250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small-business and personal finance.
Objective comprehensive business bank accounts rubric (Methodology).
NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.
Best online business bank accounts
- American Express® Business Checking: Best customer support.
- Axos BankBasic Business Checking: Best for ATM withdrawals.
- Bluevine Business Checking: Best overall online business checking account.
- Brex Business Account: Best for startups with travel needs.
- Chase Business Complete Banking®: Best online account from a brick-and-mortar bank.
- First Internet Bank Business Money Market Savings: Best high-yield business money market account.
- Found Small Business Banking: Best for self-employed workers.
- Grasshopper Innovator Business Checking Account: Earning interest and cash back.
- Live Oak Bank Business Savings: Best high-yield business savings account.
- Mercury Business Bank Account: Best for high-growth startups.
- nbkc Business Account: Best for simple, low-fee online banking.
- North One Standard Business Checking: Best high-yield business checking account.
- Relay Business Checking: Best for running multiple businesses.
- Rho Business Checking: Best for linked savings account with Insured Cash Sweep coverage.
Best Business Bank Accounts to Open Online
| Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
Best overall online business checking account Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 5.0/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
Best customer support American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | 30,000 points Requirements to qualify | Learn more at American Express National Bank, Member FDIC |
Running multiple businesses Relay Business Checking Learn more at Relay, Deposits are FDIC Insured | 4.8/5 | $0 | N/A | N/A | Learn more at Relay, Deposits are FDIC Insured |
Earning interest and cash back Grasshopper Innovator Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.8/5 | $0 | 1.80% With $25,000 min. balance for APY | $300 Requirements to qualify | Learn more at Grasshopper Bank, Member FDIC |
Best online account from a brick-and-mortar bank Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.6/5 | $15.00 Waived with $2,000 minimum balance | N/A | $500 Requirements to qualify | Learn more at Chase, Member FDIC |
Self-employed workers Found Small Business Banking Learn more at Found, Deposits are FDIC Insured | 4.4/5 | $0 | N/A | $125 Requirements to qualify | Learn more at Found, Deposits are FDIC Insured |
Simple, low-fee online banking nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.6/5 | $0 | N/A | N/A | Learn more at nbkc bank, Member FDIC |
High-growth startups Mercury Business Bank Account Learn more at Mercury, Deposits are FDIC Insured | 4.6/5 | $0 | N/A | $300 Requirements to qualify | Learn more at Mercury, Deposits are FDIC Insured |
High-yield business checking account North One Standard Business Checking Learn more at North One, Deposits are FDIC Insured | 4.7/5 | $0 | 2.50% With $0 min. balance for APY | N/A | Learn more at North One, Deposits are FDIC Insured |
High-yield business savings account Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.60% With $0.01 min. balance for APY | N/A | Learn more at Live Oak Bank, Member FDIC |
ATM withdrawals Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 4.7/5 | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
Startups with travel needs Brex Business Account Learn more at Brex, Deposits are FDIC Insured | 4.6/5 | $0 | N/A | N/A | Learn more at Brex, Deposits are FDIC Insured |
Linked savings account with Insured Cash Sweep coverage Rho Business Checking Learn more at Rho, Deposits are FDIC Insured | 4.3/5 | $0 | N/A | $500 Requirements to qualify | Learn more at Rho, Deposits are FDIC Insured |
High-yield business money market account First Internet Bank Business Money Market Savings Learn more at First Internet Bank, Member FDIC | 4.0/5 | $5.00 Waived with an average daily balance of $4,000 | 3.46% With $0 min. balance for APY | N/A | Learn more at First Internet Bank, Member FDIC |
| Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
Best overall online business checking account Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 5.0/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
Best customer support American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | 30,000 points Requirements to qualify | Learn more at American Express National Bank, Member FDIC |
