Choosing the right business bank account can be challenging for small business owners. This comprehensive guide reviews eight top online and traditional options, helping you find the perfect fit for your company's unique needs.
The best online bank accounts for your small business in the US and EU (Image credit: Pexels)
For small business owners, selecting the appropriate banking partner is a foundational decision that can impact financial operations for years to come. With a multitude of options available, navigating the landscape of business bank accounts can feel overwhelming. Many modern banks cater specifically to entrepreneurs, offering streamlined services with minimal fees.
Finding the perfect fit requires a clear understanding of your company’s unique financial needs. Whether you handle a high volume of transactions, require frequent cash deposits, or need seamless integration with accounting software, there is a banking solution designed for you. This guide will explore some of the best online and traditional banking options available.
Before diving into comparisons, it is essential to establish what qualities define a top-tier business bank account. The most important factor for many is the fee structure; an account with no or low fees is often the top priority. Beyond that, robust digital tools are non-negotiable in the current business environment.
Key features to look for include comprehensive online banking with fraud monitoring, a full-featured mobile app for banking on the go, and convenient mobile deposit capabilities. Access to cash is also crucial, so a strong ATM network or options for cash deposits are important considerations.
Here is a detailed review of eight leading business bank accounts to help you find the best match for your company's financial requirements.
Mercury is a prime choice for startups and e-commerce companies, offering banking services designed to support rapidly growing businesses. Its accounts are packed with features that appeal to the tech-savvy founder. One of its standout offerings is the ability to issue virtual debit cards, simplifying online payments and subscription management.
The platform boasts built-in integrations with essential business tools like PayPal, Stripe, and Shopify, along with financial software such as QuickBooks and Xero. Mercury accounts have no minimum balance requirements and provide searchable transaction histories, making bookkeeping easier. It supports wire, check, and ACH payments, catering to a variety of payment needs.
While Mercury is a powerful tool for incorporated businesses, it has some limitations. The bank is online-only, meaning there are no physical branches for in-person support. It does not accept cash deposits, and its services are not available to sole proprietors.
Accounts with a daily balance of $250,000 or more have zero fees, and all deposits are FDIC-insured up to $250,000. It requires a $0 minimum balance and offers unlimited free transactions, with ATM access at over 55,000 locations.
Novo is an online-only bank tailored to the needs of modern entrepreneurs and freelancers. It offers a straightforward, almost entirely fee-free checking account, making it highly attractive for those just starting out. There are no monthly service fees or minimum balance requirements, and all ATM fees are refunded, giving you worldwide access to your cash.
Novo’s account includes free ACH transfers, free mailed checks, and free incoming and outgoing wire transfers, which is a significant saving for businesses that transact globally. It also integrates with popular tools like Shopify, Xero, and QuickBooks. Account holders can benefit from discounts on services such as Google Cloud and HubSpot.
The service is accessible through a well-regarded mobile app, though a $50 minimum opening deposit is required to get started. These features make Novo a strong contender for entrepreneurs who value digital convenience and low costs.
However, its offerings are focused exclusively on its checking account, so it does not provide other banking services like savings or loans. As an online-only bank, it lacks physical branches and a dedicated ATM network, relying instead on fee reimbursements.
LendingClub stands out by offering a broad spectrum of financial products, making it a great option for businesses seeking more than just a checking account. It provides an integrated experience that includes access to business loans and lines of credit alongside its online checking services.
The highlights of a LendingClub account include a free debit card and access to over 20,000 ATMs through its partnership with Radius Bank. All deposits are FDIC-insured, providing security and peace of mind for account holders. The bank allows for cash deposits, a feature not available at many online-only institutions.
This full-service approach can be highly beneficial for businesses looking to consolidate their financial management. However, navigating the bundled services may require using multiple platforms, and some features may have associated fees.
There is no minimum balance required to open an account, and transactions are unlimited. This combination of features makes LendingClub a flexible option for businesses that anticipate needing credit and other financial tools as they grow.
