15 BEST Online Business Banks for Small Business in 2024

A complete review of the BEST Online Business Banks with comparisons for a better online business banking experience to get top rated services:

One thing is certain among all of the banking tools and trends that make up the best online business banks: digital banking has been slowly gaining ground.

The vast majority of Americans already use online banking services, and more businesses are implementing cutting-edge technology like mobile apps and automated investment platforms. Online banking is virtual banking done through a website or mobile app. Institutions offer different online banking products and services.

Online business banks often allow customers to open accounts, pay bills, transfer money, deposit checks, examine statements, and perform other standard banking operations.

Online Business Banks – Pick the Best

Different online banking options can assist you with depositing your paycheck, gaining access to your cash, saving money, borrowing money, and making investments for the future.

We did web research and compiled this review to help you reduce the time you spend searching and make quick, informed decisions. There are several of the best online business checking accounts, but not all of them can offer you first-rate services.

In this guide, we’ve highlighted key information, such as account APY, ATM networks, necessary minimum opening deposits, account fees, benefits and drawbacks, and our final assessment. We have also included a comparison chart with our top 6 picks for anyone who would like to quickly compare our top recommendations.

According to the analysis, the market for digital banking would probably expand between 2022 and 2028 at a CAGR of more than 4.50 percent.

The following are some of the major participants in the global market for digital banking:

• China Bank for Construction
• Group HSBC
• Bank of China Merchants
• Chinese Agricultural Bank
• Chinese Bank Limited
• Industrial and Commercial Bank of China, a subsidiary of Bank of America
• Citigroup
• Wells Fargo
• Morgan Chase & Co

The online banking market is divided into segments based on region, banking type, and service type. Payments, processing services, customer & channel management, wealth management, and other services are categorized according to service type. (See the graph below).

Retail banking, corporate banking, and investment banking are the three main categories of banking. The market is examined in terms of its impact on North America, Europe, Asia-Pacific, and LAMEA. (Refer to the image below).

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Consumers are growing more and more accustomed to digital banking. By 2025, there are expected to be 216.8 million users of digital banking services, up from an estimated 203 million in 2022. Customers using digital banking in the U.S. rose from 196.8 million in 2021 to 203 million in 2022.

64% of Gen Z and 57% of millennials have a banking account with a non-traditional organization such as Neobank or other Fintech.

Although it’s common to think that younger generations are more inclined to use internet banking, those between the ages of 35 and 44 use digital-only banks the most frequently. According to Galileo, 29% of people in this age range have their primary account at a digital-only bank, compared to 26% of people in the 25–34 age range and 24% of people in the 18–24 age range.

What to Look for in Online Business Banks

#1) Cost and Minimum Balance Requirements: The best business bank accounts don’t charge exorbitant charges. Choose an online bank with reasonable fees of all kinds.

#2) Annual Percentage Yield (APY): If you want to make the most out of your money, seek a bank that offers financial products with an attractive APY. Different banks have different APY rates. Baselane, for instance, gives 3.30%, and Mercury, up to 2.524%. Just remember that interest rates are only one component of the larger picture when choosing the best online business banks.

#3) Online Banking Experience: The best online business bank account includes both a user-friendly mobile app and an easy-to-use web interface for banking when out and about. Don’t forget that you primarily interact with the bank via its website and mobile application.

#4) Minimums and Transaction Limits: Find an online bank with minimal standards that fit your degree of financial comfort. Transactional restrictions are placed on business checking accounts by several commercial banks. Higher transaction limits are required if your business is bigger because you’ll be making more deposits, withdrawals, and transfers.

We advise picking a bank (like Oxygen) that offers unlimited monthly transactions at no additional cost to you.

#5) Customers’ Experience: Pick a bank with easily accessible customer service representatives or online chat features. Keep customer support in mind because online banks frequently lack access to branches.

#6) Safety and Custom Solutions: Seek out a bank that is FDIC-insured. The FDIC offers up to $250,000 in insurance per depositor, per bank, for each type of account ownership, if a bank fails.

Some online banking accounts cater to freelancers, sole proprietors, and entrepreneurs when it comes to unique solutions. Take into account your sector and see if the bank of your choice delivers exactly what you’re looking for.

