10 Best Online Business Banks for 2022
This article is part of a larger series on Business Banking.
There are dozens of online business banks available—some provide the same full-service banking products as your local brick-and-mortar bank while others specialize in certain industries or have specific account features and benefits. The best online business bank for a small business should have digital access to accounts and services uniquely tailored to its needs.
We have sorted through the vast selection to choose the best ones for various business needs. Here are the 10 best online business banks for small businesses:
- First Internet Bank: Best overall online-only full-service bank
- Novo*: Best for digital banking with no fees for multiple banking services
- Bluevine*: Best for higher interest rates on checking accounts
- Axos: Best for cash deposits and refunded ATM fees
- Mercury*: Best for incorporated startups and tech companies
- Grasshopper: Best for flexible lending solutions and digital integrations
- Silicon Valley Bank: Best digital bank for startup resources
- Relay*: Best for businesses with frequent wire transfers
- Lili*: Best for digital tax preparation assistance
- Nearside*: Best for cash back rewards on debit card purchases
*Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Middlesex Federal Savings for Novo, Coastal Community Bank for Bluevine, Evolve Bank & Trust for Mercury and Relay, Choice Financial Group, Inc. for Lili, and Piermont N.A. for Nearside)
Best Online Business Banks Basic Checking Accounts at a Glance
Provider | Monthly Fee | Transaction Fee | Annual Percentage Yield (APY) | Cash Deposit Fee | ATM Fee | Minimum Opening Deposit |
|---|---|---|---|---|---|---|
 Business Checking | None | None | 0.50% on balances of $10,000 or more | Cash deposits not accepted | None; reimburses up to $10/month in ATM fees | $100 |
 Business Checking | None | None | N/A | None; cash is deposited through money orders | Refunds all ATM fees | None |
 Business Checking | None | None | 1.5% on qualifying balances up to $100,000 | $4.95/deposit (Green Dot locations) | Free (MoneyPass ATM locations nationwide) | None |
 | None | None | N/A | Accepted through MoneyPass and Allpoint ATMs | Refunds all domestic ATM fees | None |
 Business Checking | None | None | N/A | Cash deposits not accepted | Free access to Allpoint ATM network | None |
 Innovator Business Checking | None | None | 1% $10,000 & over; 0.5% under $10,000 | Cash deposits not accepted | Free (Money Pass and SUM network ATMs) | $100 |
 SVB Edge | None for 3 years, then $50/month | None | N/A | None | ATM card unavailable in the United States | None |
 Relay Standard | None | None | N/A | Cash deposits not accepted | Free (Allpoint ATM network) | None |
 Business Checking Basic | None | None | None | $4.95/deposit (Green Dot locations) | Free at MoneyPass locations; $2.50 for nonnetwork | None |
 Business Checking | None | None | None | Can be deposited through Allpoint ATMs | Free at Allpoint ATMs; $1 fee out-of-network plus third-party fees | None |
First Internet Bank: Best Overall Online-only Full-service Bank
First Internet Bank
What We Like
- Interest-earning checking and savings accounts available
- Up to $10 ATM refund each month
- No monthly maintenance fees
What's Missing
- 0.50% APY on checking only available with average daily balance of $10,000
- No cash deposits
- No physical branches
Features
- Small Business Administration (SBA) loans and commercial loans
- Other business bank accounts available, including savings, money markets, and certificates of deposits (CDs)—ranked among the best business savings accounts
- Personal accounts
- Health savings accounts (HSAs)
First Internet Bank Business Checking Overview
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|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Automated Clearing House (ACH) Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $20 for outgoing; $15 for incoming |
International Wire Fees | $50 for outgoing; $15 for incoming |
ATM Fees | None; reimburses up to $10 per month in ATM fees |
Cash Deposited | No cash deposits accepted |
APY | 0.50% on balances of $10,000 or more |
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|---|---|
Debit Card | Free, with first replacement card free as well ($5 for each additional replacement) |
Physical Checks | Cost varies depending on the type of checks ordered |
Accounting Software Integrations | QuickBooks |
Business Payment Integrations | N/A |
Customer Service | Phone and email customer service available during business hours |
Invoicing Products | N/A |
Other Products Available | Business savings, business CDs, and lending |
Review | |
Open an Account |
First Internet Bank is our best overall online business bank because of its full-service banking products, most of which are those you’d expect out of a brick-and-mortar bank. This digital bank is also the most well-rounded bank on our list, with features that fit businesses of all sizes. These are why it’s one of our recommendations for the best banks for small businesses.