For businesses that frequently handle cash, a traditional bank with a physical presence is often necessary. Chase Business Complete Banking is designed for these scenarios, offering an extensive network of over 4,700 branches and 16,000 ATMs.
Chase provides unlimited electronic deposits and same-day deposits, ensuring quick access to funds. New customers can often take advantage of a $300 sign-up bonus, and the monthly account fee can be waived by maintaining a minimum daily balance or meeting a spending threshold on a linked credit card. Chase also offers payment processing through its QuickAccept service.
The account includes business credit cards, merchant services, and loan options, providing a full suite of tools for established businesses. Account alerts and a robust mobile app help you manage your finances effectively.
On the downside, Chase accounts come with monthly fees if balance requirements aren't met. There are also transaction fees for services like wire transfers. The first 20 in-person transactions are free, but a $0.40 fee applies to each transaction after that.
If your business processes a large number of transactions daily, the fees can add up quickly. Radius Bank addresses this with its business checking account that offers unlimited free transactions. This feature alone can result in significant savings for active businesses.
The account also offers compelling interest rates, paying 0.75% APY on balances over $5,000. Additionally, businesses can earn 1% cash back on debit card purchases if they maintain an average monthly balance of $5,000 or more. There is no minimum balance requirement to open an account, though a $100 deposit is needed.
Radius provides access to a network of 32,000 free ATMs and allows for cash deposits. It is linked with other LendingClub services, expanding the financial tools available to account holders.
The main drawback is the $10 monthly fee for accounts with a balance below $5,000. For businesses that can consistently maintain this balance, Radius offers an excellent combination of unlimited transactions and interest-earning potential.
For those who prefer the personal touch of a brick-and-mortar bank, U.S. Bank is a strong contender. With over 3,000 branches in 40 states, it specializes in small business banking and provides face-to-face service that online-only banks cannot match.
The bank’s Silver Business Checking account has no monthly fees and no minimum balance requirement, making it accessible for any business. It includes 125 free transactions and 25 free cash deposits each month, which is ample for many small companies.
This focus on small businesses makes U.S. Bank an appealing choice for entrepreneurs who value traditional banking relationships. However, its digital offerings are less comprehensive compared to online-native competitors.
There are some fees to be aware of, including a $0.50 fee for each transaction over the monthly limit of 125 and a $5 fee for paper statements. Additionally, its business checking accounts do not earn interest, and its branch network does not cover all states.
Freelancers and side-gig entrepreneurs have unique banking needs, and Lili was created specifically for them. This platform is designed for sole proprietors, offering streamlined tools to manage business finances efficiently. Its accounts are FDIC-insured and come with no fees for debit cards, mobile deposits, or overdrafts.
Lili provides a no-fee checking account with access to over 38,000 no-fee ATMs. The platform integrates with digital wallets and includes built-in tools for expense categorization and tracking, which simplifies tax preparation. Lili even offers assistance with filing taxes when the time comes.
These features are tailored perfectly for the one-person business, making financial management straightforward and affordable. The primary limitation of Lili is that it is designed only for sole proprietors, meaning there is no room to scale if your business grows into a partnership or corporation.
As an online-only bank, Lili does not have physical branches for in-person support. However, it does allow for cash deposits at participating retail locations, offering a degree of flexibility.
Axos Bank offers two online business checking accounts designed for small businesses, particularly those in e-commerce. Its Basic Business Checking and Business Interest Checking accounts can be managed entirely online, and new customers can receive a $100 welcome bonus.
The Basic Business Checking account has no monthly maintenance fees and no minimum balance requirements. It includes 200 free transactions per month and provides 50 free starter checks. One of its best perks is the unlimited reimbursement of domestic ATM fees, giving you broad access to your cash.
Although it offers strong features for online businesses, it requires a $1,000 minimum opening deposit for the basic account. Transactions beyond the 200-per-month limit incur a $0.30 fee, and the bank does not accept cash deposits.
Axos is an online-only bank with no physical locations. It also lacks third-party app integrations, which may be a drawback for businesses that rely on a connected software ecosystem. However, for a straightforward, low-fee online banking experience, Axos is a solid choice.