Benefits of Online Business Banks

#1) Convenience: The ability to access your accounts from virtually anywhere is one of the main advantages of internet banking. You can check your balances, pay bills, or transfer funds between accounts as long as you can log in to internet banking or mobile banking.

#2) Cost: Because online banks have smaller overhead expenses than traditional banks, they may offer rates that are much more competitive. Incoming wire transfer costs, minimum balance fees, monthly maintenance fees, and other expenses are frequently waived by the finest online banks.

#3) Additional Features: Some of the best online bank accounts provide extra features like budgeting tools, automated savings, goal trackers, and financial calculators that let you accomplish a variety of tasks.

#4) Other advantages include easy account opening, integration with third-party apps, automatic bill payments, record-keeping, and enhanced security.

How to Open an Online Business Account

It’s simple to open a business bank account online. Although the steps are similar, each bank has its own unique procedure.

Here’s how to sign up for an online business account:

Step #1: Visit the websites of each bank to compare their fees, interest rates, deposit and withdrawal policies, and merchant services.

Step #2: Pick the bank that can best meet the demands of your small company. Look for information on how to create a business checking account online on the bank’s website.

Step #3: Select the bank account for your online company that you wish to create. Put everything in order and check for any minimal opening requirements.

Step #4: Read the small print to learn what business documentation is required and how to submit it online according to your business organization.

Step #5: Put your identity and legal documents together. By going to the bank’s website, you may sign up for an account or submit an application for a business checking account. Fill out and submit the online application form provided by the bank. All required authorizations should be signed online.

Step #6: Follow up, find out if any further details are required and confirm that the account has been established and financed correctly.

FAQs on Online Banks for Business

Q #1) What is the most trusted online bank?

Answer: Online banks are generally secure. The online bank that offers the finest features and prices for your specific needs is the one you should use.

Q #2) What is the best bank to open an online account?

Answer: We’d recommend the following 6 banks that offer the best online business banking:

• Oxygen: Best for small business owners who are digitally savvy and want to manage their funds digitally
• Mercury: Best for startups and tech-oriented businesses looking for an online-first banking platform
• Grasshopper: Best for small businesses looking for a digital checking account
• Kabbage: Best for startups and small businesses looking for competitive interest rates for business checking accounts
• Bank OZK: Best free checking account for small businesses.
• Baselane: Best for landlords.

Q #3) What is the disadvantage of online banking?

Answer: The main drawback of online banking is that cash deposits might be challenging: Some internet banks make it nearly impossible to deposit cash because there is nowhere to physically deposit the money.

Q #4) What banks can I open online for free?

Answer: Below are our top-3 online banks for business that you can open for less than 10 minutes free:

• Oxygen
• Mercury
• Kabbage

But keep in mind that every bank account has some sort of cost associated with it.

Q #5) Which bank is totally online?

Answer: Looking for an online-only bank? Here is our list of the top 5 banks that provide the best online banking for businesses:

• Oxygen
• Mercury
• Grasshopper
• Kabbage
• Bank OZK

There is no minimum initial deposit, transaction fees, or monthly fees for all the above banks.

Q #6) Is online banking safe?

Answer: Online banks are secure, yes. An online bank that is protected by the Federal Deposit Insurance Corporation will provide the same level of protection as a bank located nearby. The FDIC insures each customer accounts up to a maximum of $250,000. Do your research, though, before choosing any particular online bank.

Q #7) Which online bank is best for small businesses?

Answer: Our top 3 picks are

• Oxygen
• Grasshopper
• Kabbage

Q #8) Which bank is best for online banking?

Answer: Because of its generous rates, minimal fees, and user-friendly budgeting capabilities, Oxygen takes the top spot in the overall category for the best online banks.

List of the Best Online Business Banks

Popular and best online banking for business list:

1. Oxygen
2. Mercury
3. Grasshopper
4. Kabbage
5. Bank OZK
6. Baselane
7. Novo
8. Relay
9. Lili
10. Found
11. Nbkc
12. Bluevine
13. First Internet Bank
14. Bank of America
15. Axos

Comparison Table of Best Online Banking for Business

Detailed reviews:

#1) Oxygen

Best for small business owners who are digitally savvy and want to manage their funds digitally.

The online-only bank Oxygen provides both personal and business bank accounts through the Oxygen app, with a focus on mobile banking.

The software’s LLC creation feature enables new businesses to create, submit, and file their LLC papers. It’s a great option for a business bank account for companies that commonly use debit cards because it gives 5% cash back incentives on all debit card purchases.