Running multiple businesses Relay Business Checking Learn more at Relay, Deposits are FDIC Insured | 4.8/5 | $0 | N/A | N/A | Learn more at Relay, Deposits are FDIC Insured |
Earning interest and cash back Grasshopper Innovator Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.8/5 | $0 | 1.80% With $25,000 min. balance for APY | $300 Requirements to qualify | Learn more at Grasshopper Bank, Member FDIC |
Best online account from a brick-and-mortar bank Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.6/5 | $15.00 Waived with $2,000 minimum balance | N/A | $500 Requirements to qualify | Learn more at Chase, Member FDIC |
Self-employed workers Found Small Business Banking Learn more at Found, Deposits are FDIC Insured | 4.4/5 | $0 | N/A | $125 Requirements to qualify | Learn more at Found, Deposits are FDIC Insured |
Simple, low-fee online banking nbkc Business Account Learn more at nbkc bank, Member FDIC | 4.6/5 | $0 | N/A | N/A | Learn more at nbkc bank, Member FDIC |
High-growth startups Mercury Business Bank Account Learn more at Mercury, Deposits are FDIC Insured | 4.6/5 | $0 | N/A | $300 Requirements to qualify | Learn more at Mercury, Deposits are FDIC Insured |
High-yield business checking account North One Standard Business Checking Learn more at North One, Deposits are FDIC Insured | 4.7/5 | $0 | 2.50% With $0 min. balance for APY | N/A | Learn more at North One, Deposits are FDIC Insured |
High-yield business savings account Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.60% With $0.01 min. balance for APY | N/A | Learn more at Live Oak Bank, Member FDIC |
ATM withdrawals Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 4.7/5 | $0 | N/A | $400 Requirements to qualify | Learn more at Axos Bank®, Member FDIC |
Startups with travel needs Brex Business Account Learn more at Brex, Deposits are FDIC Insured | 4.6/5 | $0 | N/A | N/A | Learn more at Brex, Deposits are FDIC Insured |
Linked savings account with Insured Cash Sweep coverage Rho Business Checking Learn more at Rho, Deposits are FDIC Insured | 4.3/5 | $0 | N/A | $500 Requirements to qualify | Learn more at Rho, Deposits are FDIC Insured |
High-yield business money market account First Internet Bank Business Money Market Savings Learn more at First Internet Bank, Member FDIC | 4.0/5 | $5.00 Waived with an average daily balance of $4,000 | 3.46% With $0 min. balance for APY | N/A | Learn more at First Internet Bank, Member FDIC |
I'M INTERESTED IN:
Our pick for
Best overall online business checking account
Bluevine Business Checking
Read Review
Learn more
at Bluevine, Deposits are FDIC Insured
APY
1.50%
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
$300
Requirements to qualify
Bluevine offers a combination of the best features available from online business checking accounts, including an excellent APY and useful tools like sub-accounts and accounts payable software that syncs with QuickBooks.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at MoneyPass ATMs.
- Account holders are assigned to a dedicated banker or customer support representative.
Cons
- No fee-free cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
Our pick for
Best 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
30,000 points
Requirements to qualify
American Express offers all the online banking basics, a competitive APY and 24/7 customer support — the last of which is a best-in-class offering for small-business owners.
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
- Does not offer jointly owned accounts.
- Only one debit card per account.
Our pick for
Running multiple businesses
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
N/A
Relay allows users to manage checking and savings accounts for multiple businesses with a single login. If you have multiple rental properties held by different entities, for instance, Relay could make it easier to keep finances separate for each one. The account also offers a solid suite of software tools, including receipt collection and accounts payable features
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Cash deposits via compatible Allpoint ATMs.
- No foreign transaction fees when you use your Relay Visa® Debit abroad.
- Free incoming wires and low outgoing wire transfer fees.
- Up to 50 debit cards.
- Account holders are assigned to a dedicated banker or customer support representative.
- Direct integration with Shopify.
Cons
- Deposited checks are held for up to 6-7 business days.
- No bill pay feature in the free plan.
