An online business checking account is best for businesses that don’t need to make cash deposits at a physical branch location. The best online business checking accounts charge no monthly maintenance fees and pay better interest rates than many business savings accounts. After evaluating several banks, we found the six best online business checking accounts.
Top 6 Online Business Checking Accounts June 2019
| Best for | |
|---|---|
| TIAA Bank | (Best Overall) Businesses that want to earn a substantial introductory APY |
| Azlo | Owners who want a free account that seamlessly connects with payment services like Square |
| Novo | Business owners who need to make cash deposits |
| Axos Bank | Companies that want free remote deposits and access to other business accounts |
| Radius Bank | Businesses that want to earn a higher ongoing APY |
| First Internet Bank | Business owners who also want a savings account |
Opening Conventional vs Online Business Checking Accounts
Business owners opening a business checking account can choose between a conventional business checking account or an online business checking account. A conventional checking account is one that is offered by a bank with brick-and-mortar branches. Those accounts often carry more fees, but have a wide variety of products and services. Online business checking accounts are designed for businesses that don’t handle cash.
Most online business checking accounts are free business bank accounts, which have no monthly account fees or make it easy to avoid account fees by meeting minimum requirements. For example, you can avoid a monthly maintenance fee if you maintain a monthly minimum balance set by the bank. However, if you need access to a physical branch or to make frequent cash deposits, this type of account may not be the best business checking account for you.
How We Evaluated the Best Online Business Checking Accounts
Online business checking accounts are best for business owners who do not need to visit a physical branch for cash deposits. These accounts focus on offering business banking directly from your computer, tablet, or mobile device. The best online checking accounts carry minimal fees, offer an excellent online banking experience, and have ATM accessibility.
Based on business owners wants and needs in an account, we considered the following criteria:
- Fees: Monthly account fees, transaction fees, and ATM fees. The best online business checking accounts are fee-free.
- ATM accessibility: Whether or not the online bank has ATM partners in the area. The best online business checking accounts offer free ATM usage.
- Other benefits: Some banks offer remote deposit capture technology where you can deposit checks from your phone. Additionally, some pay interest on your deposits and offer other business products, such as business savings and investment accounts.
- Customer service: Whether you can contact customer service through a website, phone, or live chat. Some accounts offer all of these customer service options.
When choosing an online business bank account, it’s important to consider fees, the online banking experience, and any additional features or services. None of the accounts on our list have a physical branch location, and you must bank remotely.
We believe TIAA Bank is the best overall online business checking account available. It’s an interest-bearing account that pays 1.21% APY for the first year on deposits up to $250,000. This is the only account on our list that offers an introductory annual percentage yield (APY).
TIAA Bank: Overall Best Online Business Checking Account
TIAA Bank Fees
A business checking account with TIAA Bank has the following costs:
- Monthly fee: None
- ATM fee: None, provides reimbursements if you maintain a balance of at least $5,000
- Transaction fee: 25 cents each after the first 200 transactions in a month
- Outgoing wire fee (domestic): $25
- Outgoing wire fee (foreign): $35
TIAA Bank offers an inexpensive online banking experience. The bank charges no monthly maintenance fee and offers 200 free transactions each month. TIAA Bank does charge per outgoing domestic and foreign wire transfer. In comparison, other online-only accounts on our list don’t offer outgoing domestic and foreign wires, including Azlo.
TIAA Bank Terms
TIAA Bank has the following terms:
- Minimum deposit to open account: $1,500
- Introductory APY: 1.21% for the first 12 months on deposits up to $250,000, 0.61% to 1.21% for balances of $250,000 or more
- Ongoing APY: 0.20% to 0.61%, depending on your balance
TIAA Bank and Radius Bank are the only two accounts on our list that pay interest on your account balance. For the first year, TIAA bank will pay 1.21% APY on deposits up to $250,000 and 0.20% to 0.61% thereafter. Radius Bank, on the other hand, will pay 0.75% APY on balances of $5,000 or more.