There are no monthly fees, minimum balance requirements, or starting deposit minimums with the Oxygen business account. Additionally, there are an infinite number of fee-free transactions available with this account, including ACH transfers, direct deposits, incoming domestic wire transfers, and mobile check deposits.

To create a login for your Oxygen business account, you must download the mobile app and enter your email address and password. Basic information about you and your business, such as your Social Security number, birth date, and active U.S. mailing address, must be provided as part of your application.

Annual Percentage Yield (APY): 1% on balances up to $20,000.
Monthly Fee: $0.00
Minimum Opening Deposit: No minimum
Cash Deposit Fee: Up to $4.95/deposit
ATM Network: 55,000+ worldwide Allpoint ATMs

Features:

• 5% cashback rewards
• Nationwide LLC Creation
• No monthly fees
• Secure virtual cards
• 1.00% business savings
• Travel and retail (insurance and extended warranty protection)

Pros:

• Unlimited transactions without fees.
• Available cash back on debit card transactions of up to 5%.,
• Secured virtual debit cards that can be used endlessly.
• No minimum balance restrictions or monthly fees.
• No ACH fees.
• An annual APY of up to 1%.
• The option to create an LLC (with professional help).

Cons:

• No lending products.
• No web access; only the mobile app.
• Fee for using ATMs outside of the network.
• Each cash deposit is subject to a service charge of up to $4.95 with a daily cap of $1,000.
• International wires cannot be received or sent.
• No multiple user accounts.

Verdict: The Oxygen business account is ideal for small business online banking because it has no monthly fees and an unlimited number of fee-free transactions. The CorpNet, Inc.-powered Oxygen app facilitates nationwide LLC creation for companies considering becoming LLCs. However, there are costs associated with it.

Website: Oxygen

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#2) Mercury

Best for startups and tech-oriented businesses looking for an online-first banking platform

If you are a tech entrepreneur or manage a startup and are searching for an online business checking account, Mercury is a great option. Except for sole proprietorships and trusts, most American-incorporated firms qualify for a Mercury account.

With entrepreneurs in mind, Mercury delivers scalable digital tools. Additionally, each account includes read-write API access so you can completely personalize your banking.

You must have an American-incorporated business with a federal employment identification number to open a business checking account (EIN). A photo of your government ID and the official documents used to create your firm are also required.

You may fund your account, send payments, and control your transactions and spending after being approved. Additionally, if your account has been accepted, you’ll get your business debit card within eight to ten days; however, you can also create virtual cards from your Mercury online account.

Annual Percentage Yield (APY): Up to 2.524%
Monthly Fee: $0.00
Minimum Opening Deposit: No minimum
Cash Deposit Fee: Doesn’t support cash deposits
ATM Network: Over 55,000 Allpoint ATMs

Features:

• Free bank accounts
• 1.5% cashback
• Up to 4.39% yield on Mercury Treasury
• Automate recurring payments
• Third-party integration (QuickBooks, Stripe, etc.)
• Free USD international wires
• 1% fee on currency exchange

Pros:

• No minimum initial deposit, transaction fees, or monthly fees.
• Free wire transfers both domestically and internationally.
• High APY is offered.
• Availability of startup funding.
• Business cards for small companies.
• Debit cards, both actual and digital.
• API access to help automate and personalize your banking.

Cons:

• Exclusive businesses are not eligible.
• Low rate of return on savings.
• Fewer alternatives for lending.
• No cash deposits.
• For high APY, a large balance is necessary.

Verdict: Mercury is a great option if your tech-based firm or startup is incorporated in the US and you’re seeking a free, digital-only banking product. Both a business checking account and a business savings account are offered under the conventional Mercury banking system.

Mercury has an Excellent rating for the price since it levies nearly no costs and is upfront about the few possible fees.

Website: Mercury

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#3) Grasshopper

Best for small businesses looking for a digital checking account.

Grasshopper is another digital-only bank that offers a wide range of financial products. Small businesses, start-ups, venture capitalists, and private equity organizations can all benefit from the bank’s services.

The primary advantage of Grasshopper is the free Auto-books subscription that comes with each account, in addition to the 1.5% APY that is uncapped on all balances.

