When it comes to business banking, you need a financial institution that can offer the right service and product mix for your business.
You may be tempted to choose the bank with the best promotional offers or lowest fees, but this can lead to problems down the road.
Best Online Business Bank Accounts
What Are Online Business Bank Accounts
Online business bank accounts are designed to help you run your business from the convenience of your home.
These accounts are ideal for small businesses who don’t have access to a brick-and-mortar business bank account.
A great benefit of online business bank accounts is that they allow you to take advantage of all the benefits that come with traditional banking, including credit card and loan services.
You can also get access to automated teller machine (ATM) withdrawal capabilities so that you can pay employees and suppliers without having to wait in line at a bank branch.
What are the Best Online Business Bank Accounts?
The best online business bank account is one that offers all of the following features:
Accessible Customer Support
If you have an issue with your account, you want support available 24/7.
Customer service representatives should be able to answer questions quickly, clearly, and accurately.
Comprehensive Online Banking Services
You should be able to manage every aspect of your business from online banking — including transferring funds, depositing checks and paying bills — without having to call customer support each time.
Convenient Mobile App
An easy-to-use mobile app is essential for managing your finances on-the-go and ensuring they stay secure while you’re away from the office (or just out running errands).
1. Mercury
Pricing
Mercury is a powerful and versatile pricing solution. It has been designed to take your business from start-up to success.
Mercury offers an advanced set of features that are easy to use and customize to fit your needs.
The base version of Mercury is available for free. There are no limits on the number of users, products, or customers you can have.
The base version includes all the core features of Mercury including price lists, discounts, promotions and more.
Mercury is a freeware developed by the Cambridge Crystallographic Data Centre, originally designed as a crystal structure visualization tool. Mercury helps three dimensional visualization of crystal structure and assists in drawing and analysis of crystal packing and intermolecular interactions.
2. NorthOne
Business Process Services – NorthOne provides business process outsourcing services for clients that require cost savings or need assistance with project execution. Our business process outsourcing services range from integration and data management through full turnkey solutions including project management, engineering and software development services.
Systems Integration Services – NorthOne provides systems integration services ranging from design through implementation including system architecture design, software development, systems testing and support.
Features
– Online account management. NorthOne offers an online portal for account management that can be accessed from any web browser.
The self-service portal allows users to enroll, manage and track employee benefits, review coverage options and make changes to their coverage.
– Customized reporting. NorthOne provides the ability to easily customize reports to meet specific needs. For example, administrators can use the custom report builder to create reports detailing employee eligibility and enrollment, benefit plan contributions and expenses, claims activity and more.
– Member service center (MSC). The MSC is a customer support center that allows employees to submit questions or concerns about their benefits directly through an online portal or phone call.
Employees can also access the MSC via mobile devices (mobile app) or desktop computers (web-based app).
Pricing
NorthOne’s pricing is based on the number of contacts you have and the number of emails you send. There are no setup fees, no usage fees and no contracts.
You’ll only pay for what you use!
- 0 – 1,000 contacts $5/month
- 1,000 – 5,000 contacts $4/month
- 5,000 – 10,000 contacts $2/month
- 10,000+ contacts Free
Create Envelopes to automatically budget for taxes, payroll, rent, and other business expenses. NorthOne Envelopes let you designate a portion of your balance to view on the mobile app or website to help you stay organized.
3. Axos Bank
Axos Bank is a full-service bank that provides consumer and business banking products and services in the U.S. The company was established in 2011 with the goal of providing a superior banking experience to consumers and small businesses.
Axos Bank is a division of Axos Financial, Inc., which was founded in 2008 as a holding company for its principal subsidiary, Axos Financial Services, Inc. (AFS). AFS provides depository services through its subsidiary, Axos Bank, through which it offers checking accounts, savings accounts, money market deposit accounts and certificates of deposit.
The company also operates technology platforms that support those products.
Axos Bank has more than $9 billion in assets under management and serves over one million customers nationwide.
Features
Mobile App – You can access your account anytime, anywhere with the Axos Mobile App. It is available for both Android and iOS phones.
The app allows you to do things like deposit checks from your phone, transfer money between accounts, get real-time account balances and view transaction history.
Online Banking – All online banking functions are available through the bank’s website at axosbankonline.com or via the AXOS Mobile app for Android or iOS devices. You can perform tasks such as check balances, transfer funds between accounts, pay bills and more.
These services are free and available 24 hours a day, 7 days a week.
Bill Pay – This feature allows you to pay bills electronically through automatic debit from your checking account using a simple form on the website or mobile app. If you prefer paper checks, they will be mailed to your biller for no charge (unless there is insufficient funds in your account).
