Finding the right business checking solutions is key for small and medium-sized businesses. This guide looks at the top online business accounts in the US. It focuses on high APY business accounts, no monthly fees, and 24/7 customer support.
The American Express® Business Checking is a top choice. It offers a high APY of 1.30% on balances up to $500,000. But, it doesn’t have cash deposit services or international wire transfers. It’s great for businesses that don’t need these services.
Our experts at NerdWallet have carefully reviewed these accounts. They bring their deep knowledge of business finance to the table. The American Express® Business Checking account is ideal for those seeking the best business checking solutions without hidden fees.
Looking for the best options? Check out other top-rated accounts too. For example, the Bluevine Standard checking account is rated 4.55 out of 5. It has no monthly fees and offers an APY, making it a top choice among online business accounts.
Other notable mentions include Mercury Business Checking and Grasshopper Accelerator Business Checking. Both have ratings over 4.28 and no monthly fees.
For more comparisons and insights, check out our full guide on best online business bank accounts. This guide will help you choose the right account for your US small business banking needs.
Top Picks for Online Business Bank Accounts
Choosing the right bank account for your small business is key to its success. American Express® Business Checking and Bluevine Business Checking are top choices. They offer features that meet the needs of small businesses.
American Express® Business Checking has a 1.30% APY on balances up to $500,000. It also has a Membership Rewards program and 24/7 customer support. This makes it a great option for businesses looking for high-yield accounts.
Bluevine Business Checking offers a 2.00% APY on balances up to $250,000 with no monthly fees. It also supports businesses with easy accounting software integration and unlimited transactions. These features make Bluevine a top choice for online banking.
Chase Business Complete Banking offers a $300 sign-up bonus and a way to waive the $15 monthly fee. It also has in-person customer support and QuickAccept payment integration. This makes it appealing to small business owners.
Found Small Business Banking has no monthly fees and offers unlimited invoicing and tax planning tools. U.S. Bank Silver Business Checking also stands out with a $400 sign-up bonus and no monthly fees. It has a low opening deposit and a wide branch network.
Comparing these online banking options to traditional banks shows big differences. Bluevine’s high APY and no fees are big advantages. U.S. Bank Silver Business Checking’s no-fee structure and extensive branch network are also valuable.
Our evaluations, based on trusted guides, look at APYs, fees, customer support, and more. Below is a table comparing some top online business banking options.
| Bank Account | APY | Monthly Fees | Sign-Up Bonus | Additional Features |
|---|---|---|---|---|
| Bluevine Business Checking | 2.00% on balances up to $250,000 | None | None | Accounting software integration, unlimited transactions |
| American Express® Business Checking | 1.30% on balances up to $500,000 | None | None | Membership Rewards, 24/7 support |
| Chase Business Complete Banking | None | $15 (waivable) | $300 | QuickAccept, in-person service |
| Found Small Business Banking | None | None | None | Tax planning tools, unlimited invoices |
| U.S. Bank Silver Business Checking | None | None | $400 | 125 free transactions, large branch network |
Comparing Traditional and Digital Banks for SMBs
The debate on digital vs traditional banking for small and medium-sized businesses (SMBs) is ongoing. Digital banks, like Bluevine and American Express® Business Checking, have many benefits. These include low or no fees, higher interest rates, and advanced digital tools.
Traditional banks offer in-person service and can handle cash transactions. This is key for businesses with a physical store. But, online banking is more efficient. It allows easy integration with accounting and payroll services, saving time and improving operations.
Digital banks are more flexible and affordable than traditional ones. They have fewer fees and offer competitive interest rates. For example, online banks often have high-yield interest, no monthly fees, and no minimum balance requirements. This makes them very appealing to SMBs looking to manage their finances better.
| Feature | Digital Banks | Traditional Banks |
|---|---|---|
| Fees | Low to Zero | Varied, often higher |
| Interest Rates | Higher | Lower |
| In-Person Service | None | Extensive |
| Cash Handling | Limited | Comprehensive |
| Integration with Business Tools | Advanced | Minimal |
Digital banks also offer merchant services and investment opportunities. They focus on features like free standard ACH transfers and various payment options. This makes them very attractive to businesses looking for efficient financial solutions.
Online banking is becoming more popular, with 84% of millennial SMBs considering it. This shift shows a broader change in the U.S. workforce. People are now looking for banking options that are adaptable and tech-savvy.
Guide to Best Online Business Bank Accounts US
Choosing the right online business account is key. You need to know what your business needs. This guide helps you find the best account with features like high APY rates and strong security. For example, Bank of America has special financing for certain industries.
Bluevine offers a 2.0% APY on up to $100,000 in their Business Checking account. Their premium services can boost that rate to 4.25% APY.
Fees and transaction limits are important. Novo Business Checking has no monthly fees and no minimum balance. It also doesn’t charge for wire transfers. Lili Business Banking also has no monthly fees but charges for ATM withdrawals.
Axos Bank offers unlimited ATM reimbursements and no monthly fees. But, you need to keep an average balance of $2,500 for 60 days to get a $200 bonus.
Technology integration and customer service are also key. PNC Bank offers bookkeeping services, which can help manage finances. Wise Business supports over 50 currencies and allows transfers to 80+ countries, great for international businesses.
Airwallex provides accounts in multiple jurisdictions and has competitive FX markup. This is perfect for global businesses.
To learn more, check out this complete guide on UK startup bank. It offers insights that can help you choose the best online business bank account in the US. In short, pick a bank that fits your business needs, ensuring your financial health and growth.