It offers an interest-bearing checking account with a 0.50% APY on checking balances of $10,000 and over with no maximum limit and up to $10 worth of refunds in ATM fees each month. It also has two savings options, each of which earns 0.70% APY. These savings accounts come with waivable monthly fees once you pass an average daily balance threshold.
In addition to its excellent checking and savings products, it offers business CDs and various business lending products, including SBA loans, commercial real estate, commercial lending, and public finance. It also has software integrations with QuickBooks, shared account access, and no-fee bill payment.
As your business grows, the company also provides commercial checking products, including treasury management and merchant services. For business owners looking to keep personal and business finances with the same bank, First Internet Bank offers personal lending and banking products as well.
Novo: Best for Digital Banking With No Fees for Multiple Banking Services
Novo
What We Like
- Refunds all ATM fees at month’s end
- No maintenance fees
- Free unlimited transactions
What's Missing
- No interest-earning accounts
- No lending and savings products
- No cash deposits
Features
- Integrates with business tools, such as QuickBooks, Slack, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
Novo Business Checking Overview
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Fees | Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | All fees refunded at the end of the month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
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|---|---|
Debit Card | Virtual debit card available immediately, one free physical debit card per user |
Physical Checks | Paper checks can be sent straight from the app |
Accounting Software Integrations | QuickBooks and Xero |
Business Payment Integrations | Includes Stripe, Square, PayPal, Wise, and Shopify |
Customer Service | Live customer support from dedicated professionals |
Invoicing Products | Free unlimited invoicing |
Other Products Available | No lending products |
Review | |
Open an Account |
*Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings.
When To Use Novo
Novo doesn’t have the full-service business banking products that First Internet Bank offers, but it’s a great choice for those that only need a business checking account and want a digital-only bank. It’s especially beneficial for those that make ATM withdrawals regularly as it refunds all ATM fees at the end of each month. In addition, it has no monthly fees, transaction limits, minimum opening deposit, and minimum balance requirement.
One of the biggest perks for this bank is its digital integrations, with unlimited free invoicing and excellent accounting and payment software integrations.
While you cannot order checks with Novo, you can send paper checks from the app. It doesn’t charge for cash deposits, but you must purchase a money order and deposit it through the app. Money orders can be bought from various locations, including US Postal Service (USPS) locations, for up to $1.95 for money orders of up to $1,000.
This institution doesn’t offer any lending or savings products, so business owners looking for those products from their checking provider will need to choose another bank, such as Grasshopper, Axos, and Silicon Valley Bank.
Bluevine: Best for Higher Interest Rates on Checking Accounts
Bluevine
What We Like
- Interest-earning checking with 1.5% APY on balances of $100,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
What's Missing
- No savings, money market, and CD accounts
- No physical branch locations
- No customer service on weekends
Features
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Live customer support from dedicated professionals
- Line of credit also available
Bluevine Business Checking Overview
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | $15 for outgoing; incoming are free |
International Wire Fees | $15 for outgoing; incoming are free |
ATM Fees | Free at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | 1.5% on balances of up to $100,000, once qualifications are met |
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|---|---|
Debit Card | Free debit card, mailed within 10 business days of application approval |
Physical Checks | Two free checkbook orders per year |
Accounting Software Integrations | QuickBooks and Xero |
Business Payment Integrations | Includes Stripe, PayPal, and Expensify |
Customer Service | Live customer support from dedicated professionals |
Invoicing Products | N/A |
Other Products Available | Line of credit |
Review | |
Open an Account |
*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank.