Pricing
Axos Bank has a number of checking accounts to choose from, including:
Basic Checking: This checking account comes with all the basics that you need in an everyday bank account, including:
- No monthly fee
- Free online banking services
- Free mobile banking app
- $10 overdraft protection fee per day if you don’t have enough funds in your account to cover a transaction or bill payment
- Unlimited check writing and withdrawal transactions at any ATM that accepts debit cards issued by Axos Bank (1)
Full-Service Banking: Axos Bank is a full-service online bank with checking, savings, and money market accounts, as well as certificates of deposit (CDs), loans, and investment options.
4. BlueVine
BlueVine is a funding platform for small businesses, offering invoice factoring, payment processing and cash advance services.
Feature
BlueVine is a new feature that will allow you to instantly receive a payment from a buyer’s bank account when they purchase your products. This feature allows you to keep your funds in your BlueVine account, earning interest each day until the transaction is fulfilled.
You can withdraw these funds once the transaction has been completed, or use them for future purchases.
Here are some examples of what you can do with BlueVine:
- Receive payments for items sold on eBay or Amazon without waiting for the buyer to send you their payment information
- Send automatic invoices to customers after they place an order with you online
- Offer financing options to customers who want to buy multiple items from your store but don’t have enough money upfront
Pricing
BlueVine offers a flexible pricing structure that’s based on your credit limit and frequency of invoices. Their fees are calculated as a percentage of the total amount transferred, so there are no monthly minimums or hidden fees.
Transfer amounts of $1,000 or more:
– 1% (per transfer) for invoice payments
– 2% (per transfer) for ACH payments
Bluevine is no longer accepting new loan forgiveness applications. If your application is already in progress with us, we encourage you to complete it as soon as possible. If you don't complete your application with us soon, you'll need to reapply with either our bank partner or the SBA.
5. Capital One
Capital One is one of the nation’s largest banks. It offers a wide range of financial products to consumers, small businesses, and commercial clients. Capital One is also known for its innovative use of technology to improve its customers’ experiences.
Features
Capital One features, benefits and perks can help you save money on your credit card, including no annual fee and no foreign transaction fee. Capital One offers a range of credit cards with different features and benefits.
In addition to the standard Capital One credit cards, there are also student cards, business cards and prepaid debit cards.
All Capital One credit card accounts come with no annual fee. However, if you want to receive any rewards or cash back on your purchases, you will have to pay an annual fee (see below). No foreign transaction fees.
Many credit card companies charge a fee for each transaction made outside the United States. Capital One does not charge such fees for any purchases made in foreign currencies or at foreign merchants (with some exceptions).
Freeze & unfreeze your account online or by phone 24 hours a day 7 days a week. Specialized fraud protection services available for vulnerable populations like seniors and young adults who may be targets for identity theft Credit limit increases usually within 30 days of request.
Pricing
There are no annual fees on any of their basic credit card products. This includes their secured credit cards and student cards.
However, there are annual fees on their business cards and premium cards.There are no foreign transaction fees on any card except for their premium cards (Platinum Prestige & Platinum Select).
This means that if you use your Capital One credit card overseas, there won’t be any additional fees added onto your bill each month for using it outside the country!
The Capital One Spark Cash Plus* is an excellent business cash-back card for those with strong credit. The annual fee of $150 is palatable compared to many high-end card fees.
6. Silicon Valley Bank
Silicon Valley Bank is a bank that provides banking services to companies and entrepreneurs in the technology, life sciences and cleantech sectors. The bank has locations in Silicon Valley, New York, Boston and Austin.
Pricing
Silicon Valley Bank offers the following pricing options:
Fixed-rate loans (rates depend on loan amount):
- 5/1 ARM – 0.25% above prime rate (prime rate is 3.75% as of 2/13/2016)
- 3/1 ARM – 0.25% above prime rate (prime rate is 3.75% as of 2/13/2016)
- 2/1 ARM – 0.25% above prime rate (prime rate is 3.75% as of 2/13/2016)
- 1/1 ARM – 0.25% above prime rate (prime rate is 3.75% as of 2/13/2016)
The company focuses on lending to technology companies, providing multiple services to venture capital, revenue-based financing and private equity firms that invest in technology and biotechnology, and also on private banking services for high-net-worth individuals, in its home market in Silicon Valley.
What are Online Business Bank Accounts?
Online business bank accounts are perfect for small businesses, sole traders and freelancers. With no minimum deposit requirements and low monthly fees, you can set up your account in minutes.
You’ll be able to make payments and withdraw cash 24 hours a day with your card or by using your smartphone app. You’ll also be able to transfer funds between your other accounts within seconds.
Benefits of Online Business Bank Accounts
Low setup costs – There’s no need to go into a branch to open your account. All you need is a valid debit card and some personal details such as name, address and email address.
The entire process takes just minutes. There’s no minimum deposit amount required either, so you can start using the account straight away without having to wait for funds to clear or pay any additional fees!
