Online-only banks have grown in popularity in recent years thanks to certain benefits that brick-and-mortar banks can't match. With less overhead costs from not having to operate physical branches, online banks may offer lower fees and other perks like better interest rates. Of course, the convenience of being able to bank from anywhere, anytime, can also be a huge draw, especially for busy small business owners.
Below, CNBC Select rounded up the five best online business bank accounts. We considered various factors when ranking the top accounts, including fees, interest rates and more. (Read more about our methodologybelow.)
Best online business checking accounts
- Best for no fees: Bluevine Business Checking
- Best for streamlined business support: LendingClub Tailored Checking
- Best for special perks: Novo Business Checking
- Best for debit card rewards: Grasshopper Business Checking
- Best for sole proprietors and single-owner LLCs: EverBank Business Checking
Best for no fees
Bluevine Business Checking
On Bluevine's secure site
Special offer
N/A
Monthly maintenancefee
$0
Minimum deposit to open
$0
Minimum balance
$0
Annual Percentage Yield (APY)
Standard: 2.0% APY on balances up to and including $250,000 if you meet a monthly activity goal*
Premier: 4.25% APY without minimum qualificationsFree ATM network
No fees at over 38,000 ATM locations nationwide
ATM fee reimbursem*nt
No
Small business perks
Two free checkbooks
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply. Bluevine accounts are FDIC insured up to $3 million per depositor through Coastal Community Bank, Member FDIC
Pros
- No monthly fees, monthly or daily balance minimums, ACH payment fees, incoming wire fees or overdraft fees
- Ability to instantly lock and unlock your Bluevine Business Debit Mastercard® for added security
- Connect to business tools like PayPal, Stripe and Expensify
- Unlimited transactions
Cons
- Online only (not great if you prefer in-person banking)
- No ATM refunds for out-of-network transactions
*The requirements to earn interest are either:
- Debit Card Spend: Spend $500 per month with Bluevine Business Debit Mastercard® issued by Coastal Community Bank pursuant to a license from Mastercard inc, which can be used everywhere Mastercard® is accepted.
- Incoming Payments: Receive $2,500 per month in customer payments into Bluevine Business Checking account via ACH, wire transfer, mobile check deposit, or directly from merchant payment processing provider
Bluevine Business Checking stands out for offering a competitive interest rate for a checking account. It also doesn't charge any monthly, minimum balance or insufficient fund fees and doesn't limit the number of transactions you can make in a month.
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Best for streamlined business support
LendingClub Tailored Checking
Special offer
1.00% cash back on qualifying purchases made using the debit card tied to a Tailored Checking account with an average monthly balance of $500
Monthly maintenancefee
$10 (waived if the average monthly balance is at least $500.00)
Minimum deposit to open
$100
Minimum balance
$0
Annual Percentage Yield (APY)
1.50% APY on balances between $0.00–$499.99; 1.50% APY on balances between $500.00-$99,999.99; 0.10% APY on balances of $100,000.00 or more
Free ATM network
Doesn't charge a fee to use another bank's ATM
ATM fee reimbursem*nt
ATM fee rebate available
Small business perks
Can sync your checking account to Quickbooks® or Quicken®; ability to create and send online invoices and get paid using Autobooks
Overdraft fee
Not disclosed
Mobile check deposit
Yes
Terms apply.
Pros
- Small minimum deposit to open the account
- ATM rebates offered
- Offers an APY
- Offers a debit card that can be used to earn cash back
- Mobile check deposit
- Integrations with business tools like Quickbooks® or Quicken®
Cons
- Monthly maintenance fee if you don't keep an average balance of at least $500 in the account
- Earn a lower APY if you have a higher account balance
- Stop payment fee of $25
LendingClub Tailored Checking is a well-rounded business checking account that earns interest on your balance and cash back on your debit card purchases. Plus, customers can easily integrate their accounts with Quicken® or Quickbooks® for a more streamlined accounting process. The account also has a built-in invoicing and payment platform called Autobooks, which you can use to create and send invoices and accept payments from customers.
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Best for special perks
Novo Business Checking
On Novo Bank's secure site
Special offers
Perks upon sign up can include $3,000 in Google Cloud credits, $150 toward Google Ads, 40% off the first six months of QuickBooks Online and up to $20,000 in fee-free credit card transactions when you link your account with Stripe
Monthly maintenancefee
$0
Minimum deposit to open
$0
Minimum balance
$0
Annual Percentage Yield (APY)
None
Free ATM network
No out-of-network ATM fees and reimburses fees charged by other ATM operators, up to $7 per month
ATM fee reimbursem*nt
Yes, up to $7 per month worldwide
Small business perks
Sync your account with Slack, Stripe, Shopify, Quickbooks, TransferWise, Xero, Zapier and other popular merchant tools. Amazon integration for sales and revenue tracking.
