7 Best Online Business Checking Accounts May 2020

The best online business checking account offers low costs and features that make business banking easier. This often means access to in-network ATMs or fee reimbursements for using out-of-network ATMs. Owners opting for this type of account won’t have to miss out on business lending while enjoying slick banking apps that integrate well with accounting software.

The best online business checking accounts of 2020 are:

• First Internet Bank: (Best overall) Best for free unlimited transactions, no monthly fees, and no minimum-balance banking
• TIAA Bank: Best for introductory annual percentage yield (APY) and sole-proprietors or single-member limited liability companies (LLCs)
• Azlo: Best for fee-free checking account and payment services integration
• Radius Bank: Best for unlimited free transactions and Autobooks integration
• Axos Bank: Best for high ongoing APY
• NBKC Bank: Best for fee-free cash deposits
• Novo: Best for freelancers and low-cost checking

For more details on how we evaluate small business checking accounts for this list, see our methodology.

First Internet Bank: Overall Best Online Business Checking Account

First Internet Bank tops our list of best online business checking accounts because it’s a great fit for any business owner. With its small business checking account, owners have no minimum balance requirements, unlimited transactions, and an excellent APY. Plus, this bank offers some of the best interest rates on savings, money market, and certificate of deposit (CD) accounts. With a large network of ATMs through PLUS where you can easily access cash when you need it.

Who it’s best for: Business owners looking for interest-bearing business checking with multiple high-yield business savings account options.

Introductory Offer

First Internet Bank has no introductory offer at this time. However, online banks periodically offer incentives and bonuses for new business account holders.

First Internet Bank Fees

• Monthly fee: None
• Transaction Fee: None
• Outgoing wire transfer fee (domestic): $20
• Outgoing wire transfer fee (international): $50
• ATM fee: None

First Internet Bank offers wire fees that are about average for online business checking accounts. Business owners can easily avoid the outgoing wire fees by sending funds electronically using the bill pay service. First Internet Bank allows owners to order business checks so you can make payments using traditional checks as well.

First Internet Bank Terms

• Minimum initial deposit: $100
• Minimum balance to avoid monthly fee: None
• Ongoing APY: 0.70% on balances of $10,000 or more

First Internet Bank Additional Features

• Free business debit card
• Online and mobile banking
• Remote Deposit Capture
• Small Business Administration (SBA) lending
• A selection of business accounts including:
  • High-yield business savings accounts
  • Business money market accounts
  • Business CD accounts

TIAA Bank: Best for Introductory APY and Sole Proprietors or Single-member LLCs

TIAA Bank’s Small Business Checking account offers free internet banking with an opportunity to earn an APY that’s higher than most traditional savings accounts. You’ll also have access to a lending program that offers mortgage specialists and educational materials to employees that relocate. You can make deposits online or in the mail for free while accessing a bank network of nearly 80,000 ATMs.

Who it’s best for: This account is only available to unincorporated sole-proprietors and single-member LLCs. Choose this account if you fall into that category and want a robust introductory offer.

TIAA Bank Introductory Offer

The TIAA Bank Small Business Checking account’s introductory offer is available to first-time TIAA Bank account holders. Open this business account to receive 0.50% APY for the first 12 months on balances up to $250,000.

To qualify for the introductory APY, you’ll need the following:

• Be an unincorporated sole proprietor or single-member LLC
• Opening funds must not be from a TIAA Bank transfer

The opening deposit for this small business checking account is $1,500. However, these funds cannot be transferred from another TIAA Bank account. Instead, you can transfer funds from a different bank or deposit a check.

TIAA Bank Fees

• Monthly fee: None
• Transaction fee: None
• Outgoing wire fee (domestic): $25
• Outgoing wire fee (foreign): $35
• ATM fee: None

TIAA Bank provides unlimited ATM fee reimbursements when you maintain a balance of at least $5,000. If you don’t maintain a balance of at least $5,000, TIAA Bank will only refund up to $15 in ATM fees each month.

TIAA Bank Terms

• Minimum initial deposit: $1,500
• Minimum balance to avoid monthly fee: None
• Introductory APY: 0.50% for the first 12 months on deposits up to $250,000
• Ongoing APY: 0.20% to 0.35%, depending on your balance

TIAA Bank Additional Features

• Online banking and mobile banking
• A business credit card
• Merchant services
• A selection of business accounts including:
  • Business checking account
  • High-yield business CDs
  • Business money market account

Azlo: Best for Fee-free Checking and Payment Services Integration

Azlo’s completely fee-free online business checking account offers convenient banking without hidden fees. Plus, this account integrates nicely with payment processing systems like Square, Stripe, and PayPal. Although this is an online bank, owners can still access one of more than 55,000 BBVA Compass and Allpoint ATMs at any time.

Who it’s best for: Business owners who want low-cost, fuss-free business checking that integrates seamlessly with payment processing apps and accounting software. Owners who don’t make cash deposits and are comfortable using mobile apps for their business will find the Azlo business checking account an easy fit.

Azlo Bank Introductory Offer

Azlo’s low-cost structure doesn’t allow for additional perks like an introductory bonus.