Customers of Grasshoppers benefit from 1% cash back on qualifying debit card purchases, which is a rare feature for business checking accounts.

Furthermore, it provides both standard and non-conventional business financing, including loans for yachts, SBA loans, loans for venture capital, loans for commercial real estate, and private equity.

A Grasshopper Business Checking Account can be opened online in a matter of minutes. To fund your new account, you must connect to an existing bank account. You must also submit personal information for any owners who hold at least 25% of the company.

Annual Percentage Yield (APY): 1.51%
Monthly Fee: $0.00
Minimum Opening Deposit: $100.00
Cash Deposit Fee: Cash deposit is not accepted
ATM Network: 45,000 Money Pass and Sum network

Features:

• Unlimited transactions
• Send digital invoices
• Automate Bookkeeping
• Cashflow management
• Instant checks deposits
• User management

Pros:

• 1% cash back on debit card transactions (unlimited).
• Earn 1.5% APY on any balance with no minimum or limit.
• Neither an overdraft fee nor a monthly fee.
• 24/7 online and mobile banking.
• A built-in, cost-free accounting program.
• Forever-free ACH and inbound wires.

Cons:

• Unable to make a cash deposit.
• Absence of a physical location.
• A $100 or more opening deposit.

Verdict: Grasshopper’s high-yield business checking account offers infinite cash back on eligible purchases and no monthly fees, but the bank does not take cash deposits. This is the best online banking for small businesses that transfer money frequently.

Website: Grasshopper

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#4) Kabbage (American Express Business Checking)

Best for startups and small businesses looking for competitive interest rates for business checking accounts.

The new American Express Business Checking account, which has no monthly fees, offers one of the best interest rates for business checking accounts. American Express Business Checking outperforms most rivals in this market with its sizable welcome bonus, competitive interest rate, and 24/7 live customer assistance.

Deposits can be made through wire transfers, ACH, and mobile check deposits (available only for iPhones). Additionally, they can withdraw money for free from any of the 37,000+ MoneyPass ATMs.

Opening an American Express business account is simple. You may apply for an account online in as little as 10 minutes.

You will be required to provide information about your industry, revenue, and how you intend to use your online business checking account, as well as an Employee Identification Number (EIN) or Taxpayer Identification Number (TIN) and supporting documentation to demonstrate that you are a legally recognized business.

Annual Percentage Yield (APY): 1.30%
Monthly Fee: $0.00
Minimum Opening Deposit: $0.00
Cash Deposit Fee: cash deposits are not supported
ATM Network: 37,000+ Money Pass

Features:

• Membership rewards
• Free processing services
• No fees on MoneyPass ATM withdrawals and E-checks
• American Express Business Debit Card for all checking accounts
• 1.3% APY on balances up to $500,000.

Pros:

• For every $2 you spend with an eligible Business Debit Card, you’ll receive one Membership Rewards point.
• No monthly charges or opening-deposit requirements.
• No overdraft fees; limitless fee-free transactions.
• 37,000 MoneyPass ATM locations offer fee-free withdrawals from ATMs.
• 24-hour client service.
• Your Business Debit Card is more secure and safe thanks to contactless technology with embedded chips.

Cons:

• Available only to American Express users.
• No deposits in cash.
• Only iOS supports mobile apps.

Verdict: The 1.30 percent annual percentage yield (APY) on business checking accounts offered by American Express is among the finest. Additionally, it has a greater limit than other high-yield business accounts, enabling customers to receive interest on balances up to $500,000.

Nonsufficient funds, stop payment requests, and e-checking do not incur any fees for the customer. It is one of the best online business checking account providers since incoming wire transfers, both domestic and international, are also free.

Website: Kabbage

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#5) Bank OZK

Best for a free checking account for small businesses.

The beginnings of Bank OZK may be traced back to 1903, when it was founded in Jasper, Arkansas, as a small neighborhood bank. The bank has over 240 locations throughout Alabama, Arkansas, Florida, Georgia, New York, North Carolina, South Carolina, and Texas and offers both personal and business banking services.

Bank OZK offers a variety of checking accounts to match your business needs, whether you are just getting started or hoping to generate money and grow your company.

Depending on what you want, you can pick from the following options: interest plus checking account, small business, growing business, or business analysis.

In addition to providing many of the same services as other online business banks, Bank OZK additionally provides Bounce Proof Security, a useful overdraft protection solution.

