The Best Online Business Checking Accounts in 2024

Why Consider an Online-Only Business Account?

Online-only business checking accounts are very convenient for small businesses that don’t need a physical bank for in-person bank needs. Entrepreneurs, startups, sole proprietors, and freelancers in particular can benefit from the convenience and ease of online-only banks, especially if they don’t do much business in cash and mostly accept digital payments. 

Many online-only bank accounts have partnerships with ATM networks which will allow you to make cash deposits or withdrawals with a business debit card. They’ll generally also allow you to use an Automated Clearing House (ACH) network to take payments or pay invoices for your business, and tend to offer other digital services like bill pay, wire transfers, and other banking services. A digital bank can also help you get business credit cards to help you manage cash flow and earn rewards. Plus, they’re usually paperless.

You may also consider an internet business account for integrations with your accounting software or bookkeeping software like QuickBooks. These kinds of accounts tend to make it easy for you to allow another person, like a partner or a certified public accountant (CPA), to access the account when they need information or be signed on as an account holder. They also tend to have robust mobile banking through a mobile app where you can easily check your account balance and make transactions, including mobile check deposit or transferring money between accounts.

Because they don’t have a physical presence, online banks may have monthly maximums on cash deposits or withdrawals, and they may charge transaction fees. These banks may also not offer other services like business savings accounts or business loans, but they may have other perks, like cash back on debit card purchases. Online banks may have minimum opening deposit limits or minimum balance requirements, so it’s a good idea to make sure you understand the limits and fees so you can meet your business banking needs. 

It’s important to make sure that any bank you open an account with is a Member FDIC. FDIC-insured banks make sure that your money is safe through deposit insurance. 

Pros and Cons of an Online Business Bank Account

There are many pros and cons to online banking.

Typical Features and Fees Associated With an Internet Business Bank Account

Most online banks offer convenient features, such as:

• Mobile banking, including a mobile app
• Online bill pay
• Account-to-account transfers (including to your personal checking account)
• Mobile check deposit
• ATM network access
• Standard online security services
• Connected business credit cards with major providers like Visa or Mastercard
• Online customer service, including chat, email, or phone services
• Integrations with other software or applications, like accounting software (QuickBooks, etc) or ecommerce solutions (Shopify, etc)

How to Choose the Best Online Business Bank Account for Your Small Business

When you’re looking for a small business checking account, there are several things you should look for, such as:

• Do you need to do physical banking? If you deposit a high volume of cash every month or want a personal relationship with your bank, an online bank may not be right for you. You can also have two bank accounts — one at a physical bank and one (or more) online — if you want to use an online bank to get potentially higher rates on an account that earns interest. 
• Do you need free business checking? If you have a high monthly revenue, the fees that some banks charge may be worth the other perks that they offer. But if you don’t have a high volume of business, fees may eat into your profits too much. 
• How many free transactions per month does the bank offer? If your business transacts a lot, you probably want unlimited transactions. But if you only have a few paying customers or don’t pay many bills online, a limited number of transactions per month may not be a problem. 
• What are the minimums? Some financial institutions have a minimum deposit requirement to open a checking account. You may also be required to maintain a minimum daily balance. 
• What do they charge fees for? Make sure you understand whether or not the bank account has a monthly service fee or charges for transactions like domestic wires or international wires. If you work with a lot of cash, check and see if they have free cash deposits or if they charge you a fee after a certain amount or number of monthly transactions. 
• What do they integrate with? Many online banks offer integrations with accounting or bookkeeping software, payment solutions, or ecommerce solutions to streamline your payment deposit processes or credit card payments. 
• What other services do they offer? Some online banks have great savings accounts with high annual percentage yield (APY), but others may only offer business checking. If you want to have a one-stop-shop banking option where you can get a business loan or business line of credit, you may want to consider a traditional, brick and mortar bank instead of an online option. 

Requirements to Open a Business Checking Account

Different banks will have different qualifying requirements to open a business checking account, so you should always check before you start the application process. However, in general, you can expect to need the following to open a business bank account:

• Your business name and address
• Contact information (personal and business)
• Your social security number and that of any other account holders
• Identification (such as drivers license or passport)
• Your employer identification number (EIN) (except for sole proprietorships, who may not have one)
• Business formation documents

Best Online-Only Business Checking Accounts

The best business checking accounts will match up to your business’s individual needs, but here are a few online business checking account providers we recommend:

Found Banking

$125 bonus with qualifying activities at account opening. Terms Apply

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Found - Banking built for the self-employed

Found is a business checking account designed to simplify bookkeeping and taxes for small business owners. With Found, you’ll always have an estimate of what you’ll owe in taxes, and Found can automatically set aside that estimated amount when you’re paid. Every purchase is cleanly tracked and categorized, so you can easily find write-offs. Sign up for free in minutes. No credit check. No hidden fees. No minimums. Earn $125 when you deposit $5,000 within the first 30 days and maintain it for another 30 days. Offer valid until 9/30/25. Terms Apply. *Found is a financial technology company, not a bank. Business banking services are provided by Piermont Bank, Member FDIC.Advanced, optional add-on bookkeeping software available with a Found Plus subscription for $19.99/month or $149.99/year. There are no monthly account maintenance fees, but transactional fees for wires, instant transfers, and ATM apply. Read more here https://found.com/legal/fee_schedule.

