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Best Online Business Bank Accounts of March 2024

Opening a business checking account online is fast and easy at these top-rated digital or brick-and-mortar banks.
By Kelsey Sheehy
Last updated on February 20, 2024
Edited byRyan Lane
Fact checked and reviewed

⏰ Estimated read time: 5 minutes

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Opening a business bank account online is generally faster and easier than applying in person at a branch location. You can typically apply for a business checking or business savings account in minutes, whenever and wherever it's convenient for you — a major plus for busy business owners.
Online business banks are most likely to provide the option to open a business account online. These small-business banks and financial institutions tend to have fewer fees and more perks, like cash back, high APYs and digital tools to manage finances. But there are tradeoffs, too. Customer support may be limited, for example, and account features could change.
Some brick-and-mortar business banks, including Chase, Wells Fargo, Bank of America, U.S. Bank and TD Bank, also allow customers to open business checking accounts online. Business checking accounts from brick-and-mortar banks offer branch access, in-person customer service and easy cash deposits (albeit with limits). But they typically have monthly fees and more restrictions than online-only options.

Best Online Business Bank Accounts

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for Unlimited fee-free cash deposits

$0

N/A$0
Learn more

at nbkc bank, Member FDIC

Chase Business Complete Banking℠

Learn more

at Chase, Member FDIC

4.5/5

Best for Overdraft grace period

$15.00

Waived with $2,000 minimum balance

N/A$400

Requirements to qualify

Learn more

at Chase, Member FDIC

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for High-yield business checking

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.7/5

Best for Multiple accounts

$0

N/A$0
Learn more

at Relay, Deposits are FDIC Insured

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5

Best for Cash back + high APY

$0

2.25%

With $0 min. balance for APY

$0
Learn more

at Grasshopper Bank, Member FDIC

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5

Best for Brick-and-mortar bank with high cash deposit limits

$16.00

N/A$0
Learn more

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

Found Small Business Banking

Learn more

at Found, Deposits are FDIC Insured

4.4/5

Best for Freelancers and side hustlers

$0

N/A$20

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for Cash deposits and withdrawals

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Lili Basic Business Checking

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at Lili, Deposits are FDIC Insured

4.3/5

Best for Early access to payments

$0

N/A$0
Learn more

at Lili, Deposits are FDIC Insured

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.0/5

Best for Sign-up bonus + no monthly fees

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

4.9/5

Best for Cash back + ATM rebates

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

$0
Learn more

at LendingClub Bank, Member FDIC

Novo Business Checking

Learn more

at Novo, Deposits are FDIC Insured

4.4/5

Best for Unlimited refunds on ATM fees

$0

N/A$0
Learn more

at Novo, Deposits are FDIC Insured

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5

Best for Free wire transfers

$0

N/A$0
Learn more

at Mercury, Deposits are FDIC Insured

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for Large ATM network

$10.00

Waived with $500 minimum balance

N/A$0

American Express® Business Checking

5.0/5

Best for 24/7 customer support

$0

1.30%

$240

Requirements to qualify

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for Business savings account

$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for Unlimited fee-free cash deposits

$0

N/A$0
Learn more

at nbkc bank, Member FDIC

Chase Business Complete Banking℠

Learn more

at Chase, Member FDIC

4.5/5

Best for Overdraft grace period

$15.00

Waived with $2,000 minimum balance

N/A$400

Requirements to qualify

Learn more

at Chase, Member FDIC

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for High-yield business checking

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.7/5

Best for Multiple accounts

$0

N/A$0
Learn more

at Relay, Deposits are FDIC Insured

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5

Best for Cash back + high APY

$0

2.25%

With $0 min. balance for APY

$0
Learn more

at Grasshopper Bank, Member FDIC

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5

Best for Brick-and-mortar bank with high cash deposit limits

$16.00

N/A$0
Learn more

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

Found Small Business Banking

Learn more

at Found, Deposits are FDIC Insured

4.4/5

Best for Freelancers and side hustlers

$0

N/A$20

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for Cash deposits and withdrawals

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Lili Basic Business Checking

Learn more

at Lili, Deposits are FDIC Insured

4.3/5

Best for Early access to payments

$0

N/A$0
Learn more

at Lili, Deposits are FDIC Insured

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.0/5

Best for Sign-up bonus + no monthly fees

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

4.9/5

Best for Cash back + ATM rebates

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

$0
Learn more

at LendingClub Bank, Member FDIC

Novo Business Checking

Learn more

at Novo, Deposits are FDIC Insured

4.4/5

Best for Unlimited refunds on ATM fees

$0

N/A$0
Learn more

at Novo, Deposits are FDIC Insured

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5

Best for Free wire transfers

$0

N/A$0
Learn more

at Mercury, Deposits are FDIC Insured

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for Large ATM network

$10.00

Waived with $500 minimum balance

N/A$0

American Express® Business Checking

5.0/5

Best for 24/7 customer support

$0

1.30%

$240

Requirements to qualify

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for Business savings account

