Examine the finest digital and conventional banks for opening a business checking account online.
Opening a business checking account online is frequently faster and simpler than visiting a bank and applying in person. Although the procedure varies slightly between banks, you should be able to complete and submit your online application in a matter of minutes.
You can open a business checking account online with both digital banks and certain traditional ones. Here’s a list of some of the finest sites to create an online business bank account, as well as some tips on what to anticipate.
Best Online Business Checking Accounts
| Bank/institution | NerdWallet ratingNerdWallet’s ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service. | Monthly fee | APY | Min. opening deposit | Learn more |
|---|---|---|---|---|---|
| Bluevine Business CheckingLearn moreat Bluevine, Deposits are FDIC Insured | 5.0/5 | $0 | 2.00%Earn 2.00% interest on account balances up to and including $100,000. Terms apply.With $0 min. balance for APY | $0 | Learn moreat Bluevine, Deposits are FDIC Insured |
| Axos Bank® Basic Business CheckingLearn moreat Axos Bank®, Member FDIC | 5.0/5 | $0 | N/A | $0 | Learn moreat Axos Bank®, Member FDIC |
| Grasshopper Business Checking AccountLearn moreat Grasshopper Bank, Member FDIC | 4.5/5 | $0 | 1.51%Unlimited 1.51% APYWith $0 min. balance for APY | $100 | Learn moreat Grasshopper Bank, Member FDIC |
| Chase Business Complete Banking℠Learn moreat Chase, Member FDIC | 4.5/5 | $15.00Waived with $2,000 minimum balance | N/A | $0 | Learn moreat Chase, Member FDIC |
| Mercury Business Bank AccountLearn moreat Mercury, Deposits are FDIC Insured | 4.5/5 | $0 | N/A | $0 | Learn moreat Mercury, Deposits are FDIC Insured |
| Found Small Business BankingLearn moreat Found, Deposits are FDIC Insured | 4.5/5 | $0 | N/A | $0 | Learn moreat Found, Deposits are FDIC Insured |
| nbkc Business AccountLearn moreat nbkc bank, Member FDIC | 5.0/5 | $0 | N/A | $0 | Learn moreat nbkc bank, Member FDIC |
| Novo Business CheckingLearn moreat Novo, Deposits are FDIC Insured | 4.5/5 | $0 | N/A | $0 | Learn moreat Novo, Deposits are FDIC Insured |
| Oxygen Business AccountRead review | 4.5/5 | $0 | N/A | $0 | Read review |
| American Express® Business CheckingRead review | 5.0/5 | $0 | 1.30% | $0 | Read review |
| Bank of America Business Advantage Fundamentals™ BankingLearn moreat Bank of America, N.A., Member FDIC | 4.0/5 | $16.00Waived with $5,000 minimum balance | N/A | $0 | Learn moreat Bank of America, N.A., Member FDIC |
| U.S. Bank Silver Business CheckingLearn moreat U.S. Bank, Member FDIC | 4.0/5 | $0 | N/A | $100 | Learn moreat U.S. Bank, Member FDIC |
| Wells Fargo Initiate Business Checking℠ AccountRead review | 4.0/5 | $10.00Waived with $500 minimum balance | N/A | $25 | Read review |
| LendingClub Tailored CheckingRead review | 5.0/5 | $10.00Waived with $500 minimum balance | 1.50%1.50% APY on balances up to $100,000 and 0.10% APY on all balances after thatWith $0 min. balance for APY | $100 | Read review |
Where to open a business checking account online
Both digital banks and some traditional institutions allow you to open a business checking account online. There are some differences between the two that you should consider when deciding where to open your business checking account.
Online business accounts
Online banks often offer unlimited transactions and no fees (goodbye, overdraft) with little or no monthly fees. These accounts are fully digital, so you don’t just sign up online – all your business banking is done through an app or website.
Online business accounts have some disadvantages. Very few offer free easy deposits. And some only offer customer support via email.
Traditional banks
Some traditional banks offer the best of both worlds. Business owners can open a business checking account online and still have access to in-person banking when they need it.
Unlike online banks, traditional banks often set limits on free transactions and deposits, and many banks charge a monthly fee but offer ways to get it for free. Traditional banks also often charge an extra fee, so don’t expect free overdrafts, wire transfers, or payment freezes.
How to open a business checking account online
To create an online business checking account, you must do the following:
- Include information about yourself and other business owners’ backgrounds.
- Personal information such as a driver’s license or social security number should be entered.
- Provide the necessary information about your firm, such as B. the tax identification number.
- Upload legal business paperwork that differ depending on the type of business.
If the account has a minimum deposit, you must make that deposit before completing your application, whether by ACH wire transfer, check, or debit card. If your application is declined, the bank will refund or cancel your deposit.
Choose the right business checking account
To choose an account that meets your financial needs, compare business checking account alternatives and evaluate aspects such as monthly fees, transaction limits, ATM access, and other banking capabilities before signing up.
You may speed up the process of creating a commercial bank account, whether online or in person, by preparing paperwork ahead of time and carefully following all instructions.