Overview
The bottom line:
Shopify Balance offers basic business checking account features. With no monthly fees and a free debit card — plus at least 2% cash back on all the money you spend with Shopify — it’s a solid option for Shopify sellers. But if you sell outside that ecosystem, a different account may offer better benefits.
Bank account details
Monthly fee
$0
APY
N/A
Bonus
N/A
Pros & Cons
Pros
No monthly fees or minimum opening deposit.
2% cash back (up to $2,000 per year) on Shopify purchases, and up to 10% cash back on certain Shopify support services.
Integrations with Venmo and accounting software available.
Receive payouts from Shopify Payments in as little as one business day, down from two to five days for other U.S. users.
Cons
Shopify doesn’t charge ATM fees, but also doesn’t partner with a fee-free ATM network (or reimburse third-party fees).
No cash deposits.
Daily transaction limits can vary by user.
Bank account comparison
Compare to other bank accounts 
Shopify Balance
4.9
NerdWallet rating
4.8
NerdWallet rating
Monthly fee
$0
Monthly fee
$0
Monthly fee
$0
APY
N/A
APY
N/A
APY
1.00%
With $0.01 min. balance for APY
Need more options? Check our picks for best business bank accounts of 2025
Shopify Balance is an online business checking account
Shopify Balance is probably sufficient for small e-commerce businesses business checking account
Other things to be aware of: You may not be able to withdraw money without paying ATM fees. Plus, you’ll face daily limits on transactions like purchases and ATM withdrawals. Shopify sets these cutoffs by user — there’s no standard amount, as is the norm for most business accounts — so you may not have much control over them or they may not fit your day-to-day operations.
» MORE: Best banks for small business
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American Express National Bank (Business)
American Express® Business Checking
NerdWallet Rating
5.0
Bonus Amount
30,000 points
Requirements to qualify
Learn more at American Express National Bank, Member FDIC
Shopify Balance is best for small-business owners who:
- Sell products on Shopify.
- Rarely handle cash.
- Spend money on Shopify’s products and services regularly.
Is your spending more unpredictable? Consider Grasshopper Bank
Shopify Balance at a glance
| Monthly fee: | $0 |
| Minimum opening deposit requirement: | $0 |
| APY: | None. |
| Transactions: | Limits vary for each user. |
| Bonus: | 2% to 10% cash back on money spent with Shopify. Rewards are capped at $2,000 per year. |
How to open a Shopify Balance account
Shopify Balance is only available to merchants using Shopify as their e-commerce platform
You’ll also need to:
- Be based in the U.S. or Puerto Rico.
- Have a U.S. Social Security number.
- Not operate a prohibited business, which includes companies in industries like firearms, gambling and adult content.
If you qualify for a Shopify Balance account, you can open one from your Shopify
If you have a loan through Shopify Capital
After that, you can create up to five additional accounts. You can use these to manage different business expenses, like payroll. You’ll also be able to link Balance to third-party apps, like Venmo.
Where Shopify Balance stands out
Integrated with Shopify: Shopify is much more than an e-commerce website builder
Cash back on some spending: Shopify Balance users get 2% cash back on the money they spend with Shopify. That includes Shopify’s shipping and marketing services, themes, domains, apps and more. That rate is even higher (10%) for design, development and other help you source from Shopify’s Experts Marketplace. You can get up to $2,000 back per year — though you’d have to spend $100,000 on Shopify’s products to max out this benefit at the 2% rate.
Faster payouts from Shopify Payments: Shopify sellers in the U.S. typically have to wait two to five business days for funds from Shopify Payments
Where Shopify Balance falls short
Transaction limits: Shopify sets daily transaction limits for each user. These are tailored to each business, so there’s little way to tell in advance what yours are likely to be or how they might change. To avoid hitting those limits, you may need to be careful to spread purchases out over time.
Need more flexibility? Many online business bank accounts allow unlimited electronic and in-person transactions. Relay business banking NBKC business account
Cash isn’t king: Shopify doesn’t charge ATM fees, but it also doesn’t partner with a fee-free ATM network to help you avoid third-party charges. If you want to use your debit card to take cash out of your Shopify Balance account, you may have to pay a premium for it. You also can’t deposit cash into your Shopify Balance account.
Consider an option like Bluevine Business Checking Lili Basic Business Checking
Deposits only via Shopify Payments: In addition to cash, you can’t deposit checks directly into a Shopify Balance account either. Instead, you’ll have to process transactions through Shopify Payments or transfer funds from a linked bank account.
The more your business relies on the Shopify ecosystem, the harder it may be to switch in the future. If that option is important to you, consider going with a true business checking account online store builder