Best Online Business Bank Account 2021

It’s 2021. Everything from your phone to your fridge connects to the internet. So why bother going to a brick-and-mortar bank for your business checking and savings accounts?

We’ve rounded up the best online banks for small business (several of which offer no-fee banking services), so you won’t have to have to leave the comfort of your business to get your banking done. Check out our list of the best banks below, then keep reading to find out why these banks made the cut.

Small Business Bank is our favorite online bank for business, thanks to its free checking accounts and super competitive savings accounts.

You can get your free business checking account from Small Business Bank (with no monthly fee or transaction fees) with an opening deposit of just $5. And unlike some other online banks, Small Business Bank lets you use checks and deposit cash (through Shazam ATMs). 

In addition to a debit card for your checking account, you may also qualify for a Small Business Bank charge card (like a business credit card that you pay off in full each month). 

And all that’s great, but Small Business Bank really stands out when you look at its savings accounts. Small Business Bank offers a money market account and a high-yield savings account. Both have low monthly fees. More importantly, they have great, high interest rates―the best we’ve seen on business accounts―so you can earn more from your account balance.  

So while Small Business Bank may not have the most modern website or feature-rich app, it excels at what matters: banking. Its affordable, high-value accounts make it a versatile online bank for business―and our top pick for most businesses.

BlueVine has only recently begun to offer business banking services, but its online business checking account has already become one of our favorites.

In part, we like that it’s a no-fee account with no minimum balances. So you don’t need a certain balance to open or keep your BlueVine account, and you won’t pay typical banking fees like a monthly maintenance fee or transaction fees.

But what really makes BlueVine stand out? First, BlueVine’s account earns interest―it has a beautifully high 1% interest rate―on balances under $100,000. That makes it the most competitive interest-bearing checking account we know of for businesses. Two, BlueVine makes it easier to deposit cash than other online banks. Just visit a Green Dot location (like your local Walgreens), and you’re good to go.

All that adds up to one seriously impressive checking account that most businesses will love.

NBKC has solid business bank banking, but it also has great personal banking―perfect for when you want to keep all your banking in one place.

First, let’s talk business. NBKC offers both checking and savings accounts, and neither come with maintenance fees, transaction fees, or anything like that. Plus, NBKC has competitive rates on its savings accounts. And if that’s not enough, it also offers business credit cards and other banking services you’ll want. 

And as for personal? NBKC has a high-yield checking account with no fees and a .05% interest rate. You can also get specialized savings products (certificates of deposit and money market accounts). And like any good personal bank, NBKC has financing galore for all your loan needs, from car loans to home loans.

Yes, you can find a few other online banks for business that offer personal accounts too―but NBKC does it best.

Azlo offers a simple, fee-free checking account with tools that make it perfect for freelancers.

For example, Azlo lets you create and send invoices from your Azlo bank account. You can customize your invoices with your business logo and information, so they’ll look nice and professional. And once your client is ready to pay, you can accept payments into your Azlo account through bank transfer, a credit card payment, or a check (that you mobile deposit).

Azlo also integrates with other business software, including accounting software like Wave, Xero, and QuickBooks Online. So if you already have an invoicing workflow you like through your accounting software, Azlo can easily support it.

So while some businesses might find Azlo too simple, freelancers will love Azlo’s affordable invoicing features and integrations.

Axos Bank offers products and services for both young, small businesses and larger, more-mature businesses, so it can scale with you.

For smaller businesses, Axos Bank offers the choice of several types of accounts. For checking, you can choose either a basic checking account or a high-yield savings account (with a lower rate than BlueVine’s, though). You can also get standard savings, a money market account, and certificates of deposit (CDs)―everything your small business needs to start banking.

But Axos Bank also has stuff for larger businesses. It has an entire suite of accounts for commercial businesses, designed to meet the needs of businesses that keep larger account balances and make more transactions. Likewise, it offers merchant services, treasury management, and several financing products for commercial businesses.

All of that means that Axos can work with your business no matter its size―making it a great fit for growing and scaling businesses.

TIAA Bank balances the convenience of online banking with the convenience of having an ATM just around the corner. It has the largest network of ATMs we’ve seen from a bank. And if you happen to make withdrawals at an out-of-network ATM, TIAA Bank will even reimburse you for any ATM fees you rack up. Not bad, right? 

Now, TIAA does require bigger opening deposits than most banks ($1,500 for business checking), so that’s something to consider. But if your favorite number is your debit card PIN, give TIAA Bank and its thousands of ATMs a look.

Novo Bank has only fee-free business checking, but it offers excellent perks and integrations. Novo integrates with common accounting software, credit card processing apps, and wallet apps (like Google Pay and Apple Pay). It also gives members discounts―sometimes big ones―on business services that range from accounting to travel to website hosting.

Unfortunately, Novo Bank has pretty poor customer reviews, especially compared to other online banks for business. So we can’t wholeheartedly recommend it. If you want those integrations and discounts, though, you might want to take a risk on Novo.

NorthOne is another online bank that just offers business checking accounts. It has some neat, unique tools too. For example, NorthOne lets you set aside money in tax accounts (great for freelance and contract workers), and it offers basic reporting and analysis for your bank account. 

That said, NorthOne is one of the few online banks that charges a monthly fee ($10), and it has no way to waive that fee. That keeps it from being a top pick for us. But if like NorthOne’s niche features, the monthly fee might be worth it.

BBVA, formerly known as BBVA Compass, has a unique fundraising program for nonprofits. Just sign up for BBVA For Your Cause, and then invite people to sign up for a BBVA personal checking or savings account. When they do, BBVA will give you $50 (in your business checking account). Then, whenever those people make debit card purchases, you’ll get a small percentage of the cost. You and your supporters both get banking, and your nonprofit gets funding. Win-win.

Seed.co is another purely online bank that’s looking to fill the same no-fee banking niche as Azlo. While we’ve read good things from business owners who use Seed, the bank is currently not accepting new customers.

Capital One Spark made waves in the online business banking world with its low-cost, high-value banking. Unfortunately, Spark isn’t accepting new customers anymore. Guess it was too good to last.

That’s a great question that we’ll answer with a table.

In some cases you’ll have to make a minimum deposit to open an account―but not always.

For example, BlueVine and Azlo don’t require any minimum deposit. Banks like Small Business Bank and NBKC require just $5. Other banks have higher minimum deposits, ranging from $25 to $1,500.

It’s possible that a bank will check your credit score when you apply for an account, but it’s pretty unlikely. Your credit score reflects your history paying off credit, and a checking account (business or otherwise) isn’t a credit product—so your credit report really won’t tell the bank anything about you as a banking customer. 

Still, if you’re worried, you can always ask the bank you plan to apply with.

That doesn’t mean the bank isn’t interested in your history, though. Most banks use ChexSystems to get the dirt on your banking history. Your ChexSystems report will let the bank know if you’ve done things like bounce checks or repeatedly overdraft your accounts. If you have a bad ChexSystems report, banks may turn you down.

The short answer? Yeah, you need a business bank account. Keeping your business and personal finances separate is a very good idea for accounting and tax reasons, even for smaller businesses. Plus, it will keep banks from getting mad at you for using your personal bank account in a way they don’t want you to. 

If you want the longer answer, you can check out our guide to deciding if you need a business account.

Getting a dedicated bank account is an important part of opening a business—and with online banks, business banking is more convenient than ever before. (Thanks, technology!)

While Small Business Bank is our favorite online bank for small business, any of the recommended banks above can deliver the banking services you need—right to your computer or phone. The future is now!

Once you get your new business account, keep tabs on your cash flow with the best virtual and outsourced accounting services for small businesses.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.