Bounce Proof Security will cover any overdrafts up to your limit, with a maximum overdraft of $500, if you maintain a positive account balance on a new account for at least 30 days.

Annual Percentage Yield (APY): None
Monthly Fee: $0.00 (for small business checking acc only)
Minimum Opening Deposit: $100
Cash Deposit Fee: N/A
ATM Network: N/A

Features:

• Overdraft protection
• Mobile wallets
• Travel notification
• Electronic statements
• No monthly service fees and minimum balance for small businesses
• Treasury Management Services

Pros:

• There are no recurring service charges.
• Phone Deposit
• Overdraft Safety.
• Pay bills online.
• eStatements.
• Services for managing the treasury.
• Activated Debit Card immediately.
• Mobile banking.
• Commercial Processing.
• Check Image Statements.

Cons:

• Only available in select states.
• Interest Plus and Growth Business checking accounts charge a monthly service fee.
• Pays low-interest rates.

Verdict: Bank OZK is one of the best online business banks that may be able to provide small companies and sole owners in the Southeast with great customer service and low transaction volumes.

You can open an online business bank account for just $100, and you can make up to 15 free online bill payments per month. If you’re looking for online banking for small businesses, bank OZK might serve your interests.

Website: Bank OZK

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#6) Baselane

Best for landlords.

Baselane, a fully integrated financial solution, was developed specifically for landlords. Because of this, it’s an excellent choice for real estate investors looking to flip and hold properties or buy investment properties to rent out.

For your convenience, it also provides paid services that are built within the platform, such as loans for landlords and landlord insurance.

The business, which has operations in all 50 US states, currently provides services to thousands of landlords. Baselane provides a free checking account for landlords called the business checking account.

As a digital company, Baselane satisfies independent landlords’ banking and financial needs. Three payment methods are available to landlords: ACH, ATM cash deposits, and mobile check deposits made using the Baselane app.

Annual Percentage Yield (APY): 3.30%
Monthly Fee: No fees
Minimum Opening Deposit: No minimums
Cash Deposit Fee: No fee (deposit at Allpoint ATMs only)
ATM Network: 55,000+ Allpoint ATMs

Features:

• Bookkeeping
• Taxes, reporting, and analytics
• Automated payments, fees, and reminders
• Insurance and lending
• Rent collection

Pros:

• Organize your accounts to meet the demands of your company.
• Using high-yield checking to increase savings.
• Cash back debit rewards of up to 5%.
• All business entities should have open bank accounts.
• Several accounts for each property.
• No minimum balances or account fees.
• Debit cards in both physical and virtual forms with individual expenditure limits.
• Mobile check deposit
• Transfer between Baselane accounts

Cons

• You might need to enroll tenants in a new payment system.

Verdict: Baselane is one of the few companies that provides quick and secure online rent collecting. With Baselane’s free Money Collection service, landlords can have the rent deposited into any account. To start receiving rent through Baselane, you must provide contact information for your tenant and the account information where Baselane will deposit rental income.

Opening a bank account or making a loan application both need the submission of personal information. Loan applications may require supporting documentation and verifications, such as tax records, real estate appraisals, and proof of ownership.

Website: Baselane

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#7) Novo

Best for entrepreneurs, small business owners, and freelancers.

Novo offers a free business checking account that is excellent for online banking and combining it with other business tools. It is our top recommendation for freelancers, small business owners, and entrepreneurs.

Novo Boost lets you receive payments from your Stripe account more quickly than other providers, and Express ACH allows you to accept or transfer same-day ACH payments.

The fact that Novo has an integrated invoicing tool and direct integration with the most effective business tools makes it the best choice for streamlining financial processes and enabling business owners to manage multiple accounts in one location.

Annual Percentage Yield (APY): N/A
Monthly Fee: No fees
Minimum Opening Deposit: $0.00
Cash Deposit Fee: None (no direct cash deposits)
ATM Network: You are free to use any ATM, domestic or foreign, with Novo.

Pros:

• Maintenance is provided without fee.
• The entire ATM cost is refunded globally.
• There are no limitations on transactions, no inbound wire fees, and no ACH transfer costs.
• Includes integrations for several business platforms, including Shopify, Slack, Stripe, Square, PayPal, QuickBooks, and Xero.
• Accept same-day ACH payments or be the beneficiary of one.
• Transacting in the US is unrestricted.

