Does Ally Offer Business Checking?

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.

Ally business checking alternatives

Best for: Earning interest

Bluevine Business Checking’s main draw is its high interest rate: Earn 1.50% 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.

» Read our full Bluevine business checking review

Best for: Overall cash back

Grasshopper Bank offers a free high-yield business checking account that pays you two ways: Earn up to 1.80% 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.

» Read our full Grasshopper Bank business checking review

Best for: Cash-based businesses

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.

» Read our full NBKC business checking review

Best for: Free transactions

LendingClub’s Tailored Business Checking gives you multiple ways to save and earn with a high APY (up to 1.5% APY), unlimited 1% cash back on debit card purchases, unlimited reimbursements for ATM fees charged by other banks and unlimited free electronic transactions.

This business account does have a monthly fee of $10, which is waived if you maintain a minimum balance of $500.

» Read our full LendingClub business checking review

Best for: No fees

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.

» Read our full Novo business checking review

Best for: ATM access

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.

» Read our full NBKC business checking review

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.

» MORE: Compare the best free business checking accounts