Overdraft fee
If a transaction is made and there are insufficient funds to complete the payment, your Novo account will not be charged an overdraft fee
Mobile check deposit
Yes
Terms apply. Novo Platform Inc. {"Novo") is a fintech, not a bank. Banking services provided by Middlesex Federal Savings, F.A. Member FDIC.
Pros
- Seamless tech integrations make it easy for the solo entrepreneur who does it all
- Money-saving partnerships with popular invoicing, marketing and communications tools
- Syncs easily to Google Pay and Apple Pay
- Unlimited fee-free monthly transactions
- No monthly fees or minimum balance requirements
- ATM reimbursem*nts up to $7 per month
Cons
- Online only (not great if you prefer in-person banking)
- No easy way to deposit cash
Novo Business Checking offers various discounts useful to business owners. When you sign up for the account, you can get up to $3,000 in Google Cloud credits, $150 toward Google Ads, 40% off the first six months of QuickBooks Online and up to $20,000 in fee-free credit card transactions when you link your account with Stripe. Plus, it has no transaction limits and reimburses third-party ATM fees up to $7 per month.
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Best for debit card rewards
Grasshopper Business Checking
Special offer
1.00% cash back on qualifying purchases
Monthly maintenancefee
$0
Minimum deposit to open
$100
Minimum balance
$0
Annual Percentage Yield (APY)
1.51% APY on balances of $0.01—$24,999.99 and $250,000.01; up to 2.25% APY on balances of $25,000-$250,000
Free ATM network
No fee withdrawals at over 37,000MoneyPassATMs nationwide
ATM fee reimbursem*nt
No
Small business perks
Rewards debit card access
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply.
Pros
- No monthly fees, balance minimums or overdraft fees
- Offers a debit card that can be used to earn cash back
- Offers an APY
- Mobile check deposit
- Small minimum deposit amount to open the account
Cons
- Online only (not great if you prefer in-person banking)
- You need a higher account balance to earn the highest APY tier
The Grasshopper Business Checking account stands out for having no monthly fees, balance minimums or overdraft fees and offering a debit card that earns rewards. Account holders can earn 1% cash back on qualifying purchases which can be redeemed as statement credit.
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Best for sole proprietors and single-owner LLCs
EverBank Business Checking
Special offer
None
Monthly maintenancefee
$14.95 (waived if the average daily balance is at least $5,000)
Minimum deposit to open
$1,500
Minimum balance
$5,000
Annual Percentage Yield (APY)
None
Free ATM network
Fee-free at over 10,000 ATMs
ATM fee reimbursem*nt
Will automatically reimburse customers up to $15 for fees paid at out-of-network ATMs
Small business perks
Treasury services let you get personalized cash flow strategies from a team of experts
Overdraft fee
$0
Mobile check deposit
Yes
Terms apply.
Pros
- Automatically reimburses ATM fees
- Offers a team of experts who can assist with personalized cash flow strategies
- No overdraft fee
- Mobile check deposit
- First 200 items processed for free each month
- Offers overdraft protection
Cons
- High minimum deposit to open the account
- Monthly maintenance fee if you don't keep an average daily balance of at least $5,000 in the account
- Doesn't pay an APY
EverBank Small Business Checking is geared toward sole proprietors and single-owner LLCs. All account holders will enjoy the same APY and enjoy no monthly maintenance fee regardless of their balance. By comparison, EverBank's checking account options for other types of businesses and non-profits require a $5,000 minimum monthly balance to waive the monthly fee.
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More on our top online business checking accounts
Bluevine Business Checking
Bluevine is a fintech company with banking services provided by Coastal Community Bank. It offers some features you often don't get through online banks, such as the ability to deposit cash, order checkbooks and more.
Standard Bluevine business checking customers can earn a 2.00% APY on balances up to $250,000 by meeting monthly activity goals, while Premier customers can unlock an even higher APY.
Account holders can deposit checks from their phones and create dedicated employee login information so they can share access with the rest of their team. Other perks include various accounts payable integrations that can help streamline your business operations and up to $3 million in FDIC insurance.
Minimum deposit to open
$0
Minimum balance
$0
APY
2.00% APY to 4.25%, depending on your account tier
[ Return to account summary ]
LendingClub Tailored Checking
The LendingClub Tailored Checking account offers a competitive APY on your balance and earns 1% cash back on qualifying debit card purchases if you have a balance of at least $500. Another big perk is that LendingClub offers unlimited transactions and unlimited third-party ATM fee reimbursem*nts worldwide.