Our pick for
Earning interest and cash back
Grasshopper Innovator Business Checking Account
Read Review
Learn more
at Grasshopper Bank, Member FDIC
APY
1.80%
With $25,000 min. balance for APY
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
$300
Requirements to qualify
Grasshopper pays an attractive APY plus 1% cash back on debit card purchases, which could add up to a lot of value for some business owners.
Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 1.80% APY.
- No monthly fees, transaction fees or overdraft charges.
- Free, built-in bookkeeping and invoicing software.
- Free incoming domestic wires; low fees on other wire transfers.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Our pick for
Best online account from a brick-and-mortar bank
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
$500
Requirements to qualify
Chase’s digital features rival those from online-only banks — for instance, you can take customer payments via tap to pay using your Chase app. The bank also supports Zelle for Business.
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic and debit card transactions.
- Integrated credit card processing.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- 24/7 customer support.
- No fees at 16,000 Chase ATMs and access to around 4,700 branches.
- Supports Zelle for Business.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Our pick for
Self-employed workers
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
$125
Requirements to qualify
Found offers an excellent suite of tools for self-employed business owners with its free plan, including invoicing, tap-to-pay acceptance and automatic estimated set-asides for taxes.
Pros
- No required monthly fee or minimum opening deposit.
- No excess transaction fees or overdraft fees; free incoming domestic wires.
- Free, built-in invoicing, bookkeeping and tax-planning features.
- Integrates with popular business and gig work apps, including Stripe, DoorDash, Uber, Etsy and PayPal.
- Account holders are assigned to a dedicated banker or customer support representative.
- Built-in payroll features for contractors.
Cons
- No weekend or after-hours phone support.
- Not available to partnerships or nonprofit organizations.
- No fee-free cash deposits.
Our pick for
Simple, low-fee online banking
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
NBKC’s account doesn’t have many software bells or whistles, but it charges very few fees on banking fundamentals like cash deposits, withdrawals and transfers.
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.
- Unlimited debit cards.
Cons
- High fee ($45) for international wire transfers.
- Phone support only available during business hours.
- No third-party app integrations.
Our pick for
High-growth startups
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
$300
Requirements to qualify
Mercury is part of a class of banking products designed for startups with venture or angel investor funding. In addition to a checking account, you’ll get access to a savings account with expanded Insured Cash Sweep protections and top-of-the-line expense management software. And if you ever need cash, Mercury is the only one of its direct competitors (which include Brex and Rho) that supports ATM withdrawals.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Free domestic and international wire transfers.
- Advanced digital tools including API access to automate and customize your banking.
- Unlimited refunds on all domestic ATM fees.
Cons
- Can’t deposit cash.
- Mercury is not part of a fee-free ATM network.
Our pick for
High-yield business checking account
North One Standard Business Checking
Read Review
Learn more
at North One, Deposits are FDIC Insured
APY
2.50%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
NorthOne does not accept cash deposits
Overdraft fees
$5
Bonus
N/A
North One pays a best-in-class 2.5% APY to customers who spend at least $500 per month on their business debit card — a pretty easy way to put your excess cash to work.
Pros
- No monthly fees or excess transaction fees.
- Same-day deposits from Amazon, Cash App, Square, Stripe and Venmo. Direct payments supported from a variety of other business platforms, including Etsy, Lyft, Shopify and Airbnb.
- Sub-accounts that you can use to save for specific goals.
- Direct integration with Shopify, Etsy and Amazon.
- Account holders are assigned to a dedicated banker or customer support representative.
Cons
- Low cash deposit limits ($1,500 per day, $5,000 per month). Service fee of up to $4.95 per deposit.
- No free ATM network, though North One will reimburse up to two ATM fees per month by request. ATM withdrawals limited to $2,000 per day.
- Can’t send or receive international wires.
- No weekend customer support.
- Not available to nonprofit organizations.
- No spend controls on employee debit cards.