When To Use Bluevine
With the highest interest-earning business checking account on the market and the best business line of credit, Bluevine is an outstanding choice for an online business bank. With its business checking account, you can earn 1.5% APY on balances up to $100,000 as long as you either spend $500 a month with the debit card or receive $2,500 in customer payments in a month.
It’s one of our top recommendations for those looking for the best small business checking accounts and leading business line of credit products. In addition, it has great integrations and no monthly fees, transaction fees, minimum opening deposit, and minimum balance requirements. It also provides two free checkbook orders per year.
Its biggest drawbacks are its cash deposit fees and out-of-network ATM fees. Cash deposits will cost you $4.95 per transaction and can only be done at a Green Dot retail location while out-of-network ATM withdrawals cost $2.50, in addition to third-party fees.
If you want to earn on higher balances, you’ll need to choose a different provider, such as Axos Bank and its interest checking account.
Axos Bank: Best for Cash Deposits & Refunded ATM Fees
Axos Bank
What We Like
- No monthly fees for basic business checking
- Unlimited ATM fee reimbursements at domestic ATMs
- Interest-bearing checking and savings accounts available
What's Missing
- Fees apply for outgoing wire transfers (after first two free transfers)
- Fees for interest-bearing checking
- APY on savings is low compared to competitors
Features
- Interest-earning checking account available with up to 1.01% APY on balances less than $50,000
- Business savings available, along with money market and CDs
- SBA loans available
- Mobile and online banking
- Workplace banking for low-fee accounts for your employees
- Cash deposits at MoneyPass or Allpoint ATMs
- All domestic ATM fees reimbursed
- 50 free checks
Axos Bank Basic Business Checking Terms & Features
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None; up to 60 items per month in remote deposit anywhere |
ACH Fees | None |
Monthly Fee | None |
Domestic Wire Transfer Fees | First two domestic wires monthly are free; Otherwise incoming are free; $15 for outgoing |
International Wire Fees | Incoming are free; $50 for outgoing |
ATM Fees | Unlimited domestic ATM fee reimbursements |
Cash Deposited | Cash deposits via MoneyPass and Allpoint networks |
APY | N/A |
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| |
|---|---|
Debit Card | Visa debit card with enhanced Visa benefits |
Physical Checks | First set of 50 checks free |
Accounting Software Integrations | QuickBooks |
Business Payment Integrations | N/A |
Customer Service | 24/7 customer service available at a toll-free number or by email |
Invoicing Products | N/A |
Other Products | Interest-earning checking, business savings, money market, CDs, SBA lending, mobile and online banking, workplace banking low-fee accounts for your employees |
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When To Choose Axos Bank
If you want to make cash deposits into your online-only business checking, Axos Bank is a great choice. Unlike some of its digital competitors, you can make cash deposits through Allpoint and MoneyPass ATMs. It even reimburses all domestic ATM fees.
One of the first perks you can get with Axos Bank is a welcome bonus. If your LLC was incorporated after June 1, 2020, you can earn a $200 bonus (use promo code NEWBIZ200). If your business doesn’t qualify for the new business bonus, you can still receive a $100 bonus at signup (promo code NEWAXOSBIZ).
The company’s basic business checking account has no minimum deposit or opening balance requirements and no monthly fees. It also has an interest-bearing checking account with up to 1.01% APY for balances under $50,000 and 0.20% APY for amounts ranging from $50,000 to below $250,000.
With its Remote Deposit Anywhere feature, you can deposit up to 60 items monthly. It also offers business savings and money market accounts, CDs, SBA lending, and mobile and online banking. You also get a workplace banking option to offer low-fee accounts to your employees. It’s another great option for a digital-only, full-service bank.
