10 Best Online Business Bank Account 2021

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), now you won’t have to have to leave the comfort of your business to get your business banking done.

Our top pick is Small Business Bank, thanks to 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.

Best online business banking 2021

Compare the best online banks for small business

Bank
Checking monthly fee
Account types
Accepts cash deposits
Get an Account

Small Business Bank

$0

Checking; money market; high-yield savingsAt Shazam ATMs

BlueVine

$0

Interest-bearing checkingAt Green Dot locations

NBKC Bank

$0

Checking; money market; CDsAt MoneyPass ATMs

Radius Bank

$10

Checking; interest-bearing checking; savings; money market; CDsAt MoneyPass and SUM ATMs

Axos Bank

$0

Checking; interest-bearing checking; savings; money market; CDsBy mail (discouraged)

Data effective 2/26/2021. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

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

But like with any banking option, you do 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 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 really 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.

Small Business Bank: Best online bank for small business

Small Business Bank
Small Business Bank
3.5 out of 5 stars
3.5
  • Checking monthly fee: $0
  • Check
    High-yield savings accounts

Small Business Bank is our favorite online bank for business, thanks to its free checking accounts and super competitive 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 charge card (like a business credit card that you pay off in full each month).

Pros
Pro Bullet High-yield savings accounts
Pro Bullet No-fee checking account
Pro Bullet Consistently high APY on savings
Cons
Con Bullet Outdated website and app
Con Bullet Limited products and services

And all that’s great, but Small Business Bank really stands out when you look at its 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.

BlueVine: Best checking account

BlueVine
BlueVine
3.2 out of 5 stars
3.2
  • Checking monthly fee: $0
  • Check
    Interest-bearing checking

BlueVine has only recently begun to offer business banking services, but its online business checking account has already become one of our favorites.

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

But what really makes BlueVine stand out? First, BlueVine’s account earns interest―it has a beautifully high 1% interest rate―on balances under $100,000. That makes it the most competitive interest-bearing checking account we know of for businesses.

Pros
Pro Bullet Interest-bearing checking
Pro Bullet Cash deposits at many locations
Pro Bullet Fee-free checking
Cons
Con Bullet No savings account or credit cards
Con Bullet No interest on account balances over $100,000

Second, 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.

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

NBKC: Best personal accounts

N B K C Bank Logo
NBKC Bank
3.2 out of 5 stars
3.2
  • Checking monthly fee: $0
  • Check
    Business and personal accounts

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 0.4% 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 BTCC合约交易所home loans.

Yes, you can find a few other online banks for business that offer personal accounts too―but NBKC does it best.

Pros
Pro Bullet No-fee checking and savings
Pro Bullet High rates on savings
Pro Bullet Accounts, loans, credit cards, and more
Cons
Con Bullet Limited availability of financing products
Con Bullet Limited support hours

And like any good personal bank, NBKC has financing galore for all your loan needs, from car loans to BTCC合约交易所home loans.

Yes, you can find a few other online banks for business that offer personal accounts too―but NBKC does it best.

Radius Bank: Best for cash back

radius bank logo
Radius Bank
3 out of 5 stars
3.0
  • Checking monthly fee: $10 (waivable)
  • Check
    1% cash back on debit purchases

Make lots of debit card purchases? You can get rewarded for them with Radius Bank’s cash back program.

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 cash back when you use it (like a credit card rewards program).

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

Pros
Pro Bullet 1% cash back on debit purchases
Pro Bullet Interest on balances over $5,000
Pro Bullet Bank accounts, credit cards, loans, and other biz services
Cons
Con Bullet $10 (waivable) monthly fee
Con Bullet Moderate minimum opening deposit

Radius Bank’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, Radius 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 Radius Bank.

Open an Account
Axos
Axos Bank
3.5 out of 5 stars
3.5
  • Checking monthly fee: $0
  • Check
    Accounts and services for small and large businesses

Axos Bank: Best for scaling businesses

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. For checking, you can choose either a basic checking account or a high-yield checking account (with a lower rate than BlueVine’s, though).

You can also get standard savings, a money market account, and certificates of deposit (CDs)―everything your small business needs to start banking.

Pros
Pro Bullet Interest-bearing checking accounts available
Pro Bullet Solutions for small and large businesses
Pro Bullet Unlimited ATM fee reimbursement
Cons
Con Bullet High minimum opening deposit
Con Bullet Limited customer support hours

But Axos Bank also has stuff for larger businesses. It has an entire suite of accounts for commercial businesses, designed to meet the needs of businesses that keep larger account balances and make more transactions. Likewise, it offers 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.

Grow your business today

Browse hundreds of loan options, custom-tailored to your business and budget needs, from a single, simple platform.