Our pick for
High-yield business savings account
Live Oak Bank Business Savings
Read Review
Learn more
at Live Oak Bank, Member FDIC
APY
3.60%
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
This is our top-rated business savings account, thanks to its high APY and lack of a monthly fee, transaction limit or minimum opening deposit requirement.
Pros
- Industry-leading APY.
- Earn interest on balances of $0.01 and higher.
- No monthly fee or minimum deposit.
- Access up to $10 million in FDIC insurance with Insured Cash Sweep.
Cons
- No ATM or debit card access.
- No weekend customer support.
Our pick for
ATM 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
Axos issues refunds on all ATM fees, allowing you to withdraw cash from anywhere without paying for it.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via Allpoint ATMs.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
- Relatively low mobile app ratings.
Our pick for
Startups with travel needs
Brex Business Account
Read Review
Learn more
at Brex, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
N/A
Brex’s expense management platform provides not only a business checking account but also savings options and corporate credit cards. Your employees can even book travel through a built-in portal, with their spending automatically recorded and controlled.
Pros
- No monthly fee or minimum opening deposit.
- Unlimited fee-free transactions.
- Ability to put cash in a money market fund to earn yield.
- Includes rewards-earning Brex corporate credit card.
- Free domestic and international wire transfers.
Cons
- Can't deposit or withdraw cash.
- Only available to venture-backed startups and mid-market companies.
- Not available to sole proprietors or other unincorporated businesses.
Our pick for
Linked savings account with Insured Cash Sweep coverage
Rho Business Checking
Read Review
Learn more
at Rho, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
$500
Requirements to qualify
Rho, like Mercury and Brex, focuses on serving startups. It stands out from those competitors, though, with a savings account that provides FDIC insurance to up to $75 million in funds via Insured Cash Sweep. (The checking account doesn't provide ICS, but it can be linked to a savings account that does.)
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions.
- Free domestic wires, same-day ACH transfers.
- No charge for international wires (third-party fees may apply).
Cons
- No cash deposits or ATM access.
- Not available to sole proprietors.
- Long hold time for deposited checks.
Our pick for
High-yield business money market account
First Internet Bank Business Money Market Savings
Read Review
Learn more
at First Internet Bank, Member FDIC
APY
3.46%
With $0 min. balance for APY
Monthly fee
$5.00
Waived with an average daily balance of $4,000
Min. opening deposit
$100
Free cash deposits
No
No cash deposits
Overdraft fees
N/A
Bonus
N/A
This online money market account offers a high APY on your balances and allows six withdrawals or transfers per month, making it a nice place to put your rainy day fund. It also syncs well with First Internet Bank’s checking account.
Pros
- High APY.
- No minimum balance to earn interest.
- ATM card access (sole proprietors only).
Cons
- Monthly fee.
- Minimum opening deposit ($100).
👋 I'm Rosalie Murphy, a lead writer and content strategist covering business banking. I did the research for this page.
To choose the best online business accounts, I started with our usual business checking accounts methodology. I reviewed each account’s fee schedule, deposit account agreement and help center.
From there, I reviewed feedback from business owners — solicited directly and gathered via online forums like Reddit — to understand what they like and don’t like about online accounts.
Based on this, I did the following to help inform my picks:
- Called every institution’s customer service number. Since you can’t visit most online banks in person, being able to talk to someone over the phone is almost a must. I tested the phone tree speed and representative helpfulness.
- Compared maximum check deposit hold times. Online banking is meant to be more convenient for business owners. However, slow deposits are a common complaint with online-only business accounts.
- Found a list of what each institution requires to open an account. Ideally, opening an online account should be quick and easy. I started application flows to see which accounts delivered on that promise.
- Explored built-in software. Getting better tech is part of the trade-off online accounts offer, since users can't visit a local branch. I compared feature lists and reached out to financial institutions for product demos.