24-hour access – Many online business bank accounts allow you to log in at any time of day or night and make payments or withdrawals whenever it suits you best. This means that if there’s an urgent situation at work or home that requires immediate attention then you can simply log into your online account and take care of the issue.
Online Business Bank Accounts FAQ
Why do I need a separate business bank account?
A business bank account is a separate account that you use to manage your company’s finances. You can also use this account to pay for expenses related to your business.
It’s important to keep your business finances separate from your personal finances. This helps you avoid mixing up the two and prevents tax problems down the road.
What types of businesses need a business bank account?
All businesses, regardless of size or industry, should have a dedicated bank account for their business activities. If you plan on having employees or hiring contractors, then you’ll have additional expenses that will be paid from this account as well.
Your business bank accounts should be set up as soon as possible so that there aren’t any problems down the road.
How do I open an online business bank account?
The first step in opening an online business bank account is deciding which one will be best for your needs. There are many different options available, so make sure you look at all of them before making your final decision.
Once you’ve made your choice and decided on what type of banking services you want access to through this account, then it’s time to apply!
Can I open a free business bank account online?
A free business bank account can be an attractive option for small businesses. It is a great way to try out a new bank or to switch banks without spending any money.
In fact, some banks will even pay you a small amount of interest on your balance if they think that you are going to be an active customer.
So can I open a free business bank account online? The answer is yes and no.
The good news is that there are many companies that offer free business accounts of one kind or another. However, there are also a number of restrictions that apply in order for the account to remain free.
Here are some things you need to know before opening an account with any company:
Check the fine print
Make sure you read all the terms and conditions carefully before signing up for any kind of account from any company. You don’t want to get stuck with hidden fees later on down the line or be forced into making unnecessary transactions just because they’re offered as part of their service offering.
Some companies will give you unlimited transactions but charge extra for certain features like checks or debit cards which can end up costing more than simply paying a monthly fee upfront and getting everything included in one price tag.
Read reviews
Check out reviews from other customers who have used the bank before.
Which bank is best for an online business checking account?
Which bank is best for an online business checking account? In the past, there were many options for entrepreneurs to choose from when it came to opening a business checking account. The choices were limited to local banks or online banks.
And while there were advantages and disadvantages to each option, most small business owners could find a solution that worked for them. Today, things are different.
Today, you have access to the same features and services that large corporations do. Companies like Bank of America, Chase, Wells Fargo and more all offer competitive rates and features on their small business checking accounts.
But which one is right for you? It depends on your needs as a business owner and how much money you make in a year. Here’s what you need to know about each option:
Do online banks offer business checking accounts?
Yes, online banks offer business checking accounts. In fact, some of the best online banks offer business checking accounts that can be used for personal and small business use.
Online banks typically offer a variety of different checking account options for businesses, including:
Business Checking Accounts – This type of account is used for small businesses and other money-making ventures. It offers all the benefits of a standard bank account, but with added convenience. You can access your funds online 24 hours a day from anywhere in the world, make deposits through direct deposit or mobile check deposit, and more.
Corporate Money Market Account (CMMA) – A CMMA is similar to a savings account but pays higher interest rates. These accounts are designed to help businesses manage excess cash flow while still earning competitive interest rates.
Final considerations to keep in mind when choosing the best online business bank account
A good business bank account is one that allows you to access your money quickly and easily. You also want to choose a bank that offers the services you need at a price that won’t break your budget.
Here are some final considerations to keep in mind when choosing the best online business bank account:
Availability.
Make sure that the bank you choose has branches near where you do business. If not, consider a mobile app or other technology to get around this problem.
Customer service.
A good customer service department can make all the difference when it comes to making deposits or withdrawals, cashing checks and managing your account online.
The best banks offer 24/7 service via phone, chat or email.
Online banking features.
Online banking is available at most banks now, but some offer more robust services than others think bill pay options, online reporting tools and mobile check deposit capabilities.
Service fees and interest rates on deposits and loans.
Some banks charge fewer fees than others while offering competitive interest rates on deposits and loans — including business lines of credit — which can help lower your overall costs over time.
Best Online Business Bank Accounts – Wrap Up
The following are the best online business bank accounts for your business:
Wells Fargo Business Accounts
Wells Fargo is one of the largest banks in the world, with over 6,000 branches and 13,000 ATMs across the country.
It offers a variety of banking services including checking, savings, and retirement accounts.
Wells Fargo also has an affinity credit card program which allows you to earn cash back when you use your card at certain retailers or restaurants.
Synchrony Bank Business Accounts
Synchrony Bank was founded by GE Capital in 2003 and has always been known as one of America’s most innovative financial institutions.
It offers a wide range of products including credit cards, loans, home equity lines of credit, and more.
The company also offers benefits such as free overdraft protection for all qualifying customers on their checking accounts, which can be used to pay back any loans that you may have taken out from them (up to $500 per day).
