Choosing the right bank account is crucial for any business, especially when managing finances online. With so many options out there, it can be overwhelming to figure out which one is best for your needs. In this post, I’ll walk you through some of the best business online bank accounts available and help you understand what to look for.
Why an Online Bank Account?
Before diving into the top picks, let’s talk about why an online bank account might be the right choice for your business.
- Convenience: You can manage your finances anytime, anywhere, without having to visit a physical branch.
- Lower Fees: Online banks often have lower fees because they don’t have the overhead costs of maintaining physical locations.
- Integration: Many online accounts seamlessly integrate with accounting software, making it easier to track your expenses and income.
What to Look for in a Business Online Bank Account
When choosing an online bank account for your business, consider these key factors:
- Low or No Fees: Look for accounts with minimal fees, especially for transactions, monthly maintenance, and wire transfers.
- High Transaction Limits: If your business handles a lot of transactions, you’ll want an account that allows a high number of free transactions per month.
- Integration with Tools: Ensure the account integrates well with your accounting software and other financial tools.
- Customer Support: Even though it’s online, having access to reliable customer support is essential.
- Interest Rates: Some accounts offer interest on your balance, which can be a nice perk for your business savings.
Top Picks for Business Online Bank Accounts
Here are some of the best options available right now:
1. BlueVine Business Checking
BlueVine is a standout choice for small businesses. It offers a business checking account with no monthly fees, no minimum balance requirements, and unlimited transactions. Plus, you can earn 2.0% interest on balances up to $100,000.
2. Novo Business Banking
Novo is designed specifically for small businesses and freelancers. It has no hidden fees, no minimum balance, and provides free ACH transfers, mailed checks, and incoming wires. Novo also integrates with popular tools like QuickBooks, Stripe, and Shopify.
3. Chase Business Complete Banking
Chase is a traditional bank with a strong online presence. Their Business Complete Banking account offers free transactions up to a certain limit and access to their extensive ATM network. While it has a monthly fee, it can be waived by meeting specific requirements.
4. Axos Bank Business Interest Checking
Axos Bank offers a Business Interest Checking account that earns you interest on your balance. It has no monthly maintenance fees if you maintain a minimum balance, and you get 50 free items per month.
5. TIAA Bank Small Business Checking
TIAA Bank’s Small Business Checking account is great for those who want to earn interest on their balance. It offers 200 free transactions per month and reimburses ATM fees nationwide.
How to Choose the Right One
When choosing the best business online bank account for your needs, consider the size of your business, the number of transactions you process, and any specific tools you need. It’s also worth looking into whether the bank offers additional services like business credit cards or loans that could benefit your business.
Conclusion
Selecting the best business online bank account depends on your specific business needs. Whether you prioritize low fees, high transaction limits, or integration with your existing tools, there’s an option out there for you. By choosing the right account, you’ll make managing your business finances easier and more efficient.