$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

I'M INTERESTED IN:

Our pick for

Unlimited fee-free cash deposits

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
Bonus
$0

Our pick for

Overdraft grace period

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
$400

Requirements to qualify

Our pick for

High-yield business checking

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

Fees vary by location.

Overdraft fees
$0
Bonus
$0

Our pick for

Multiple accounts

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes

Unlimited

Overdraft fees
$0
Bonus
$0

Our pick for

Cash back + high APY

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

APY
2.25%

With $0 min. balance for APY

Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No

No cash deposits.

Overdraft fees
$0
Bonus
$0

Our pick for

Brick-and-mortar bank with high cash deposit limits

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

APY
N/A
Monthly fee
$16.00
Min. opening deposit
$100
Free cash deposits
Yes

Up to $7,500 per statement cycle.

Overdraft fees
$10
Bonus
$0

See offer page for more details

Our pick for

Freelancers and side hustlers

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

$2 fee per deposit

Overdraft fees
$0
Bonus
$20

Requirements to qualify

Our pick for

Cash deposits and withdrawals

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
$400

Requirements to qualify

Our pick for

Early access to payments

Lili Basic 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
Bonus
$0

Our pick for

Sign-up bonus + no monthly fees

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
$800

Requirements to qualify

Our pick for

Cash back + ATM rebates

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

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
Bonus
$0

Our pick for

Unlimited refunds on ATM fees

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
$0
Bonus
$0

Our pick for

Free wire transfers

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
Bonus
$0

Our pick for

Large ATM network

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
Yes

Up to $5,000.

Overdraft fees
$35
Bonus
$0

Our pick for

24/7 customer support

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
$240

Requirements to qualify

Our pick for

Business savings account

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

APY
4.00%

With $0.01 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
$0

Can you open a business bank account online?

You can open a business bank account online in a matter of minutes with any online business bank.
Many brick-and-mortar banks also let you open a business account online, including Chase, Bank of America, U.S. Bank and Wells Fargo — though certain business types may need to apply in person. For instance, you'll have to visit a Chase branch if you want an LLC bank account but have multiple members managing your company.

Where to open a business account online

Both digital banks and some brick-and-mortar institutions allow you to open a business checking account online. Keep these differences in mind when deciding where to open your business account.

Online banks

Online banks typically offer free business checking accounts with unlimited transactions and no monthly fees. 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.
That makes it especially important to compare online banks' customer service offerings. Some of these business bank accounts come with phone support 24/7, some offer phone support during business hours only and many are somewhere in between. A handful only have customer support via email, though.
Even with those that offer robust live help, you won't be able to walk into a branch and talk to someone in person. Keep that in mind if you prefer problem solving face-to-face or want to avoid potential back-and-forth with different phone reps.

Neobanks

Some online banks are actually neobanks — financial technology companies that don't have bank charters themselves. Instead, they partner with existing banks to hold customer funds in business bank accounts insured by the Federal Deposit Insurance Corporation (FDIC).
Neobanks often offer innovative features you won't find with traditional business bank accounts, even those from online banks. Found, for example, gives freelancers and sole proprietors a dynamic estimate of their tax liability that changes as they spend and earn. It will also keep track of deductible expenses and automatically generate a Schedule C, which you’ll use to file your taxes.
One downside of neobanks, though, is that their products often evolve — sometimes for the better, but sometimes for the worse. For example, Lili used to offer similar tax-planning tools to customers on its free Lili Basic Business Checking account. But over the last several years, those features have been moved to new, more expensive plans offered by the neobank. That's forced existing customers to upgrade (or change banks) to retain those features.

Brick-and-mortar banks

A handful of brick-and-mortar small-business 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 their online counterparts, traditional banks often place caps on free transactions and deposits. Many charge a monthly fee but offer ways to waive it. Brick-and-mortar banks typically charge overdraft fees, too.

How to open a business checking account online

Business bank account requirements vary by institution. But to open a business checking account online, you'll typically 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 you can open your business bank account. The bank will refund or cancel the deposit if your application is denied.

Choose the right online 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 February 20, 2024

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.
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