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Best Business Bank Accounts to Open Online of October 2024

By Kelsey Sheehy
Last updated on October 1, 2024
Edited byRyan Lane
Fact checked and reviewed
Opening a business checking account online is fast and easy at these top-rated digital or brick-and-mortar banks.
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Many business banks allow you to open an account online. But the best online business accounts benefit your overall operations with high APYs, highly rated apps and great customer service. After comparing offerings from more than 30 national, regional and digital banks and credit unions, our pick for the best online business checking account is
American Express® Business Checking
.

🏆 Our pick: The best online business account

With no monthly fees,
1.3
% APY on balances up to $500,000 and 24/7 customer support, we think the
American Express® Business Checking
account is tough to beat if you're looking for a business account you can easily open and manage online.
American Express® Business Checking
American Express National Bank (Business)

American Express® Business Checking

NerdWallet Rating 
5.0
APY 

1.30%

While AmEx offers our top-rated account, most small-business banks offer online accounts. The right choice for you depends on your business needs. For instance, big-name financial institutions like Chase, Bank of America, Huntington and PNC all let you apply online for business accounts. If you want easy access to in-person customer service and cash deposits, those business checking accounts are a better choice than
American Express® Business Checking
— which offers neither.
Read on to learn about additional online business bank accounts and how to open one.

Best Business Bank Accounts to Open Online

Best forNerdWallet ratingMonthly feeAPYBonusLearn more

High-yield business checking

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5
$0

2.00%

With $0 min. balance for APY

$300

Requirements to qualify

Learn more

at Bluevine, Deposits are FDIC Insured

Overall online business bank account

American Express® Business Checking

Learn more

at American Express National Bank, Member FDIC

5.0/5
$0

1.30%

With $0 min. balance for APY

N/A

Learn more

at American Express National Bank, Member FDIC

Cash back + high APY

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5
$0

2.00%

With $0 min. balance for APY

N/A

Learn more

at Grasshopper Bank, Member FDIC

Sign-up bonus

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.2/5
$0

N/A$400

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Branch access

Chase Business Complete Banking®

Learn more

at Chase, Member FDIC

4.5/5
$15.00

Waived with $2,000 minimum balance

N/A$300

Requirements to qualify

Learn more

at Chase, Member FDIC

Freelancers and self-employed workers

Found Small Business Banking

Learn more

at Found, Deposits are FDIC Insured

4.4/5
$0

N/A$125

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Multiple accounts

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.9/5
$0

N/AN/A

Learn more

at Relay, Deposits are FDIC Insured

Accepting in-person payments

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5
$0

N/AN/A

Learn more

at nbkc bank, Member FDIC

Cash deposits

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5
$16.00

$0 for the first 12 statement cycles.

N/A$200

Requirements to qualify

Learn more

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

Business savings account

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5
$0

3.90%

With $0.01 min. balance for APY

N/A

Learn more

at Live Oak Bank, Member FDIC

Free wire transfers

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5
$0

N/AN/A

Learn more

at Mercury, Deposits are FDIC Insured

Built-in invoicing

Novo Business Checking

Learn more

at Novo, Deposits are FDIC Insured

4.4/5
$0

N/AN/A

Learn more

at Novo, Deposits are FDIC Insured

Unlimited refunds on ATM fees

LendingClub Tailored Checking

4.9/5
$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

N/A

Best forNerdWallet ratingMonthly feeAPYBonusLearn more

High-yield business checking

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5
$0

2.00%

With $0 min. balance for APY

$300

Requirements to qualify

Learn more

at Bluevine, Deposits are FDIC Insured

Overall online business bank account

American Express® Business Checking

Learn more

at American Express National Bank, Member FDIC

5.0/5
$0

1.30%

With $0 min. balance for APY

N/A

Learn more

at American Express National Bank, Member FDIC

Cash back + high APY

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5
$0

2.00%

With $0 min. balance for APY

N/A

Learn more

at Grasshopper Bank, Member FDIC

Sign-up bonus

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.2/5
$0

N/A$400

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Branch access

Chase Business Complete Banking®

Learn more

at Chase, Member FDIC

4.5/5
$15.00

Waived with $2,000 minimum balance

N/A$300

Requirements to qualify

Learn more

at Chase, Member FDIC

Freelancers and self-employed workers

Found Small Business Banking

Learn more

at Found, Deposits are FDIC Insured

4.4/5
$0

N/A$125

Requirements to qualify

Learn more

at Found, Deposits are FDIC Insured

Multiple accounts

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.9/5
$0

N/AN/A

Learn more

at Relay, Deposits are FDIC Insured

Accepting in-person payments

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5
$0

N/AN/A

Learn more

at nbkc bank, Member FDIC

Cash deposits

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5
$16.00

$0 for the first 12 statement cycles.

N/A$200

Requirements to qualify

Learn more

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

Business savings account

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5
$0

3.90%

With $0.01 min. balance for APY

N/A

Learn more

at Live Oak Bank, Member FDIC

Free wire transfers

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5
$0

N/AN/A

Learn more

at Mercury, Deposits are FDIC Insured

Built-in invoicing

Novo Business Checking

Learn more

at Novo, Deposits are FDIC Insured

4.4/5
$0

N/AN/A

Learn more

at Novo, Deposits are FDIC Insured

Unlimited refunds on ATM fees

LendingClub Tailored Checking

4.9/5
$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

N/A

I'M INTERESTED IN:

Our pick for

High-yield business checking

Bluevine Business Checking

Read Review
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
$300

Requirements to qualify

Our pick for

Overall online business bank account

American Express® Business Checking

Read Review
Learn more

at American Express National Bank, Member FDIC

APY
1.30%

With $0 min. balance for APY

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

No cash deposits.