Azlo Fees

• Monthly fee: None
• Transaction fee: None
• Outgoing wire transfer fee (domestic): Service not offered
• Outgoing wire transfer fee (international): Service not offered
• ATM fee: None at BBVA Compass or Allpoint ATMs

Azlo Bank Terms

• Minimum initial deposit: None
• Minimum balance to avoid monthly fee: None

Azlo Additional Features

• Free business debit card
• Digital invoicing
• Mobile and online banking
• Business loans through Kabbage
• Payment processing app integration with systems, including Kabbage, Stripe, Square, and PayPal
• Accounting software integration with apps like QuickBooks Online, Xero, and Wave

Radius Bank: Best for Unlimited Free Transactions and Autobooks Integration

Radius Bank offers an online business checking account that comes completely free of transaction fees. Radius Bank’s Tailored Business Checking account offers professional invoicing services through Autobooks integration and an opportunity to earn an ongoing APY on balances of at least $5,000. On top of that, Radius Bank offers access to thousands of SUM and MoneyPass ATMs that customers can use for free.

Who it’s best for: Growing businesses that want banking with unlimited transactions. This account’s structure favors the tech-savvy and those who aren’t dependent on ATMs.

Introductory Offer

While some business accounts have an introductory offer when you establish a new banking relationship, Radius Bank does not. Introductory offers aren’t always common, but when there is an offer, it’s usually a cash bonus or a higher APY on interest-earning accounts.

Radius Bank Fees

• Monthly fee: $10, waived if you maintain a minimum balance of $5,000
• Transaction fee: None
• Outgoing wire fee (domestic): $18
• Outgoing wire fee (foreign): $40
• ATM fee: None; unlimited ATM fee reimbursements

Radius Bank Terms

• Minimum initial deposit: $100
• Minimum balance to avoid monthly fee: $5,000
• Ongoing APY: 0.10% on balances of $5,000 or more

Radius Bank Additional Features

• Free business debit card
• Check and cash deposits via ATM network
• Online and mobile banking
• Bill pay
• Remote deposit capture
• Invoicing services via Autobooks
• SBA loans and other lending services
• Business credit cards

Axos Bank: Best for High Ongoing APY

Axos Bank’s Business Interest Checking account is another great option for owners who favor accounts with interest-earning opportunities. This account also has remote deposit processing and unlimited ATM reimbursements. Plus, you’ll get 50 free business checks you can use to pay vendors and other business expenses. Businesses that rely heavily on electronic transactions still have access to any surcharge-free MoneyPass ATM.

Who it’s best for: Business owners who want to earn a high ongoing APY on any balance. While owners can make out-of-network ATM withdrawals and receive unlimited ATM fee reimbursements, this account is best for businesses that don’t make cash deposits.

Axos Bank Introductory Offer

Axos Bank currently does not have an introductory offer.

Axos Bank Fees

• Monthly fee: $10; waived with a minimum average daily of $5,000 or more
• Transaction fee: 50 cents each after the first 50 transactions each a month
• Outgoing wire transfer fee (domestic): $7 if initiated online
• Outgoing wire transfer fee (international): $50
• ATM fee: None; unlimited domestic ATM fee reimbursements

Axos Bank Terms

• Minimum initial deposit: $100
• Minimum balance to avoid monthly fee: $5,000
• Ongoing APY: 0.80% on all balances

Axos Bank Additional Features

• Free business debit card
• First 50 checks for free
• Remote deposits per month
• Online banking and mobile banking
• Bill pay
• Business lending
• A suite of other business accounts including savings, money market, and business CD accounts

NBKC Bank: Best for Fee-free Cash Deposits

NBKC Bank is a solid online option for business owners looking to keep banking simple. Although NBKC isn’t completely free due to wire fees, it does offer reasonable pricing that’s low cost by any standard. This bank offers a wide selection of “add-ons,” including remote deposits, payroll services, and fee collection services. Plus, this online bank gives owners access to over 32,000 surcharge-free ATMs through MoneyPass®.

Who it’s right for: Business owners who want low-cost banking with cash easy access to occasional cash deposits. Business owners located in Kansas will also have access to physical branches.

NBKC Bank Introductory Offer

NBKC Bank doesn’t currently have an introductory offer, and most online banks don’t offer introductory bonuses.

NBKC Bank Fees

• Monthly fee: None
• Transaction fee: None
• Outgoing wire fee (domestic): $5
• Outgoing wire fee (foreign): $45
• ATM fee: None

NBKC Bank Terms

• Minimum initial deposit: $5
• Minimum balance to avoid monthly fee: None

NBKC Bank Additional Features

• Free business debit card
• Online and mobile banking
• Desktop deposits
• Other business accounts, including business money market and business CD accounts
• SBA loans
• Business credit cards

Novo: Best for Freelancers and Low-cost Checking

For freelancers and entrepreneurs who like to keep their banking fresh and simple, there’s Novo bank. This account offers online banking and mobile app integration that many internet banks have. However, this bank offers a business checking account that is completely fee-free.

Who it’s best for: Freelancers and entrepreneurs who want easy to manage banking with no fees and easy app integration. This bank is completely online and does not process cash deposits.

Introductory Offer

Novo has a low-cost banking model that does not currently include an introductory offer.

Novo Fees

• Monthly fee: None
• Transaction fee: None
• Outgoing wire fee (domestic): None
• Outgoing wire fee (foreign): None
• ATM fee: Refunds all ATM fees

Novo Terms

• Minimum initial deposit: $50
• Minimum balance to avoid monthly fee: None

Novo Additional Features

• Free business debit card
• Online and mobile banking
• Accounting software integration with QuickBooks and Xero
• Slack integration and notification
• Point-of-sale (POS) integration with Stripe

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 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 the banks that offer them also 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 Online Business Checking Accounts

We reviewed several factors that make banking remotely easier, including account fees and ATM access. We also looked for additional bank features valuable to business owners, like easy app integration and introductory bonus offers. These accounts are the best online business checking accounts because they earn high marks in more than one of these areas.

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 free ATM access or ATM fee rebates.