What I found:
I called each financial institution that publishes their customer service phone number on their website (Bluevine, Mercury and North One don ’t). I reached out during regular business hours, as well as after hours to those that advertise such support, taking note of how long it took me to reach a human and how helpful those reps were.
In general, I was greeted by a phone tree or a prompt asking me to state my issue. Pre-recorded messages from Brex and Lili both informed me right away that they’d never ask for my debit card number or Social Security number over the phone, which can be a useful anti-fraud measure.
Phone trees were pretty standard. My longest total time before connecting to a human was just over five minutes, with Lili. On the other hand, American Express, Grasshopper and Live Oak all picked up on the first ring (no phone trees at all). Rho and Relay both offered a callback option, and when I chose it, both got back to me within 15 minutes.
When speaking to representatives, I introduced myself and asked a standard set of questions, including about how they handle fraud complaints. Most said they transfer such callers to a dedicated fraud department. NBKC offered a particularly helpful outline of their process — they’d investigate the fraudulent transaction, then close either the debit card or the entire account depending on the jeopardized information.
Have you used customer service at any of the institutions on our list?
I’d love to hear about your experience. Email me at rmurphy@nerdwallet.com.
Long deposit hold times are a common complaint among business owners in online forums. Some of the blame lies with federal regulations — banks are generally required by federal law to make $225 in deposits available the same day or next day, and up to $5,525 available within their normal availability schedule.
What constitutes a “normal availability schedule” can vary quite a bit. On the low end, most banks say it’s possible funds can be available within one business day. On the high end, Bluevine, NBKC, North One, Relay and Rho all say it can take up to seven business days.
And if you deposit more than $5,525 in a day, the financial institution may place a hold of around five additional days on the rest. If you routinely deposit large checks, a brick-and-mortar bank that you can walk into in person may be a better choice than an online bank.
This is similar across all these accounts because all U.S. banks are subject to the same regulations. Anti-money laundering rules require banks to verify the personal identity of each of their customers.
In general, here’s what you’ll need to open a business checking account online:
- A government-issued ID for each of your owners, along with their full name, address, phone number and date of birth.
- A Social Security number for each of your owners (or an Individual Taxpayer Identification Number, if they don’t have an SSN).
- Your business’s Employer Identification Number (EIN), unless you’re a sole proprietor. (Single-member LLCs aren’t required to have EINs, but most business bank account applications I started insisted on one.)
- Proof of your business’s formation. That might include your articles of incorporation, certificate of formation, DBA, ownership agreements and/or your business license.
- A U.S. address for your business.
- Your business’s industry and size.
Overall, I didn’t notice any big differences between the online application flows. While some providers emphasized how little time it takes to open an account, I found they all took only a few minutes each.
Lots of software features have become table stakes at this point. If an online bank doesn’t support mobile check deposit or bill pay, for instance, we wouldn’t recommend it.
But other technology can offer significant value to the owners of very small businesses who might not already pay for other software, like accounting tools, early on.
Here are some software features that I consider notable in 2025:
- Invoicing features that let you manage payable and receivable accounts. As a former freelancer, I can testify to the value of an invoicing tool that automatically sends reminders and includes a link so your client can pay on the spot, like those offered by Found and Novo.
- Zelle for Business or other built-in software for accepting customer payments. Only brick-and-mortar banks are part of the Zelle network currently, but some neobanks are beginning to build in payment processing tools. Found, for instance, lets you take tap-to-pay payments from customers’ credit cards using its mobile app.
- Expense management tools that streamline spending. These can handle tasks like employee reimbursements, debit or credit card spend controls and expense tracking. Rho, Brex and Mercury are the standouts in this category; all three platforms offer sophisticated software along with corporate credit cards. They’re best suited to mid-market companies or high-growth startups with venture funding. (Smaller business owners may want to take a look at Relay, which offers a slightly smaller suite of tools.)
- Integrations with other business tools. Most bank accounts should allow, at minimum, exporting transactions so that you can upload them into your accounting software. Others go further: Grasshopper and Lili will export your banking data automatically to QuickBooks, and Mercury allows you to add general ledger codes to your transactions.
