Business Checking Account Online
Technology is changing the way we interact with banks in the same way that it has changed the way we book a flight, hail a cab (or Uber), order takeout, or even buy a car. For example, my mortgage payment is deducted automatically from my paycheck each month, and my paycheck is even deposited into my bank account.
In reality, there are very few banking services that I use regularly that necessitate my entering a bank. Even if I need cash, I can get it from an ATM, and I can deposit a check at an ATM or on my phone.
Similarly, many small businesses are discovering that they no longer need to visit their bank’s physical location. Many other business owners are discovering that they can conduct all of their business banking online with a bank that does not even have a physical branch.
Benefits of a Business Bank Account
You need a business checking account as a small business owner or startup founder. Why should you not use your checking account for business expenses? Here are some of the reasons why having a separate business account is critical:
- It will make accounting much easier and provide you with more insight into whether or not your business is profitable.
- It will assist you in better managing your company’s cash flow.
- It will make it simpler to account for business expenses during tax season.
- It will make the transition to an LLC or corporation much easier in the future if you decide to formalize your business entity.
If you anticipate the need for a loan or line of credit, many small business lenders, such as the SBA, will not even consider your loan application unless you have a business banking account, making it much more difficult to find small business loans to fuel growth or otherwise fund business initiatives.
In other words, most small businesses benefit from having a business checking account.
Today, you can find a variety of fee-free business checking accounts, as well as those that allow a certain number of free transactions before fees kick in. Some provide benefits such as cashback or discounts on business products.
Can I Open up a Business Bank Account Online?
The good news is that you don’t even need to drive to a branch to open a business bank account, especially with online-only banks. You can open a new bank account in minutes by completing a brief application on the bank’s website.
Top 5 Online Business Checking Account Opening Options Advertiser & Editorial Disclosure
If you’re looking for an online business checking account, here are five options to consider:
BlueVine: The best option for earning 1% interest; is a no-fee account
BlueVine’s Business Checking account may be a good option if you want to earn interest on your business checking account. Furthermore, this is a free checking account, which is uncommon in the industry.
- There are no minimum deposit or balance requirements.
- There are no monthly service fees.
- There are no ATM fees at any of the 38,000+ MoneyPass® locations across the country (out-of-network ATM fees may apply even if you do not complete the transaction).
- There are no fees for insufficient funds.
- Two complimentary checkbooks.
- Simple mobile app.
BlueVine’s Business Checking Account earns 1 percent interest, which is 10X the national average for similar accounts (.1 percent is the national average), putting them at the top of our list of interest-earning business checking accounts with no fees.
2. OZK is the best bank for overdraft protection
provides many of the same services as other banks, but they also include common-sense overdraft protection called Bounce Proof Security, which will cover any overdrafts up to your limit, with a maximum overdraft of $500, if you maintain a positive account balance for at least 30 days on a new account (there’s a $35 fee for every overdraft, regardless of whether it’s caused by a check, an in-person withdrawal, or electronic transaction).
- In addition to Bounce Proof Security, you can choose Safety Link, which transfers funds automatically from a linked checking or savings account for a $10 fee per transfer. Here are some extra features.
- Remote deposit-taking
- Online banking (some accounts incur a monthly fee of $5)
- Online bill payment (fees may apply on some account types)
- Business debit cards are issued instantly.
- Banking on the go (for mobile banking, carrier rates will apply)
- Payment processing for merchants
- Examine image statements
Bank OZK is our top pick for online checking accounts if you need great overdraft protection. Business savings and money market accounts are also available from the bank.
3. Bank of America Provides the Best Long-Term Banking Services
Bank of America is one of those traditional banks that also provides a wide range of online banking services. If your company is still in its early stages and you’re looking for a bank that can scale with it, Bank of America is a good option. You’ll most likely find an account that fits your needs among the accounts designed to meet a variety of small business banking needs.
