The 10 Best Online Business Bank Accounts Reviewed for 2024

Bluevine: Best overall online business bank

Our rating: 4.55 out of 5

Bluevine is an excellent fintech solution that offers three business checking options with competitive rates, unlimited debit card cash back, and a top-tier line of credit. You can access multiple accounting and business payment software, extended FDIC insurance of up to $3 million, and speedy international payments. Applying for a Bluevine checking account is convenient and can be completed online in minutes. Approvals can also be as fast as 24 hours.

Why we chose it

We picked Bluevine as the overall best because, apart from the easy online application for scalable business accounts, you can also apply for the best line of credit financing online. As a starter account, Bluevine Standard offers a good APY of 2.0% for up to $250,000 for qualifying deposits. As your business balances increase, you can switch to Bluevine Plus and Bluevine Premier to access higher rates of 3.0% to 4.25% and lower fees for same-day ACH and outbound wire transfers. For Bluevine’s line of credit, the qualifications are lower than other providers. You just need a minimum annual revenue of $120,000, and your business must be operating for 12-plus months.

Bluevine Standard checking account also lets you save a lot with no required opening deposit, monthly fee, or standard ACH fees. Domestic wire transfers are also free, and transactions are unlimited. Unlike some online providers, Bluevine lets you deposit cash at Green Dot Cash deposit fee at Green Dot retail locations is up to $4.95 per deposit. and Allpoint+ ATMs Cash deposit fee at Allpoint+ ATMs is $1 plus 0.5% of the deposit amount. .

Monthly fees

• Bluevine Standard: $0
• Bluevine Plus: $30; waivable by having:
  • An ADB of $20,000 across your Bluevine checking account, including subaccounts.
  • A spend of $2,000 monthly using your Bluevine debit or credit card.
• Bluevine Premier: $95; waivable by meeting:
  • An ADB of $100,000 across your Bluevine checking account, including subaccounts.
  • A spend of $5,000 monthly using your Bluevine debit or credit card.
• Visit Bluevine

Mercury: Best for robust startup services and free wire transfers

Our rating: 4.38 out of 5

Mercury is a fintech that supports startups, ecommerce, and venture capital firms. It offers a fee-free checking account with solid startup products and services, like venture debt, simple agreements for future equity (SAFEs), and investor community programs. Applying for an online account takes 10 minutes, and approvals are typically done in a day or two. Mercury protects your funds through its online risk management tool, Mercury Vault. You can access high FDIC coverage of up to $5 million via sweep networks with partner banks.

Why we chose it

Mercury stands out from other financial providers for its wide array of startup solutions. It offers an investor database and networking program where company founders can pitch ideas, raise funding, and get a mentorship opportunity. Startup firms can also save by opening a largely fee-free business checking account with no initial deposit or monthly fee. Additionally, you won’t worry about receiving and sending domestic and international wire transfers since no fees are charged.

Eligible users can also get a no-annual-fee Mercury corporate card that earns 1.5% cash back on all purchases. The only downside is that Mercury lacks a cash deposit option to fund your account.

Monthly fee

• Mercury Business Checking: $0.
• Mercury Plus: $35.
• Mercury Pro: $350.

Grasshopper: Best high-yield bundled business accounts and free payment software

Our rating: 4.28 out of 5

Another top choice for the best online bank for business accounts is Grasshopper Bank, where online applications for a business checking account take only five minutes. The initial opening deposit requirement is $100, but no monthly fees will be charged. Grasshopper offers two types of the best online business banking accounts: Innovator and Accelerator. Innovator is designed for small businesses and mid-sized companies, while Accelerator is created for early-stage startups and venture capital or private equity firms. Grasshopper’s other products include money market accounts that provide higher APYs if you combine them with a checking product, startup banking services, treasury management, commercial real estate (CRE) loans, and SBA loans.

Why we chose it

Grasshopper is a digital bank that made it to our list for its uncapped APY of up to 2.25% under its Accelerator Checking product. Pairing your checking account with an Accelerator Money Market Savings Account can push up your APY earnings to 4.0% as long as you maintain a balance of over $50,000. Combined with unlimited transactions, no monthly fees, and cash back on debit card purchases, your reserve funds are bound to grow with Grasshopper. Additionally, you can take advantage of its integrated payment and invoicing software, Autobooks, which normally costs $9.99 each month.

