Both digital banks and some brick-and-mortar institutions allow you to open a business checking account online. Although brick-and-mortar banks have expanded their online capabilities, especially during the COVID-19 pandemic, you’ll find that big-name, national banks are more likely to provide online applications compared with smaller, local institutions.
Here’s a roundup of some of the top places to open a business checking account online and what you can expect during the process.
How to open a small-business checking account online
Whether you’re opening a business bank account from a brick-and-mortar institution or digital-only bank, doing so online is generally faster and easier than visiting a branch location and applying in person.
Although the process will vary slightly depending on the individual bank, you should be able to complete and submit your online application in a matter of minutes.
To open a business checking account online, you will need to:
Provide basic information about yourself and any additional business owners.
Include personal identification, such as a driver’s license or Social Security number.
Provide essential details about your business, like your tax ID number.
Upload legal business documentation, which will vary based on your entity type.
If the account requires a minimum opening deposit, you will also need to fund that deposit — by ACH transfer, check or debit card — before submitting your application. The bank will refund or cancel the deposit if your application is denied.
Top places to open a business checking account online
(Scroll right for additional account options.)
BlueVine Business Checking
BlueVine Business Checking is an online-only business checking account with no monthly fees, no minimum opening deposit and no minimum balance requirements. This account includes unlimited fee-free transactions and allows you to earn 1% annual percentage yield on balances up to $100,000.
The BlueVine business checking account also offers fee-free ATM access at any MoneyPass location in the U.S. and gives you the ability to deposit cash ($4.95 fee per deposit) through the GreenDot network. With this online business bank account, you receive access to mobile check deposit and online bill pay. You also can connect your account to third-party tools such as PayPal, Stripe and Expensify.
You can apply for this business checking account by creating an account and completing an application on the BlueVine website.
Novo business checking
Novo business checking is a free business bank account with no monthly fees, no minimum balance requirements and unlimited fee-free transactions. Novo requires a $50 minimum deposit to open its online-only business checking account.
With Novo business checking, there are no ATM fees and you receive unlimited refunds on all ATM fees charged by other banks worldwide. The Novo business checking account also includes free bill pay, free mobile check deposit and free check mailing.
In addition, Novo offers integrated invoicing, a budgeting tool and direct account integrations with business tools like Stripe, QuickBooks and TransferWise. Unlike some online business bank account competitors, however, Novo cannot accept direct cash deposits.
You can apply for a Novo business checking account by signing up for an account and submitting an application on the website.
Radius business checking
Although Radius does have a small brick-and-mortar presence in Boston, the Tailored Checking account is an online-based checking account available to business owners across the U.S. The Tailored Checking account offers unlimited fee-free transactions, fee-free ATM access (regardless of the ATM you use) and unlimited reimbursements for ATM fees that other banks charge.
This Radius business checking account has a $10 monthly fee, which can be waived with an average monthly balance of $5,000 or more, and requires a $100 minimum opening deposit. The account also offers the ability to earn 0.10% APY on balances greater than $5,000.
In addition, the Tailored Checking account includes digital banking tools, such as online bill pay, mobile check deposit and an integration with Autobooks, an invoicing and online payment software.
To open this business checking account, you can complete an online application on the Radius website.
Chase business checking
Chase offers three business checking accounts — Complete, Performance and Platinum — all of which can be opened online and by visiting a branch location. Of the three options, Chase Business Complete Checking is designed most comprehensively for small-business owners, with unlimited electronic deposits, a low monthly fee and no minimum opening deposit.
Chase Business Complete Checking has a $15 monthly fee but offers four ways to waive it, such as maintaining a daily minimum balance of $2,000. In addition to the unlimited electronic deposits, this account includes up to 20 fee-free teller and paper transactions and up to $5,000 in fee-free cash deposits per month.
With this Chase business checking account, you have access to over 16,000 Chase ATMs and 4,700 branches across the U.S., Chase’s online and mobile banking tools and Chase QuickAccept for mobile credit card processing.
You also have the opportunity to earn a $300 bonus when you sign up for this account, provided that you deposit $2,000 within 20 days, maintain that balance for 60 days and complete five qualifying transactions, which can include debit card purchases, ACH credits, or credit and debit wires.
It’s important to note, however, that Chase does limit eligible online applications to businesses that are privately held sole proprietorships, corporations or LLCs (with one member or manager). Other entity types have to visit a branch location to apply.
Bank of America business checking
With Bank of America, you have two business checking account options — Business Fundamentals Checking and Business Advantage Checking. These accounts can be opened online, over the phone or by visiting a branch location.
Regardless of the Bank of America business checking account you choose, you’ll receive unlimited fee-free electronic items, including ACH transactions, debit card transactions, electronic debits, ATM check deposits and checks deposited through mobile check deposit or remote deposit online.
You’ll also have access to Bank of America’s online and mobile banking tools, its network of 17,000 ATMs and 4,300 branch locations, and the opportunity to qualify for the Preferred Rewards program.
With the Business Fundamentals account, you will have a $16 monthly fee that can be waived with a $5,000 combined average monthly balance or by spending at least $250 in new net qualified purchases with your Bank of America business debit card. This account also includes up to 200 fee-free non-electronic items per month, 45 cents per item after that. You also receive up to $7,500 in cash deposits per month, then 30 cents per $100 you deposit.
With the Business Advantage account, you will have a monthly fee of $29.95, which can be waived with a combined average monthly balance of $15,000. This account offers up to 500 fee-free nonelectronic items per month, with the same 45-cent per item fee after that. Cash deposits on the Advantage account are fee-free up to $20,000 per month, then 30 cents per $100 you deposit.
To apply for either of these Bank of America business checking accounts, you can complete and submit an application on the Bank of America website. Unlike Chase, Bank of America doesn’t implement restrictions based on entity type.
More options to open a business checking account online
Choose the right business checking account
According to a 2019 study from BAI, a research and training nonprofit for business owners, nearly 70% of small-business owners said they would prefer to open a deposit account online, even though a majority still reported visiting a branch to open a new financial account.
Whether you opt to open a business bank account online or in-person, you can streamline the process by preparing documentation ahead of time and following all instructions carefully.
Before applying, you’ll want to compare business checking account options and consider factors such as monthly fees, transaction limits, ATM access and additional banking tools in order to find an account that’s right for your financial needs.