Bank Network for TIAA Bank
TIAA Bank doesn’t offer any in-network ATMs for clients to use. Instead, TIAA Bank will reimburse account holders for ATM fees as long as they maintain an average daily account balance of at least $5,000. If you won’t have a daily balance of $5,000 and need access to free ATMs, Azlo provides 55,000 fee-free ATMs.
TIAA Bank Customer Service
TIAA Bank offers customer service online and over the phone, similar to most online-only banks. However, this bank does not offer a live chat option. Some users complain that TIAA Bank does not offer excellent customer service.
TIAA Bank Other Benefits
Unlike most accounts on our list, TIAA Bank pays interest on all deposits. Once the introductory period ends, TIAA Bank will pay 0.20% to 0.61% APY based on your account balance. The only other bank that pays interest on our list is Radius Bank (0.75%). TIAA Bank also offers money market accounts, CDs, investment services online, and remote deposit capture.
What TIAA Bank Is Missing
TIAA Bank doesn’t offer in-network ATMs for clients to use to access their money. This can be a roadblock for small business owners who want to make cash withdrawals. However, TIAA Bank will reimburse all ATM fees if you maintain an average minimum daily account balance of at least $5,000. If you want access to in-network ATMs, a good bank would be Azlo, which offers 55,000 ATMs.
TIAA Bank Reviews
We considered both user reviews and our own editorial review when evaluating this account. TIAA Bank is the only bank on our list that provides an introductory APY offer. However, it lacks excellent customer service.
TIAA Bank User Reviews
We scoured the internet for TIAA Bank user reviews, and we found them to be mixed. Most clients enjoy the introductory APY and ongoing APY offered on this small business checking account. However, others complain about TIAA Bank’s customer service since buying out EverBank. Users say they sometimes don’t hear back on their customer service requests.
TIAA Bank Editorial Reviews
TIAA Bank is an excellent choice for anyone looking to earn interest on their business checking account deposits. It’s one of the few free business checking accounts that offers an introductory and ongoing APY.
How to Open a TIAA Bank Online Business Checking Account
You can open a TIAA Bank business checking account through its website. All the required forms can also be completed online. Once your account is open, you can begin earning 1.21% APY on deposits up to $250,000.
Azlo: Best for a Free Account That Connects Easily With Payment Services
Azlo Fees
An account with Azlo has the following costs:
- Monthly fee: None
- ATM fee: None at BBVA Compass or Allpoint ATMs
- Incoming wire fee: None
- Stop payment fee: None
Azlo‘s business checking account fee-free structure outranks most other accounts on our list. Additionally, it’s the only account on our list that provides access to in-network ATMs for clients. Account holders can avoid an ATM fee as long as they use a BBVA Compass or Allpoint ATM.
Azlo Bank Terms
Azlo currently has the following terms:
- Minimum initial deposit: None
- Minimum account balance: None
- Free business debit card
Opening and maintaining an account with Azlo is rather simple. Azlo does not require a minimum initial deposit or a minimum account balance. Compare these terms to TIAA Bank, which requires a minimum deposit of $1,500 to open an account. However, we ranked TIAA Bank above Azlo because it offers an introductory APY.
Azlo Network
Azlo is one of the few online banks on our list that offers clients access to in-network ATMs. Clients can access their money through one of 55,000 ATMs without being charged an ATM fee. In comparison, TIAA bank offers no ATMs, but reimburses account holders for all ATM fees if they maintain a daily balance of $5,000.
Azlo Customer Service
Being an online-only bank, customers can only contact Azlo customer service through its website or over the phone. Typically, account holders can manage account administration online including account setup and most transactions.
Azlo Other Benefits
In addition to 55,000 ATMs, Azlo also offers mobile deposits, free mobile banking, online banking, and bill pay. Plus, clients will receive a free Azlo Visa debit card that they can use for daily transactions and at ATMs. Azlo also offers some of the best account integrations, which include Stripe, Square, and PayPal. These integrations can help business owners streamline their cash flow process.
What Azlo Is Missing
Azlo, unlike a few other accounts on our list, doesn’t offer any additional business bank accounts. This means you’ll need to keep your business savings elsewhere. Plus, because this is an online-only bank, you won’t be able to visit a physical branch location like other small business checking accounts. If you’re looking for a bank that offers other business financial products, consider TIAA Bank.
