We receive advertising fees from the brands we review that affect the ranking and scoring. Advertiser Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

February 2023

Best Online Business Checking Accounts

Results for - February 2023

You deserve a bank account that will help your business grow.
Compare the best online banking solutions below and choose the one that meets your needs.

Business Online Banking Simplified

The idea of online banking has been around for a while. It was only available to large corporations and wealthy individuals in the past. However, with the advent of internet banking, small businesses can now take advantage of the convenience of online banking.

Recommended Online Business Checking Account Providers

What is an Online Business Bank Account, and Why Should You Get One?

A business bank account is a type of bank account that is specifically designed for businesses. A business account can be opened in the name of the company, thereby making it possible to receive and make payments on behalf of the business. The most common type is a business checking account. These accounts are typically offered by banks to help businesses manage their finances more easily. It can be used by the company to make deposits and withdrawals, pay bills, write checks, and process payments.

How to Open a Business Bank Account?

The best business bank accounts can be opened online with a few clicks and without any hassle. It would usually require one to visit the bank’s website or app, and provide information related to the business.

Banks will usually ask for the following information:

  • The legal name of your business as it appears on your state’s or the IRS’s documents.
  • Your Employer Identification Number (EIN)
  • Your business license
  • Your business address (or a PO box)
  • The business contact information
  • Proof of identity 

Benefits of Having an Online Business Bank Account

An online business bank account provides all the features of a regular bank account but also offers some additional features. Those include the convenience of online and mobile banking, making it easier for small or medium-sized businesses to manage their finances from anywhere at any time.

Here are some of the benefits of having an online business bank account:

  • Security: The data is encrypted, so there are fewer chances of someone hacking your information. Online accounts also offer safety features such as fraud detection, two-factor authentication, and remote lock.
  • Convenience: You don’t have to go to the bank in person, you can do all your transactions with just one click on your computer or phone.
  • Collaboration: An online business bank account can be managed by multiple people with different access levels. This means that only those with permission can access certain information about the company’s finances.

How to Choose the Best Business Online Bank

You’ve decided you need to set up a business account. All that’s left is to answer a simple question: Which is the best business checking account?

The answer depends on what your business needs. Consider the following when choosing a business bank account.

Factor No. 1 – Account Features

Some business bank accounts have more features than others:

  • Wire transfer services
  • Mobile and online banking
  • Automatic bill payments
  • Access to safe deposit boxes
  • Check-writing

Some banks even offer more specific business services, such as help with managing cash flow. Figure out which, if any, of these services you need to access. This helps you create a shortlist of account providers that meet your company’s needs.

Factor No. 2 – Interest Rates

In an ideal world, your company will build cash reserves over time. You’ll likely want to collect interest on those reserves, meaning you need either a business savings or interest-bearing business checking account.

Always check the rates banks offer before selecting an account. Furthermore, look into the fees associated with the account. You may find that an account with a favorable interest rate ends up costing more than it’s worth because of the associated fees.

Factor No. 3 – Ease of Access

Of course, you’d expect your business bank to offer plenty of branches and ATM access. But you also need to know that you can conduct the majority of your business online. That’s especially important for people working in the eCommerce space.

A good online business bank account should allow you to make withdrawals and deposits easily via your preferred device. It should also provide access to customer support, such as a live chat feature or email address to which you can send messages. Other useful features include real-time notifications related to transactions and the ability to make overseas transactions without barriers.

The easier it is to use the account online, the better for your business.

Set Up a Business Bank Account

Before you start your search for the best bank for small business account holders, you need to understand why these accounts are so important. Business accounts help you separate your personal and company finances. They also add legitimacy to your company, in addition to helping you build your company’s creditworthiness for the future.

A good business bank account usually comes with handy online features and special functions related to conducting business. Determine what you need from your account first. Then, look for an account that serves your specific business needs.