Grasshopper Bank offers fee-free ATM transactions at 45,000 MoneyPass and SUM network ATMs but does not provide a cash deposit option.

Monthly fees

• Grasshopper Innovator Checking: $0.
• Grasshopper Accelerator Checking: $0.

Relay: Best for large teams seeking more accounts and debit cards

Our rating: 4.23 out of 5

Ideal for multi-member teams, the digital fintech Relay offers a business checking account that has no required minimum balance, opening deposit, or monthly fee. You get customizable debit cards, additional subaccounts, and low outgoing wire transfer fees. Apart from its free business checking account, Relay also offers a higher-tier plan, Relay Pro, which costs $30 monthly. Under Relay Pro, you get 50 same-day ACH transfers, fee-free wire transfers, and the option to batch bill payments. In addition, you can also open up to two business savings accounts with tiered APY from 1% to 3%.

Why we chose it

With Relay, businesses with large teams can open up to 20 reserve accounts and up to 50 physical and virtual debit cards, making it easy to organize your company funds and control your spending. Collaboration is also simple by setting up different employee permissions. You can allow specific team members to create ACH, wire, and check payments, and pay and approve bills. If you and your staff need instant real-time answers, you can also use Relay’s 24/7 virtual assistant or connect to a live agent to get accurate information within the day.

Relay users can perform unlimited transactions and deposit and withdraw for free at Allpoint ATMs. Another option is to deposit cash at Green Dot retail locations for a fee of up to $4.95.

Monthly fees

• Relay Business Checking: $0.
• Relay Pro: $30; not waivable.

First Internet Bank: Best full-service banking and uncapped interest

Our rating: 4.16 out of 5

The Do More Business^TM Checking product of First Internet Bank offers unlimited transactions and no monthly fees. You also won’t be charged for ACH and ATM fees, although third-party operator charges can apply. The good news is that First Internet Bank provides ATM fee refunds of up to $10 monthly. Your checking account also integrates with popular accounting and business payment software, QuickBooks, and Zelle. The bank lets you earn a higher yield through its Balance Optimizer feature, where you can set up a daily target balance and move your excess money automatically from your checking to a money market or business savings account for better yields.

Why we chose it

Although First Internet Bank’s Do More Business^TM Checking account has a lower APY than others at 0.50% To earn this APY, you need to maintain a $10,000 daily balance. , its interest remains uncapped. It also provides a full suite of business banking products, so if you’re looking to have all your business banking, financing, and cash management in one place, it is the right choice. You can conveniently open other business products online, such as high-yield CDs, business savings, and money market accounts, including lines of credit, SBA loans, and CRE loans. Merchant services are also available, along with treasury management.

First Internet Bank does not charge ATM fees, but third-party fees can apply. Note that users cannot make cash deposits. Compared to other providers, its customer service hours are also longer. You can reach a bank representative from 7 a.m. to 9 p.m. on weekdays and 9 a.m. to 3 p.m. on Saturdays.

Monthly fees

• Do More Business^TM Checking: $0

Novo: Best for speedy fund access and express payments

Our rating: 4.14 out of 5

Another notable addition to the best online business banks is Novo with its fee-free business checking account, which frees users from paying monthly fees, standard ACH fees, and incoming domestic wire transfers. You can receive your Stripe payments faster through Novo Boost while sending payments quickly using Express ACH. In addition, you can get ATM fee refunds of up to $7 monthly and send international payments for a low fee since Novo partners with Wise.

Why we chose it

Novo is a great online provider for small businesses that rely on fast collection of customer payments to boost their working capital. You won’t need to wait for days for Stripe payouts and can receive them in a matter of hours. You can also increase your product inventory by paying your suppliers through Express ACH, where payments can be reflected on the same day. With Novo, organizing your business expenses is also easy since you are allowed up to 20 reserve accounts to help you categorize your income and expenses.

Novo Business Checking has unlimited monthly transactions but does not offer an APY. Cash deposits can be done only through money orders.

Monthly fee

• Novo Business Checking: $0.

Live Oak Bank: Best high-APY savings and SBA financing

Our rating: 4.01 out of 5

Live Oak Bank is an online-only bank that has one of the highest APY (4.0%) in the market. With no required opening deposit, monthly fee, and only a 1-cent requirement to earn interest, it is an easy choice for businesses seeking additional earnings for idle funds. You can also access an FDIC-insurance coverage of up to $10 million via its insured cash sweep program.