Azlo Reviews
We considered both user reviews and our own editorial review when evaluating this account. Azlo provides a completely fee-free account that small business owners can use to take advantage of several different integrations.
Azlo User Reviews
Azlo user reviews show that small business owners enjoy the fee-free account structure and the integrations they offer. However, there are complaints about Azlo’s customer service being hit or miss. Some customers complain that customer service doesn’t get back to them in a timely manner.
Azlo Editorial Reviews
Alzo is a new online bank that is growing quickly in the digital banking space. Its fee-structure is nearly unbeatable and it completed integrations with PayPal and Square in the beginning of 2019. Azlo aims to help small businesses and entrepreneurs start, scale, and grow their business.
How to Open an Azlo Online Business Checking Account
To open an Azlo business checking account, visit the bank’s website. You can learn more about its business checking account and other services. You can complete the entire application process online.
Novo: Best for Making Cash Deposits
Novo Fees
An account with Novo has the following costs:
- Monthly fee: None
- ATM fee: None, but doesn’t provide reimbursements
- Transaction fee: None
- Cash deposit fee: None; cash is deposited through U.S. Postal Service (USPS) money orders
- ACH fee: None
Novo provides a completely free business checking account similar to Azlo. There is no monthly account fee, transaction fee, or ACH fee. Novo differs from other online checking accounts on our list because it allows for cash deposits through USPS money orders. Most other accounts don’t allow for cash deposits.
Novo Terms
Business checking accounts at Novo have the following terms:
- Minimum balance: None
- Minimum initial deposit: None
- Free business debit card
Like most other business checking accounts on our list, Novo does not require a daily average minimum balance or minimum initial deposit to open an account. Additionally, you’ll receive a free business debit card to use for transactions and ATMs. These terms are identical to what Azlo offers.
Novo Bank Network
Although Novo doesn’t offer any in-network ATMs, such as Azlo, clients can use any ATM worldwide. However, fees may apply and Novo doesn’t offer ATM fee reimbursements. If you’re looking for a bank that offers ATM fee reimbursements, a good option would be TIAA Bank. It reimburses all ATM fees if you maintain a minimum daily account balance of $5,000.
Novo Customer Service
Much like the other banks on our list, Novo offers customer service through its website, mobile app, or by calling the customer service phone number. Novo also utilizes its partner bank, Middlesex Federal, for assistance in regard to critical account issues when necessary.
Novo Other Benefits
In addition to offering a fee-free business checking account, Novo also integrates with point-of-sale (POS) tools like Stripe, Google Pay, and Apple Pay. Although an online-only bank, Novo also allows for cash deposits through USPS money orders or into Middlesex Federal’s ATM network. Additionally, you can deposit check through its app.
What Novo Is Missing
Novo is one of the few banks on our list that doesn’t provide ATM fee reimbursements. If you need to make daily transactions, this can quickly add up. If you need to use an ATM frequently, a good option is Azlo. That bank offers 55,000 in-network ATMs.
Novo Reviews
We considered both user reviews and our own editorial review when evaluating this account. Novo offers a fee-free banking platform similar to Azlo, however it doesn’t provide ATM access or as many integrations for small businesses.
Novo User Reviews
We could not find any online user reviews for Novo’s business checking account.
Novo Editorial Reviews
Novo is a solid option for business owners who want to open an account with a brand- new bank. Plus, it’s best for businesses that don’t need to access ATMs for cash withdrawals, as it doesn’t offer an ATM network.
How to Open a Novo Online Business Checking Account
You can open a free business checking account with Novo directly through its website. Although Novo is still a startup bank, you can request early access to establish a business bank account with them.
