Skip to content

Best Online Business Bank Accounts of June 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 April 22, 2024
Edited byRyan Lane
Fact checked and reviewed

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Many business banks don't require a branch visit to open an account. In fact, big-name financial institutions, like Chase, Bank of America, U.S. Bank and PNC, all let you apply online for business bank accounts. You can often complete these applications in minutes, whenever and wherever it's convenient for you — a major plus for busy business owners.
But the best online business accounts do more than let you get started with a few clicks. They offer features that benefit your overall operations and fit your comfort level with online banking. For instance, the previously mentioned brick-and-mortar small-business banks typically have monthly fees and relatively low transaction limits. However, their combination of digital tools with easy access to in-person customer service and cash deposits may still make them work for you.
If you want unlimited transactions, few fees and more perks — like cash back and high APYs — a better fit might be a business checking account or business savings account from an online-only business bank or neobank (a technology company that partners with a bank). These accounts have tradeoffs, too, though: Customer support may be limited, for example, and account features could change. Your feelings about those risks will likely be key in choosing the right online account for your business.

Best Online Business Bank Accounts

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

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

N/A

Learn more

at Bluevine, Deposits are FDIC Insured

American Express® Business Checking

Learn more

at American Express National Bank, Member FDIC

5.0/5

Best for 24/7 customer support

$0

1.30%

With $0 min. balance for APY

N/A

Learn more

at American Express National 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$300

Requirements to qualify

Learn more

at Chase, Member FDIC

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for Unlimited fee-free cash deposits

$0

N/AN/A

Learn more

at nbkc 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$200

Requirements to qualify

Learn more

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

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

N/A

Learn more

at Grasshopper Bank, Member FDIC

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

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.7/5

Best for Multiple accounts

$0

N/A$100

Requirements to qualify

Learn more

at Relay, Deposits are FDIC Insured

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

N/A

Learn more

at Live Oak Bank, Member FDIC

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

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

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5

Best for Free wire transfers

$0

N/AN/A

Learn more

at Mercury, Deposits are FDIC Insured

Novo Business Checking

Learn more

at Novo, Deposits are FDIC Insured

4.4/5

Best for Unlimited refunds on ATM fees

$0

N/AN/A

Learn more

at Novo, Deposits are FDIC Insured

Lili Basic Business Checking

Learn more

at Lili, Deposits are FDIC Insured

4.3/5

Best for Early access to payments

$0

N/AN/A

Learn more

at Lili, Deposits are FDIC Insured

LendingClub Tailored Checking

4.9/5

Best for Cash back + ATM rebates

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

N/A

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for Large ATM network

$10.00

Waived with $500 minimum balance

N/AN/A

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

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

N/A

Learn more

at Bluevine, Deposits are FDIC Insured

American Express® Business Checking

Learn more

at American Express National Bank, Member FDIC

5.0/5

Best for 24/7 customer support

$0

1.30%

With $0 min. balance for APY

N/A

Learn more

at American Express National 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$300

Requirements to qualify

Learn more

at Chase, Member FDIC

nbkc Business Account

Learn more

at nbkc bank, Member FDIC

4.9/5

Best for Unlimited fee-free cash deposits

$0

N/AN/A

Learn more

at nbkc 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$200

Requirements to qualify

Learn more

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

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

N/A

Learn more

at Grasshopper Bank, Member FDIC

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

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.7/5

Best for Multiple accounts

$0

N/A$100

Requirements to qualify

Learn more

at Relay, Deposits are FDIC Insured

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

N/A

Learn more

at Live Oak Bank, Member FDIC

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

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

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5

Best for Free wire transfers

$0

N/AN/A

Learn more

at Mercury, Deposits are FDIC Insured

Novo Business Checking

Learn more

at Novo, Deposits are FDIC Insured

4.4/5

Best for Unlimited refunds on ATM fees

$0

N/AN/A

Learn more

at Novo, Deposits are FDIC Insured

Lili Basic Business Checking

Learn more

at Lili, Deposits are FDIC Insured

4.3/5

Best for Early access to payments

$0

N/AN/A

Learn more

at Lili, Deposits are FDIC Insured

LendingClub Tailored Checking

4.9/5

Best for Cash back + ATM rebates

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

N/A

Wells Fargo Initiate Business Checking℠ Account

4.0/5

Best for Large ATM network

$10.00

Waived with $500 minimum balance

N/AN/A

Access real-time financial insights and recommendations

Get insights into your cash flow trends, track revenue and expenses, and receive personalized recommendations to make smarter financial decisions.

insight

Accounts

insight

Insights

Cash flow graph with different accounts and their balances
Cash flow graph with different accounts and their balances
Cash flow graph with different accounts and their balances

Data sources:

Logo Back Of AmericaLogo PayoneerLogo Union BankLogo Chase
Click to see the types of personalized insights you could get

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
N/A

Our pick for

24/7 customer support

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

Overdraft grace period

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

Unlimited fee-free cash deposits

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

Brick-and-mortar bank with high cash deposit limits

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
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

Cash back + high APY

Grasshopper Business Checking Account

Read Review
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
N/A

Our pick for

Sign-up bonus + no monthly fees

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
$800

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
$100

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
4.00%

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

Cash deposits and withdrawals

Axos Bank® Basic Business Checking

Read Review
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

Freelancers and side hustlers

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
$20

Requirements to qualify

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

Unlimited refunds on ATM fees

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

Early access to payments

Lili Basic Business Checking

Read Review
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
N/A

Our pick for

Cash back + ATM rebates

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
Bonus
N/A

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
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. Here is a non-exhaustive look at banks that let you apply online for a business account:
  • American Express.
  • Axos Bank.
  • Bank of America.
  • Blue Federal Credit Union.
  • Bluevine.
  • BMO Harris.
  • Brex.
  • Chase.
  • Found.
  • Grasshopper.
  • Huntington Bank.
  • LendingClub.
  • Lili.
  • Live Oak.
  • Mercury.
  • NBKC.
  • NorthOne.
  • Novo.
  • PNC.
  • QuickBooks Money.
  • TD Bank.
  • Truist.
  • Wells Fargo.
A number of brick-and-mortar banks are on that list — though they may make you jump through additional hoops. For instance, PNC may require you to meet with a banker via video to verify your application documents.
In specific instances, you may still have to apply in person as well. You'll have to visit a Chase branch if you want an LLC bank account but have multiple members managing your company, for example.

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. 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 forced customers to upgrade (or change banks) to retain those features. Similarly, neobank Oxygen announced it was closing all existing business accounts in March 2024 to pivot its company's focus.

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. Brick-and-mortar banks typically charge overdraft fees, too.

How to choose an online business bank account

Before applying for any account online, consider factors such as monthly fees, transaction limits, ATM access and customer service to find the right fit for you. But 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 its legitimacy. After all, you'll want to understand everyone you're working with — like with any business deal.
  • Research the bank's reputation. The CFPB complaint database is a great place to start. And while that tool might not isolate a provider's business accounts, you can still get a sense of an institution's overall service. Neobanks may not be in that database since they're tech companies. You can look up their partner bank, but sites like TrustPilot may offer more insight on your potential day-to-day interactions. Pay close attention to feedback about issues that required customer service resolution, like account freezes. An internet search for news about product changes or other coverage can be a good idea as well.
  • 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.
Most of this research is great to do if you opt for an institution with a physical footprint as well, especially if you don't plan to visit a branch often.

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 April 22, 2024

Methodology

NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these a