Opinions expressed here are the author’s alone, not those of any bank, and have not been reviewed, approved or otherwise endorsed by any of these entities.
Want to jump straight to the answer? The best online business banking accounts come from Novo Bank or NorthOne.
What makes a great bank for business purposes?
In today’s digital world, a good bank needs to have great online banking capabilities. There are online-only banks as well as physical branches offering online banking services.
While most banks today have some type of online portal, not all of these are created equal.
The best business checking accounts have dozens of online features, like mobile deposits, digital bill pay, and fraud alerts.
You’ll also need to consider other banking products that you can access online. This includes things like business savings accounts, merchant services, credit cards, and small business loans.
Whether you run a startup or a multi-million dollar well-established corporation, I’ll show you the best online business banking solutions to fit your needs.
Top 8 Online Business Banking Accounts For 2021
There are hundreds of different online business bank accounts on the market today. But these are the top ones that I recommend:
- Novo — Best online banking for freelancers and entrepreneurs
- NorthOne — Best for fully mobile business banking
- LendingClub Bank — Best online banking for growing businesses with tons of transactions
- Axos Bank — Best business banking that you can also treat your employees to
- Chase Business Complete BankingSM — Best for those who also need in-person banking
- Mercury — Best online banking for startups and ecommerce businesses
- BlueVine — Best for new businesses to keep (and grow) cash
- BankProv — Best range of checking options with full deposit insurance
I’ll highlight the type of online accounts offered, prices, benefits, and other online banking solutions for each one below.
The Best Online Business Banking Reviews
#1 – Novo — The Best for Freelancers and Entrepreneurs
- No monthly fees
- ATM fee reimbursement
- No minimum balance
- Integrations w/ third-party software
Novo is our top choice for freelancers, entrepreneurs, and small business owners of all stripes.
That’s because they offer modern online banking solutions with features and tools to help entrepreneurs grow and maintain their businesses.
It’s built for the pace of commerce today, with a mobile app that lets you make payments, send invoices, transfer funds, scan checks and more. Nothing takes more than a few swipes.
Here’s an overview of the top features and benefits of this online bank:
- No monthly service fees
- Refunds at all ATMs
- Free incoming and outgoing ACH transfers
- Free domestic and foreign wires
- Free mailed bank checks
- No minimum balance requirement
We love Novo for entrepreneurs because of the wide array of integrations to help slot it into your business’s current infrastructure.
That includes integration with Quickbooks and Xero for your accounting and bookkeeping needs; Zapier for your CRM, email, or marketing; Shopify if you have an ecommerce presence; Stripe for payment processing; and more.
You’ll also benefit from discounts on business tools like HubSpot, Salesforce, Zendesk, Google Cloud, and Stripe.
Novo even offers a great mobile app that lets you handle all of your business banking needs from your phone.
It takes less than ten minutes to apply for a Novo online business bank account. The minimum to open one is $50, though, but that’s pretty darn low when compared to other banking accounts.
Overall, Novo is a basic, online-only bank for business owners seeking simplicity. But it does lack other banking tools beyond a checking account.
#2 – NorthOne — The Best for Fully Mobile Business Banking
- Fully mobile-first banking
- Wide array of software integrations
- Apply in minutes
- Flat $10/month fee
Modern business is 24/7.You can’t wait on “banker’s hours” to solve problems that come up. That’s exactly what NorthOne is about.
Everything can be done through NorthOne’s mobile web portal or mobile app. Send ACH or wire payments, deposit checks with your phone camera, create and send invoices with NorthOne’s separate free app, and even handle money management by labeling funds with the Envelopes feature.
Small business owners, startups, freelancers, and folks with multiple independent revenue streams will all feel the benefits of NorthOne’s branch-free banking.
You also get a NorthOne debit Mastercard for purchases and ATM withdrawals. You can freeze lost cards and order new ones through the mobile app, as well.
