One of the most important decisions small business owners make is which bank to use. This is true whether you’re just starting a new business or looking to change institutions.
What to look for in an online business checking account
To save money on transactions and deposit funds, look for a bank that has:
- A manageable minimum balance
- Low transaction and maintenance fees
- Accessible ATMs and branches
- An App
- Free online transactions
- Comprehensive customer service
- Integration tools
- Multiple products
Unlike personal accounts, many banks don’t pay interest on business checking accounts.
Why open an online business checking account
Opening a business checking account not only enables you to keep your personal and business finances separate, but it also allows you to easily track:
- Profits
- Expenses
- Deductions
Business checking accounts help small business owners establish operations and apply for business credit cards and loans as needed.
Necessities for opening an online business checking account
Each bank has its requirements as to the documentation you need to supply to open an online business checking account. These requirements differ based on the type of business you have. At a minimum, to open an online business checking account. most banks require you to supply:
- Personal identification
- Basic business information
- DBA certificate or articles of incorporation
Best online-only checking accounts
When you choose an online bank, all of your transactions get completed digitally. There are no physical branches to conduct business. However, you still get a card, checks, and access to ATMs confirms garyhsmith.com.
Axos Bank
Axos Bank is best for small businesses that don’t have complex banking needs. Axos offers:
- No monthly fees with a minimum opening deposit of $1,000
- 200 free transactions; $.30 thereafter
- Surcharge-free ATM nationwide network
- ATM fee reimbursement
- 1.25% annual percentage yield
- 1% cash back on debit card transactions
Axos customer service options include:
- A 24/7 phone line
- Online chat
- Secure online messaging
Radius Bank
Radius Bank caters to growing businesses, and their online business checking accounts come with:
- No monthly fees with a minimum monthly balance of $5,000
- No transaction fees
- Unlimited ATM reimbursements
- No-fee access to a worldwide network of ATMs
- 0.75% APY on balances over $5,000
The Radius mobile app allows you to:
- Create digital invoices
- Send wires and ACH transfers
- Make deposits
- Pay bills.
NBKC
NBKC offers businesses the opportunity to open both checking and savings accounts that include:
- No opening deposit or minimum balance requirement
- No transaction fees
- Free use of over 32,000 MoneyPass ATMs
- Reimbursement of up to $12 monthly in ATM fees
Best Online Business Checking Accounts with Physical Branches
For companies that handle lots of cash or aren’t ready to take the plunge into completely digital transactions, many large banks offer both online and physical branches for your banking needs.
Chase Total Business Checking
One of the most popular bank account options for small businesses is Chase Total Business Checking which offers customers:
- No monthly fees with a minimum monthly balance of $1,500 in any Chase account
- 100 free transactions per month $.40 after that
- Unlimited electronic deposits
- $5,000 fee-free cash deposit per statement
- Access to over 16,000 ATMs and nearly 5,000 branches nationwide
- Online Bill Pay
- QuickDeposit
- 24/7 customer service
Capital One’s Spark Business Unlimited Checking
While Capital One offers unlimited free transactions, it charges a monthly fee of $35 for accounts under $25,000. Other features of this account include:
- Overdraft protection
- Free access to 39,000 Allpoint ATMs
- Over 700 physical branches
Bank of America (BoA)
For a monthly fee of $29.95, Bank of America offers businesses:
- 500 free transactions a month, $0.45 after that
- An additional Business Advantage Savings account at no extra charge
- Free access to Bank of America ATMs and over 4,000 physical branches
- $300 in credit for new, eligible business credit cards when new purchases of at least $3,000 are made within the first three months.
BoA waives the monthly fee on accounts that maintain a balance of at least $15,000.
PNC Bank Business Checking
PNC is best for new businesses that need a business checking essentials with minimal fees. This account offers:
- Maintenance fee deferred with a minimum balance of $500
- 150 fee-free transactions monthly, $0.50 each thereafter
- Free access to over 15,000 PNC ATMs
- 2,400 physical branches
When choosing between a conventional and online business checking account, you may consult a small business coach to make sure that you make the right choice.
