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Best Online Business Checking Accounts of December 2023
Build a Successful Business Foundation
Benefit from top-tier protection, simplified tax prep, and a smooth scale
strategy for your business.
Best Online Business Checking Accounts December 2023
Build a Successful Business Foundation
Best Business Checking
Accounts of December 2023
Top-tier protection, simplified tax prep,
and a smooth scale strategy for your business.

Last Updated December 2023
1
One-stop Shop
9.4
Excellent
Based on 2,650 Reviews
4.7
TrustPilot is an open, global platform where users write product reviews and
assign products a star rating. If a brand does not have a TrustPilot score, its
score will be based solely on the User Engagement score (see below).
User Engagement
No score available yet
Our User Engagement score is rated on a scale of 3.00-5.00, and is calculated
based on the number of clicks a brand's chart listing has received in the past
seven days. The greater the proportion of clicks a specific brand receives
relative to the other brands listed on the chart, the higher their user
engagement score.
We calculate the User Engagement Score separately for each device (mobile
engagement is scored independently of desktop engagement) and the specific type
of product compared.
The brand's chart position is influenced by the compensation we receive from
such brand. In some cases, this may also impact a brand's User Engagement score.
Lili
 * All-in-one small business banking
 * Auto savings accounts earn 4.35% APY
 * Bank without hidden fees or minimums
 * User-friendly and accessible platform

View Rates
Visit Lili
2
8.4
Very Good
Based on 7,602 Reviews
4.2
TrustPilot is an open, global platform where users write product reviews and
assign products a star rating. If a brand does not have a TrustPilot score, its
score will be based solely on the User Engagement score (see below).
User Engagement
No score available yet
Our User Engagement score is rated on a scale of 3.00-5.00, and is calculated
based on the number of clicks a brand's chart listing has received in the past
seven days. The greater the proportion of clicks a specific brand receives
relative to the other brands listed on the chart, the higher their user
engagement score.
We calculate the User Engagement Score separately for each device (mobile
engagement is scored independently of desktop engagement) and the specific type
of product compared.
The brand's chart position is influenced by the compensation we receive from
such brand. In some cases, this may also impact a brand's User Engagement score.
Bluevine
 * Platform designed for SMEs
 * Get 2.0% APY on balanes from $250
 * Make unlimited business transactions
 * Free wire and ACH transfers

View Rates
Visit Bluevine
3
9.2
Excellent
Based on 1,276 Reviews
4.6
TrustPilot is an open, global platform where users write product reviews and
assign products a star rating. If a brand does not have a TrustPilot score, its
score will be based solely on the User Engagement score (see below).
User Engagement
No score available yet
Our User Engagement score is rated on a scale of 3.00-5.00, and is calculated
based on the number of clicks a brand's chart listing has received in the past
seven days. The greater the proportion of clicks a specific brand receives
relative to the other brands listed on the chart, the higher their user
engagement score.
We calculate the User Engagement Score separately for each device (mobile
engagement is scored independently of desktop engagement) and the specific type
of product compared.
The brand's chart position is influenced by the compensation we receive from
such brand. In some cases, this may also impact a brand's User Engagement score.
Relay
 * Control your own cashflow
 * Auto savings accounts earn up to 3% APY
 * Bank without overdraft fees or minimums
 * Open up to 20 checking accounts

View Rates
Visit Relay
4
9.2
Excellent
Based on 304 Reviews
4.6
TrustPilot is an open, global platform where users write product reviews and
assign products a star rating. If a brand does not have a TrustPilot score, its
score will be based solely on the User Engagement score (see below).
User Engagement
No score available yet
Our User Engagement score is rated on a scale of 3.00-5.00, and is calculated
based on the number of clicks a brand's chart listing has received in the past
seven days. The greater the proportion of clicks a specific brand receives
relative to the other brands listed on the chart, the higher their user
engagement score.
We calculate the User Engagement Score separately for each device (mobile
engagement is scored independently of desktop engagement) and the specific type
of product compared.
The brand's chart position is influenced by the compensation we receive from
such brand. In some cases, this may also impact a brand's User Engagement score.
Found
 * Banking platform for the self-employed
 * Integrated bookkeeping & tax features
 * Send invoices & pay contractors for free
 * Create customized sub-accounts

View Rates
Visit Found
5
9.0
Excellent
Based on 4,097 Reviews
4.5
TrustPilot is an open, global platform where users write product reviews and
assign products a star rating. If a brand does not have a TrustPilot score, its
score will be based solely on the User Engagement score (see below).
User Engagement
No score available yet
Our User Engagement score is rated on a scale of 3.00-5.00, and is calculated
based on the number of clicks a brand's chart listing has received in the past
seven days. The greater the proportion of clicks a specific brand receives
relative to the other brands listed on the chart, the higher their user
engagement score.
We calculate the User Engagement Score separately for each device (mobile
engagement is scored independently of desktop engagement) and the specific type
of product compared.
The brand's chart position is influenced by the compensation we receive from
such brand. In some cases, this may also impact a brand's User Engagement score.
Novo
 * Business checking for any size LLC
 * Award-wining business checking app
 * Automation and financial insight tools
 * Speed up vendor transactions

