Can I Open an Ally Business Checking Account?

Ally Bank doesn’t offer business checking accounts, but it does have some alternative options small business owners should certainly consider.

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Ally Bank doesn’t have a business checking account option—it only provides personal checking accounts. However, there are other good checking account alternatives for business owners seeking to earn interest or avoid standard banking fees.

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The benefits of Ally Bank

Although Ally doesn’t offer business checking accounts, there are many reasons business owners might be interested in banking with them. The online bank makes it easy to open accounts, deposit checks, and transfer money without ever stepping foot in a brick-and-mortar bank. (In fact, Ally Bank doesn’t have any physical branches.)

The bank is also appealing for its low fees, ability to earn interest, and free incoming wire transfers.

Can you use a personal Ally checking account for business?

Even though Ally doesn’t offer business checking accounts, some business owners may decide to use a personal account for their business. While this is technically feasible for sole proprietors, taking this route definitely comes with many disadvantages.

Setting up a personal checking account for business makes it more difficult to receive customer payments, since a personal account doesn’t link up with credit or debit cards like a business account. Choosing to use a personal checking account could also create legal complications and higher tax bills—especially if the IRS audits the business.

Online banks that offer business checking accounts

Fortunately, Ally isn’t the only exclusively online bank offering a convenient, modern banking experience. There are several online banks that provide business checking accounts and innovative technology features for business owners.

Here are a few popular options:

1. BlueVine

Looking for an online bank that’s free of fees and allows users to earn interest? BlueVine business checking may be the perfect alternative to Ally.

Here are a few of the bank’s most appealing features:

  • 6% interest on business checking accounts with a balance of up to $100,000
  • Unlimited transactions
  • No minimum requirement for opening deposits
  • No non-sufficient fund (NSF) fees
  • Access to 38,000 MoneyPass ATMs around the country (including fee-free withdrawals)

2. Novo

Novo Bank is a digital bank that easily integrates with business tools, making it an ideal option for startup companies and small business owners.

It also has a variety of benefits:

  • No minimum balances
  • No fees for checking
  • Easy-to-use mobile app (iPhone only)
  • $50 minimum opening deposit
  • Compatible with Apple Pay and Google Pay

3. Axos

As one of the first online-only banks, Axos is a key disruptor and innovator in the brick-and-mortar banking space.

It offers many perks that appeal to business owners:

  • 81% annual percentage yield (APY)
  • $5,000 average daily balance requirement
  • Free ATMs across America
  • Paper checks
  • Free mobile app
  • $100 minimum opening deposit

4. NBKC

Like Ally Bank, NBKC is an online bank that provides appealing benefits like fee-free transactions and ample access to ATMs throughout the nation.

Customers enjoy perks like:

  • No monthly fees
  • No minimum opening deposit
  • Fee-free incoming domestic wires
  • Fee-free access to MoneyPass ATMs
  • Up to $12 in monthly fee refunds for using other banks’ ATMs

The best traditional bank business checking accounts

Open to the idea of using a brick-and-mortar bank for your business finances? If so, there are a host of options that are appealing to many business owners.

Let’s take a look at two options:

1. Chase

The Chase Business Complete banking account is a good alternative to Ally Bank, especially for new businesses in need of an entry-level bank account.

  • No minimum opening deposit
  • $300 sign-up bonus
  • Low monthly service fees
  • No monthly service fees for a daily balance of $2,000 or higher
  • $5,000 in free deposits each month

2. Citi

Business owners looking for a high-yield savings account should consider the popular CitiBusiness savings account. Though the bank account must be opened at a physical branch in select cities, Citi offers competitive interest rates.

  • No minimum deposit requirement
  • Unlimited monthly deposits
  • High-yield interest rates
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Ally business checking account FAQ

Can you open a business account with Ally bank?

No, you can’t open a business checking account with Ally Bank—they only provide personal checking accounts. However, other online banks offer great alternatives.

How do you qualify for a business checking account?

Qualifications for a business checking account vary depending on the bank, but here are some common requirements:

  • Social security number
  • ID (driver’s license or passport)
  • Business license
  • Articles of organization or articles of incorporation
  • Business name certificate
  • Ownership agreements
  • Credit card revenue reports

Which is the easiest bank to open a business account?

Online banks like BlueVine, Novo, and Axos make it very easy to open a business checking account. With these options, there’s no need to visit a physical bank—everything is done online.

Which banks allow you to open a business account online?

Though many traditional banks require you to visit a branch in order to open a business checking account, some banks allow you to open a business account online, including online-only banks like BlueVine and Axos, or Bank of America and Chase.

Do I need to open a business checking account?

Sole proprietors aren’t required by law to open a business checking account, but if you own an LLC or corporation, you are legally required to keep your business finances and personal finances separate. In either case, a business checking account is ideal for business owners who want to simplify taxes, limit liability, and establish greater credibility.

Which bank is best for a business account?

If you’re looking for the convenience and modern experience of an online bank, BlueVine, Axos, and Novo are popular options for business owners. Chase and US Bank are also ideal options for small business owners, thanks to their flexible terms and low fees.

Get a better business bank account

Want affordable banking with great perks? With BlueVine, you can get a fee-free business checking account―and you can even earn interest on account balances over $1,000.

The takeaway

Ally Bank may not offer business checking accounts, but other online-only banks like BlueVine, Novo, and Axos provide appealing alternatives. It’s also worth noting that many business owners enjoy the benefits of traditional banks like Chase, Wells Fargo, or US Bank.

No matter which banking option you choose, keep in mind that opening a business checking account is a smart move for any business owner, making it easier to do taxes and avoid legal liabilities.

Would you like to learn more about online business checking accounts? Read more by visiting our blog post: Best Online Business Bank Accounts 2021.

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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.

Brooke Kunz
Written by
Brooke Kunz
Brooke is a copywriter and artisan ice cream enthusiast dwelling in California's sunny Central Valley. She's happiest when hiking in the backcountry, baking an overly complex cake recipe, or reading an engrossing new memoir.
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