The account requires a low $100 minimum deposit, but there is no minimum balance requirement after that. There is a $10 monthly maintenance fee, but you can get it waived by maintaining a monthly balance of $500 or more.
Minimum deposit to open
$100
Minimum balance
$0
APY
0.10% to 1.50% APY, depending on your balance
[ Return to account summary ]
Novo Business Checking
Novo Business Checking is a no-frills account that doesn't charge a monthly maintenance fee and doesn't require a minimum deposit to open the account. It also offers unlimited fee-free transactions with no overdraft fee.
The account allows for easy integration with business tools like Stripe, Shopify, QuickBooks and Zero, which makes it easier for business owners to streamline business operations. It also allows businesses to create and send unlimited invoices through its free built-in invoicing software.
Novo doesn't allow for cash deposits, but you can use the mobile app to deposit money orders and checks.
Minimum deposit to open
$0
Minimum balance
$0
APY
None
[ Return to account summary ]
Grasshopper Business Checking
The Grasshopper Business Checking account requires a modest $100 deposit to open the account, but has no minimum balance requirement after that. This account also doesn't charge any monthly maintenance fees or overdraft fees.
Account holders can also earn interest for their balance through a tiered APY offering. You can earn 1.51% APY on balances of up to $24,999.99 and more than $250,000. Then, you'll earn up to 2.25% APY on balances of $25,000 to $250,000.
Minimum deposit to open
$100
Minimum balance
$0
APY
1.51% to 2.25% APY, depending on your balance
[ Return to account summary ]
EverBank Business Checking
EverBank offers several business checking accounts, including ones tailored to small businesses and non-profits. Its small business checking account earns a 0.50% APY on all balances and has no monthly management fees to worry about, but has a relatively high minimum deposit requirement of $1,500.
Customers can make fee-free withdrawals at over 100,000 Allpoint and MoneyPass ATMs in the U.S. All customers also get up to $15 in third-party ATM fees reimbursed each month, while accounts with a balance of at least $5,000 receive unlimited ATM fee reimbursem*nt.
Other features include mobile check deposit and overdraft protection by linking a business money market account.
Minimum deposit to open
$1,500
Minimum balance
$0
APY
None
[ Return to account summary ]
FAQs
Can you open a business bank account online?
Banks typically offer three ways to open a business bank account: You can usually do it online, in person by visiting a branch, or over the phone. However, remember that some banks may offer any combination of those options. For instance, an online-only bank may only allow new customers to open an account online or over the phone.
Can I open a business bank account online with only an Employer Identification Number (EIN)?
Your EIN is one of a few pieces of information you'll need to open a bank account. You may also need to provide your business registration and business address. Some banks may also require some additional pieces of information, such as your business website. Be sure to double-check the requirements of your desired bank before beginning the process.
Are online business bank accounts safe?
As long as your online business bank is FDIC-insured (the standard is up to $250,000 for deposit accounts), it is generally as safe as a brick-and-mortar bank. It can also help to look at customer reviews to get a feel for any pros and cons and general customer experience.
Can I open a business bank account immediately?
Most business bank accounts should have you up and running in a matter of minutes. One of the best ways to ensure a speedy process is to come prepared with all the required documentation and double-check your information for inaccuracies before submitting your application.
Bottom line
If you're in the market for an online business checking account, you have many options. The top online business bank accounts stand out for offering features like low or no minimum deposits to open, interest on your money and rewards for debit card purchases.
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Why trust CNBC Select?
AtCNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every business checking account review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of business banking products.While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics. Seeour methodologyfor more information on how we choose the best online business bank accounts.
Our methodology
To determine which online business checking accounts are best,CNBC Selectanalyzed dozens ofU.S. business checking accounts. We narrowed down our rankings by considering no-fee checking accounts or accounts with easy ways to waive the monthly maintenance fees.
We compared each checking account on a range of features, including:
- Fees
- Minimum balance requirement
- Mobile banking ease
- Small business tools and support
- Large ATM network
- Account accessibility
- Customer reviews, when available
All of the accounts included on this list are either members of theFederal Deposit Insurance Corporation (FDIC)or FDIC-insured through partner institutions. This insurance protects and reimburses you up to your balance and the legal limit in the event your bank or credit union fails.
The rates and fee structures for checking accounts are subject to change without notice and they often fluctuate in accordance with theprime rate.
Your earnings depend on any associated fees and the balance you have in your checking account. To open an account, some banks and institutions may require a deposit of new money, meaning you can't transfer money you already had in an account at that bank.
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Editorial Note: Opinions, analyses, reviews or recommendations expressed in this article are those of the Select editorial staff’s alone, and have not been reviewed, approved or otherwise endorsed by any third party.