Mercury: Best for Incorporated Startups & Tech Companies
Mercury
What We Like
- No monthly maintenance fees
- No domestic wire fees
- Treasury product offers outstanding yield on balances over $250,000
What's Missing
- Accounts unavailable to sole proprietorships
- Lacks paper check-writing abilities
- Limited lending options and no cash deposits
Features
- Can earn interest with Mercury Treasury product if you have more than $250,000 in Mercury accounts and request Treasury
- Accounts integrate with major accounting software, such as QuickBooks and Xero
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
Mercury Business Checking Overview
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|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | None |
International Wire Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | None; bank doesn’t accept cash deposits |
APY | N/A |
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Open an Account |
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|---|---|
Debit Card | Virtual cards available right away, with physical debit cards arriving in the mail in a few days |
Physical Checks | Cannot send physical checks |
Accounting Software Integrations | QuickBooks and Xero |
Business Payment Integrations | Includes Shopify, Stripe, Zapier, Amazon, and PayPal |
Customer Service | Email |
Invoicing Products | N/A |
Other Products Available | Savings account provided when you open checking, Mercury Treasury, capital and venture debt |
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Open an Account |
*Mercury is a business fintech platform backed by FDIC-insured Evolve Bank & Trust.
When To Use Mercury
For tech companies and startups, Mercury is a great choice because it offers free checking and savings accounts with no minimum deposit or balance requirements. On top of that, if you spend $2,000 within the first 90 days on your debit card, you’ll receive $200 in cash back. However, sole proprietorships and trusts aren’t eligible for an account.
Its software integrations are top-notch, which is ideal for both tech companies and startups. What’s more, its perks page allows you to advertise deals for your business on the Mercury website.
It also offers an interest-bearing Treasury account. You can access it by request once you have at least $250,000 in funds in your Mercury accounts. Currently, it’s earning up to 1.454% APY—although the bank expects that to increase as the prime rate increases.
However, its lending products are limited to capital and venture debt products. Nevertheless, Mercury is a great choice for a digital-only bank with great software integrations and interest-earning account products.
Grasshopper: Best for Flexible Lending Solutions & Digital Integrations
Grasshopper
What We Like
- Cash back on debit card purchases
- Interest bearing account once minimum balance is met
- No monthly fees or transaction fees
What's Missing
- No physical location
- Minimum $100 deposit required to open
- Cash deposits not accepted
Features
- 1% cash back on all online and in-store debit card purchases
- Earn 1% APY on all balances of $10,000 and higher
- Autobooks software purchased by Grasshopper for all small business banking customers for digital invoicing and online payments
- No monthly fees or transaction fees; no minimum balance required
- 24/7 online and mobile banking
- Unlimited free ACH and incoming wires
Grasshopper Business Checking Overview
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|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | No incoming wire fees |
International Wire Fees | No incoming wire fees |
ATM Fees | Free at 45,000 Money Pass & Sum network ATMs |
Cash Deposited | None; cash deposits not accepted |
APY | 1% on $10,000 and over; 0.5% under $10,000 |
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Open an Account |
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|---|---|
Debit Card | Physical and virtual debit card available; 1% cash back online and in-store with debit card purchases |
Physical Checks | N/A |
Accounting Software Integrations | QuickBooks |
Business Payment Integrations | Grasshopper provides Autobooks to each customer free of charge, built into online banking |
Customer Service | Customer support via phone, live chat, email, secure message, and text message; also available through the app |
Invoicing Products | Autobooks provided for free |
Other Products Available | API banking, treasury management, startup banking services, lending products |
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Open an Account |
When To Choose Grasshopper
Grasshopper is another digital-only bank with a full range of banking products—plus, it has cash back rewards on debit card purchases and an interest-bearing checking account. Where it shines is in its offer of both traditional and nontraditional business financing, including SBA lending, commercial real estate lending, yacht lending, and venture capital & private equity lending.
