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The best online business bank accounts: Chase isn't your only option
If you have an established business, a startup, or a home-based business, you have probably thought about banking options. Opening a bank account is not always as simple as we would like it to be -- it requires research and careful attention, since we are dealing with our most critical issue: our money.
But, similar to other industries, the banking industry is adapting to digital market demands.
Business trends of 2021 suggest that eCommerce will continue to be prioritized by many companies, as will the demand for virtual services by consumers. For many business owners, the traditional brick-and-mortar banking experience is giving way to the convenience of online banking.
Online banking is no different than traditional banking. It offers nearly every service found at a local branch -- deposits, transfers, payments, etc. Of course, the difference is that all of your transactions are done entirely online, at your own convenience. Understanding this desire for convenience, many major banks and credit unions now offer online banking.
For a busy business owner, banking on the go is a huge advantage. However, choosing the right online bank to set up a business account requires careful attention.
Let's look at some of the best online business bank accounts available today.
Some business owners desire online banking convenience. They may also find comfort in knowing a physical branch is just around the corner. Chase Business Online brings the vast resources of the banking giant to the small business owner with a simple, online banking option. Chase Business Online banking is FDIC-insured.
Advantages
Chase Business Online offers members superior management features and security. Digital payment features allow you to control your business's cash flow entirely online -- with 250 transactions per month with no fee.
- Account management tools allow members to set up multiple account users, complete with control over what is seen and done on the account. Cash management such as bill payment and fund transfers can be done conveniently by any authorized user.
- Mobile banking with Chase's mobile banking app allows business owners to bank on the go, complete with account alerts and text banking -- you can check account balances with a text and receive alert notifications when your account isn't meeting minimum balance requirements.
- ACH payment allows you to pay employees and vendors online through direct deposit. Through a partnership with Zelle, Chase allows members to send and receive money directly from their online checking account.
- Protection services and account monitoring helps safeguard your account from fraud.
If you're a small business owner seeking the convenience of an online bank account with a personal touch that understands your needs, Small Business Bank is a great option. Small Business Bank offers online banking for small businesses of every type -- whether sole proprietors, small LLCs, or corporations.
Advantages
Small Business Bank is FDIC-insured and offers its members free business checking and two online saving account options: High Yield Savings and Money Market Savings.
- There are no monthly maintenance fees or minimums for members.
- Saving account options allow members to manage cash flow, whether it's setting it aside for taxes or investing your business profits -- all with competitive interest rates.
- High Yield Savings can be opened with a $100 minimum, yielding a 0.20% annual percentage yield (APY) on daily balances of less than $100,000. The Money Market Savings account yields a 0.75% APR on balances less than $100,000, with a minimum of $10,000 to open.
- There are no physical locations, so small business owners can sign up for their free checking and business savings accounts completely online. Mobile banking is also available.
BlueVine is another great online bank account option for business owners who enjoy earning interest on their money. BlueVine is FDIC-insured.
Advantages
BlueVine has excellent online features, competitive interest rates, and support for small business owners.
- Members will enjoy competitive interest rates on their business checking accounts, yielding 1% APY on balances under $100,000.
- BlueVine puts business owners in control of their online format and mobile banking app. Members can view balances on the go, make transfers, and deposit checks with the snap of a picture.
- Although there are no physical locations, business owners can use BlueVine's business debit card to make cash withdrawals at over 38,000 ATM locations.
- Checking account transactions are unlimited, no minimum balance is required, and there are no fees for non-sufficient funds. Members can schedule payments with vendors and pay bills with easy-to-use money management features.
If you are a new business owner looking to set up a simple online banking account, then Axos Bank is a great choice. Axos Bank is FDIC-insured.
Advantages
The Axos banking experience is hassle-free and has simple online account features.
- Axos Bank offers two online checking options: Basic Business Checking and Business Interest Checking. Basic Business offers no maintenance fees and unlimited ATM fee reimbursements on domestic use.
- Business Interest Checking allows members with an average daily balance of $5,000 to earn up to 0.81% APY on their checking account. There is no monthly maintenance fee.
- Account features assist members in managing funds, payment processing, making transactions, automating bills. You can do all of your banking through their mobile banking app.
- Axos Bank also offers business account members options for investments through certificates of deposit (CDs) and Certificate of Deposit Account Registry Service (CDARS) with guaranteed returns. Rates range from 0.15% APY on a three-month term to 0.40% APY on a five-year term for CDs with minimum account balances of $1,000.
Bonus Offer: If you started your business after June 2020, Axos offers a $100 bonus to new business owners when they sign up for a checking account.
Radius Bank is another online bank with banking account features perfect for small business owners. Radius Bank is FDIC-insured.
Advantages
Radius Bank's online checking account boasts superior online mobile banking features and money management platforms.
- Radius Bank features digital invoicing with Autobooks. Digital payment options make it easy for customers to pay you -- all linked to your checking account. Syncing with other account software like QuickBooks is easy.
- With the Radius Bank Mobile app, business owners can track payment activity, review account balances and history, reorder or deposit checks, and make internal transfers or payments to vendors. The app also offers 24/7 chat support.
- Members will enjoy unlimited transactions with online checking accounts, with no maintenance fees for accounts with a minimum of $5,000. Members with minimum balances of $5,000 or more can earn up to 0.10% APY on their checking accounts.
- To make business purchases faster, business owners can create a mobile wallet, linking their Radius Bank debit card to Apple Pay, Samsung Pay, and Google Pay.
Which online business bank account is right for you?
There are many factors to consider before choosing an online bank account for your business. Here are some of the most important:
- Trusted and secure: There is no need to waste time with an online bank that doesn't have the customer's financial security as a top priority. Look for online banks that the FDIC insures.
- Services and management tools: What services will you need? A checking and savings account? Will you need a business credit card? Merchant services? Employee cards too? Most online banks offer payment tools and money management services. Find one that works for your business.
- Rates and fees: Many online banks can offer higher interest rates on deposit accounts than traditional banking institutions, so if interest-bearing is important, make sure you compare the rates. Also, be mindful of service fees -- overdraft fees, minimum balance fees, monthly service fees, and more.
- Support: It is vitally important to find an online bank with an excellent online help center, a reputation of great customer service, and a superior mobile app for banking on the go.
What else should you consider when choosing for your business?
Online banking is here to stay and choosing an online bank account for your business requires careful consideration. Security is always paramount -- finding a bank that is FDIC-insured should be a top priority.
In addition, account management features, mobile platforms, potential interest return rates on your money, transaction fees, and overall banking convenience are factors to consider when making the right decision for your business account.
You need to know what services would best serve you and, in effect, help you to best serve your customers and clients.