 | $0 | N/A | $100 | Learn more at U.S. Bank, Member FDIC |
Wells Fargo Initiate Business Checking℠ Account | 4.0/5 | $10.00 Waived with $500 minimum balance | N/A | $25 | |
Huntington Business Checking 100 | 4.0/5 | $0 | N/A | $0 | |
LendingClub Tailored Checking | 5.0/5 | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | $100 | |
TD Business Simple Checking℠ | 4.0/5 | $10.00 | N/A | $0 |
Bluevine Business Checking
Learn more
at Bluevine, Deposits are FDIC Insured
APY
2.00%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Sign-up bonus
$0
Bluevine's free business checking account includes a top-notch interest rate: 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 2.00% 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.
Grasshopper Business Checking Account
Learn more
at Grasshopper Bank, Member FDIC
APY
1.51%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Sign-up bonus
$0
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 1.51% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
Chase Business Complete Banking℠
Learn more
at Chase, Member FDIC
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Min. opening deposit
$0
Free cash deposits
Yes
Up to $5,000 per month.
Overdraft fees
$34
Bonus
$300
Requirements to qualify
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).
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Lili Business Checking
Learn more
at Lili, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Sign-up bonus
$0
Lili’s suite of digital tools is what really makes this free online business account stand out, especially for freelancers and independent contractors. If you do business via Uber, Lyft or Shopify, you can connect your account with Lili to receive funds up to two days faster. You can also easily separate (or split) business and personal expense if you use your account for both, and automatically save a percentage of your income for taxes.
Pros
- No monthly fees or transaction fees.
- No fees at MoneyPass ATMs.
- Cash deposits via Green Dot network (fees and limits apply).
- Integrated tools for managing expenses and planning for taxes.
- Early payment feature allows you to receive funds up to two days sooner than with a traditional bank account.
Cons
- Fee for using out-of-network ATMs.
- Cash deposits limited to $1,000 per day, $9,000 per month. Service fee of up to $4.95 per deposit.
- No checkbooks; can’t send or receive wire transfers.
- Limited business-related features: no joint accounts, limited to one business debit card.
Axos Bank® Basic Business Checking
Learn more
at Axos Bank®, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$25
Bonus
$200
Requirements to qualify
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.
nbkc Business Account
Learn more
at nbkc bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Sign-up bonus
$0
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.
Mercury Business Bank Account
Learn more
at Mercury, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Sign-up bonus
$0
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
- Customer support via email only.
- Can’t deposit cash.
Found Small Business Banking
Learn more
at Found, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
$20
Requirements to qualify
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.
- Weekend and after-hours support via email only.
- Have to open account in your name, not business name, and use your SSN to apply. (Business EIN can be added later.)
Novo Business Checking
Learn more
at Novo, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$27
Sign-up bonus
$0
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.
Oxygen Business Account
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Sign-up bonus
$0
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.
American Express® Business Checking
APY
1.30%
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
$300
Requirements to qualify
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 1.30% APY on balances up to $500,000.
- 24/7 customer support.
Cons
- Can’t deposit cash.
- Only available to American Express customers.
Bank of America Business Advantage Fundamentals™ Banking
Learn more
at Bank of America, N.A., Member FDIC
APY
N/A
Monthly fee
$16.00
Waived with $5,000 minimum balance
Min. opening deposit
$0
Free cash deposits
Yes
Up to $7,500 per month.
Overdraft fees
$10
Bonus
$200
See offer page for more details
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.
U.S. Bank Silver Business Checking
Learn more
at U.S. Bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
Yes
Up to $2,500 per month.
Overdraft fees
$36
Bonus
$500
Requirements to qualify
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.
Wells Fargo Initiate Business Checking℠ Account
APY
N/A
Monthly fee
$10.00
Waived with $500 minimum balance
Min. opening deposit
$25
Free cash deposits
No
No fee for the first $5,000 cash deposits processed each fee period. After $5,000, it's $.30 per $100 deposited.
Overdraft fees
$35
Sign-up bonus
$0
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.
Huntington Business Checking 100
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Up to $5,000 per month.
Overdraft fees
$36
Sign-up bonus
$0
Huntington Bank doesn't charge an overdraft fee unless your account is overdrawn by more than $50. Even then, the bank will refund any overdraft fees as long as you make a deposit by midnight the next business day to bring your account into good standing.
Pros
- No monthly service fee for Business Checking 100 account.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- Business accounts can be opened entirely online.
- Welcome bonus for new customers (terms apply).
Cons
- Fee for using out-of-network ATMs.
- Monthly limit on fee-free cash deposits ($5,000) and transactions (100).
- Accounts only available in 11 states.
LendingClub Tailored Checking
APY
1.50%
With $0 min. balance for APY
Monthly fee
$10.00
Waived with $500 minimum balance
Min. opening deposit
$100
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Sign-up bonus
$0
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 1.50% 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.
TD Business Simple Checking℠
APY
N/A
Monthly fee
$10.00
Min. opening deposit
$0
Free cash deposits
Yes
Up to $5,000 per month.
Overdraft fees
$35
Sign-up bonus
$0
TD Bank business checking customers enjoy extended branch hours -- some branches are even open on Sundays — and live phone support 24/7. TD Business Simple Checking can be opened entirely online, but you need to live in the bank’s service area.
Pros
- 24/7 live customer service.
- Some branches are open late and on weekends, including Sundays.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- Accounts can be opened entirely online.
Cons
- No free business checking account option.
- Fee for using out-of-network ATMs.
- Monthly limit on fee-free cash deposits and transactions.
- Accounts only available in 15 states and the District of Columbia.
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 free business checking accounts with unlimited transactions and waived incidental fees (goodbye, overdrafts). 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 bank 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.
» MORE: Best banks for small business
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.
» Learn more about the requirements to open a business bank 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 March 17, 2023
Methodology
NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry.
We consider more than 20 data points for each account, scoring them on fees, perks and accessibility, among other factors. This information is gathered from each financial institution's website and company representatives. In addition, data is collected regularly and reviewed by our editorial team for consistency and accuracy.
Final star ratings are presented on a scale of one to five stars, where a one-star score represents "poor" and a five-star score represents "excellent." Learn more about how we rate business checking accounts.
Frequently Asked Questions
You can open a business bank account online in a matter of minutes with any online business bank. Several brick-and-mortar banks also let your open a business account online, including Chase, Bank of America, U.S. Bank, Wells Fargo, TD Bank and Huntington Bank.
Almost all businesses can open a business checking account online with an online-only bank like Axos or Relay, but some brick-and-mortar banks only let certain business types open accounts online. You can open a Chase business checking account online if your business is a sole proprietorship, corporation or LLC (with one member or manager), for example, but other business entity types need to apply in person. Most business banks also restrict certain types of businesses, like those in the gambling or cannabis industry, from opening a business checking account, whether online or in person.