NorthOne also integrates seamlessly with a wide variety of other software. From accounting tools like QuickBooks and payment processors like PayPal and Stripe, to the arenas where your business happens like Amazon, Shopify, or even Etsy—you can rest assured that there won’t be any hiccups with weaving NorthOne into the suite of technology your business runs on.
Pricing for NorthOne business banking is fantastically simple. It’s just $10 per month with no extra fees for deposits, purchases, integrations, or ACH payments. The only thing to be aware of is the $15 charge for sending or receiving a domestic wire transfer. That’s it—other than that, it’s a steady $10 each month with no surprises.
If you’re a small business runner or owner whose lifeline is your phone wherever you go, NorthOne is the modern business banking solution for you.
#3 – LendingClub Bank — The Best for Growing Businesses with Tons of Transactions
- Unlimited transactions
- No minimum balance
- 0.75% APY for $5,000+ balances
- Apply online in 10 minutes
LendingClub Bank offers four varieties of banking solutions, so they’re a fantastic solution for scaling and growing with your business.
The four accounts they offer are their Tailored Checking, Relationship Checking, Account Analysis Checking, and Interest Checking.
The last three are built for large to massive organizations, so we’ll be focusing on their Tailored Checking account as it’s the best for the vast majority of high-volume, yet still-small businesses.
It’s good to keep in mind that their big league offerings are there in case your company begins to really grow.
Tailored Checking accounts come with:
- Unlimited transactions
- 0.75% APY for balances above $5,000
- $10 monthly fee (waived with balances over $5,000)
- No minimum balance requirements ($100 to open)
- Free ATM network worldwide
What we love about this bank most of all is their allowance of unlimited transactions. Most banks require you to pay some fee after a certain amount of transactions each month.
For example, Axos bank only allows you to have 200 transactions each month before you need to start paying a fee of $0.30 per transaction. Some banks even charge as high as $25 per transaction! That can add up quickly for many businesses.
Not Radius. They’ll let you run as many as you need without penalizing you for it. That’s great for businesses that handle a high volume of transactions each month or ones that have high-octane growth as a top priority.
Tailored Checking also comes with 1%+ cash back on online and signature-based credit transactions made with your debit card.
It’s also worth noting that they’ll give you 0.75% APY on balances more than $5,000. Though it’s easy to point at BlueVine and say that their 1% is better, this is actually more lucrative for big businesses since Radius doesn’t cap their balance requirements for interest. That means you can have $5,000 or $1,000,000 in their checking account and you’ll still be earning 0.75% APY.
One potential downside is that they require a $10 monthly fee along with $100 to open. However, the monthly maintenance fee is waived if you have a balance of more than $5,000.
You can apply online in less than ten minutes without uploading any documents. If this sounds like the right solution for your business, apply with LendingClub Bank today.
#4 – Axos Bank — The Best Way to Treat Your Employees
- Excellent business checking accounts
- Minimum $100 to open
- Great merchant services
- No monthly maintenance fee
Axos Bank offers a suite of great banking solutions for your needs, including business checking, interest checking, business savings, CDs, and CDARs.
At first blush, their accounts don’t stand out all that much— until you look at the offerings after you get an account.
Their Workplace Banking product is one of the standout offerings.
This service allows you to provide banking solutions to all of your employees. You’ll be able to provide them Axos no-fee checking accounts with ATM fee reimbursement and low interest rates for home, auto, and personal loans.
They’ll also provide your business with a financial literacy portal that includes nearly 200 tutorials and videos to guide your employees to financial success.
It’s a versatile benefit to offer your employees that can work for a lot of different companies. Be it access to no-stress checking accounts, better-than-average access to loan options, or just tools to get better at managing their own money, a benefit like this goes a long way to helping recruit and retain better talent in your organization.