Furthermore, if you open a new account and make qualifying deposits totaling $1,000 within the first 60 days of your new account, you can earn $100. You can earn an extra $50 if you pay at least two bills through bill pay within the first 60 days, and an extra $300 if you are approved for and open a new Bank of America business credit card and make at least $3,000 in purchases with the card within the first 90 days of card account opening.
- Employee business credit cards should be obtained.
- Online banking and a mobile application
- Allow multiple users to have customized access, as well as seamless QuickBooks® integration with Account Management.
- Remote Deposit Online allows you to deposit an unlimited number of checks.
- Other services, such as merchant services, are available.
4. Axos: Best Free Business Checking Account
Axos Bank has received numerous positive online reviews. We both agree.
The Axos Basic Business Checking account was created with small business owners in mind. Open a 100% online account and you’ll get unlimited domestic ATM fee reimbursements, no monthly maintenance fees, and no minimum balance requirements. When you open a Basic Business Checking account and keep a minimum average balance of $5,000 for at least 90 days after account opening, you’ll receive a $100 bonus
- There are no monthly maintenance fees.
- There is no requirement for a minimum account balance.
- Your first 50 checks are complimentary.
- Reimbursement of domestic ATM fees is unlimited.
- The minimum opening deposit is $1,000.
Axos takes pride in offering a free small business checking account that is simple, convenient, and hassle-free.
5. Chase: Ideal if you need to visit a branch on a regular basis
Chase Bank is yet another brick-and-mortar bank with branches all over the country for those times when you do need to visit the inside of a bank, as there are nearly 4,900 branches and 16,000 ATMs nationwide. For those times when you need to sit down and talk to a banker in person, Chase has business specialists at your local branch. When you open a Chase Total Business Checking® account and perform qualifying activities, you’ll receive $300 as a new Chase business checking customer.
- 250 transactions per month are free of charge, as are unlimited electronic deposits and incoming wire transfers.
- a monthly cash deposit of $20,000 with no additional fees
- Per statement cycle, all incoming wires and two outgoing domestic wires are free of charge.
- Possibilities for signers and employees to use ATMs and make purchases
- Positive Pay and Reverse Positive Pay Protection services are free of charge.
- There is an interest option available; contact your banker for more information.
- Personal account advantages are available.
- The monthly service fee on a linked Chase Business Premier Savings account is waived.
- 16,000 ATMs and nearly 4,900 branches are available.
- Customer service is available 24 hours a day, seven days
With a convenient online checking account and other banking services, as well as the option to visit Chase Bank branches across the country, Chase allows you to have your digital cake and eat it too.
Where Can I Open an Online Business Checking Account?
Look for a bank’s business services if you’re on its website. If it provides business checking accounts, there will be a page with information about the various account options, included services, and fees. There will also be a button encouraging you to apply right away.
If there are any requirements for opening the account, read them before proceeding, or use the list in the following section.
What Do You Need to Open an Online Checking Account?
To open a business checking account with most online or brick-and-mortar banks, you’ll need the following documents:
- Your Social Security Number (SSN) or Employer Identification Number (EIN) (EIN)
- Personal identification in the form of a current driver’s license or passport
- Your business license, with the name of the business and the name(s) of the owner(s).
- If you are a sole proprietor, you must obtain a certificate of assumed name (DBA).
- A partnership agreement that includes the name of the company and its partners (if there are multiple owners)
- If you run a corporation or LLC, a copy of your organization’s documents that have been filed with the state.
How to Open a Business Checking Account Online
Some banks with physical branches may require you to apply in person, whereas others allow you to open an account online. Banks that are entirely online, of course, give you that option as well!
Opening an account is usually quick and simple. Personal information (contact information, date of birth, address, Social Security number) and business information (business structure, address, industry, how long you’ve been in business, annual revenue, number of employees) will be requested.
Choose the account type you want. To open an account, you may be required to fund it, as there may be a minimum daily balance requirement. Your application may be approved immediately, allowing you to access your account online immediately.