Axos Bank: Best for Free Remote Deposit and Access to Other Accounts
Axos Bank Fees
An Axos Bank Basic Business Checking account has the following costs:
- Monthly fee: None
- ATM fee: None; unlimited domestic ATM fee reimbursements
- Transaction fee: 30 cents each after 200 transactions in a month
- Outgoing wire transfer fee (domestic): $7 if initiated online
- Outgoing wire transfer fee (international): $50
Much like the rest of the accounts on our list, Axos Bank doesn’t charge a monthly account fee. Although Axos Bank doesn’t offer branded ATMs, it offers unlimited domestic ATM fee reimbursements. In comparison, TIAA Bank only offers ATM reimbursements if you maintain a minimum daily balance of at least $5,000.
Axos Bank Terms
Axos Bank has the following terms:
- Minimum balance: None
- Minimum initial deposit: $1,000
Axos Bank is one of four checking accounts on our list that require a minimum initial deposit to open an account. Other accounts that require a deposit are TIAA Bank ($1,500), Radius Bank ($100), and First Internet Bank ($500). If you want to open a free account without an initial deposit, a good option would be Azlo.
Bank Network for Axos Bank
Like most online-only banks, Axos Bank has virtually no bank network. In addition to having no physical branches, the bank also doesn’t have any in-network ATMs. Instead, Axos Bank will reimburse all domestic ATM fees. There are other banks on our list that offer in-network ATMs. For example, Azlo provides free ATM usage at 55,000 ATMs nationwide.
Axos Bank Customer Service
As an online-only checking account provider, direct customer service is typically non-existent. Instead, account holders should know they will need to handle most of their banking needs themselves through the bank’s website. If necessary, you can reach customer service through the bank’s call system. If you want access to in-person customer service, a business checking account through Chase Bank would be a better option. Chase offers physical branch locations and an online banking experience.
Axos Bank Other Benefits
With Axos Bank’s free business checking account, you will get your first 50 checks for free and up to 60 remote deposits per month. Additionally, you’ll have free online banking and free access to online bill pay. Axos Bank also offers other business accounts, including savings, money market, and CDs.
What Axos Bank Is Missing
Axos Bank only offers account holders up to 200 free transactions per month and charges 30 cents per item thereafter. There are two other accounts on our list that offer unlimited monthly transactions, including Radius Bank and First Internet Bank. However, we believe Radius Bank is the better option to choose because its minimum balance requirement is $5,000 less than First Internet Bank’s requirement.
Axos Bank Reviews
We considered both user reviews and our own editorial review when evaluating this account. Axos is an excellent online bank for business owners that want to have access to other business accounts, such as savings, money market or CD accounts.
Axos Bank User Reviews
Most online Axos Bank user reviews suggest that account holders enjoy the no monthly account fees and unlimited domestic ATM fee reimbursements. However, there are several complaints about Axos Bank’s poor customer service.
Axos Bank Editorial Reviews
We believe Axos Bank provides a decent online-only business checking account. Although, unlike other banks on our list, Axos Bank does offer several other strong business bank accounts. For example, we’ve ranked Axos Bank’s business savings accounts as one of the best business savings accounts available.
How to Open an Axos Bank Online Business Checking Account
You can open a business checking account with Axos Bank through their website. If you need help with your application, you can contact a customer support specialist. Once your application is approved, you can start banking immediately.
Radius Bank: Best for Earning A Higher Ongoing APY
Radius Bank Fees
A Radius Bank Tailored Checking account has the following costs:
- Monthly fee: $10, waived if you maintain a minimum balance of $5,000
- ATM fee: None; unlimited automatic ATM fee reimbursements
- Transaction fee: None
- Incoming wire fee: None
Radius Bank is one of two banks on our list that charges a monthly fee if you don’t maintain the required minimum daily balance. The other is First Internet Bank, which requires you to maintain a balance of $10,000 to avoid a $25 monthly fee. If you want to open an account that is fee-free, the best option would be TIAA Bank.
Radius Bank Terms
Radius Bank has the following terms:
- Minimum balance: None to maintain the account; $5,000 to earn the APY
- Minimum initial deposit: $100
- Ongoing APY: 0.75% on balances of $5,000 or more
- Free business debit card
There is no required minimum balance to maintain your account, unless you want to earn interest. If you want to earn 0.75% interest on your deposits, you must maintain a balance of at least $5,000. In comparison, TIAA Bank offers an introductory APY of 1.21% for the first year on deposits up to $250,000 and an ongoing APY between 0.20% to 0.61%.
