Best Online Small Business Bank Account

In today's fast-paced business world, small businesses need access to banking services that are convenient, affordable, and tailored to their specific needs. Online banks offer a range of advantages over traditional banks, including lower fees, more flexibility, and access to a variety of financial tools and services.

When choosing an online bank for your small business, it's important to consider several factors, such as fees, interest rates, account features, and customer service. You should also make sure that the bank is FDIC-insured, which means that your deposits are protected up to $250,000.

To help you find the best online bank for your small business, we've compiled a list of the top five online banks that offer a variety of features and services designed to meet the needs of small businesses.

Best Online Small Business Bank

When choosing an online bank for your small business, consider these key factors:

Low fees
Competitive interest rates
Variety of account features
Excellent customer service
FDIC-insured
Easy online banking platform
Mobile banking app
Integration with accounting software
Access to business loans and other financing options
Positive customer reviews

By considering these factors, you can choose the best online bank for your small business and enjoy the benefits of convenient, affordable, and tailored banking services.

Low fees

One of the biggest advantages of online banks is that they typically charge lower fees than traditional banks. This is because they have lower operating costs, as they don't have to maintain physical branches.

No monthly maintenance fees: Many online banks offer business checking accounts with no monthly maintenance fees, which can save you a significant amount of money over time.
Free online and mobile banking: Online banks typically offer free online and mobile banking services, so you can access your account and manage your finances from anywhere.
Free ATM access: Some online banks reimburse ATM fees, so you can withdraw cash from any ATM without paying a fee.
Low transaction fees: Online banks typically charge lower fees for transactions such as wire transfers and check deposits.

By choosing an online bank with low fees, you can save money on your banking costs and keep more of your hard-earned profits.

Competitive interest rates

Another advantage of online banks is that they often offer competitive interest rates on business savings accounts and money market accounts. This means that you can earn more interest on your idle cash, which can help you grow your business.

Higher interest rates on business savings accounts: Online banks typically offer higher interest rates on business savings accounts than traditional banks. This means that you can earn more interest on your savings, even if you don't have a large balance.
Competitive rates on money market accounts: Online banks also offer competitive rates on money market accounts, which are similar to savings accounts but offer higher interest rates and more flexible access to your funds.
Regular rate increases: Some online banks regularly increase their interest rates, so you can be sure that you're always getting the best possible rate on your deposits.
Special promotions: Many online banks offer special promotions, such as higher interest rates for new customers or customers who maintain a certain balance in their account.

By choosing an online bank with competitive interest rates, you can maximize the return on your idle cash and help your business grow.

Variety of account features

Online banks offer a variety of account features that can help small businesses manage their finances more effectively.

Multiple user logins: Many online banks allow you to set up multiple user logins, so that you and your employees can access the account and manage your finances.
Mobile banking app: Online banks typically offer mobile banking apps, so you can manage your finances on the go.
Integration with accounting software: Some online banks integrate with popular accounting software, such as QuickBooks and Xero, so you can easily import and export your financial data.
ACH payments: Online banks typically offer ACH payments, which allow you to send and receive electronic payments quickly and easily.

By choosing an online bank with a variety of account features, you can streamline your business finances and save time and money.

Excellent customer service

Excellent customer service is essential for any business, but it's especially important for small businesses. When you're running a small business, you don't have time to deal with long wait times, unhelpful customer service representatives, or complicated processes. You need a bank that provides excellent customer service, so you can focus on running your business.

There are a few things you should look for when evaluating the customer service of an online bank:

24/7 customer support: You should be able to contact the bank's customer service department 24 hours a day, 7 days a week, so you can get help whenever you need it.
Multiple contact options: The bank should offer multiple contact options, such as phone, email, and chat, so you can choose the method that's most convenient for you.
Knowledgeable and helpful customer service representatives: The bank's customer service representatives should be knowledgeable about the bank's products and services and be able to help you with any questions or problems you have.
Positive customer reviews: Read online reviews of the bank to see what other customers have to say about their customer service experience.

By choosing an online bank with excellent customer service, you can be sure that you'll be able to get the help you need, when you need it.

