Best Online Bank for Small Business in 2022

After researching dozens of banks (and their accounts and other banking services), we’ve rounded up the best online banks for small business (several of which offer no-fee banking services). So now, you won’t have to leave the comfort of your business to get your business banking done.

Our top pick is Small Business Bank, thanks to their high-interest savings accounts, no-fee checking accounts, and great customer service. But if you prefer different banking features―like interest-bearing checking or free sub-accounts―we’ve found some other banks worth looking at. 

Check out our complete list of the best online banks below, then keep reading to find out why these banks made the cut.

Online banking offers tons of convenience. You never have to step foot in a bank, from opening an account to managing your accounts.

But like with any banking option, you need to think about what your business needs from a bank. For example, do you want a full-service bank that can give you all types of banking accounts, plus credit cards and merchant services? Or do you just need a simple, low-cost or free business checking account? 

Figuring out what kind of features you’re looking for will help you narrow down your choices.

And speaking of features, we need to talk about cash deposits in particular. Different online banks handle cash in different ways. Some don’t accept cash at all, while others may allow you (reluctantly) to mail a cash deposit in, and still others let you make cash deposits at your local convenience store. 

So think about your business’s cash habits as you choose your online bank account―and keep in mind that cash-heavy businesses will probably prefer traditional brick-and-mortar banks. (If that describes your business, check out our list of the best banks for businesses in each state.

Bluevine is our favorite bank overall, as it offers one of the most well-rounded checking accounts out there.

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 business checking account, and you won’t pay typical banking fees like a monthly maintenance fee or transaction fees.

Plus, Bluevine business checking accounts earn interest at 1.5% on balances under $100,000. And like Kabbage, 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.  

And Bluevine has some more advantages over Kabbage and these other online checking accounts, like cheaper wire transfers (just $15 for domestic) and free checks (two checkbooks come standard with each account).

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

Small Business Bank is our favorite business bank when it comes to straightforward, no-frills banking. Notably, SBB offers free checking accounts and super competitive business 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 MicroPayment 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 business 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.

You probably know that you can earn interest on savings accounts, but did you know you can also earn interest on business checking? There’s where Kabbage Checking shines.

Kabbage offers interest-bearing checking accounts (as do Bluevine, LendingClub Banking, and some others on this list). That means you can earn more money simply by having money in your checking account―no extra effort required.

Even better, Kabbage offers the second highest interest we’ve found on interest-bearing checking. Its accounts earn 1.1% APY (annual percentage yield) on any account balances up to $100,000.  So whether you keep $1 in your account or $99,999, you’re passively earning (a lot of) interest.

Plus, Kabbage Checking comes with other nice benefits, like cash deposits at many retail locations and few fees on its bank accounts.

So if you want a solid business checking account with great earning potential, Kabbage Checking is the way to go.

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 0.15% 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.

Make lots of debit card purchases? You can get rewarded for them with LendingClub Banking’s cashback program.

LendingClub Banking (formerly Radius Bank) offers a handful of different business bank accounts, but its Tailored Checking account is the most interesting. It comes with a MasterCard debit card, and you get cashback when you use it (like a credit card rewards program).

Pretty much any purchase earns you 1% cashback, and you get bonus rewards in some time-limited categories (like 1.5% cashback on computer equipment as of this writing). So depending on how you spend, you can end up making a lot of money by simply using your business debit card.

LendingClub Banking’s Tailored Checking has some other nice perks too, like (relatively low) interest on account balances of $5,000 or more and unlimited ATM fee reimbursement. So even though it’s one of the few banks on this list that charges a monthly fee, LendingClub still offers plenty of value. (Plus, you don’t have to worry about the fee if you keep at least $5,000 in your account.)

Put simply, if you want to get rewarded for spending (and higher account balances), then you’ll get a lot out of LendingClub Banking.

The five online banks above are our favorites. But if none of them seem like the right fit, we’ve got a few more suggestions for you.

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:

• Basic checking
• High-yield checking
• Standard savings
• A money market account
• Certificates of Deposit (CDs)―everything your small business needs to start banking.

But Axos Bank also has stuff for larger businesses, including commercial accounts, 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.

Mercury bills itself as having “full-stack bank accounts,” with all the cool tech-focused features that implies. Our favorite? Virtual debit cards. You can instantly create virtual debit cards for your Mercury checking account, and then use them to pay for online expenses. So you can make new cards for different accounts, all the while keeping your bank account more secure.

Unfortunately, some of Mercury’s other features, like its cash management account, require lots of cash―we’re talking $250,000―to use. So smaller businesses with tighter cash flow won’t get all the perks Mercury has to offer. Even so, the virtual debit cards are a cool enough feature that Mercury might still catch your eye.

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 middling 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 small-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 you like NorthOne’s niche features, the monthly fee might be worth it.

QuickBooks Cash is a relatively new banking service offered by (you guessed it) QuickBooks. These accounts earn interest and have few fees, but you have to have a QuickBooks Online subscription to get an account, making QuickBooks Cash a relatively expensive option.

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.

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!)

Small Business Bank is our favorite online bank for small business. But any of the recommended banks above―Kabbage, Bluevine, NBKC, and LendingClub Banking―can deliver the banking services you need. And they’ll deliver those services 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.

Yes, you can get a fee-less small-business checking account from online banks. Several of the banks reviewed above (including Small Business Bank, Bluevine, and NBKC) don’t charge any monthly fees or transaction fees for their online business checking accounts.

To open an online business bank account, you’ll need to visit your bank of choice’s website, fill out an application, and potentially submit a few documents (like your business’s articles of organization).

For more information, see our guide to opening a business checking account online.

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 doesn'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.

We created our ratings and rankings by comparing account offerings, bank account fees, and the availability of other banking services at online-only or online-mostly banks that offer business banking. We also took some other factors into account, like customer support hours and access, standout features, and customer reviews.

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.