On top of that, besides having the usual integrations with QuickBooks, it increased its accounts’ value by providing Autobooks to each customer, free of charge. For its business checking product, it offers 0.5% APY on balances less than $10,000 and 1% APY uncapped on balances of $10,000 and greater. It also provides 1% cash back on all online and in-person debit card purchases.
For businesses that transfer money regularly, Grasshopper provides unlimited free transfers, including free wire transfers, both domestic and international. There are no monthly fees and no transaction limits.
However, it has two drawbacks—it doesn’t allow cash deposits and requires a $100 minimum opening balance.
Silicon Valley Bank: Best Digital Bank for Startup Resources
Silicon Valley Bank
What We Like
- Integrates with QuickBooks and other accounting software
- Flexible lending options for venture-funded businesses
- Global digital banking solutions
What's Missing
- No interest-earning checking
- Monthly fees after first three years are very high at $50
- Branch access limited to 16 states and select countries
Features
The SVB Edge package for startups includes:
- Free checking for the first three years
- 1.75% interest rate on startup money market account
- 2x unlimited rewards business credit card with no annual fee and no foreign transaction fee
- Merchant services solution for credit and debit card acceptance
SVB Edge Business Checking Overview
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|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Monthly Fee | $50 after the first three years |
Domestic Wire Transfer Fees | Up to $12 incoming; up to $17 outgoing |
International Wire Fees | Up to $12 incoming; up to $30 outgoing |
ATM Fees | ATM card unavailable in the US |
Cash Deposited | None |
APY | N/A |
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|---|---|
Debit card | Unavailable in the US |
Physical checks | Cost varies, depending on the type of checks ordered |
Accounting software integrations | QuickBooks, Xero, Expensify, and other authorized applications |
Business payment integrations | Includes QuickBooks, NetSuite, Xero, and Intacct, through Bill Pay Plus |
Customer service | Phone and email customer service Monday through Friday from 8 a.m. to 5 p.m. Pacific time, or in one of the branch locations. |
Invoicing products | None |
Other products available | Business money market, bill pay, fraud prevention, and lending products including venture debt, growth, and working capital |
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When To Choose Silicon Valley Bank
Silicon Valley Bank (SVB) is a great choice for startups thanks to the vast network of startup resources it provides. Besides that, it offers guidance through networking events, hiring workshops, fundraising tips and tools, and opportunities to meet founders and investors. It also offers discounts for over 50 different software and other services, such as Salesforce, Amazon Web Services (AWS), and Zendesk.
While its startup resources are top-notch, the bank fees are a major drawback. Although the basic account, SVB Edge, is free to start, it goes up to $50 a month after three years, which is very high. However, the second tier, SVB ScaleUp, includes $500 in monthly credits, which can be applied to service fees. As such, if your business can grow into that account in three years, then this bank may be a good choice for your business.
The bank also offers business credit cards and lending products, including venture debt, growth, and working capital. Note that the ATM card is unavailable in the US—so if cash withdrawals are critical to your business, this account won’t meet your needs.
Relay: Best for Businesses With Frequent Wire Transfers
Relay
What We Like
- No minimum balance or opening deposit required
- Wire transfers are very inexpensive and are free with Relay Pro
- No ATM fees charged by Relay, although third-party fees may apply out-of-network
What's Missing
- No physical locations
- No cash deposits accepted
- No lending products
Features
- Fee-free online banking and money management platform
- Open up to 20 individual business checking accounts
- Issue up to 50 Mastercard debit cards
- Send and receive ACH transfers, checks, and wires
- Collect payments from PayPal, Stripe, Square, and more
- Relay Pro account available, which offers same-day ACH delivery, free wire transfers, and accounts payable support
Relay Standard Business Checking Overview
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|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Incoming are free; $5 for outgoing |
International Wire Fees | Incoming are free; $10 for outgoing |
ATM Fees | Free at Allpoint ATMs; Relay doesn’t charge out-of-network ATM fees, although third-party fees will apply |
Cash Deposited | No cash deposits accepted |
APY | N/A |
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|---|---|
Debit Card | Issue up to 50 Mastercard debit cards to your team |
Physical Checks | Customers can have checks sent on their behalf for free; third-party checks unavailable |
Accounting Software Integrations | QuickBooks, Xero, and Plaid |
Business Payment Integrations | Includes Stripe, Square, and PayPal |
Customer Service | Email, mail and web contact form, through the app |
Invoicing Products | Available; streamlined with Relay Pro |
Other Products Available | No lending products |
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Open an Account |
*Relay is a business fintech platform backed by FDIC-insured Evolve Bank & Trust.