Why we chose it

It is easy to see why Live Oak Bank is often included in the best business savings accounts roundup with its excellent high-yield savings product on balances above one cent. As one of the best online banks for businesses, you can access multiple products, such as business checking, certificates of deposit, Small Business Administration (SBA) loans, and commercial loans. If SBA financing is one of your business needs, you can readily apply online. It is one of the top SBA lenders from 2023 to 2024, with a total loan volume of $1.4 billion-plus as of September.

Monthly fees

• Live Oak Bank Business Savings: $0.

North One: Best for budgeting and multiple software integrations

Our rating: 3.83 out of 5

North One is a fintech platform linking up sales, payments, spending, and budgeting in a single account. It offers a standard bank account you can open online in real time, which requires an initial deposit of $50. No monthly fees are charged. With North One, you can receive unlimited ACH and domestic wire deposits. If you regularly send wire transfers, consider upgrading to North One Plus for lower fees. In addition, you’ll get priority support, an onboarding assistant, and a dedicated manager. North One also offers online applications for lines of credit and term loans of up to $250,000 with easy qualifications.

Why we chose it

Small businesses that need efficient features to manage their day-to-day operations can take advantage of North One’s budgeting tool, Envelopes. You can segregate your funds for different expenses and set up unlimited envelopes. Aside from this streamlined method of allocating your business funds, we also recommend North One for its robust integrations with over 50 accounting software, financial management, invoicing, payments, payroll, and productivity tools. Given these multiple connections with your banking account, you can track your sales, expenses, and payments in one place easily.

North One allows you to deposit cash at Green Dot retail locations for a fee of up to $4.95 with one cash deposit fee refund for Standard users and three for Plus users. You can withdraw cash through the Mastercard^®, Maestro^®, or Cirrus^® ATM network. North One will cover up to two ATM withdrawal fees for Standard customers and up to six for Plus customers. Restrictions apply.

Monthly fee

• North One Standard Account: $0.
• North One Plus Account: $20.

Found: Best for freelancers and self-employed professionals needing tax preparation tools

Our rating: 3.80 out of 5

Found is a fintech offering an all-in-one banking solution with integrated bookkeeping, expense tracking, invoicing, and tax tools. Found’s business checking account is fee-free, requiring no initial deposit, minimum account balances, and monthly fees. You can control your spending with its auto expense tracking features. It also provides receipt capture to help you document your expenses. Additionally, real-time tax estimates are available, including an auto-generated Schedule C form, which streamlines tax filing for independent business owners.

Why we chose it

We chose Found as one of our top picks for best online business bank accounts since many of its core checking and features greatly benefit freelancers and self-employed professionals. One-person businesses can operate efficiently using its online platform services. With excellent tax tracking and tax preparation features, you can complete your Schedule C form through the app easily. If you wish to pay your tax bill directly, you can do it from the app when you subscribe to its paid plan, Found Plus. Under a plan, subscribers can also access an APY bonus.

Found collects a $2 cash deposit fee per transaction at 80,000-plus retailers. You can reach customer service via chat and phone from 8 a.m. to 5 p.m. from Monday to Friday. Additional in-app support is available from 7 a.m. to 5 p.m. on weekdays and 7 a.m. to 3 p.m. on weekends.

Monthly fee

• Found Business Checking: $0.
• Found Plus: $19.99 per month or $149.99 per year.

Lili: Best for built-in accounting and high-yield savings

Our rating: 3.75 out of 5

Another strong contender for top online banks is Lili for its free business checking and three higher-tier checking options (Lili Pro, Lili Smart, and Lili Premium) tailored for different business needs. It offers a high yield of 4.15% APY for savings accounts, and bookkeeping solutions when you subscribe to its paid plans. You can also create and send unlimited customized invoices and connect your Lili account to different payment apps, such as Venmo, CashApp, or PayPal. For customer support, Lili provides a toll-free phone number and email.

Why we chose it

With Lili’s different checking account options, you can always choose which features match your current business needs. As you scale, you can switch to another Lili Plan. Lili’s combined integrated accounting features and excellent savings account rates make it an excellent choice. Under a paid Lili plan, you can access expense management tools and financial reports, use receipt capture, and automate bookkeeping. You can also benefit from its chat-based AI-assisted accounting, which helps small business owners get personalized responses to accounting queries.

Monthly fees

• Lili Basic: $0.
• Lili Pro: $9.
• Lili Smart: $21.
• Lili Premium: $33.