- Sub-accounts for setting money aside. This can make it easier to manage things like payroll or save for long-term goals. For example, Bluevine users on its free plan can create up to five sub-accounts, each with its own number. A business owner could use one for payroll, one for paying monthly bills like rent and insurance and one for a rainy-day fund to support the business in slow months Some providers, like Relay, may let you transfer funds to an interest-bearing business savings account as well.
Accounts that didn't make this list (and why):
- First Internet Bank Do More Business™ Checking: 4.3 stars. This is a solid online business checking account, but it got beaten out by competitors that offer higher APYs, more software tools or sign-up bonuses.
- Novo Business Checking: 4.2 stars. Novo’s invoicing tools and e-commerce integrations might make it a good choice for freelancers. But its customer support is pretty bare-bones (email only) and it’s missing some core banking services, like the ability to send wires.
- QuickBooks Money: 4.2 stars. This account has some notable features, like high-APY built-in savings vehicles and integrated payment processing. Unfortunately, you need to look through its forums for answers to customer service questions. That gets frustrating fast, as it’s not always clear which responses come from QuickBooks staffers and which come from other users.
- Lili Basic Business Checking: 4.1 stars. Lili’s best features — like automatic tax savings, receipt capture tools and auto-generated accounting reports — come with its paid plans. Found offers a similar suite of tools for free.
- Live Oak Bank Business Essential Checking: 3.9 stars. Live Oak has a terrific business savings account, but its recently relaunched business checking account leaves a lot to be desired — better app store ratings, in particular.
- Accounts from other brick-and-mortar banks: We only included the business checking account from Chase, which is our top-rated account from a national chain. Here are our best banks for small businesses if you’d like to compare more.
NERDWALLET'S GUIDE TO ONLINE BUSINESS BANK ACCOUNTS
Online business accounts generally look similar on the surface. These business checking accounts often have well-designed apps and websites, unlimited transactions, no monthly fees and built-in software tools for bookkeeping, payment processing or bill pay tasks.
But what’s happening on the backend differs. Online banks are FDIC-insured institutions that hold your funds in their own coffers. So-called “neobanks” are financial technology companies that focus on software, while keeping your funds on deposit at a separate FDIC-insured bank.
Neither is necessarily a better choice, but it’s important to understand the difference before starting a relationship with a neobank.
Online banks
Online banks are chartered banks that simply don’t have branches. For that reason, it's important to compare customer service offerings — some of these business bank accounts come with phone support on weekends or even 24/7, while others are during business hours only.
In general, online banks offer all the features you’d expect from a brick-and-mortar bank, like check writing, wire transfers, ATM withdrawals and debit cards. American Express® Business Checking doesn’t let you deposit cash, though. (If a bank doesn’t offer cash deposits, we’ll always mention it in their Pros and Cons.) Most advertise no overdraft fees, but that’s because you can’t overdraw your account.
Online banks make occasional changes to their product lineups and fee schedules, moving somewhat more quickly than brick-and-mortar banks. Occasionally, they pivot their strategies and stop providing certain services — LendingClub, for instance, stopped offering new business accounts in January 2025.
The following institutions have their own bank charters:
- American Express.
- Axos.
- Chase.
- Grasshopper.
- Live Oak Bank.
- NBKC.
Neobanks
Some online bank accounts come from neobanks — financial technology companies that don't have bank charters themselves. Instead, neobanks partner with existing banks to hold customer funds in business bank accounts insured by the Federal Deposit Insurance Corp. (FDIC).
Each neobank NerdWallet recommends works with an FDIC-insured bank, which means your funds are protected in the event of that partner bank’s failure. However, if your neobank itself or another institution it works with goes under — like when Synapse, a software company, filed for bankruptcy in 2024 — your deposits could get stuck in limbo.