Radius Bank Network
Radius Bank doesn’t offer any in-network ATMs, unlike Azlo’s 55,000 ATMs. However, account holders will receive unlimited automatic ATM surcharge rebates for ATM fees other banks charge. These rebates apply to cash withdrawals from a Radius Bank checking account using the Radius Bank business debit card wherever its accepted.
Radius Bank Customer Service
Radius Bank is the only online bank on our list that offers customer service through a live chat. Plus, you can reach its customer service representatives by phone or email. However, you’ll be able to manage most of your banking needs through its online and mobile banking experience.
Radius Bank Other Benefits
In addition to Radius Bank’s Tailored Checking account, it also offers SBA Loans and other lending services. This is the only bank on our list that offers SBA Loan transactions. However, it don’t offer business savings accounts, money market accounts, or CDs. If you want a bank that offers those products, a good option would be Axos Bank. That bank offers one of the best business savings accounts.
What Radius Bank Is Missing
Unlike four other banks on our list, Radius Bank does not provide a completely free account unless you maintain a minimum balance. TIAA Bank, Azlo, Novo, and Axos all provide accounts with no monthly fees. If you want a free account, we recommend TIAA Bank as the best option. It offers an introductory APY of 1.21% for one year on deposits up to $250,000.
Radius Bank Reviews
We considered both user reviews and our own editorial review when evaluating this account. Radius Bank offers an affordable interest-bearing business checking account, but some reviews suggest it has a glitchy website.
Radius Bank User Reviews
Online Radius Bank user reviews are mixed. Some account holders say they enjoy the fee-structure of this checking account. However, there are a handful of complaints about a glitchy application process and its customer service.
Radius Bank Editorial Reviews
Although we don’t believe Radius Bank offers the best accounts on our list, we do think it’s a considerable option if you want to earn interest. It pays 0.75% interest on balances of $5,000 or more from the minute you open your account.
How to Open a Radius Bank Online Business Checking Account
You can open a Radius Bank Tailored Checking account online without any required documents. The process typically takes 10 minutes or less. Once your application is approved, you can start banking online immediately.
First Internet Bank: Best for Business Owners Who Also Want A Savings Account
First Internet Bank Fees
A First Internet Bank business checking account has costs including:
- Monthly fee: $25, waived if you maintain a minimum balance of $10,000
- ATM fee: None
- Transaction Fee: None
- Outgoing wire transfer fee (domestic): $20
- Outgoing wire transfer fee (international): $50
- Stop payment fee: $30
Similar to Radius Bank, First Internet Bank requires you to maintain a minimum daily balance to avoid a monthly fee. You will be charged $25 per month for your account, unless you maintain a minimum daily balance of $10,000. We ranked First Internet Bank low on our list because of its fee structure. If you want a fee-free business checking account, we recommend TIAA Bank.
First Internet Bank Terms
First Internet Bank has the following terms:
- Minimum balance: None to maintain account, $10,000 to avoid $25 monthly fee
- Minimum initial deposit: $500
To open an account with First Internet Bank, a minimum initial deposit of $500 is required. Additionally, First Internet Bank doesn’t require a minimum balance to maintain your account. However, you must have an average daily balance of at least $10,000 to avoid the $25 monthly fee. If you want to open an account with no minimum balance and initial deposit requirement, consider Azlo.
First Internet Bank Network
First Internet Bank is a branchless bank that does not offer any in-network ATMs for its customers. You can use any ATM with the provided business debit card, but they will not reimburse you for an ATM fees. If you need to deposit checks, you can do so using iScan Deposit or remote deposit capture.
First Internet Bank Customer Service
Similar to all other accounts on our list, account holders can contact customer service by email or by calling its customer service line. You’ll be able to handle most of your business checking account needs through its online banking experience.
First Internet Bank Other Benefits
First Internet Bank offers a wide variety of other business bank accounts, such as savings, money markets, and CDs. It specifically offers an excellent business savings account. We ranked that account as the best business savings account available. Additionally, this bank also offers remote deposit capture.
