9 Best Online Business Banks for 2023

With the highest interest-earning business checking account on the market and the best business line of credit, Bluevine is our best overall online business bank. With its business checking account, you can earn 2% 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 is one of our top recommendations for those looking for the best small business checking accounts and the best banks for small business loans. In addition, it has great integrations and no monthly fees, transaction fees, minimum opening deposit requirements, and minimum balance requirements. It also provides two free checkbook orders per year.

Its biggest drawbacks are its cash deposit 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 will need to choose a different provider, such as Grasshopper, which doesn’t cap its interest earnings on its business checking account.

Not only does Novo offer a great business checking product and outstanding software integrations, but its Novo Boost and Express ACH products allow you to receive and make payments faster than with other online banks. Novo Boost enables you to receive payments from your Stripe account more quickly than other providers, whereas Express ACH allows you to accept or send same-day ACH payments.

Novo is 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 requirements, and minimum balance requirements. One of its biggest perks 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, like Grasshopper, Axos, and Silicon Valley Bank.

Mercury is great for tech companies and startups looking for a business bank, thanks to free business checking and savings accounts, along with potential interest earning with Mercury Treasury and a sign-up bonus for new accounts. Its software integrations are top-notch, which is ideal for both tech companies and startups. In addition, its perks page allows you to advertise deals for your business on the Mercury website.

If you spend $2,000 within the first 90 days on your debit card, you will receive $200 in cash back. However, sole proprietorships and trusts aren’t eligible for an account.

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 is earning up to 3.67% APY, with that rate changing weekly.

Mercury recently added a credit card product that offers 1.5% cash back and unlimited virtual cards. However, its lending products are limited to its credit card and 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.

Silicon Valley Bank (SVB) is a great option for all business sizes, but it specializes in products and services for startups thanks to the vast network of startup resources it provides. It offers guidance through networking events, hiring workshops, fundraising tips and tools, and opportunities to meet founders and investors. It also offers discounts for more than 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. If your business can grow into that account in three years, then this bank may be a good choice for your business.

It 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 won’t meet your needs.

Oxygen is a digital-only bank geared toward freelancers and creatives, among other small businesses. It is one of the few fintechs that provides personal and business banking options. For businesses that use a debit card frequently, it’s a great option for a business bank account since it offers 5% cash back rewards on all debit card purchases.

For businesses considering becoming LLCs, Oxygen offers nationwide LLC creation in the Oxygen app powered by CorpNet, Inc. There are fees involved, which is one of the few services with a fee.

Oxygen was awarded the 2021 Best Overall FinTech Mobile App by the FinTech Breakthrough Awards, beating several other fintechs on this list.

It also has a business bank account with no monthly fees, minimum balance requirements, and transaction limits. Deposits can be made through Green Dot locations for $4.95 per transaction and by in-app mobile check capture, via ACH or Plaid, from an outside account.

You can even open a business savings account, which earns 1% APY on balances up to $20,000. However, it has no outgoing and international wire transfers, and you cannot set up multiple users in the app. It is only open to a single sign-on (SSO) per account, which puts it behind many other fintechs in this guide.

For businesses needing multiple accounts to separate business finances, Relay is an excellent choice for a business bank. You can get up to 20 checking accounts, which allows you to use accounts to set aside reserves for different expenses.

In addition, Relay has great financial tracking within its app. You can also order up to 50 Mastercard debit cards, giving you additional tracking power for individual business expenses.

If your business needs to send wire transfers frequently, it is an excellent choice. The most you will pay for wire transfers is $10 with Relay’s basic business checking level, Relay Standard. If you upgrade to Relay Pro, they are 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.

While Relay Pro’s monthly fee of $30 is not 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 multistep 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.

First Internet Bank is the one provider on this list that offers the same full-service banking products you would expect out of a traditional brick-and-mortar bank. This digital bank is also the most well-rounded bank in our guide, 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 higher with no maximum limit. For businesses that use ATMs frequently, First Internet Bank refunds up to $10 in ATM fees each month. It also has two savings options, both 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 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.

With the second-highest APY offered on its business checking of any provider on this list—and the highest uncapped APY—Grasshopper is an excellent choice for a business bank. In addition to earning 1.5% APY uncapped on all balances, Grasshopper’s biggest perk is the inclusion of Autobooks for free with each account. This gives each user free integrated payment and invoicing software.

Grasshopper is another digital-only bank with a full range of banking products. In addition, 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 and private equity lending.

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.

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 highlights 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.

You can now access your Lili account via browser login in addition to the Lili app. The company is also finalizing allowing multimember LLCs to sign up for an account. This feature is expected to go live before the end of 2022.

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.