» Learn more: 5 questions to ask before opening a neobank account
So why do we recommend certain neobanks? They often offer software features you won't find from traditional business bank accounts. Found, for example, gives freelancers and sole proprietors a dynamic estimate of their tax liability that changes with your earnings. It will also keep track of deductible expenses and automatically generate a Schedule C. Those tools offer a lot of value to self-employed workers.
That said, neobanks are tech companies, and they make regular product and pricing changes. In recent years, many have rolled out subscription plans, moving some formerly free features behind paywalls. Every once in a while, a neobank decides to pivot and stop providing banking services altogether.
The following institutions on our list are neobanks:
- Bluevine (banking services provided by Coastal Community Bank, member FDIC).
- Brex (banking services provided by Column N.A., member FDIC).
- Found (banking services provided by Piermont Bank, member FDIC).
- Mercury (banking services provided by Choice Financial Group, Column N.A., and Evolve Bank & Trust, members FDIC.)
- North One (banking services provided by The Bancorp Bank, N.A., member FDIC).
- Relay (banking services provided by Thread Bank, member FDIC).
- Rho (banking services provided by Webster Bank, N.A., member FDIC).
🤓 Nerdy Tip
It’s pretty common for businesses to use multiple banks. NerdWallet generally suggests that individuals keep their cash savings in an online high-yield savings account but day-to-day funds in an easy-to-access checking account. If your business has extra cash on hand, we recommend doing the same. Here are our best business savings accounts.Brick-and-mortar banks and credit unions
Most brick-and-mortar banks and credit unions now let customers open accounts online. And if you want to do some online banking but maintain a personal relationship with a banker, a local brick-and-mortar may be your best bet.
There are trade-offs here too, though. Unlike their online counterparts, traditional banks often place caps on how many transactions and deposits you can make each month before paying a fee. Many charge additional fees as well, including for monthly maintenance (though there are often ways to waive it, like maintaining a certain minimum balance).
And while brick-and-mortar banks are catching up to their digital-first competitors in terms of software offerings, they can still be clunky. That's especially true for institutions with smaller footprints, like local banks or credit unions.
🤓 Nerdy Tip
One advantage of brick-and-mortar banks over online banks? They might offer Zelle for Business. Zelle, a free instant transfer tool, is only available if your bank is a partner. You can’t use Zelle with a linked debit or credit card the way you can with other peer-to-peer payment tools, like Venmo and Cash App. Zelle for Business’s partners include Bank of America, Chase, U.S. Bank and Wells Fargo.If you're planning to give an online bank your business, you'll likely want to take a few additional steps:
- Decide what’s most important to you in your business bank. Is your priority a high APY, round-the-clock customer support, generous transfer limits, great bookkeeping tools or something else? Let that guide your search.
- Figure out how you feel about neobanks. A fintech is not a better or worse banking option by default. But it’s important to decide whether you’re comfortable working with one.
- Check reviews. If you want to go beyond NerdWallet’s review, skim Reddit, TrustPilot and app store reviews for clues about customer service headaches customers might experience.
- Put together your application materials. That includes your personal ID, Social Security number, business formation documents and EIN.
- Supply a minimum opening deposit. If an account requires one, you can fund it via ACH transfer, debit or credit card, mobile check deposit or cash deposit. 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 March 1, 2025
Methodology
NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry.
We consider more than 20 data points for each account, including services, fees, features and rewards. We gather this information from rates and fees documents, deposit account agreements, financial institution websites and company representatives.
Our editorial team regularly reviews and updates our data to ensure consistency and accuracy. We also update our scoring on an ongoing basis to reflect changing industry norms and business owner needs. For instance, in 2025, we introduced bonus points for notable built-in software features, like the ability to accept tap-to-pay payments from customers using a mobile app.
Final star ratings are presented on a scale of one to five stars, where a five-star score represents the best available product for the largest number of business owners. Learn more about how we rate business checking accounts.