Cons:

• Direct monetary deposits are not possible.
• Lack of loan products and savings accounts.
• Insufficient money/returned uncollected monies costs are $27.

Verdict: Novo provides entrepreneurs looking for simplicity with a straightforward, online-only small business checking. Novo is a wonderful option for business owners who only require a checking account. Despite having a significant internet presence, Novo does not support cash deposits, a requirement that many businesses require.

Website: Novo

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#8) Relay

Best for accountants, bookkeepers, and small businesses looking for flexible online banking

Relay offers free business checking and is a fully digital business banking solution. Relay is one of the best online business checking accounts for small businesses because it has no minimum balance requirements, transaction limits, or overdraft fees, as well as free incoming wire transfers, and the flexibility to open numerous accounts.

Relay is a great option for a business bank for companies who require many accounts to divide corporate finances. Up to 20 checking accounts are available to you, allowing you to use them to lay money aside for various expenses.

However, there is a 10-checking account restriction for sole owners and single-member LLCs.

Annual Percentage Yield (APY): N/A
Monthly Fee: None
Minimum Opening Deposit: $0.00
Cash Deposit Fee: Does not accept cash deposits
ATM Network: 55,000 fee-free

Pros:

• No minimum balance is needed or monthly fees.
• No overdraft charges, account fees, or minimum balances.
• Deposits from financial institutions such as PayPal, Stripe, Square, and others.
• Direct connections to Xero and QuickBooks Online.
• Setting transaction and withdrawal restrictions on staff debit cards are possible.
• Relay does not levy ATM fees.
• 50 Mastercard debit cards, either actual or virtual.
• 20 different checking accounts maximum.

Cons:

• Cannot order checks or deposit cash.
• Sporadic phone support
• There are no locations.
• No lending options are offered.

Verdict: Relay is a great option for a business bank for companies who require many accounts to divide corporate finances.

Relay also provides a comprehensive online banking experience with minimal costs, as well as excellent financial tracking via its app. Relay’s business account is a solid choice for online merchant banking even though it does not enable cash deposits.

Website: Relay

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#9) Lili

Best for small businesses, freelancers, and sole proprietors who want to cut their expenses and save.

Lili is another online business bank that provides straightforward checking accounts free of monthly fees, transaction limits, minimum balance requirements, or deposit prerequisites.

Lili is now accessible to sole proprietors and solitary LLCs operating under a “doing business as” category. Initially, Lili was developed especially for independent contractors and freelancers.

There are two Lili business accounts available: Lili Pro, which costs $4.99 per month, and Lili Basic, which is free. The upgraded Pro edition provides extra tools for operating your company, accrues interest, and compensates you with cash back for using your Lili Visa business debit card.

If you’re just getting started, Lili Basic may include everything you need. Fees and a required minimum balance are not required. You can use free ACH transfers, free mobile check deposits, and free cost management capabilities with this account.

Annual Percentage Yield (APY): 1.50%
Monthly Fee: $0.00
Minimum Opening Deposit: $0.00
Cash Deposit Fee: $4.95/transaction
ATM Network: 38,000+ MoneyPass ATMs

Pros:

• Transactions without fees indefinitely.
• There are no account fees, overdraft fees, international transaction fees, deposit requirements, or ATM fees at any of the 38,000+ locations in the US.
• APY of 1.50% on savings accounts.
• Your Visa Business Debit Card offers a $200 fee-free overdraft.
• Cashback Benefits.
• Support from experts.
• Provides a tool for early payments with direct deposit.
• Integrated tools for budgeting and tax preparation.

Cons:

• Unable to send or receive wire transfers.
• Restricts business accounts to doing business as.
• No actual places.

Verdict: There are numerous advantages for extremely small businesses provided by the online banking tool Lili. Freelancers and independent contractors can control their costs with the use of this bank account’s mobile tax-planning capabilities.

There are no monthly fees, no minimum balance requirements, no required beginning deposits, and an unlimited number of fee-free transactions with the Lili bank account.

Website: Lili

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#10) Found

Best for freelancers

For folks who work for themselves, Found provides some of the greatest free internet banking options. One app contains all the tools you need to manage payments, invoices, and taxes.

You can withdraw cash with Found debit cards from any ATM that accepts Mastercard. The maximum withdrawal per day is $550. The standard ATM fees will be applied.

