Best Online Business Bank Account 2020

These online banks let you get your business banking done anytime, anywhere.
Best overall
Small Business Bank
Small Business Bank
3.5 out of 5 stars
3.5
  • Icon Pros  Dark
    Widespread availability
  • Icon Pros  Dark
    Excellent customer reviews
Best for checking
BlueVine
BlueVine
3.2 out of 5 stars
3.2
  • Icon Pros  Dark
    Interest-bearing checking
  • Icon Pros  Dark
    Easy cash deposits
Best for personal
N B K C Bank Logo
NBKC Bank
3.2 out of 5 stars
3.2
  • Icon Pros  Dark
    Business and personal accounts
  • Icon Pros  Dark
    Bank accounts, loans, credit cards, and more
Best for freelancers
Azlo
Azlo
3.1 out of 5 stars
3.1
  • Icon Pros  Dark
    Invoice creation tools
  • Icon Pros  Dark
    Accounting software integrations
Best for scaling
Axos
Axos Bank
2.9 out of 5 stars
2.9
  • Icon Pros  Dark
    Banking for small and large businesses
  • Icon Pros  Dark
    Unlimited ATM reimbursement

It’s 2020. 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.

2020’s best online banks for small business

Compare the top online small-business banks

Bank
Checking monthly fee
Account types
Accepts cash deposits
Get an Account

Small Business Bank

$0

Checking; money market; high-yield savings
At Shazam ATMs

BlueVine

$0

Interest-bearing checking
At Green Dot locations

NBKC Bank

$0

Checking; money market; CDs
At MoneyPass ATMs

Azlo

$0

Checking
Icon No  Dark

Axos Bank

$0

Checking; interest-bearing check; savings; money market; CDs
By mail (discouraged)

TIAA Bank

$0

Checking; interest-bearing checking; analysis checking; money market; CDs
By mail (discouraged)

Novo Bank

$0

Checking
Icon No  Dark

NorthOne

$10

Checking
Via NYCE or

Data effective 9/14/20. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

Bullhorn
Is business online banking right for you?

We love online banking, but cash-heavy businesses will probably prefer the convenience of a traditional brick-and-mortar bank. That’s why we found the best bank for business in your state.

Small Business Bank: Best online bank for small business

Pros
Pro Bullet High-yield savings accounts
Pro Bullet No-fee checking account
Pro Bullet Consistently high APY on savings
Cons
Con Bullet Outdated website and app
Con Bullet Limited products and services

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: Best checking account

Pros
Pro Bullet Interest-bearing checking
Pro Bullet Cash deposits at many locations
Pro Bullet Fee-free checking
Cons
Con Bullet No savings account or credit cards
Con Bullet No interest on account balances under $1,000

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 over $1,000. 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: Best personal accounts

Pros
Pro Bullet No-fee checking and savings
Pro Bullet High rates on savings
Pro Bullet Accounts, loans, credit cards, and more
Cons
Con Bullet Limited availability of financing products
Con Bullet Limited support hours

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 .08% 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: Best for freelancers

Pros
Pro Bullet Invoice creation tools
Pro Bullet Accounting software integrations
Pro Bullet No opening deposit requirement
Cons
Con Bullet Checking accounts only
Con Bullet Inability to use checks with checking accounts

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: Best for scaling businesses

Pros
Pro Bullet Interest-bearing checking accounts available
Pro Bullet Solutions for small and large businesses
Pro Bullet Unlimited ATM fee reimbursement
Cons
Con Bullet High minimum opening deposit
Con Bullet Limited customer support hours

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.

Grow your business today

Browse hundreds of loan options, custom-tailored to your business and budget needs, from a single, simple platform.

Honorable mentions

TIAA Bank

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

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

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: Best for nonprofits

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.

Money
Mobile banking

Each bank reviewed here has a mobile banking app, so you can bank from your phone or tablet.

Other online banks you may have heard about

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.

Online small-business banks FAQ

What are the pros and cons of online business banking?

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

Pros
Pro Bullet Available across the United States
Pro Bullet Often cheaper than traditional banks
Pro Bullet Convenient and works with your schedule
Cons
Con Bullet Difficult (or impossible) to deposit cash
Con Bullet Set up with fewer customer support options
Basically, if you’re comfortable using the internet, online business banking is super convenient. But if you deposit a lot of cash or you really prefer interacting with real humans, then online business banking probably isn’t for you.

Is there a minimum deposit requirement for online banks?

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.

Will banks look at my personal credit score when I open a business checking account online?

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.

Info
Check out your ChexSystems report

You can contact ChexSystems to get a copy of your ChexSystems report. By law, you’re entitled to one free report per year.

Do I need a business bank account?

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.

The takeaway

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.

Chloe Goodshore
Written by
Chloe Goodshore
Chloe covers business financing and loans for Business.org. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.
Related Articles
Costco Merchant Services Review 2020
One of Costco’s lesser-known services is credit card processing. And they actually have a pretty...
Shop Small Dream Job
Business.org Pays You to Shop Local
Here at Business.org, we’re all about supporting local small businesses. Here at Business.org, we’re all...
Get paid $1,000 to shop at small businesses for the holidays
Concerned that corporate chains have earned enough this year? We’ll pay you $1,000 to ditch...
Worker uses a metal cutting grinder
7 Best Workers Compensation Insurance Companies for Small Businesses 2020
Safeguard your business with our top seven picks for best workers compensation insurance companies. Best...