Here are some additional benefits of choosing an online bank with excellent customer service:

Faster problem resolution: Online banks typically have faster problem resolution times than traditional banks, because they don't have to deal with the same volume of customers in-person.
More personalized service: Online banks can provide more personalized service to their customers, because they have a better understanding of their customers' needs.
Greater customer satisfaction: Online banks typically have higher customer satisfaction ratings than traditional banks, because they provide a more convenient and efficient banking experience.

FDIC-insured

The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that insures deposits up to $250,000 at FDIC-member banks. This means that if your bank fails, you are protected from losing your deposits, up to the FDIC coverage limit.

Peace of mind: Knowing that your deposits are FDIC-insured gives you peace of mind, knowing that your money is safe, even if the bank fails.
No need to shop around for the safest bank: All FDIC-member banks are equally safe, so you don't need to shop around for the safest bank. You can simply choose the bank that offers the best rates and fees for your needs.
FDIC coverage is automatic: You don't need to do anything to get FDIC coverage. It is automatic for all deposits at FDIC-member banks.
FDIC coverage is free: FDIC coverage is free to depositors. You don't pay any fees for this protection.

By choosing an FDIC-insured online bank, you can be sure that your deposits are safe and protected.

Easy online banking platform

An easy-to-use online banking platform is essential for any small business owner. You need a platform that is intuitive and easy to navigate, so you can quickly and easily manage your finances.

Here are some features to look for in an easy-to-use online banking platform:

User-friendly interface: The platform should have a user-friendly interface that is easy to understand and navigate, even for those who are not tech-savvy.
Clear and concise menus: The menus should be clear and concise, so you can easily find the information you need.
Quick and easy bill pay: The platform should make it quick and easy to pay your bills online.
Mobile banking app: The bank should offer a mobile banking app, so you can manage your finances on the go.
Integration with accounting software: The platform should integrate with popular accounting software, such as QuickBooks and Xero, so you can easily import and export your financial data.

By choosing an online bank with an easy-to-use online banking platform, you can save time and money, and focus on running your business.

Here are some additional benefits of choosing an online bank with an easy-to-use online banking platform:

Increased efficiency: An easy-to-use online banking platform can help you manage your finances more efficiently, so you can save time and money.
Improved accuracy: An easy-to-use online banking platform can help you avoid errors when managing your finances.
Greater control over your finances: An easy-to-use online banking platform gives you greater control over your finances, so you can make better financial decisions.

Mobile banking app

A mobile banking app is a must-have for any small business owner. With a mobile banking app, you can manage your finances from anywhere, at any time.

24/7 access to your accounts: With a mobile banking app, you can access your accounts 24 hours a day, 7 days a week, so you can check your balance, transfer funds, and pay bills, whenever and wherever you need to.
Deposit checks remotely: Many mobile banking apps allow you to deposit checks remotely, so you don't have to go to the bank in person.
Pay bills on the go: With a mobile banking app, you can pay bills on the go, so you can save time and money.
Receive alerts and notifications: You can set up alerts and notifications on your mobile banking app, so you can be notified of important account activity, such as deposits, withdrawals, and bill payments.

By choosing an online bank with a mobile banking app, you can save time and money, and manage your finances more efficiently.

Integration with accounting software

Integration with accounting software is a valuable feature for small business owners. With integration, you can easily import and export your financial data between your online bank account and your accounting software.

Save time and money: Integration can save you time and money by eliminating the need to manually enter data into your accounting software.
Reduce errors: Integration can help you reduce errors by eliminating the need to re-key data.
Improve accuracy: Integration can improve the accuracy of your financial data by ensuring that it is consistent between your online bank account and your accounting software.
Make better financial decisions: Integration can help you make better financial decisions by providing you with a complete view of your financial data.

By choosing an online bank that integrates with your accounting software, you can streamline your accounting processes and improve the accuracy of your financial data.

Access to business loans and other financing options

As a small business owner, you may need access to financing to start or grow your business. Online banks often offer a variety of business loans and other financing options, such as:

Small business loans: Online banks offer a variety of small business loans, including term loans, lines of credit, and equipment loans.
SBA loans: Online banks also offer SBA loans, which are government-backed loans that are available to small businesses.
Merchant cash advances: Merchant cash advances are short-term loans that are repaid through a percentage of your sales.
Invoice factoring: Invoice factoring is a way to sell your unpaid invoices to a factoring company at a discount.