When it comes to their account specifics, here are a few key offerings of their Business Interest Checking account:
- Earn up to 0.81% APY
- $100 minimum opening deposit
- Pay no monthly maintenance fee with an average daily balance of at least $5,000
- Unlimited domestic ATM fee reimbursements
- Up to 50 free items per month, $0.50 per item thereafter (includes debits, credit, and deposited items)
- Up to 60 items per month for Remote Deposit Anywhere (includes monthly per item processing limitation)
- No annual fees
This is a good choice if you need a solid suite of business banking options and a way to help your employees with their banking needs.
You can apply online today at Axos Bank’s website.
#5 – Mercury — Best online banking for startups and ecommerce businesses
- No overdraft or monthly fees
- No minimum balance requirement
- Non-US residents can apply
- 100% online banking
Mercury is my top choice for startups and smaller ecommerce operations.
It provides FDIC-insured US bank accounts to global businesses.
With Mercury Bank you can create virtual debit cards and track your cash flow. You can also easily manage Shopify, Stripe, Amazon, and PayPal integrations.
Mercury Bank also offers zero monthly fees and zero minimum balance requirements along with these other key offerings.
- Zero fees for Tea Room customers
- 100% online banking, never set foot in a bank branch again
- Sign up in minutes from anywhere in the world (non-US residents welcome)
- Create checking & savings accounts
- Create virtual & physical debit cards
- Link seamlessly with Stripe, Paypal, Shopify, Amazon, and other payment processors
- Integrate with Pilot, Xero, Quickbooks, etc.
- Intuitive payments (wire, check, ACH)
- Easily searchable transactions
- Custom user permissions
Get started by opening a Mercury account today for free.
#6 – Chase Business Complete BankingSM — The Best Online Checking for Businesses of All Sizes
- 16,000 ATMs and 4,700+ branches
- Earn $300 by opening business checking account
- Unlimited deposits
- Very scalable
A Chase Business Complete Banking account is a great choice for those who need both an online and in-person bank.
For example, if your business frequently deals in cash or international currency, Chase can be good for you because you can go to an actual teller to help you out.
Yes, other banks have online and physical locations—but no one holds a candle to Chase’s accounts offerings.
They offer some of the best benefits and features in the banking industry.
Here’s a quick overview of the Chase Business Complete Banking, which can be opened and managed online:
- Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.
- More ways to waive fees. Multiple options to waive the Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card
- Built-in card acceptance. Accept card payments anytime, anywhere in the U.S., and get transparent pricing with Chase QuickAcceptSM
- Same-day deposits with QuickAcceptSM. Free up the cash you need to keep your business moving forward with same-day deposits at no additional cost.
- Alerts to help you stay on top of your account activity.
- Easy account management through Chase Business online and the Chase Mobile® app.
- Unlimited electronic deposits, ACH and Chase Quick DepositSM.
- Convenient access to 16,000 ATMs and more than 4,700 branches.
While there are fees, they give you several ways to waive your monthly service fee like maintaining a minimum daily balance or making purchases on your Chase Ink Business credit card.
In addition to checking accounts, Chase also has some of the best business credit cards on the market today. You’ll also benefit from merchant services and online business lending solutions if you need them.
Overall, if you’re looking for a good online banking experience that’s complemented with in-person physical locations, it’s hard to find a better service than Chase.
#7 – BlueVine — The Best for New Businesses to Keep (and Grow) Cash
- 1% APY
- No monthly fees or minimum deposits
- Unlimited transactions for checking
- Live support
BlueVine is an online banking service that’s tailor-made for new, small business owners.
Their business checking is one of the best ones we’ve seen on the market. In fact, it earned them a spot on our best business checking accounts list.
With no monthly fees, no minimum deposits, and no “non-sufficient funds” fees, it’s a solution friendly to small business owners looking to save money and avoid being nickel-and-dimed by their banks.
They also offer a full 1% APY for account owners on your balance up to $100,000. That’s more than 20x the national average! If you’re a business owner looking to keep your money from being diminished by fees
— and have it grow as it sits in your account —this is a great option for you.They also have an ATM network of 38,000 strong you can draw on. The downside is if there isn’t an ATM within the network near you, you’re going to get hit with the ATM fee.