When To Use Relay
If your business needs to send wire transfers frequently, Relay is an excellent choice. The most you’ll pay for wire transfers is $10 with Relay’s basic business checking level, Relay Standard. If you upgrade to Relay Pro, they’re entirely free.
This bank is another provider offering fee-free checking with no monthly fees or minimum balance requirements—and it has great software integrations as well. It’s also a great option for businesses needing multiple accounts or debit cards as you can open up to 20 checking accounts and issue up to 50 Mastercard debit cards for your team.
While Relay Pro’s monthly fee of $30 isn’t waivable―unlike many premium accounts of other providers―the account comes with some great features. You get accounts payable support, including auto-imports from QuickBooks Online and Xero. It also includes multi-step approval rules for bill payments, batch payments for bills, one-click reconciliation of bills, and same-day ACH delivery.
Its biggest drawbacks are that it doesn’t allow cash deposits and has no lending products.
Lili: Best for Digital Tax Preparation Assistance
Lili
What We Like
- No monthly fees for basic tier
- Lili Pro plan includes an automatic savings account that earns 1.5% APY
- Tax Optimizer helps with tax preparation for small businesses
What's Missing
- No physical locations
- Limits business accounts to doing-business as (DBA) setups and single-owner limited liability companies (LLCs)
- No wire transfers
Features
- Free Visa business debit card
- Mobile banking
- Invoice software: Unlimited invoice creation
- Tax Optimizer: Tracks tax write-offs
- Balance Up: Fee-free overdraft coverage feature
Lili Business Checking Basic Overview
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|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Unavailable |
International Wire Fees | Unavailable |
ATM Fees | Free at 38,000 MoneyPass ATMs (third party ATM fees may apply); $2.50 for out-of-network |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | None |
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|---|---|
Debit Card | Free Visa debit card |
Physical Checks | Unavailable |
Accounting Software Integrations | Built-in expense tracking and QuickBooks |
Business Payment Integrations | Includes Venmo, PayPal, and CashApp |
Customer Service | Phone: (855) 545-4380, Monday to Friday, 9 a.m. to 7 p.m. Eastern time Email: support@lili.co |
Invoicing Products | Advanced invoicing software with unlimited invoices available with Lili Pro |
Other Products Available | Lili Business Checking Pro for $4.99/month |
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Open an Account |
*Lili is a business fintech platform backed by FDIC-insured Choice Financial Group Inc.
When To Choose Lili
Lili is another online business bank with no monthly fees, transaction limits, minimum balance, and deposit requirements on its basic checking account. Its biggest perk is its tax optimizer, which lets you track potential tax write-offs, set aside money in a tax bucket, scan receipts, complete your schedule C automatically, and produce quarterly and annual expense reports. Considering that it’s built into your banking product, it’s a powerful tool, especially for small businesses without huge financial departments.
The institution offers two checking options: Lili Basic, which is free, and Lili Pro, which is $4.99 a month. Both provide you with a debit card, the option to get paid faster with direct deposit two days early, built-in expense tracking, and no hidden fees.
The perks of Lili Pro include 1% cash back rewards on all purchases, fee-free overdrafts up to $200, a savings account with a 1.5% APY, and the ability to create and send unlimited invoices.