Overdraft fees
N/A
Bonus
N/A

Our pick for

Cash back + high APY

Grasshopper Business Checking Account

Read Review
Learn more

at Grasshopper Bank, Member FDIC

APY
2.00%

With $0 min. balance for APY

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

No cash deposits.

Overdraft fees
$0
Bonus
N/A

Our pick for

Sign-up bonus

U.S. Bank Silver Business Checking

Read Review
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
$400

Requirements to qualify

Our pick for

Branch access

Chase Business Complete Banking®

Read Review
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

Our pick for

Freelancers and self-employed workers

Found Small Business Banking

Read Review
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
$125

Requirements to qualify

Our pick for

Multiple accounts

Relay Business Checking

Read Review
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
N/A

Our pick for

Accepting in-person payments

nbkc Business Account

Read Review
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
N/A

Our pick for

Cash deposits

Bank of America® Business Advantage Fundamentals™ Banking

Read Review
Learn more

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

APY
N/A
Monthly fee
$16.00

$0 for the first 12 statement cycles.

Min. opening deposit
$100
Free cash deposits
Yes

Up to $7,500 per statement cycle.

Overdraft fees
$10
Bonus
$200

Requirements to qualify

Our pick for

Business savings account

Live Oak Bank Business Savings

Read Review
Learn more

at Live Oak Bank, Member FDIC

APY
3.90%

With $0.01 min. balance for APY

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

No cash deposits

Overdraft fees
N/A
Bonus
N/A

Our pick for

Free wire transfers

Mercury Business Bank Account

Read Review
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
N/A

Our pick for

Built-in invoicing

Novo Business Checking

Read Review
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
N/A

Our pick for

Unlimited refunds on ATM fees

LendingClub Tailored Checking

Read Review
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
N/A

Can you open a business bank account online?

You can open a business bank account online in a matter of minutes with many business banks. Online banks and neobanks specialize in this type of business account, but they're not your only option.
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.

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 features you won't find from 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.

💬 From our Nerds: A note about neobanks

"We've been monitoring many neobanks for years to keep NerdWallet's information up to date. One thing we've noticed? Their products evolve often.
"Sometimes, that's for the better. These are essentially tech companies. They try to improve on the status quo with new perks and services, especially when it comes to software.
"But sometimes, the changes aren't so good for consumers. For instance, Lili used to offer free tax-planning tools. Over time, the company moved those features to plans with monthly fees, pushing customers to spend more. More dramatically, Oxygen pivoted its focus in early 2024 and closed all its existing business accounts.
"Ultimately, you can get a lot of value from a neobank. Just make sure you're comfortable with the risks that come with these kinds of changes."
Rosalie Murphy, lead writer covering small business

Brick-and-mortar banks

A number 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. Plus, you may have to jump through additional hoops to open an account. For instance, PNC may require you to meet with a banker via video to verify your application documents. And you'll have to visit a Chase branch if you want an LLC bank account but have multiple members managing your company.

How to choose an online business bank account

If you're planning to give an online bank your business, you'll likely want to take a few additional steps:
  • Understand if it's a digital bank or neobank. One is not better or worse than the other by default. But a neobank will have more moving parts since it relies on a partner bank. Verify that partner using the FDIC’s BankFind tool to ensure legitimacy. (NerdWallet does not recommend any neobanks without FDIC-insured banking partners.)
  • Research the bank's reputation. NerdWallet’s review is a great place to start. You can also read customer reviews on sites like TrustPilot. Pay close attention to feedback about issues that required customer service resolution, like account freezes.
  • Check out app store reviews, too. If you plan to rely on online banking tools, you'll want to make sure they offer a solid experience. You likely won't be able to take those tools for a complete test drive without opening an account, so app store listings, ratings and reviews will offer you the next best thing. This information can help you understand how often a mobile app is being updated, if it has features you want and what other customers think of the service.

Online business banking services

Some online banking basics — think checking your balance or transferring money across accounts — is largely table stakes for most financial institutions at this point. But if you want access to cutting-edge digital tools, make sure you dig into a provider's suite of online business banking services as part of your evaluation as well. These services may include:
  • Expense management tools that handle tasks like bill payment and employee reimbursements.
  • Invoicing features that let you manage payable and receivable accounts.
  • Integrations that combine bank account information with other business tools, like accounting software.
  • Virtual debit cards that you can issue to employees.
  • Zelle for business or other built-in software for accepting customer payments.
  • Sub-accounts for setting money aside for different purposes, like payroll, or long-term goals (some of these may transfer funds to an interest-bearing account as well).

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.

🤓 Nerdy Tip

When you fund your new business account online, avoid depositing all of your assets at once. Most business accounts place a longer hold on deposits for new accounts, and you could lose access to those funds for 7 to 10 business days. Other accounts will flag large deposits, followed by large transactions, for fraud.
Note on
American Express® Business Checking
: At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.
Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.
Last updated on October 1, 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.