Found offers three crucial services to independent contractors:

Business banking: A free business bank account will be provided to you so that you can accept deposits from clients or employers. A Found debit card, which you can use for business expenditures, will also be given to you.

Instant write-offs: Found provides you with an immediate write-off for every business purchase and then transfers the money back into your business account.

Tax payments every three months: If you’d like, Found can send your tax payments to the IRS on your behalf. Simply complete your Tax Profile, transfer your business earnings to your Found account, and use your Found card to pay for all of your out-of-pocket business expenses.

Unfortunately, certain fundamental banking features are missing from Found’s free business checking account. First, checks cannot be deposited or used for payment. Cash deposits are also not permitted. Likewise, wire transfers are unavailable.

Annual Percentage Yield (APY): None
Monthly Fee: $0.00
Minimum Opening Deposit: No minimums
Cash Deposit Fee: Doesn’t support cash deposits
ATM Network: Any Mastercard-accepting ATM

Pros:

• No minimum balance requirement, no account maintenance fees, and no cost to set up.
• Found immediately calculates your tax bill.
• Effective bookkeeping that doesn’t use paper.
• Integrates with well-known business applications including PayPal, Etsy, and Stripe.
• No overdraft fees; fee-free unlimited transactions.
• Full protection and defense.

Cons:

• Not allowed to deposit cash, pay with checks, or deposit checks.
• Must open an account in your name, not the name of the business.
• There is no after-hours client service.
• Lacks fundamental banking features

Verdict: The goal of Found is to make tax planning for independent contractors easier. The tax estimate in the Found app is updated when you earn and spend money, and it also budgets money for your tax obligation.

It is one of the best online business banks and was developed to help independent contractors and business owners who need a one-stop shop for checking, invoicing, bookkeeping, and tax preparation.

Website: Found

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#11) Nbkc

Best for small business owners on a tighter budget.

The Everything Account from Nbkc bank combines a checking and savings account with interest-bearing features. From one account, you may spend, save, and pay bills.

There are no monthly fees, transaction fees, minimum balance requirements, or costs for using online or mobile banking, which includes check deposits and bill pay, with the NBKC business checking account.

You can receive an infinite number of transfers, withdrawals, and deposits with NBKC business checking.

The NBKC Business Account offers free use of more than 37,000 MoneyPass ATMs located all across the country. Additionally, NBKC offers up to $12 in monthly ATM fee refunds from other banks.

You have the option to tailor your account depending on your company’s needs by utilizing NBKC add-on services, in addition to the online and mobile banking options that come standard with NBKC business checking.

The NBKC Bank Business Account has some drawbacks, including a $5 fee for domestic wire transfers and a $45 fee for sending or receiving international wire transfers. Additionally, a $10 monthly fee is required if you want to link the Autobooks invoicing program to your checking account.

Verdict: Small business owners that are on a tight budget and those searching for a simple account to handle their funds online might consider NBKC business checking. Nbkc Bank is a full-service institution that charges the barest minimum in fees.

There are no overdrafts, minimum balances, foreign transactions, or monthly maintenance fees. Additionally, incoming domestic wire transactions are free.

Website: Nbkc

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#12) Bluevine

Best for small business owners looking for checking accounts with greater interest rates

Bluevine is a well-known alternative lender that provides business funding. In addition to this business checking account, Bluevine now offers small business financing.

With this business checking account, you may earn 2% APY on balances up to $100,000 if you make $500 in monthly debit card purchases or receive $2,500 in client payments each month.

No minimum opening deposit, daily or monthly requirements, monthly fees, nonsufficient funds penalties, or ACH payment costs apply to the Bluevine business bank account.

Bluevine, which offers the best-paying business checking account on the market, is one of the best online banks for small business owners. However, Bluevine does not provide access to a physical branch since it is an online-only business checking account.

Additionally, each time you make a cash transfer into your Bluevine account, a $4.95 fee will be applied. Bluevine only permits one user to be linked to a single business checking account, which may be an issue for larger businesses with several owners.

Verdict: The features of Bluevine’s business checking account, such as no fees and unlimited transactions, are typical of online-only banks. You can also deposit cash here, in contrast to the majority of online-only accounts.

However, the account is unique in that Bluevine does not impose a minimal daily or monthly balance requirement for you to receive interest.