Unfortunately, Lili doesn’t allow you to send or receive wire transfers, and you cannot order checks or send them from the app. Like Bluevine, you can deposit cash, but it must be done through Green Dot retail locations for $4.95 a transaction.
Nearside: Best for Cash Back Rewards on Debit Card Purchases
Nearside
What We Like
- 2.2% cash back on all ATM purchases
- No monthly fees, nonsufficient funds (NSF) fees, and debit card replacement fees
- Business services, such as LLC formation, employer identification number (EIN) registration, and legal assistance (for an additional fee)
What's Missing
- No wire transfers
- No interest-bearing checking option
- No mobile check deposit
Features
- Start an LLC: For $39 a year, Nearside Sprout will form an LLC for your business.
- Registered agent: For $99 a year, you can get a registered agent to help manage your legal documents
- Get an EIN: When you file for an LLC through Nearside, they will also register you for an EIN or Tax ID
- Get deals on Square, QuickBooks, Yelp, and other businesses through Nearside perks
Nearside Business Checking Overview
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|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Unavailable |
International Wire Fees | Unavailable |
ATM Fees | Free at Allpoint ATMs; $1 fee at out-of-network ATMs plus third-party fees |
Cash Deposited | Can be deposited through Allpoint ATMs |
APY | None |
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Open an Account |
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|---|---|
Debit Card | Free debit card with free replacement; virtual card available until physical card arrives; Cannot be used for lottery tickets, tobacco, firearms or cryptocurrency |
Physical Checks | Can send physical checks through the app |
Accounting Software Integrations | Includes QuickBooks, Xero, and Expensify |
Business Payment Integrations | Includes Lyft, Square, Amazon, Shopify, PayPal, Stripe, Venmo, and Square |
Customer Service | Email: help@nearside.com Phone: (888) 516-2369, 6 a.m. to 5 p.m. PT |
Invoicing Products | Includes QuickBooks and Expensify |
Other Products Available | Nearside Sprout business services |
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*Nearside is a business fintech platform backed by FDIC-insured Piermont N.A.
Nearside is transitioning banking partners. As of Aug. 1, 2022, all accounts will be backed by FDIC-insured Piermont N.A. Previously, they were backed by LendingClub Bank, National Association. All current users are receiving new routing numbers and account numbers for their accounts, but new customers shouldn’t be affected by this change.
When To Choose Nearside
Not only does Nearside provide great cash back rewards on purchases, but it offers access to other business services that could greatly benefit your small business. It gives you 2.2% cash back on all purchases with its debit card, and you can even deposit cash using your debit card through the Allpoint ATM network. Withdrawals in-network are free, while out-of-network withdrawals will cost you $1 plus third-party fees.
For startups and small businesses looking to grow, Nearside offers Sprout, a service that can help you form an LLC, manage legal documents, and get a tax ID or EIN for an additional fee.
Its drawbacks include no mobile check deposit and no wire transfers. Checks must also be deposited through the Allpoint network, which may be inconvenient if you deposit checks frequently.
How We Evaluated the Best Online Business Banks
When we evaluated the best online business banks, we considered:
- Monthly fees, if any, and how easily they’re waived
- Required opening deposit and balance minimums
- Transaction limits before fees
- ACH and wire transfer fees
- ATM fees and availability
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services provided
- Lending products provided
- Customer service and customer reviews
What You Need to Open a Business Bank Account
Each provider on this list may require different documents to open a business bank account. Generally, you’ll need:
- Employer identification number (EIN), or Social Security number if you’re a sole proprietor
- Fictitious business name certificate or doing-business-as (DBA) certificate
- Business formation documents
- Organization documents, including your ownership agreements
- Business licenses
- Government-issued photo ID, such as a passport or driver’s license
Bottom Line
It can be challenging to determine the best online business bank for your company. There are dozens of options available, and all offer slightly different services. You need to determine if you would rather have a full-service bank or one that provides specific services that can assist your growing business. Once you determine your banking priorities, you should be able to choose the online business bank that best suits your company’s needs.
