Online-only banks have become increasingly popular in recent years due to the advantages they offer over traditional brick-and-mortar banks. These online banks have lower overhead costs as they do not operate physical branches, allowing them to provide lower fees and better interest rates to their customers. Additionally, the convenience of being able to bank from anywhere at any time is a major draw for busy small business owners.
CNBC Select has compiled a list of the seven best online business bank accounts, taking into account factors such as fees, interest rates, and other perks. Below are some of the top online business checking accounts:
1. Bluevine Business Checking:
Bluevine offers a competitive interest rate for a checking account and does not charge any monthly, minimum balance, or insufficient fund fees. Customers can earn a tiered APY on their balances, with higher rates for Bluevine Plus and Premier customers. The account also allows for mobile check deposits and offers FDIC insurance up to $3 million per depositor.
2. Novo Business Checking:
Novo is a no-frills account that does not charge a monthly maintenance fee or require a minimum deposit to open. It offers unlimited fee-free transactions and integrates easily with popular business tools like Stripe, Shopify, and QuickBooks. While Novo does not allow for cash deposits, customers can deposit money orders and checks using the mobile app.
3. LendingClub Tailored Checking:
LendingClub offers a competitive APY on balances and earns 1% cash back on qualifying debit card purchases for customers with a balance of at least $500. The account also provides unlimited transactions and third-party ATM fee reimbursements worldwide. Customers can easily integrate their accounts with Quicken or Quickbooks for streamlined accounting.
4. Grasshopper Business Checking:
Grasshopper requires a modest $100 deposit to open the account and does not have a minimum balance requirement. The account offers a tiered APY on balances and allows fee-free withdrawals at over 37,000 MoneyPass ATMs nationwide. Customers can also earn cash back on qualifying purchases with a rewards debit card.
5. EverBank Business Checking:
EverBank’s small business checking account offers a 0.50% APY on all balances and does not charge any monthly management fees. Customers can make fee-free withdrawals at over 100,000 Allpoint and MoneyPass ATMs in the U.S. The account also offers mobile check deposit and overdraft protection by linking a business money market account.
6. Found Banking:
Found offers a free account with no overdraft or monthly maintenance fees and no minimum balance requirements. Customers can upgrade to a Found Plus account for a monthly fee, which offers more advanced business tools and a 1.5% APY on balances up to $20,000. Found also allows for easy integration with Quickbooks and Stripe for payment processing.
7. Axos Business Interest Checking:
Axos Bank offers a range of financial products, including the Axos Business Interest Checking account. This account earns interest based on the balance, offers unlimited domestic ATM fee reimbursements, and allows up to 60 items per month for remote deposit. While it has a $10 monthly maintenance fee, it can be waived with a $5,000 minimum average daily balance.
In conclusion, online business checking accounts offer a range of benefits for small business owners, including lower fees, better interest rates, and convenient banking options. By choosing the right online bank account, business owners can streamline their financial operations and maximize their money.