Website: Bluevine

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#13) First Internet Bank

Best for entrepreneurs looking for an online-only full-service bank

The only company on this list that provides all the financial services you would anticipate from a conventional brick-and-mortar institution is First Internet Bank.

Along with comprehensive checking and savings options, it also provides business CDs, and a range of business lending products like SBA loans, commercial real estate, commercial lending, and public finance.

On checking balances of at least $10,000 and with no maximum limit, it offers an interest-bearing checking account with a 0.50% APY. First Internet Bank will cover up to $10 in monthly ATM costs for firms that often use ATMs.

First Internet Bank also provides personal banking and loan services for business owners who want to keep their personal and professional affairs with the same institution.

Verdict: If you want to improve the return on your excess revenue, make better use of your working capital, or require assistance with your payment systems, First Internet Bank will work with you to create practical, adaptable, and useful solutions that are adapted to your unique company needs.

Website: First Internet Bank

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#14) Bank of America

Best for small companies that deal heavily with cash and don’t mind paying a monthly fee.

Business Advantage Relationship Banking and Business Advantage Fundamentals Banking are two of Bank of America’s small-business checking accounts.

The bank’s business checking distinguishes itself from its regional and national brick-and-mortar rivals by providing large cash deposit limits, limitless fee-free electronic transactions, and three alternative ways to open an account.

With a Bank of America business account, you can use digital services like Business Advantage 360, Cash Flow Monitor, and Zelle.

Each month, fee-free cash deposits of up to $7,500 and up to $20,000 can be made into the Business Advantage Fundamentals account and the Business Advantage Relationship account, respectively.

If you’d prefer to continue with the same bank for your future financial needs, Bank of America offers a variety of different products for small-business owners, including business savings accounts, payment processing, credit cards, and business loans.

Verdict: For the Business Advantage Fundamentals and Business Advantage Relationship accounts, respectively, there are monthly fees of $16 or $29.95 for both Bank of America business checking accounts.

Additionally, there are fees associated with using an ATM that is not owned by Bank of America. These fees are $2.50 for domestic ATMs and $5 for international ATMs. The ATM owner may also impose extra fees.

Even though the bank offers excellent online merchant banking services, you may want to look at some of the other possibilities on our list, particularly if you have concerns about costs.

Website: Bank of America

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#15) Axos

Best for small business owners looking for fee-free ATM access across the United States.

Axos provides two primary business checking accounts, similar to Bank of America: Basic Business Checking and Business Interest Checking (up to 1.01% APY).

Basic checking is free, but there is a $10 monthly fee for the interest-earning account, which is eliminated if you keep an average daily balance of at least $5,000.

You can use any ATM in the United States with Axos business checking without paying any fees to Axos. Businesses incorporated after June 1, 2020, are eligible for a $200 welcome incentive from Axos, while those incorporated before that date are eligible for a $100 bonus.

Customers of Axos can make free cash deposits at AllPoint and MoneyPass ATMs that are compatible.

Axos does not, however, offer direct integration with well-liked third-party company tools or apps, such as invoicing software or online payment platforms. This is in contrast to certain online business checking account competitors.

Verdict: Axos Bank fulfills many requirements. It maintains cheap fees and a respectably high APY. The required minimum deposits are modest. Additionally, customers have access to around 91,000 ATMs across the country and are eligible for limitless domestic ATM charge refunds for use of ATMs outside of their network.

Website: Axos

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Conclusion

There you have it. A comprehensive list of the best online business banks. Be aware that some banks solely allow access online, while others offer internet banking along with physical offices.

We’d recommend Oxygen for its unlimited transactions without fees and available cash back on debit card transactions of up to 5% to small business owners who are digitally savvy and want to manage their funds digitally.

Mercury, on the other hand, is ideal for startups and tech-oriented businesses looking for an online-first banking platform with a generous APY. Lastly, A Grasshopper Business Checking Account is suitable for any small business owner who transfers money frequently and is comfortable with a $100.00 minimum opening deposit.

Also read => Testing Banking applications

Research Process:

• Time Taken to Research and Write this Article: We spent 28 hours researching and writing this article so you can get a useful summarized list of Online Business Banks with a comparison of each for your quick review.
• Total Online Business Banks Researched Online: 30
• Top Online Business Banks Shortlisted for Review: 15