View Rates
Visit Novo
6
7.6
Good
Based on 721 Reviews
3.8
TrustPilot is an open, global platform where users write product reviews and
assign products a star rating. If a brand does not have a TrustPilot score, its
score will be based solely on the User Engagement score (see below).
User Engagement
No score available yet
Our User Engagement score is rated on a scale of 3.00-5.00, and is calculated
based on the number of clicks a brand's chart listing has received in the past
seven days. The greater the proportion of clicks a specific brand receives
relative to the other brands listed on the chart, the higher their user
engagement score.
We calculate the User Engagement Score separately for each device (mobile
engagement is scored independently of desktop engagement) and the specific type
of product compared.
The brand's chart position is influenced by the compensation we receive from
such brand. In some cases, this may also impact a brand's User Engagement score.
Mercury
 * Start-up banking suite
 * Business banking without monthly fees
 * No minimum deposit to open an account
 * Get FDIC insurance up to $5M

View Rates
Visit Mercury
Our Best Overall
1
One-stop Shop
9.4
Excellent
Based on 2,650 Reviews
4.7
TrustPilot is an open, global platform where users write product reviews and
assign products a star rating. If a brand does not have a TrustPilot score, its
score will be based solely on the User Engagement score (see below).
User Engagement
No score available yet
Our User Engagement score is rated on a scale of 3.00-5.00, and is calculated
based on the number of clicks a brand's chart listing has received in the past
seven days. The greater the proportion of clicks a specific brand receives
relative to the other brands listed on the chart, the higher their user
engagement score.
We calculate the User Engagement Score separately for each device (mobile
engagement is scored independently of desktop engagement) and the specific type
of product compared.
The brand's chart position is influenced by the compensation we receive from
such brand. In some cases, this may also impact a brand's User Engagement score.
Lili
 * All-in-one small business banking
 * Auto savings accounts earn 4.35% APY
 * Bank without hidden fees or minimums
 * User-friendly and accessible platform

View Rates
Visit Lili


WHAT TO CONSIDER WHEN CHOOSING A BUSINESS CHECKING ACCOUNT

Before you sign up for a business checking account, it’s important to think
carefully about what financial services your business needs. Business checking
accounts differ widely, particularly when it comes to transaction limits, fees,
interest, and balance requirements.




1. TRANSACTION LIMITS



Many banks place limits on both deposits and withdrawals to your business
checking account. For example, you may only be allowed to deposit a certain
amount of cash into your account each month for free. If you exceed this cash
deposit limit, you could face hefty fees that eat into your business’s revenue.



Just as frequently, banks place limits on the number of transactions your
business can make for free. For example, you may only be allowed to make a
certain number of check payments, electronic transfers, debit card payments, or
cash withdrawals each month. If you exceed that, expect to pay more fees.




2. FEES



Fees are one of the most important things to look at when choosing a business
checking account. Banks often advertise business checking accounts as “free,”
but in reality the account is only free under certain - often very restrictive -
conditions.



 * Monthly Account Fees



To start, check whether a bank will charge a monthly account fee. This is a fee
that you’ll pay every month, no matter how often you make transactions from your
account. Small monthly fees may be worthwhile if the bank eliminates other fees,
but in general it’s a good idea to stick with business checking accounts that
come with $0 monthly charges.



You also need to watch out for “maintenance” fees. These are often listed
separately from the primary monthly fee, and they can be as high as $50 per
month at some banks. If a bank you like offers an account with a maintenance
fee, ask them to waive it. If they won’t, you should reconsider whether that
business checking account is worth it.



 * Transaction Fees



For banks that offer “free” business checking accounts, transaction fees are the
most common way to make money off of your business. Typically, business checking
accounts come with anywhere between 200 and 500 transactions per month. While
that sounds like a lot - and it may be for some businesses - it’s easy to run
over that limit towards the end of the month if your business is processing
dozens of transactions per day.



Transaction fees are often a flat fee per payment over your limit. So, for
example, you might be charged $0.50 for every excess debit card transaction.
That’s not much if you’re placing a supply order worth thousands of dollars, but
it can be as much as a 25% surcharge if you’re using your business debit card to
buy a $2 cup of coffee.




3. INTEREST



Another important factor that differs between banks is whether they offer
interest on cash inside your business checking account. With interest rates low
for the foreseeable future, this might not be a huge deal.



Still, if you have a $100,000 balance in your business checking account, earning
interest at even a modest 0.1% APY adds up to an extra $100 per year. Although
that’s not much, it’s enough to throw a small office party for your employees.



So, be sure to check whether a bank offers interest payments to business account
holders and how the interest rates compare to competitors.




4. BALANCE REQUIREMENTS



Many banks require that you keep a minimum balance inside your business checking
account. If you fall below this minimum balance, you could be subject to more
fees.



On the other hand, some banks reward you rather than punish you for keeping a
higher balance with them. For example, if you have more than a threshold amount
of cash in your business checking account, you may qualify for higher
transaction limits or higher interest rates.