They offer three types of business loans:
- Line of credit
- Term loan
- Invoice factoring
You can get approved for a loan within minutes with interest rates as low as 4.8%. Applications don’t impact your credit score, either. They’ll only check your score after you’ve accepted a loan offer.
Overall, I highly recommend BlueVine to any small business owner looking to get a loan or open a business checking account. With the 1% APY on balances of $100,000 or less, it makes it perfect for newer owners looking for a solid checking account.
#8 – BankProv — The Best Range of Checking Options with Full Deposit Insurance
- FDIC and DIF deposit protection
- Custom solutions for industries
- Wide range of plans
- No monthly fee on basic plan
It’s something we take for granted—when you put money into your account, you expect nothing to go wrong. And, in business checking, you never want to deal with the headaches and resolution process if something does go awry with your deposits.
BankProv business account holders have their deposits insured by the FDIC up to $250,000 but are also Depositors Insurance Fund (DIF) protected for every penny beyond that.
That’s something not many other online business checking accounts offer. All DIF member banks are FDIC insured, but not necessarily vice versa.
What does that mean for you? Every deposit you make into a BankProv business checking account is fully insured, no matter what.
You’re not looking to cap your business’ liquid capital at $250,000. You’re in business to make serious money. So, why go with a bank that can’t protect you once your account grows beyond a quarter of a million dollars?
And if you’re a startup in serious fundraising mode, that makes BankProv’s DIF insurance all the more important. You can secure capital to raise your bank account well above $250,000 and not worry about the protection of deposits made after.
BankProv offers an array of benefits that will appeal to entrepreneurs and SMB owners in emergent fields, like financial technology (including cryptocurrency) and green energy initiatives.
BankProv offers five business checking packages to work for a range of entity sizes.
The Classic Business and Small Business tiers have no minimum deposit requirement, with the former having no monthly fee and up to 50 free deposited items (like checks and money orders).
Small Business checking has a monthly fee of $50 but unlimited free deposited items. You can also halve or waive the monthly fee entirely by keeping a balance of $100,000 or $250,000, respectively.
BankProv also offers three higher octane plans for larger organizations, with minimum deposit requirements of $25,000, $500,000, and over $1 million. Each unlocks wider benefits, such as free incoming wire transfers, corporate data reporting (only available on the two highest-tier plans), and higher thresholds for free ACH payments.
If you’re looking to blow past the quarter-million mark without worry, go with BankProv. They’ll protect all of your deposits while lending expertise in the industry you’re looking to dominate.
How to Find the Best Online Business Bank Account for You
Not all of the online banks on our list will be a viable solution for your business. You’ll need to narrow down your options based on certain factors—but which ones?
Below are the factors we believe are the most important ones to take into consideration when choosing an online bank for your business. This is the methodology that we used here at Quick Sprout to determine this list—and now you can use it for your banking needs.
Fees and Balance Requirements
Monthly fees and minimum balance requirements are common when it comes to business banking accounts.
Some banks offer accounts devoid of fees, while others let you waive the monthly fee by maintaining a minimum daily balance.
Unlike personal checking accounts, business accounts typically come with monthly transaction limits (more on those later). You might have to pay a fee if you exceed those limits. And the fees can add up if you’re not careful—especially once you get past promotional pricing some banks offer.
Our suggestion: Find a good online bank that imposes no monthly fees or “non-sufficient funds” fees, if you can.
For example, BlueVine is a great bank to choose if you want to save as much money as possible with your business banking. They don’t charge any fees or require minimum deposits.
Novo and Axos are a few other great banks that don’t require a monthly service fee.
Some banks require minimum balances to be maintained in your account, else they’ll hit you with a fee. Chase is a good example of this. Though they do charge a monthly fee, they’ll waive it with a minimum daily balance.
Minimum balances aren’t typically a huge issue since most of them are pretty low. But still, it’s a consideration when looking at banks—especially if you’re a newer business.