Honorable mentions

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

Honorable mention online business bank accounts

Compare honorable mention online small-business banks

Bank
Checking monthly fee
Account types
Accepts cash deposits
Get an Account

TIAA Bank

$0

Checking; interest-bearing checking; analysis checking; money market; CDs
By mail (discouraged)

Mercury

$0

Checking; savings
Icon No  Dark

Novo Bank

$0

Checking
Icon No  Dark

NorthOne

$10

Checking
Via NYCE or MoneyPass ATMs

QuickBooks Cash

$0

Interest-bearing checking
Icon No  Dark

Data effective 2/26/2021. At publishing time, rates, fees, and requirements are current but are subject to change. Offers may not be available in all areas.

TIAA Bank: Best ATM reimbursement

TIAA
TIAA Bank
2.8 out of 5 stars
2.8
  • Checking monthly fee: $0
  • Check
    Unlimited ATM reimbursement

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: Best for virtual debit cards

mercury bank logo
Mercury
2.8 out of 5 stars
2.8
  • Checking monthly fee: $0
  • Check
    Instant virtual debit cards

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: Best discounts and integrations

Novo bank logo
Novo Bank
2.6 out of 5 stars
2.6
  • Checking monthly fee: $0
  • Check
    Integrations with other apps

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: Best for sub-accounts

north one bank logo
NorthOne
2.5 out of 5 stars
2.5
  • Checking monthly fee: $0
  • Check
    Free sub-accounts

NorthOne is another online bank that just offers 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 like NorthOne’s niche features, the monthly fee might be worth it.

QuickBooks Cash: Best for QuickBooks users

Quickbooks
QuickBooks
2.5 out of 5 stars
2.5
  • Checking monthly fee: $0
  • Check
    QuickBooks integrations

If you’re already using QuickBooks Online then you need to check out QuickBooks’s great checking account, QuickBooks Cash. QuickBooks Cash gives you no-fee checking (with no minimum opening deposit or monthly fees). Even better? It earns interest, just like BlueVine, at a high 1% rate. And of course, QuickBooks Cash syncs seamlessly with QuickBooks Online and QuickBooks Payments.

The biggest downside, at least for now, is simply that QuickBooks Cash has limited availability. Not all QuickBooks customers can get it yet, though it should roll out more widely in the future. If you’re one of the lucky qualifiers, though, there’s a lot to love about QuickBooks Cash.

Money
Mobile banking

Each bank reviewed here has a mobile banking app, so you can bank from your phone or tablet.

Other online banks you may have heard about

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.

Online small-business banks FAQ

Can I get a business bank account with no fees?

Yes, you can get a fee-less 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.

How do I open a business bank account online?

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.

What are the pros and cons of online business banking?

That’s a great question that we’ll answer with a table.

Online banking pros and cons

Pros
Pro Bullet Available across the United States
Pro Bullet Often cheaper than traditional banks
Pro Bullet Convenient and works with your schedule
Cons
Con Bullet Difficult (or impossible) to deposit cash
Con Bullet Set up with fewer customer support options
Basically, if you’re comfortable using the internet, online business banking is super convenient. But if you deposit a lot of cash or you really prefer interacting with real humans, then online business banking probably isn’t for you.

Is there a minimum deposit requirement for online banks?

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.

Will banks look at my personal credit score when I open a business checking account online?

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.

Info
Check out your ChexSystems report

You can contact ChexSystems to get a copy of your ChexSystems report. By law, you’re entitled to one free report per year.

Do I need a business bank account?

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.

The takeaway

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—BlueVine, NBKC, Radius Bank, and Axos Bank—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.

Related content

Methodology

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 zhulitouzi.com, 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.

Chloe Goodshore
Written by
Chloe Goodshore
Chloe covers business financing and loans for zhulitouzi.com. She has worked with many small businesses over the past 10 years, from video game stores to law firms. Those years watching frustrated business owners try to sift through their many options gave her a passion for breaking down complex business topics. She wants to help business owners spend less time agonizing over their businesses so they can spend more time running them.
Recent Articles
What is a VoIP Number
A VoIP phone system has its advantages—cost savings, call anyone capability, anywhere flexibility, easy systems...
Serious business owner working at laptop in office
Best Tax Software for Small Businesses in 2021
The right small-business tax software can simplify your end-of-year tax filing, which means less hassle...
Featured image of a female banker showing documents to a female client
Fixed VoIP vs. Non-Fixed VoIP
Voice over internet protocol (VoIP) is replacing traditional analog phone lines. As your business considers...
man-and-woman-going-over-paperwork
Best Billing Software and Invoicing Software of 2021
We weighed top invoicing softwares’ payment options, customization, and pricing—plus customer service reputation and ease...