By choosing an online bank that offers a variety of business loans and other financing options, you can get the financing you need to start or grow your business.

Here are some additional benefits of choosing an online bank for your business financing needs:

Competitive interest rates: Online banks typically offer competitive interest rates on business loans and other financing options.
Flexible repayment terms: Online banks often offer flexible repayment terms, so you can choose a repayment schedule that works for your business.
Fast and easy application process: Online banks typically have a fast and easy application process for business loans and other financing options.
Dedicated customer service: Online banks typically offer dedicated customer service for business customers, so you can get the help you need when you need it.

Positive customer reviews

When choosing an online bank for your small business, it's important to read online customer reviews. Customer reviews can provide you with valuable insights into the bank's products, services, and customer service.

Look for positive reviews: When reading customer reviews, look for positive reviews that highlight the bank's strengths, such as its low fees, competitive interest rates, easy-to-use online banking platform, and excellent customer service.
Read negative reviews: It's also important to read negative reviews to see what customers have to say about the bank's weaknesses. This can help you identify potential problems that you may encounter if you bank with the bank.
Consider the overall consensus: When reading customer reviews, consider the overall consensus. Are most of the reviews positive or negative? This can give you a good idea of what other customers think of the bank.
Look for recent reviews: It's also important to look for recent reviews, as these are more likely to reflect the bank's current products, services, and customer service.

By reading online customer reviews, you can get a better idea of the bank's products, services, and customer service, and make an informed decision about whether or not to bank with the bank.

FAQ

Here are some frequently asked questions about the best online small business banks:

Question 1: What are the benefits of using an online bank for my small business?
Answer 1: Online banks offer a number of benefits for small businesses, including lower fees, competitive interest rates, a variety of account features, excellent customer service, and FDIC-insurance.

Question 2: How do I choose the best online bank for my small business?
Answer 2: When choosing an online bank for your small business, you should consider factors such as fees, interest rates, account features, customer service, and FDIC-insurance.

Question 3: What are some of the best online banks for small businesses?
Answer 3: Some of the best online banks for small businesses include BlueVine, Novo, Axos Bank, and Capital One.

Question 4: What are the fees associated with online banking for small businesses?
Answer 4: The fees associated with online banking for small businesses vary depending on the bank. However, many online banks offer business checking accounts with no monthly maintenance fees and free online and mobile banking.

Question 5: What interest rates can I expect on my small business savings account?
Answer 5: The interest rates on small business savings accounts vary depending on the bank. However, online banks typically offer higher interest rates than traditional banks.

Question 6: What kind of customer service can I expect from an online bank?
Answer 6: Online banks typically offer excellent customer service, including 24/7 customer support, multiple contact options, and knowledgeable and helpful customer service representatives.

Question 7: Are online banks FDIC-insured?
Answer 7: Yes, most online banks are FDIC-insured, which means that your deposits are protected up to $250,000.

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These are just a few of the frequently asked questions about the best online small business banks. By carefully considering your needs and comparing different banks, you can choose the best online bank for your small business.

In addition to choosing the right online bank, there are a few other things you can do to manage your small business finances more effectively:

Tips

Here are a few tips for managing your small business finances more effectively with an online bank:

Tip 1: Set up multiple user logins: Many online banks allow you to set up multiple user logins, so that you and your employees can access the account and manage your finances.

Tip 2: Take advantage of mobile banking: Most online banks offer mobile banking apps, so you can manage your finances on the go. This is especially useful for small business owners who are always on the move.

Tip 3: Integrate your accounting software: Some online banks integrate with popular accounting software, such as QuickBooks and Xero. This can save you time and money by eliminating the need to manually enter data into your accounting software.

Tip 4: Use online bill pay: Online banks typically offer online bill pay, so you can easily pay your bills from your computer or mobile device. This can save you time and money by eliminating the need to write checks or go to the post office.

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By following these tips, you can manage your small business finances more effectively and efficiently with an online bank.

Choosing the best online bank for your small business and following these tips can help you save time, money, and hassle.

Conclusion

Choosing the best online bank for your small business is an important decision. By carefully considering your needs and comparing different banks, you can choose the bank that offers the best combination of fees, interest rates, account features, customer service, and FDIC-insurance.

In addition to choosing the right online bank, there are a few other things you can do to manage your small business finances more effectively: