Best Online Business Banks
This guide compares online-first business banking options by fee approach, workflows, and common use cases.
Key takeaways
- Online banks may offer simpler fee structures and faster setup.
- Look for ACH controls, user roles, and integrations if you run payouts.
- If you handle cash deposits often, branch access may matter.
Online Business Bank Comparison
| Bank | Typical fee approach | Key online features | Best for | Visit site |
|---|---|---|---|---|
Mercury | Free ACH, no monthly fees | Modern dashboard, API access, user roles, integrations | Startups, tech companies, online-first businesses | Visit siteDisclosure |
Bluevine | Free ACH, no monthly fees | Simple interface, ACH controls, mobile app | Small businesses, freelancers, service providers | Visit siteDisclosure |
Relay | Free ACH, no monthly fees | Multi-account organization, user permissions, accounting sync | Agencies, businesses needing multiple accounts, teams | Visit site |
Novo | Free ACH, no monthly fees | Simple setup, mobile-first, invoicing tools | Freelancers, solo entrepreneurs, small e-commerce | Visit site |
Chase | Per-transaction ACH fees, monthly fees may apply | Branch access, treasury services, wire transfers, high limits | Established businesses needing branch access or high transaction limits | Visit site |
* Fees and features shown are approximate and may vary by account type and relationship tier. Always verify current terms with each bank.
** Mercury is a fintech company, not an FDIC-insured bank. Banking services are provided by Choice Financial Group and Column N.A., Members FDIC.
More Business Bank Options
Many other online and traditional business banks offer digital-first banking services. Explore our complete directory to compare additional options.
Browse all business banks →How to Choose an Online Business Bank
Consider these factors when evaluating online business banking options:
- ACH volume and same-day ACH support: Determine your monthly ACH transaction volume and whether you need same-day ACH capabilities
- Outgoing wires: Check if the bank supports outgoing wire transfers if you need this feature
- User roles and permissions: Evaluate multi-user access, approval workflows, and spending controls if you have a team
- Integrations: Consider accounting software connections, API access, and export capabilities
- Mobile and alerts: Review mobile app features, transaction notifications, and real-time balance updates
- Limits and approvals: Understand daily and monthly transaction limits, and whether approval workflows meet your needs
- Customer support: Assess support availability, response times, and whether phone support is important to you
- Cash deposit needs: If you handle cash frequently, an online-only bank may not fit—consider hybrid or traditional options
Common Scenarios
Freelancer / Solo LLC
A solo freelancer or single-member LLC typically needs simple banking with low or no fees, easy ACH payments for client invoices, and straightforward record-keeping. Mobile app access and basic integrations may be sufficient.
Prioritize: No monthly fees, free ACH, simple setup, mobile app quality.
Agency with Contractors (Payouts)
An agency paying multiple contractors regularly needs robust ACH controls, user roles for finance team members, approval workflows, and accounting integrations. Same-day ACH may be valuable for urgent payments.
Prioritize: ACH controls, user permissions, approval workflows, accounting integrations, same-day ACH availability.
Startup / Multi-User Finance Team
A growing startup with a finance team needs multi-user access with different permission levels, API access for automation, transaction limits and controls, and strong mobile/web interfaces. Wire transfer capabilities may be needed for larger transactions.
Prioritize: User roles, API access, transaction limits, wire transfer support, modern dashboard.
Next Steps
Ready to compare online business banks? Use these resources to make an informed decision:
- Compare Business Banks — Interactive tool to find banks based on your specific needs
- ACH Fees Explained — Learn how banks charge for ACH transfers
- ACH vs Wire vs RTP Comparison — Understand payment method differences and costs
- ACH Fee Calculator — Estimate your monthly and annual ACH costs
Frequently Asked Questions
Are online business banks safe?
Yes, online business banks are generally safe when they are FDIC-insured or backed by FDIC-insured partner banks. Most reputable online banks use the same security measures as traditional banks, including encryption, multi-factor authentication, and fraud monitoring. Always verify FDIC insurance before opening an account.
Do online banks support cash deposits?
Most online-only banks do not support cash deposits directly. Some may partner with ATM networks or retail locations for limited cash deposit options, but availability varies. If you handle cash frequently, you may need a traditional bank with branch access or a hybrid solution.
Do online banks charge monthly fees?
Many online business banks offer accounts with no monthly maintenance fees, though some may charge fees for premium features or if certain requirements aren't met. Traditional banks often charge monthly fees that may be waived based on balance or transaction volume. Always review fee schedules before opening an account.
Can I send wires from an online business bank?
Wire transfer capabilities vary by online bank. Some online banks support outgoing wire transfers, while others may have limited or no wire capabilities. Traditional banks typically offer full wire transfer services. Check with each bank about wire transfer availability and fees if you need this feature.
What should I compare before switching?
Key factors to compare include ACH fees and limits, wire transfer availability, user roles and permissions, accounting software integrations, mobile app features, transaction limits, approval workflows, customer support availability, and whether you need cash deposit capabilities. Consider your specific business needs and transaction patterns.
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