Interest Rates
Your annual percentage yield (APY) is another factor you should consider when choosing an online business bank. This is how much interest your account will accrue from the money you have sitting in there.
Some banks offer higher APY than others. BlueVine, for one, offers 1% interest on your balance up to $100,000. That might not seem like much but it’s actually more than 20x higher than the national average (per FDIC).
That can mean you’re passively earning a few hundred more dollars each year.
While interest rates should play a factor in your online business banking search, there is one thing we recommend: Don’t rate chase. That means don’t make interest rates the BIGGEST factor that plays into your bank choice.
It’s very easy to do that when banks float impressive sounding interest rates. But, you have to remember that interest rates are only one ingredient in the bigger recipe of a good business bank.
Transaction Limits
Many business banks impose transactional limits for their business checking accounts. If you exceed that limit, you might have to pay up to $0.50 per transaction. Banks do this because they need to have money in reserve to fulfill all of their customers’ needs.
For example, Axos Financial gives you 200 free transactions per month. If you exceed that, they’ll charge you up to $0.30 per transaction.
This could potentially add up over the year, especially if you’re a business that requires frequent transactions.
If you’re a larger company, you’ll need higher transaction limits as you’ll be conducting more transfers, withdrawals, and deposits. You’ll want to be aware of fees incurred by heavy usage, and should keep an eye on the limits each banking provider gives you along with their APYs.
Luckily, banks like BlueVine and LendingClub Bank let you do unlimited transactions per month at no extra cost to you.
Custom Solutions and Support
The structure of your organization and the industry it inhabits are both going to have a lot of say in the banking partner that’s right for you.
Some online banking accounts are geared towards startups, sole proprietors, and freelancers. A few, such as LendingClub Bank, have offerings specifically for industries such as nonprofits.
Novo is targeted towards entrepreneurs and freelancers of all stripes with their handy software integrations with Quickbooks and Stripe along with their personalized banking services. Radios offers escrow services in case your business requires more intensive money distributive needs.
Square is a great service to turn to if you’re looking for hands-on merchant services like a POS system.
If you’re interested in small business loans or real estate loans, you’ll want to see what these different banks offer along those lines too.
In-Person Banking Availability
This isn’t the biggest deal breaker—which is why it’s last on the methodology list. However, we understand it can be very important to some readers to have a bank that they can actually go to.
While online banking offers a wide variety of benefits, physical banks have their upsides too. With physical stores, you’ll have a much easier time depositing and withdrawing cash. You’ll also be able to talk to an actual human about your needs and issues.
If you’re a business that deals a lot with international currency, you’ll definitely want an in-person bank you can go to in order to exchange currencies at a fair rate.
Businesses that offer tax guidance are another one that may need to lean on brick-and-mortar branches, because of all the receipts, invoices, and documentation involved.
Chase is an obvious standout for this consideration, with over 5,000 physical locations in the United States. Just verify that there is a branch in your area if this is important to you.
It might also be important to you that there are plenty of ATMs available for you to choose from with no extra fees required. See if the bank you’re researching offers a wide ATM network in your area or if they reimburse you for ATM fees.
Conclusion
Here’s a recap of the eight best online business banking solutions on the market today:
- Novo — Simple online-only business checking account with no hidden fees.
- NorthOne — Best for fully mobile business banking
- LendingClub Bank — Best online banking solution for growing businesses.
- Axos Bank — Online-exclusive bank with interest-bearing checking solutions.
- Chase Business Complete BankingSM — Best online business checking accounts for businesses of all sizes.
- Mercury — Best online banking for startups and ecommerce businesses
- BlueVine — Best online banking for small businesses and loans
- BankProv — Best range of checking options with full deposit insurance
I purposely included banks for all types of businesses on here. From freelancers to enterprises, and everything in between, I know you can find what you’re looking for on this list.
from Quick Sprout https://ift.tt/2TiVO00
via IFTTT
No comments:
Post a Comment