For European entrepreneurs, a new wave of online banks provides powerful, low-cost alternatives to traditional banking. These platforms are built for the digital age, offering multi-currency accounts, seamless international payments, and integration with modern business tools.
Revolut Business is a financial super app offering a comprehensive suite of tools for companies that operate globally. It provides multi-currency accounts, allowing you to hold and exchange over 25 currencies at the interbank exchange rate, which can lead to significant savings on international transactions. Businesses can issue both physical and virtual debit cards for team members with customizable spending limits.
The platform facilitates international payments to over 100 countries and offers local account details in various currencies, simplifying how you receive money from abroad. Revolut Business integrates with popular accounting software like Xero, QuickBooks, and Sage. There are several paid plans, with fees starting from around €5 per month for the basic plan, which includes a limited number of free local and international transfers.
As an online-only platform, Revolut Business does not have physical branches. While it offers robust features for international trade, its free plan is quite limited, and costs can escalate with more advanced needs. It is authorized as a bank in the EEA by the Bank of Lithuania, and deposits are protected up to €100,000.
N26 Business is a mobile-first bank designed for freelancers and self-employed individuals across many European countries. It offers a free business account, N26 Business Standard, with no monthly fees and no minimum deposit. This account comes with a virtual Mastercard, with an option to order a physical card for a delivery fee. All card payments in any currency are free of foreign transaction fees.
A key feature for freelancers is the 0.1% cashback on all card purchases. The N26 app provides real-time spending notifications and automatic categorization of expenses to simplify financial management. For those needing more features, N26 offers premium paid accounts that include benefits like more free ATM withdrawals, insurance packages, and dedicated sub-accounts called Spaces for better budgeting.
However, N26 Business accounts are only available to freelancers and the self-employed operating under their own name, not to registered companies. As a fully digital bank, it lacks physical branches and has limits on free ATM withdrawals in its standard plan. Deposits are protected up to €100,000 under the German Deposit Protection Scheme.
Originally known as TransferWise, Wise Business is a powerful solution for companies that work with multiple currencies. Its core feature is the ability to hold and manage money in over 50 currencies and receive payments with local bank details in major currencies like EUR, USD, GBP, AUD, and more. This makes it incredibly easy to get paid by clients from around the world without incurring high conversion fees.
Wise is known for its transparent and low-cost currency conversions, which use the real mid-market exchange rate. There are no monthly subscription fees, but there is a one-time setup fee to get your international bank details. The platform offers a business debit card for spending in any currency, batch payment tools for paying multiple invoices at once, and integrations with accounting software like QuickBooks and Xero.
Wise Business is an excellent tool for international trade but is not a traditional bank. It's an electronic money institution, though funds are safeguarded in low-risk assets. The platform is online-only, and while it excels at international transactions, it may not be the best fit for businesses that primarily trade domestically or need traditional banking services like credit.
Holvi is a digital banking service from Finland designed specifically for European entrepreneurs, freelancers, and small business owners. It combines a business account with invoicing and bookkeeping tools in one platform. You can create and send professional invoices directly from your account, and Holvi will automatically match payments to your invoices, simplifying your accounting.
The platform offers a business Mastercard and provides real-time financial reports, including a VAT balance, to help you stay on top of your finances. Holvi offers different pricing plans, including a free basic account with limited features and paid plans that offer more transactions, invoicing capabilities, and user access. There are no minimum deposit requirements to open an account.
Holvi's strength lies in its all-in-one approach to business finance management, making it ideal for those who want to streamline their administrative tasks. However, it is an online-only service without physical branches. While it provides a German or Finnish IBAN depending on your location, its multi-currency features are not as extensive as some competitors. Holvi is a licensed payment institution, and customer funds are kept separate in European partner banks.
Pavel Novák
Pavel is a content creator with a professional background in small business finance who enjoys diving into the details of financial compliance. His goal is to help readers understand not just the 'how,' but the 'why' behind maintaining accurate financial records in a digital world.
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