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Shopify Balance: Basic Business Banking for Shopify Sellers

By Rosalie Murphy
Last updated on October 5, 2023
Edited byRyan Lane
Fact checked and reviewed

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Our Take

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.
Full review

Shopify Balance

Checking
Monthly fee
$0

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.

How does Shopify compare?

Relay Business Checking

Deposits are FDIC Insured

at Relay

at Grasshopper Bank

Monthly fee

$0

Monthly fee

$0

APY

N/A

APY

1.51%

With $0.01 min. balance for APY

Bonus

N/A

Bonus

N/A

Full Review

Shopify Balance is an online business checking account available to Shopify users. The account provides basic business banking services, like debit cards, and it offers standard Federal Deposit Insurance Corp. protection via Evolve Bank & Trust (Shopify’s banking partner). There’s no minimum balance or monthly fee, and you can earn cash back on the money you spend on Shopify’s services.
Shopify Balance is probably sufficient for small e-commerce businesses that already sell on Shopify or are interested in using it as their online storefront. But if your business expands, you may need to open a different business checking account. That's because Shopify Balance lacks some traditional banking features, including cash and check deposits.
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.

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 instead. Like Shopify Balance, Grasshopper pays cash-back rewards — but its 1% cash back is on all qualified debit card purchases, not just your spending with Shopify. Plus, you’ll earn 2.25% interest on the cash you have in the 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 and Shopify Payments as their payment processor.
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 dashboard in a handful of clicks. Once opened, Shopify Balance automatically becomes the account connected to Shopify Payments, which means revenue from any purchases will go there.
If you have a loan through Shopify Capital, then your loan repayments will also be automatically withdrawn from your Shopify Balance account. You’ll want to ensure there are funds in your account once you open it, if that’s the case. You can also change these default choices.
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 — it offers payment processing, shipping services, domain registration, business loans and other services. If you like or are already using Shopify because it’s a one-stop-shop, then it may make sense to get a Shopify Balance account, too. Its greatest benefits all live within that same ecosystem.
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 to transfer to a linked bank account. If you use Shopify Balance, though, your funds can clear in as little as one business day. That means you can access the money you’ve earned much faster if you use Shopify Balance versus a different account.

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 and the NBKC business account both fit that bill, while still not requiring a minimum balance or monthly fee.
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 or Lili Basic Business Checking if you want an online account that plays nice with cash. Both offer free withdrawals via the MoneyPass ATM network, as well as let you deposit cash at Green Dot locations (fees do apply for those, though).
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 instead of Shopify Balance. Keep portability in mind when you’re choosing your online store builder, too.

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