What First Internet Bank Is Missing
First Internet Bank is one of two banks that doesn’t offer a completely fee-free bank account. To avoid a monthly fee of $25, you must maintain an average daily account balance of at least $10,000. If you want a completely free account that doesn’t require a minimum balance, consider TIAA Bank.
First Internet Bank Reviews
We considered both user reviews and our own editorial review when evaluating this account. First Internet Bank offers a solid account for businesses with account balances of at least $10,000. However, it charges a monthly fee if you cannot maintain this balance.
First Internet Bank User Reviews
First Internet Bank online user reviews are mixed. Customers not only enjoy its business checking account, but also its business savings account and lending services. However, there are complaints about not being able to make cash deposits because it’s a branchless bank.
First Internet Bank Editorial Reviews
We believe First Internet Bank is a good choice if you have a daily account balance of at least $10,000 and want to take advantage of its other products. First Internet Bank offers the best business savings account and its money market account ranked in our best money market account list.
How to Open a First Internet Bank Online Business Checking Account
If you’d like to open an account with First Internet Bank, you can start and finish the process online. You’ll need to be a United States resident, provide your Social Security number, your business information, and have your identification card ready.
Benefits & Drawbacks of Online Business Checking Accounts
The biggest benefit of an online business checking account is that it can help you separate your business and personal finances. Plus, most online-only banks offer fee-free checking accounts and allow you to manage your account on the go. However, cash deposits are difficult and there is typically an absence of branded ATMs.
Benefits of Online Business Checking Accounts
The benefits of online business checking accounts are:
- Separates your business and personal finances: Utilizing business checking accounts is an excellent way to ensure you don’t commingle your business and personal finances.
- Most banks offer fee-free checking accounts: If you open an account with an online-only bank, you can expect to pay fewer fees. Online-only banks usually have lower fees compared to traditional banks because they don’t have the overhead of keeping a physical location open.
- You can bank directly from your mobile device: Online-only banks typically come with an online banking experience and a mobile app. This makes it easy to manage your account on the go or directly from your computer.
Drawbacks of Online Business Checking Accounts
The drawbacks of online business checking accounts are:
- Cash deposits are usually difficult or non-existent: Most online-only banks don’t accept cash deposits by mail, with the exception of Novo. If your business handles a lot of cash, consider opening a business checking account that also has a physical branch location, such as Chase Total Business Checking.
- Lack of in-network ATMs: Online-only banks usually don’t provide in-network ATMs for their clients. Some bank, such as Azlo, partner with specific ATM companies to provide ATM access for its customers.
- No access to in-person customer service: Online-only banks only provide customer service through their websites, mobile device apps, or customer service phone number. If you want the ability to receive in-person customer service, a business checking account with a brick and mortar bank would be a better option.
Online business bank accounts are designed for businesses that don’t handle cash and are looking for a fee-free account. They can help you separate your business and personal finances while giving you the opportunity to bank on the fly.
Online Business Checking Accounts Alternatives
If your business handles cash every day, then an online-only bank is not the best checking account provider for you. Instead, consider opening a business checking account with a traditional bank that also offers an online banking experience. In the table below, each bank offers a physical branch location and an online banking experience.
Top Online Business Checking Accounts Alternatives
| Bank | Best for |
|---|---|
| Chase Bank | Business owners who want a free checking account and signup bonus of $200 |
| Bank of America | Physical branch locations and introductory bonus of up to $450 |
| Capital One | Businesses that want low-cost checking with unlimited transactions |
| U.S. Bank | Business owners who make few transactions |
| PNC Bank | Businesses that want free checking for the first three months |
Bottom Line
When choosing between a conventional and online business checking account, it’s crucial to consider if you’ll need to make cash deposits. If you don’t need to make cash deposits, opening a business checking account online would be best for you. The best online business checking accounts are fee-free, offer remote deposit capture, and provide ATM access or ATM fee rebates.
We believe TIAA Bank is the best overall online business checking account. It pays 1.21% interest for the first year on deposits up to $250,000 and between 0.20% to 0.61% thereafter. You can open an account online today and begin banking immediately.
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