Minimum Balance

None

Monthly Cost

Required monthly fees: $0

Monthly Free Transactions

Unlimited

Noteworthy Perks

Free transfers. No minimums.

Small Business Checking by Bank of America

Great For High Cash Deposit Limit

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Bank of America® Business Advantage Banking

Bank of America® Business Advantage Banking is a checking account with 2 options. Pick the 1 that works best for you. $200 bonus offer. Click Get Started for more details Easy, anytime access. Visit Bank of America at thousands of financial centers and ATMs. 24/7 security. Total Security Protection® and fraud monitoring. Secure sign-in, card locking features and more. Convenient ways to pay. Use your debit card immediately for in-store and digital purchases. Digital account management tools when enrolled in Business Advantage 360. Access to Small Business specialists to help find solutions that fit your goals. Our $0 Liability Guarantee means that you’re not liable for unauthorized transactions made using your business debit card, as long as you report them promptly. Eligible Preferred Rewards for Business members can access a wide range of rewards, benefits and savings. Bank of America, N.A. Member FDIC

Minimum Balance

$100

Monthly Cost

$16-$29.95 or $0 if requirement is met

Monthly Free Transactions

20-500

Noteworthy Perks

High Cash Deposit Limit

Bluevine Business Checking

Great For High Interest Rate

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Bluevine Business Banking

Earn 4.0% APY on Bluevine Premier and 2.0% APY on Bluevine Standard when you meet a monthly activity goal. Save time and pay vendors with unlimited transactions via ACH, same day ACH, domestic wires, and international payments. Add up to 5 sub-accounts, each with designated account numbers. $95 (waivable) monthly fee for Premier, $0 for standard. No overdraft fees, no minimum balance requirements. To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code above. After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding: Deposit at least $5,000 from eligible merchant services to your Bluevine account Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®

Minimum Balance

None

Monthly Cost

$0-$95 (Waivable)

Monthly Free Transactions

Unlimited

Noteworthy Perks

Up to 3.7% APY

Chase Business Complete Checking

Great For Digital Banking

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Chase Business Complete Banking®

Earn up to $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card. Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions. Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments. Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account. Get support you can rely on. Get access to our customer support team, plus a wide array of solutions that carter to every stage of your business Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology. Associate Debit and Employee Deposit Cards available upon request

Minimum Balance

None

Monthly Cost

$15 with ways to waive

Monthly Free Transactions

Unlimited

Noteworthy Perks

$500 Sign Up Bonus

Green Dot Bank

Green Dot Bank offers banking as a service, which provides program management services on top of banking solutions. This includes branded credit cards, cash deposits and withdrawals, peer-to-peer payments and instant payments, and even payroll and tax services. In terms of business checking accounts, they offer mobile banking, ATM access, customer support, and customer rewards, plus interest-bearing savings accounts. 

All information about this lending option has been collected independently by Nav. This option is not currently available through Nav.

Online & Mobile Small Business Checking by Bank Novo

Great For Integrations

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Online & Mobile Small Business Checking by Novo

Save up to $150/month in banking fees and subscription payments*. An award-winning business checking account without the sneaky fees or minimum balance. Rest easy knowing that banking won't be an obstacle to starting or running your business. Access your business finances from anywhere, anytime, all online. Every Novo checking account comes with a physical and virtual debit card, so you always have access in the palm of your hand. Spend securely and ditch the fees with a free business debit card. Transact internationally and access your funds from ATMs with fee reimbursement up to $7/month. Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC. Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, N.A., Member FDIC; virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated. Mastercard can be used everywhere Mastercard is accepted. Mastercard is a registered trademark of Mastercard International Incorporated. Value of savings is based on market research of fees and subscription pricing as of March 2024.

Minimum Balance

None

Monthly Cost

$0

Monthly Free Transactions

Unlimited

Noteworthy Perks

Deep integrations with the tools small businesses already love

Nav Business Checking

Nav Business Checking offers multiple organized accounts that automatically separates transactions by category to simplify your bookkeeping. You can also issue employees virtual cards and send money across multiple accounts as well as access useful business tools for your growth.

Nav’s Verdict: Online Business Checking

Online banking can be a convenient solution for small businesses, particularly if they don’t need the in-person services of a traditional, physical bank. Mobile banking applications, ATM capabilities, and integrations can make online banking a simple way to keep on top of your business finances. 

Nav can help you find the solutions you need for your small business’s financial health, from business formation services to business credit cards and more. Sign up for Nav to see your business and personal credit scores, track cash flow, and get personalized recommendations for business financing you won’t get anywhere else.