Opening a business checking account can increase your chances of getting financing and simplify your cash flow management. Use our research to quickly and easily find the right account for your business.
Online-only business checking accounts are very convenient for small businesses that don’t need a physical bank for in-person bank needs. Entrepreneurs, startups, sole proprietors, and freelancers in particular can benefit from the convenience and ease of online-only banks, especially if they don’t do much business in cash and mostly accept digital payments.
Many online-only bank accounts have partnerships with ATM networks which will allow you to make cash deposits or withdrawals with a business debit card. They’ll generally also allow you to use an Automated Clearing House (ACH) network to take payments or pay invoices for your business, and tend to offer other digital services like bill pay, wire transfers, and other banking services. A digital bank can also help you get business credit cards to help you manage cash flow and earn rewards. Plus, they’re usually paperless.
You may also consider an internet business account for integrations with your accounting software or bookkeeping software like QuickBooks. These kinds of accounts tend to make it easy for you to allow another person, like a partner or a certified public accountant (CPA), to access the account when they need information or be signed on as an account holder. They also tend to have robust mobile banking through a mobile app where you can easily check your account balance and make transactions, including mobile check deposit or transferring money between accounts.
Because they don’t have a physical presence, online banks may have monthly maximums on cash deposits or withdrawals, and they may charge transaction fees. These banks may also not offer other services like business savings accounts or business loans, but they may have other perks, like cash back on debit card purchases. Online banks may have minimum opening deposit limits or minimum balance requirements, so it’s a good idea to make sure you understand the limits and fees so you can meet your business banking needs.
It’s important to make sure that any bank you open an account with is a Member FDIC. FDIC-insured banks make sure that your money is safe through deposit insurance.
There are many pros and cons to online banking.
Most online banks offer convenient features, such as:
Compare the Best Business Checking Accounts
Opening a business checking account can increase your chances of getting financing and simplify your cash flow management. Use our research to quickly and easily find the right account for your business.
When you’re looking for a small business checking account, there are several things you should look for, such as:
Different banks will have different qualifying requirements to open a business checking account, so you should always check before you start the application process. However, in general, you can expect to need the following to open a business bank account:
The best business checking accounts will match up to your business’s individual needs, but here are a few online business checking account providers we recommend:
Green Dot Bank offers banking as a service, which provides program management services on top of banking solutions. This includes branded credit cards, cash deposits and withdrawals, peer-to-peer payments and instant payments, and even payroll and tax services. In terms of business checking accounts, they offer mobile banking, ATM access, customer support, and customer rewards, plus interest-bearing savings accounts.
All information about this lending option has been collected independently by Nav. This option is not currently available through Nav.
Nav Business Checking offers multiple organized accounts that automatically separates transactions by category to simplify your bookkeeping. You can also issue employees virtual cards and send money across multiple accounts as well as access useful business tools for your growth.
Online banking can be a convenient solution for small businesses, particularly if they don’t need the in-person services of a traditional, physical bank. Mobile banking applications, ATM capabilities, and integrations can make online banking a simple way to keep on top of your business finances.
Nav can help you find the solutions you need for your small business’s financial health, from business formation services to business credit cards and more. Sign up for Nav to see your business and personal credit scores, track cash flow, and get personalized recommendations for business financing you won’t get anywhere else.
Compare the Best Business Checking Accounts
Opening a business checking account can increase your chances of getting financing and simplify your cash flow management. Use our research to quickly and easily find the right account for your business.
Kat Cox works to provide answers to the questions small business owners have about how to set up, run, or fund their businesses. When she’s not writing blogs, articles, short fiction, or (kind of bad) French poetry, Kat can be found lacing up her tennis shoes for a run or walk with her pup or scouting for the best karaoke spot in Austin, Texas.
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