6 Best Online Business Checking Accounts for 2021

Editor’s note: This is a recurring post with regularly verified account details.

If you’re a small business that doesn’t normally handle cash, it’s fairly easy to use online checking accounts for your banking needs. The best options offer low-cost checking along with bank features like in-network ATMs, ATM fee reimbursements, and seamless app integration. Simply put, the best online banks make digital banking just as easy to navigate as traditional banking.

The best online business checking accounts are:

• BlueVine: Best for high-yield annual percentage yield (APY) checking with no fees
• Azlo: Best for fee-free checking account and payment services integration
• First Internet Bank: Best for opening your checking and savings account under the same bank
• TIAA Bank: Best for sole-proprietors or single-member limited liability companies (LLCs)
• Radius Bank: Best for earning up to 1.5% cash back in four spending categories
• Novo: Best for freelancers and low-cost checking

BlueVine: Overall Best Online Business Checking Account

Known for its small business loans and funding, BlueVine expands its commitment to small businesses with its small business checking account. This account is free of monthly fees, automated clearing house (ACH) charges, and incoming wire fees. It also earns an impressive APY that’s 10 times the national average on balances of at least $1,000. With all these features and more than 38,000 ATM locations, opening a bank account like this is a great deal for any small business owner. It also integrates with leading payment solutions and accounting software like QuickBooks Online, Wave, Stripe, and PayPal.

Who it’s best for: Business owners looking for a banking platform that emphasizes reliable customer service and earns high APY on checking balances

Fees & Terms

• Monthly fee: None
• Transaction Fee: None
• Outgoing wire transfer fee (domestic): $15
• Outgoing wire transfer fee (international): Not applicable
• ATM fee: None
• Minimum initial deposit: None
• Minimum balance: None
• Ongoing APY: 1.00% on all balances

You’ll also be able to avoid ACH transaction fee, incoming wire, and nonsufficient funds fees.

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

Azlo’s completely fee-free online business checking account offers convenient banking without the hidden fees that come standard with some accounts. Not only do you get the convenience of instant transfers, but you can also create invoices directly from your Azlo account. What’s more, this account integrates nicely with payment systems like Square, Stripe, and PayPal. Plus, owners have access to more than 55,000 BBVA Compass and Allpoint ATMs at any time. You can open this account with no deposit.

Who it’s best for: Business owners who don’t make cash deposits and want low-cost, fuss-free business checking that integrates seamlessly with payment processing apps and accounting software

Fees & Terms

• 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
• Minimum initial deposit: None
• Minimum balance: None

First Internet Bank: Best for Opening Multiple Bank Accounts

First Internet Bank is the only bank on our list that offers both business checking and savings accounts. This is a major convenience for those who want to have their accounts all under the same bank. Plus, through its checking account, you’ll have unlimited transactions and no minimum balance requirement. Although this is an online bank, its bank’s vast ATM network makes it easy to pull out cash whenever you need it.

Who it’s best for: Business owners looking for interest-bearing checking with unlimited transactions and no monthly fee

Fees & Terms

• Monthly fee: None
• Transaction fee: None
• Outgoing wire transfer fee (domestic): $20
• Outgoing wire transfer fee (international): $50
• ATM fee: None
• Minimum initial deposit: $100
• Minimum balance: None
• Ongoing APY: 0.40% on balances of $10,000 or more

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

TIAA Bank’s Small Business Checking offers a solid free checking account designed for sole proprietors and single-member LLCs that also earns a high introductory APY. Accessibility isn’t an issue because you can make deposits online and have access to nearly 80,000 ATMs. Plus, this bank assists company employees relocate with several resources, including educational materials and mortgage specialists, making the process easier.

Who it’s best for: Unincorporated sole proprietors and single-member LLCs

Fees & Terms

• Monthly fee: None
• Transaction fee: None
• Outgoing wire fee (domestic): $25
• Outgoing wire fee (foreign): $35
• ATM fee: None
• Minimum initial deposit: $1,500
• Minimum balance: None
• Ongoing APY: 0.12%

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.

Radius Bank: Best for Earning up to 1.5% Cash Back in Four Spending Categories

Radius Bank’s Tailored Business Checking is one of the only business checking accounts that rewards businesses with cash back on debit card purchases. This account earns an excellent 1.5% cash back on business debit card spending in four categories: health, food, entertainment, and social. Plus, you’ll earn 1% cash back on all remaining debit card purchases. However, you’ll need to keep an average balance of $5,000 to earn cash back rewards.

Who it’s best for: Payment-heavy businesses that keep an average balance of $10,000 or more to earn cash back

Fees & Terms

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

Novo: Best for Freelancers and Low-cost Checking

Novo is an excellent option for freelancers and entrepreneurs who also like to keep their banking simple. It offers a business checking account with popular features that make digital banking even easier like online banking and mobile app integration. With Novo’s account, owners get great banking that’s completely fee-free. Open this online bank account if you’re an owner who needs a basic account that’s easy to understand.

Who it’s best for: Freelancers and entrepreneurs who want easy-to-manage banking with no fees and easy app integration

Fees & Terms

• Monthly fee: None
• Transaction fee: None
• Outgoing wire fee (domestic): Service not offered
• Outgoing wire fee (foreign): Service not offered
• ATM fee: Refunds all ATM fees
• Minimum initial deposit: $50
• Minimum balance: None

Similar to Azlo, Novo is an excellent online account with accounting software and app integrations. If you’re stuck between Novo and Azlo, read our comparison article to help you make the right decision.

Opening Conventional vs Online Business Checking Accounts

Business owners who need a business checking account can choose between conventional and digital banks. Traditional banks offer conventional checking accounts with brick-and-mortar branches. Those accounts usually provide a wide variety of products and services but carry more fees overall.

Meanwhile, digital checking accounts are designed better for online-based businesses that don’t handle cash. Most online business checking accounts have no fees. However, online banks that do have account costs typically have structures that make it easy to avoid account fees by meeting minimum balance requirements. This type of account may not be right for you if you need access to a physical branch.

How We Evaluated Online Business Checking Accounts

We reviewed several factors that make remote banking more affordable and easier, including low account fees and ATM access. We also looked for additional bank features valuable to business owners like easy app integration and introductory bonus offers. The accounts on this list are the best because they earn high marks in one or more of these areas.

Bottom Line

Online business checking accounts are designed for owners who don’t need physical branches or cash processing. The best banks for small business usually offer fee-free banking with features businesses find helpful, making it easy to bank remotely. When deciding on the best digital account for your business, consider the banking features that your company needs most.