This reward structure can make some business checking accounts that initially
seem too expensive much more appealing.




5. PHYSICAL VS. DIGITAL BANKING



Another thing to consider when choosing a bank for your business checking
account is whether it has a physical footprint or whether it’s an online-only
institution. Digital banks can often offer better account terms and higher
interest rates since they have less overhead than traditional banks.



On the other hand, if you need access to physical infrastructure like ATMs or
want the ability to talk to someone at your bank in person, then a physical bank
might be better for your business.



Whichever option you prefer, take a look to see what other services your bank
offers. If your business needs a loan down the road, the bank that runs your
business checking account is a good place to start. Plus, banks frequently offer
better terms to existing customers.



If you choose a small local bank or an online-only checking account, just keep
in mind that you might have less financial flexibility in the future.




EXPLORE ONLINE BUSINESS CHECKING ACCOUNTS


1. RELAY





Relay is an online banking platform for small businesses, accountants, and
bookkeepers to automate their bill pay and manage their cash flow and operating
expenses. It charges no fees and makes it easy to send and receive ACH
transfers, checks, or wires. You can sync transaction data directly in
QuickBooks or Xero, and set up role-based permissions so there’s no need to
share login information between staff.






PROS

 * Order up to 50 physical or virtual debit Mastercards/account
 * No checking account, minimum balance, ATM, or overdraft fees


CONS

 * No 24/7 customer support
 * No interest earned on deposits




2. BLUEVINE



BlueVine’s online banking option is a safe and affordable platform for small
businesses looking to grow their company, receive low interest funds or simply
to have a place to park their revenue. With no fees, thousands of free ATMs and
several banking services offered, online banking with BlueVine is both simple
and affordable.




PROS

 * High yield interest checking
 * No minimum deposit or maintenance fees


CONS

 * Customer support only during business hours
 * Outgoing wire transfer fees




3. LILI



Lili Bank is a great option for freelancers who are struggling to manage their
taxes and prefer a digital-interfaced bank. With no fees to worry about on the
Standard account and no location to tie you down, it makes it easy to travel and
work as you please with a great bank beside you every step of the way.






PROS

 * Standard account is completely fee-free
 * Automatically set aside money for taxes


CONS

 * Limited withdrawal/deposit opportunities
 * Customer service is not 24/7




DISCLAIMERS


LILI:



¹ Lili is a technology company and not a bank. Banking services are provided by
Choice Financial Group, Member FDIC.



² The Lili Visa® Business Debit Card is issued by Choice Financial Group, Member
FDIC, pursuant to a license from Visa U.S.A



³ The Annual Percentage Yield (“APY”) for the Lili Savings Account is variable
and may change at any time. The disclosed APY is effective as of September 1st,
2023. Must have at least $0.01 in savings to earn interest. The APY applies to
balances of up to and including $100,000. Any balance over $100,000 will not
earn interest or have a yield. Available to Lili Pro, Lili Smart, and Lili
Premium account holders only.




BLUEVINE:



¹ No limit on numbers of transactions, However, all accounts are subject to the
aggregated monthly deposit and withdrawal amount limits of the Account
Agreement.




RELAY:



¹ Limit of one (1) $100 USD cash reward per business. To qualify for this offer,
your Relay application must be completed by July 31, 2023 at 11:59pm ET; in
addition, your Relay account must be funded with at least $100 USD by August 14,
2023 at 11:59pm ET. Offer cannot be combined with other offers. $100 ('The
Offer') will be automatically applied to an approved Relay account within 10
business days of fulfilling the eligibility requirement(s).




AXOS:



*Open a business checking account by Dec. 31 and get up to $400 when you use
promo code NEW400 on your application.



How We Score
Our brand scores, which are rated on a scale up to 10, are based on our weighted
formula of TrustPilot and User Engagement scores.
TrustPilot Score

TrustPilot is an open, global platform where users write product reviews and
assign products a star rating. If a brand does not have a TrustPilot score, its
score will be based solely on the User Engagement score (see below).
User Engagement Score

Our User Engagement score is rated on a scale of 3.00-5.00, and is calculated
based on the number of clicks a brand's chart listing has received in the past
seven days. The greater the proportion of clicks a specific brand receives
relative to the other brands listed on the chart, the higher their user
engagement score.
We calculate the User Engagement Score separately for each device (mobile
engagement is scored independently of desktop engagement) and the specific type
of product compared.
The brand's chart position is influenced by the compensation we receive from
such brand. In some cases, this may also impact a brand's User Engagement score.
Editorial Reviews

About Us
Advertising Disclosure
bestonlinebankingaccounts.com is a free online resource that strives to offer
helpful content and comparison features to our visitors. We accept advertising
compensation from companies that appear on the site, which impacts the location
and order in which brands (and/or their products) are presented, and also
impacts the score that is assigned to it. Company listings on this page DO NOT
imply endorsement. We do not feature all providers on the market. Except as
expressly set forth in our Terms of Use, all representations and warranties
regarding the information presented on this page are disclaimed. The
information, including pricing, which appears on this site is subject to change
at any time.
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