Best online business bank account in 2021
If you have an established business, startup, or home-based business, you’ve probably thought about banking options. Opening a bank account isn’t always as straightforward as we would like – it requires research and special attention, as we face our most critical issue – our money.
But, like other sectors, the banking sector adapts to the demands of the digital market.
Trade trends of 2021 suggest that e-commerce will continue to be a priority for many businesses, as will consumer demand for virtual services. For many business owners, the traditional banking experience is giving way to the convenience of online banking.
Online banking is no different from traditional banking. It offers almost all the services available at a local branch – deposits, transfers, payments, etc. Of course, the difference is that all of your transactions are done entirely online, at your convenience. Understanding this desire for convenience, many major banks and credit unions now offer online banking services.
For a busy business owner, getting on the road is a huge plus. However, choosing the right online bank for setting up a business account requires special attention.
Let’s take a look at some of the best online business bank accounts available today.
Some business owners want the convenience of online banking. They can also find solace in knowing that a physical branch is just around the corner. Chase Business Online brings the vast resources of the banking giant to the small business owner with a simple online banking option. Chase Business online banking services are provided by the FDIC.
Chase Business Online provides members with superior management and security features. Digital payment features let you control your business’s cash flow completely online – with 250 transactions per month at no charge.
- Account management tools allow members to configure multiple account users, with control over what is seen and done on the account. Cash management such as bill paying and money transfers can be done conveniently by any authorized user.
- Mobile banking with Chase’s mobile banking app allows business owners to bank on the go, with account alerts and SMS banking – you can check account balances with text and receive alert notifications when your account does not meet minimum balance requirements.
- ACH Payment allows you to pay employees and suppliers online by direct deposit. Through a partnership with Zelle, Chase enables members to send and receive money directly from their checking account online.
- Account protection and monitoring services help protect your account against fraud.
See it now at Chase
If you are a small business owner looking for the convenience of an online banking account with a personal touch that understands your needs, Small Business Bank is a great option. Small Business Bank provides online banking services to small businesses of all types, whether they are sole proprietors, small limited liability companies, or corporations.
The Small Business Bank is FDIC insured and offers its members free business verification and two online savings account options: High Yield Savings and Money Market Savings.
- There is no monthly maintenance fee or minimum for members.
- Savings account options allow members to manage cash flow, whether that’s putting it aside for taxes or investing your business profits, all with competitive interest rates .
- High Yield Savings can be opened with a minimum of $ 100, resulting in an Annual Percentage Return (APY) of 0.20% on daily balances under $ 100,000. Money Market Savings Account earns 0.75% APR on balances less than $ 100,000, with a minimum of $ 10,000 to open.
- There is no physical location, so small business owners can sign up for their free business chequing and savings accounts completely online. Mobile banking services are also available.
See it now at Small Business Bank
BlueVine is another great online bank account option for business owners who like to earn interest on their money. BlueVine is insured by the FDIC.
BlueVine offers great online features, competitive interest rates, and support for small business owners.
- Members will enjoy competitive interest rates on their business chequing accounts, with an APY of 1% on balances below $ 100,000.
- BlueVine allows business owners to control their online format and mobile banking app. Members can view balances on the go, make transfers and deposit checks in a snap.
- Although there is no physical location, business owners can use BlueVine’s business debit card to make cash withdrawals at over 38,000 ATMs.
- Checking account transactions are unlimited, no minimum balance is required and there is no charge for insufficient funds. Members can schedule payments with vendors and pay their bills with easy-to-use money management features.
See now at BlueVine
If you are a new business owner and want to set up a simple online banking account, Axos Bank is a great choice. Axos Bank is insured by the FDIC.
The Axos banking experience is hassle-free and has simple online account features.
- Axos Bank offers two online verification options: Basic Business Verification and Business Interests Verification. Basic Business offers no maintenance fees and unlimited refunds of ATM fees for home use.
- Business Interest Checking allows members with an average daily balance of $ 5,000 to earn up to 0.81% APY on their checking account. There is no monthly maintenance fee.
- Account features help members manage funds, process payments, complete transactions, and automate invoices. You can do all your banking through their mobile banking app.
- Axos Bank also offers professional account members investment options via certificates of deposit (CDs) and a certificate of deposit registration service (CDARS) with guaranteed returns. Rates range from 0.15% APY on a three month term to 0.40% APY on a five year term for CDs with minimum account balances of $ 1,000.
Bonus offer: If you started your business after June 2020, Axos offers a bonus of $ 100 to new business owners when they sign up for a checking account.
See now at Axos Bank
Radius Bank is another online bank with perfect bank account features for small business owners. Radius Bank is insured by the FDIC.
Radius Bank’s online checking account offers superior online mobile banking features and money management platforms.
- Radius Bank offers digital invoicing with automatic books. Digital payment options make it easy for customers to pay you, all linked to your checking account. Syncing with other account software like QuickBooks is easy.
- With the Radius Bank Mobile app, business owners can track payment activity, view account balances and history, reorganize or deposit checks, and make internal transfers or supplier payments. The app also offers 24/7 chat support.
- Members will enjoy unlimited transactions with online checking accounts, with no maintenance fees for accounts up to a minimum of $ 5,000. Members with a minimum balance of $ 5,000 or more can earn up to 0.10% APY on their checking accounts.
- To make business purchases faster, business owners can create a mobile wallet, pairing their Radius Bank debit card with Apple Pay, Samsung Pay, and Google Pay.
See now at Radius Bank
How to choose a business bank account online
There are many factors to consider before choosing an online banking account for your business. Here are some of the most important:
- Reliable and secure: There is no need to waste time with an online bank that does not have the customer’s financial security as a top priority. Look for FDIC-insured online banks.
- Management services and tools: What services will you need? A checking and savings account? Will you need a business credit card? Merchant services? Employee cards too? Most online banks offer payment tools and money management services. Find one that works for your business.
- Prices and fees: Many online banks may offer higher interest rates on deposit accounts than traditional banking institutions, so if interest is important, be sure to compare rates. Also watch out for service fees – overdraft fees, minimum balance fees, monthly service fees, and more.
- Support: It is vitally important to find an online bank with a great online help center, a reputation for excellent customer service, and a superior mobile app for banking on the go.
How to make the right choice for your business
Online banking is here to stay and choosing an online banking account for your business requires careful consideration. Security is always paramount – finding an FDIC-insured bank should be a top priority.
In addition, account management features, mobile platforms, potential interest rates on your money, transaction fees, and overall banking convenience are all factors to consider when making the right decision for your business. professional account.
You need to know which services would serve you the best and, in fact, help you serve your clients and customers better.