5 Best Online Banks for Small Businesses [2021]

Last Updated on April 7, 2021

This post was last updated on April 7, 2021 to include more information about the best online banks for small businesses.

Are you wondering what’s the best online bank for your small business? The right small business bank can make managing your finances and day to day operations much more efficient. On the other hand, choosing the wrong bank can bring about headaches, and even financial loss. 

While you might not be able to rely on banks for small business loans due to long turnaround times and high qualifications, having the right online bank account can help your small business fuel growth in other ways. 

Before you settle on a small business bank, make sure to take into account our list of considerations for choosing the right one. Plus, we’ll also share our top picks for the best online bank for small businesses. 

best online bank for small business

What To Look For In A Small Business Bank Account

Not every small business bank is alike, and what works for one business may not work for another. Overall, the best business bank accounts have the following features. 

  • Low Fees and Flexible Requirements: You’ll want a bank that features low monthly maintenance fees, minimum balance requirements, ATM fees, and overdraft charges, or ideally, none at all.
  • Plenty of Account Features and Services: It’s not enough to just have a business bank account. Instead, look out for the features and services that will make managing your money easier, including instant check deposit, bill payment services, transfer services, and more. 
  • High-Yield Savings Account or Interest-Bearing Checking Account: The better rates your small business bank offers, the more money you’ll earn on your cash reserves. 
  • Unlimited Transactions: In general, you want a bank account that allows you to make deposits, withdrawals, payments, or transfers as frequently as you need—without imposing additional fees. 
  • Quality Customer Service: Should you run into any issues concerning your finances, you’ll need to know the customer service team is professional, easily accessible, and willing to help. 
  • Introductory Bonus Offers: Some banks will offer a cash bonus for opening a business checking account. If possible, seek out the best banking offer. 

The 5 Best Online Banks for Small Businesses

Live Oak Bank

Live Oak Bank is an online bank specializing exclusively in small business banking needs. They’re the single most active SBA 7(a) lender in the country, having approved $369,181,900 in small business 258 7(a) loans. However, keep in mind that applying for an SBA loan through a bank could be a long, paperwork-filled process. On the other hand, applying through an online marketplace can help you learn more options faster.

Live Oak Bank offers high-yield savings products and certificates of deposit (CDs). All business bank accounts are FDIC-insured and there are zero online banking or monthly maintenance fees. 

Axos Bank 

Axos Bank offers a variety of business bank accounts – including free checking accounts. There’s also CDs and savings accounts. 

You can choose an online business checking account with zero monthly maintenance fees and a low minimum opening deposit. Or, you can opt for an interest-earning checking account with no monthly maintenance fees by maintaining an average daily balance of at least $5,000. 

Both business banking accounts come with unlimited ATM fee reimbursements and zero transaction fees for the first 50-200 transactions per month. Opening an online business checking account requires no credit check and can be done entirely remotely. 

Mercury

Mercury is one of the best online banks for small business accounts and makes it easy to open a free business checking account online with no deposit. This online bank serves entrepreneurs, fast-growing startups, and other small businesses. 

Online business banking accounts include FDIC-insured, high-yield savings and checking. Its free checking accounts feature no minimum balance requirements and zero minimum opening deposit. 

Mercury also offers highly liquid treasury accounts that earn yield. These accounts are managed by Morgan Stanley and Vanguard and offer customized portfolios consisting of government securities that can allow you to earn, with interest rates as high as 1.45% on your cash balance. 

Having been created for entrepreneurs by entrepreneurs, Mercury makes sure to allow you to transfer funds between your accounts seamlessly and quickly. You can also facilitate wire transfers, ACH transfers, and deposit checks. 

Mercury also offers small business debit cards and virtual cards. Its platform is also highly secure and maintains extensive privacy protection.  

Celtic Bank 

Celtic Bank is an entirely online bank. Small business owners can also access money market accounts, savings accounts, and CDs. 

Celtic Bank offers a large variety of business loans and other business financing solutions – including business credit cards. Because they’re a bank, though, qualifying can be difficult and time-consuming. 

Many of the small businesses Celtic Bank works with include healthcare companies, hotels, C-stores, gas stations, car washes, and more. 

Novo 

Novo is an entirely online business banking platform. It offers some of the best business bank accounts for LLCs and other small businesses. These include free checking accounts and integration tools. 

Novo allows you to apply in minutes and makes opening a business checking account easily accessible from the comfort of your own office or home. 

Business banking accounts feature no monthly maintenance fees or minimum balance requirements. There are also no ACH transfer fees, incoming wire fees, or transaction fees. Plus, Novo guarantees unlimited ATM fee reimbursement. 

Perhaps the biggest perk to banking with Novo is its rich integrations with tech tools like Slack, Wise, Xero, Stripe, Shopify, and QuickBooks. These integrations allow small business owners to track invoices, send invoices, accept payments, organize transactions, integrate their workflow, and more. If you find yourself sharing financial details with your team or accountant frequently, then this could be a game changer.

Small Business Bank and Financing 

As you choose the best online for your small business, make sure to consider your financing needs as well. Access to a business line of credit or business loan can make all the difference when it comes to handling emergencies, managing cash flow, and fueling your next level of growth. 

Unlike banks, National offers a quick, simple and easy financing process to fuel your business growth before your opportunity expires. You can apply in one place, hear multiple options explained by a knowledgeable Business Financing Advisor, and make the best choice for your needs. You can get funded in as little as a few hours.

Apply Now!

National Business Capital & Services is the #1 FinTech marketplace offering small business loans and services. Harnessing the power of smart technology and even smarter people, we’ve streamlined the approval process to secure over $1 billion in financing for small business owners to date.

Our expert Business Financing Advisors work within our 75+ Lender Marketplace in real time to give you easy access to the best low-interest SBA loans, short and long-term loans and business lines of credit, as well as a full suite of revenue-driving business services.

We strengthen local communities one small business loan at a time. For every deal we fund, we donate 10 meals to Feeding America!

About the Author, Megan Capobianco

Megan is passionate about helping business owners along their journey - providing them with relevant content they can use in their day-to-day operations.


Disclaimer: The information and insights in this article are provided for informational purposes only, and do not constitute financial, legal, tax, business or personal advise from National Business Capital & Services and the author. Do no rely on this information as advice and please consult with your financial advisor, accountant and/or attorney before making any decisions. If you rely solely in this information it is at your own risk. The information is true and accurate to the best of our knowledge, but there maybe errors, omissions, or mistakes.