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Does Ally Offer Business Checking?
It doesn’t, but alternatives to Ally business checking include several free high-yield online business accounts.
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Randa Kriss is a senior writer and NerdWallet authority on small business. She has nearly a decade of experience in digital content. Prior to joining NerdWallet in 2020, Randa worked as a writer at Fundera, covering a wide variety of small-business topics and specializing in the lending and banking spaces. Her work has been featured in The Washington Post, The Associated Press, MarketWatch and Nasdaq, among other publications. She has also hosted a webinar as part of the SBA's 2024 National Small Business Week Virtual Summit. Randa is passionate about helping small-business owners make educated financial decisions, especially when it comes to affordable funding. She is based in New York City.
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Want to open a business bank account with Ally? Unfortunately, you’re out of luck. Ally Bank does not offer business checking accounts and prohibits customers from using its personal accounts for business purposes.
The good news: There are a number of online business checking accounts that deliver on the type of low-fee, high-yield (and high-convenience) banking that Ally is known for.
Looking for a business checking account?
See our overall favorites, or choose your business type to find the best options for you.
Ally business checking alternatives
Bluevine Business Checking
Best for: Earning interest
Bluevine Business Checking’s main draw is its high interest rate: Earn 1.30% interest on account balances up to and including $250,000. Terms apply.
But this online business bank account sweetens the pot with no monthly fees, no minimum opening deposit, no incoming wire fees and no overdraft fees.
Pros & cons Pros & cons
Pros
No monthly fees or minimum opening deposit.
Unlimited fee-free transactions; no overdraft fees.
Earn interest on account balances up to and including $250,000. Terms apply.
No fees at MoneyPass ATMs; cash deposits via Green Dot network (fees and limits apply).
Cons
Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.
Fee for using out-of-network ATMs.
No joint accounts or employee debit cards.
BluevineBluevine Business Checking
5.0
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
APY
Earn 1.30% interest on account balances up to and including $250,000. Terms apply.
Grasshopper Bank offers a free high-yield business checking account that pays you two ways: Earn up to 1.35% APY and get unlimited 1% cash back on qualified debit card purchases.
Grasshopper business customers also get free, built-in access to Autobooks, as well as business tools like invoicing and cash management. And startup founders can get help raising capital and navigating growth stages.
Pros & cons Pros & cons
Pros
Unlimited 1% cash back on qualified debit card purchases.
No monthly fees or overdraft charges.
Free, built-in bookkeeping software.
Cons
Can’t deposit cash.
Requires a minimum opening deposit.
Balance must be between $25,000 to $250,000 to earn best interest rate.
Grasshopper BankGrasshopper Innovator Business Checking Account
4.8
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
APY
Earn 1.00% APY on balances up to $24,999 and on balances greater than $250,000. Earn 1.35% APY on balances of $25,000 to $250,000.
NBKC’s free business checking account doesn’t earn interest, but it does check a lot of other boxes — including free ATM access to the MoneyPass and Allpoint networks, plus up to $12 in refunds each month for fees charged by other banks and ATM operators in the U.S.
NBKC also allows customers to deposit cash, free of charge, via compatible ATMs — a feature not offered by every online business account.
Pros & cons Pros & cons
Pros
No monthly fees or minimum opening deposit.
Unlimited fee-free transactions, no overdraft fees and free incoming domestic wires.
Up to $12 in monthly refunds for ATM fees charged by other banks worldwide.
Unlimited cash deposits via MoneyPass and Allpoint ATMs.
Accept contactless payments via the NBKC app (iOS only). Fees apply.
Cons
High fee ($45) for international wire transfers.
Phone support only available during business hours.
No third-party app integrations.
nbkc banknbkc Business Account
4.6
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
You won’t find many fees with Novo’s online business checking account, which has no monthly fees, ACH transfer fees, incoming wire fees or stop payment fees.
What the account does have: unlimited online invoicing, access to the Novo Reserves budgeting tool, unlimited ATM reimbursements (in the U.S. and abroad) and convenient integration with third-party business apps like Stripe, Shopify and QuickBooks.
Pros & cons Pros & cons
Pros
No monthly fees or minimum opening deposit.
Unlimited fee-free transactions.
Refunds on all ATM fees worldwide.
Integrates with top business tools, including QuickBooks, Xero, Stripe and Shopify.
Cons
Can’t deposit cash.
Can’t send domestic or international wires.
No recurring payments available with bill pay.
NovoNovo Business Checking
4.2
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
NBKC business checking is another online-based Ally business checking alternative that offers no monthly fees, unlimited fee-free transactions and widespread ATM access. The account also includes fee-free access to any MoneyPass ATM in the U.S., which includes the ability to deposit cash at eligible ATMs, and up to $12 in monthly refunds for ATM fees charged by other banks.
While you won’t earn interest with NBKC’s business checking account, the bank does offer a business money market account that, as of this writing, earns 2.75% APY.
nbkc banknbkc Business Account
4.6
NerdWallet rating
NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service.
Can I use an Ally personal account for my business?
Ally's accountholder agreement states that you cannot use its personal accounts for a business. If the bank suspects that you are doing so, it reserves the right to close your account. So while sole proprietors, freelancers or independent contractors may technically be able to open an Ally personal account, we strongly advise against doing so.
Beyond avoiding a potential account closure, opening a business checking account is important for separating your personal and business finances — even for a side job. A dedicated account also lends financial credibility to your business, makes it easier for you to balance your books and better prepares you for filing taxes. In addition, having separate personal and business bank accounts helps protect your personal assets in the case of an audit or lawsuit.
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