5 Best Online Business Bank Accounts in 2024
Managing your business finances can be challenging, but the right tools make it much easier. An online business checking account is essential for your operations.
Opening a business bank account is crucial for keeping personal and company finances separate, and it’s a requirement for registering your business.
The good news is that cost-effective options are available. Many banks offer business checking accounts that are either low-cost or free while providing a wide range of services tailored to the needs of small businesses.
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Best Online Business Checking Account
- Bluevine – Best Overall
- Novo – Best for Earning Interest
- LendingClub – Best for Cashback
- Lili – Best for Tax Optimization
- Wells Fargo – Best for Full Banking Services
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Methodology for Ranking the Best Online Business Bank Accounts
Early-stage companies can rely on several online business checking accounts, with some offering free business accounts. In writing this review, we selected criteria based on the most relevant aspects a business checking account should meet to cater to small companies’ needs.
Small businesses usually operate on a budget, so we considered fees extensively. Let’s examine each one and explore the other criteria we used for this rating.
Low Costs & Transparency
Costs were a significant consideration. The lower the monthly fees, the better. We also looked for accounts with low minimum deposit requirements, understanding that small businesses often start with limited capital.
Transparency was another major criterion. Business checking accounts that are clear and upfront about their fee schedule receive extra points.
Access to Basic Services
A good checking account should enable you to pay bills, make purchases, receive deposits, and withdraw funds. However, since most businesses are going fully digital, not offering these perks wasn’t a deal-breaker. We favored checking accounts that provide mobile banking with a user-friendly interface (UI/UX) to keep you efficiently connected.
Extra Features
Managing a small business can be tough. Therefore, one of the criteria we considered for this review was business checking accounts offering features to help manage business operations through various integrations and resources.
We highly value business checking accounts that can connect and sync information with other software and services, such as e-commerce platforms, accounting tools, and PoS systems.
Interest
We considered whether the business checking account offered APY earnings. However, this was viewed more as an added perk rather than a necessity.
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What’s the Best Online Business Checking Account?
For small companies looking to separate their personal and business finances, an online business checking account is the simplest and most efficient option. The options listed in this rating offer comprehensive banking services at low, near-zero costs, making them ideal for the job.
We selected Novo as the best overall checking account due to its low costs and fee transparency, which can be easily accessed on the Novo website. Novo doesn’t run credit checks and offers a wide range of integration options, enhancing its service significantly.