7 Best Online Business Checking Accounts 2020

Editor’s note: This is a recurring post with regularly verified card 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 come with low-cost business 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:

• First Internet Bank: Best overall for free unlimited transactions and no monthly fees
• Azlo: Best for fee-free checking account and payment services integration
• BlueVine: Best for high-yield annual percentage yield (APY) checking with no fees
• TIAA Bank: Best for sole-proprietors or single-member limited liability companies (LLCs)
• Radius Bank: Best for earning up to 1.5% cash back on debit card purchases
• Axos Bank: Best for high ongoing APY
• Novo: Best for freelancers and low-cost checking

For more details on how we evaluated online business bank accounts for this list, see our methodology.

First Internet Bank: Overall Best Online Business Checking Account

First Internet Bank tops our list with its small business checking account, which offers unlimited transactions and no minimum balance. Plus, your deposit can flourish with the high APY this account earns on balances of $10,000 or more. With this bank’s vast ATM network, it’s easy to pull out cash whenever you need it. This bank also has some of the best interest rates on business savings accounts, making it a great all-around bank for business owners.

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

Introductory Offer

First Internet Bank has no introductory offer at this time. However, online business bank accounts periodically offer incentives and bonuses for new 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 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 certificate of deposit (CD) accounts

Visit First Internet Bank

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.

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

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
• Instant transfers
• Mobile and online banking
• Business loans through Kabbage
• Accounting software integration with apps like QuickBooks Online, Xero, and Wave
• Payment processing app integration with systems, including Kabbage, Stripe, Square, PayPal

Visit Azlo

BlueVine: Best for High-yield APY Checking With No Fees

Known for its small business loans and funding, BlueVine expands its commitment to customer support with its first 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 $1,000 or more. With all these features and more than 38,000 ATM locations, this account is a great deal for any small business owner.

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

Introductory Offer

BlueVine doesn’t currently have an introductory offer.

BlueVine Bank Fees

• Monthly fee: None
• Transaction Fee: None
• Outgoing wire transfer fee (domestic): $15
• Outgoing wire transfer fee (international): Not applicable
• ATM fee: None

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

BlueVine Account Terms

• Minimum initial deposit: None
• Minimum balance to avoid monthly fee: None
• Ongoing APY: 1.00% on balances of $1,000 or more

BlueVine Additional Features

• Free business debit card
• Mobile and online banking
• Free check orders, up to 200 checks
• Business lending, including:
  • Lines of credit
  • Term loans
  • Invoice factoring
• Pay vendors and bills by ACH, wire, or check
• Make transfers to and from your other accounts
• Deposit checks from the BlueVine mobile app

Visit BlueVine

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 offers assistance to relocating company employees, including educational materials and mortgage specialists, making the process easier.

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

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 0.40% 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: 0.40% for the first 12 months on deposits up to $250,000
• Ongoing APY: 0.15% to 0.25%, depending on your balance

TIAA Bank Additional Features

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

Visit TIAA Bank

Radius Bank: Best for Earning up to 1.5% Cash Back on Debit Card Purchases

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 $10,000 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

Introductory Offer

While some business accounts have an introductory offer when you establish a new banking relationship, Radius Bank does not.

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

Visit Radius Bank

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 comes with remote deposit processing and unlimited ATM reimbursements. Plus, you’ll get 50 free business checks, convenient for paying vendors and other business expenses. However, if you rely on electronic transactions, you’ll be relieved to have access to surcharge-free MoneyPass ATMs.

Who it’s best for: Business owners who want to earn a high ongoing APY on any balance

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: 0.50% 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

Visit Axos Bank

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. This bank offers a business checking account with the popular features like online banking and mobile app integration that makes digital banking even easier. With Novo’s business checking, owners get great banking that’s completely fee-free. This account is worthwhile for owners who need 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

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): Service not offered
• Outgoing wire fee (foreign): Service not offered
• 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

Visit Novo

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. The accounts on this list are the best because they earn high marks in one or more of these areas.

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 better designed 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.

Bottom Line

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