Does Ally Bank Have Business Checking?
In short, there is no Ally business checking account. This popular online banking service currently only offers online checking accounts for individuals and joint account-holders. If you are interested in opening an Ally business checking account, you may want to consider another online banking option. There are several business checking options on the market, including Axos Bank Business Interest Checking, Azlo Business Checking, and Novo.
Finding the right business bank account is an important step for any business owner. And if you’re familiar with online banking, then you certainly know Ally Bank. Of the handful of excellent online-only checking accounts on the market, chief among them is Ally’s Interest Checking account. Ally Interest Checking is not only fee-free, but (as its name implies) it also accrues monthly interest at rates that are comparable to those of a savings account. Plus, Ally offers class-leading customer service. All things considered, Ally offers a unique product for consumers that’s earned it rave reviews. That’s why so many business owners want an Ally business checking option, as well.
Read on to find out if Ally Bank offers business checking, as well as some top alternatives in the business checking space.
Ally Business Checking: What to Know
Most big banks have business checking accounts that offer similar (if not better) perks than their consumer options. So if you already know about the consumer-friendly features that come with Ally Interest Checking, you’re probably eager to learn about Ally business checking options.
Unfortunately, if you’re looking to open an Ally Bank business account, you’re out of luck. There is no Ally business checking option, as their banking division is personal-only as of this writing—meaning it is only for individuals and joint account-holders.
As disappointing as it might be to learn that there’s no Ally Bank business checking account, that doesn’t mean that you’re totally out of luck. There are more than a few great business checking accounts, including options that are online-only and don’t require you to apply in person.
We’ve looked at some of the best parts of Ally’s personal checking account to help you figure out your best Ally business checking alternatives.
Ally Business Checking Alternatives: Online Options
As mentioned, Ally is an online-only bank. So, if you’re after an Ally business checking account, it’s quite likely that you’re looking for an online-only business bank account—or you’re at a minimum interested in the convenience and modern features that one could provide you. That’s why we’ll start with other online-only alternatives for those looking for an Ally business account.
There might be a bevy of great online-only banks out there for personal checking, but the same can’t be said for the business checking market. A lot of that has to do with the reality that it’s really difficult from a regulatory standpoint for banks to open business checking accounts entirely online (mostly due to identity theft and fraud protection).
In fact, there are only a handful of entirely digital business checking accounts: Axos Bank Business Interest Checking, Azlo Business Checking, and Novo checking. And of those three, only Axos Business Interest Checking provides account holders with compounding interest. But what Azlo and Novo lack in interest rates, they make up for in technology: Both are tech-heavy options for entrepreneurs who are interested in maximizing the best technology in online banking for their business.
Let’s break down all three of these Ally business checking alternatives to help you make an informed decision:
Axos Bank Business Interest Checking
Founded in 1999, Axos (then called Bank of Internet) was one of the first online-only banks. They were quick to adopt the model of offering enticing perks, like good interest rates on checking and savings accounts, in order to attract new customers who may not have been totally on board with ditching their brick-and-mortar banks. Ally may have a bigger name brand for offering interest checking, but Axos was one of the innovators.
Axos Business Interest Checking offers a fantastic alternative to would-be Ally business checking customers. Their account offers a flat 0.8% APY with a $5,000 average daily balance requirement, a nationwide network of free ATMs, 50 free items (debits, credits, or deposited items), up to 60 free remote deposits every month, and free bill pay. Better still, Axos Business Interest Checking also comes with the ability to use paper checks, which Azlo and Novo don’t support. Perhaps most importantly, Axos provides a free app for your iPhone, iPad, or Android. allowing you to bank on the go.
There is an initial opening deposit requirement of $100, and if you can’t maintain an average daily balance of $5,000, you will have to pay a $10 monthly maintenance fee.
Azlo Business Checking
Azlo Business Checking, another relative newcomer to the business checking scene, provides fee-free online banking for small businesses of any size. With Azlo you’ll receive mobile check deposit, free ATM withdrawals (from their 55,000 member ATMs), and unlimited ACH transactions. The bank also supports integration with Stripe, Square, QuickBooks, and PayPal, and allows users to invoice clients directly from their account page. Plus, all of these features can be performed from the Azlo mobile app.
Like Ally, Azlo does not charge you monthly fees to keep your account open. But the two banks differ with regards to ATM fee reimbursements and interest rates. Azlo doesn’t provide a $10 monthly reimbursement for ATM fees like Ally does; nor does it offer interest-bearing checking. But all told, most customers won’t miss these features (and won’t likely find them with other business checking accounts).
If you’re already familiar with Ally, Azlo will be a snap to use. Both banks are digital-first, meaning that all of your banking is done online or through the bank’s app. Just like Ally, Azlo also requires all of their clients to deposit via their app. The deposit function within Azlo’s app is straightforward and simple enough that you won’t miss having the mail-in option.
Novo touts itself as an online bank that’s built for startups, but any business can apply for an account as long as the applicant is a U.S. citizen with a social security number.
The bank offers fee-free checking, no minimum balance, and an intuitive mobile app that serves as the core of their banking experience—something you’ll appreciate if you’re searching for Ally business checking. Note that the app is not currently available for Android devices, although according to their website it’s coming soon. You do have to make a minimum $50 opening deposit to activate your Novo account.
Novo offers the usual bank features, such as mobile deposits and transfers, as well as a Mastercard debit card for ATM withdrawals. The card is also compatible with Google Pay and Apple Pay. Novo’s interface can help you track expenses, payments, burn rate, and daily banking concerns. The platform can even help you cancel recurring subscriptions; track your spending; and integrates into software platforms like QuickBooks, Stripe, Slack, and Gusto.
Ally Business Checking Alternatives: Brick-and-Mortar Options
If your business works with a great deal of cash, or you need the ability to deposit a high volume of checks, you’re going to want to limit your search to business checking accounts that have physical branches.
Just like with Ally’s personal checking account, you’re not going to be able to deposit cash with an online-only bank (and you can’t send these kinds of deposits to a branch, either, as there aren’t any). Azlo also won’t provide account holders with physical checks—it relies solely on direct bank transfers to let customers pay invoices.
But if you want a tech-savvy bank with physical branches, Chase is an excellent Ally business checking alternative. This bank has invested greatly in their digital infrastructure, so they have modern apps and a high-functioning website, which not every big bank does.
That said, they don’t offer a digital business checking equivalent to their recently shuttered Finn account—nor do we know about any plans for one as of now. But what Chase does offer, besides their tech, is some of the best business checking accounts for small business owners. There are three accounts available that provide a wealth of features, low fees, and wire transfers that are tailored to each stage of your small business’s growth—but here are the two we think could be your best alternatives:
Chase Total Business Checking
Chase Total Business Checking is the entry-level option for small businesses that are just starting out, or don’t need a ton of features as part of their banking experience. This account offers low monthly service fees (which are waived with a daily balance of $1,500), a manageable account balance, 100 free transactions, and $5,000 in free deposits every month. Plus, Chase maintains a network of 5,000 branches and 16,000 ATMS nationwide, making it very convenient to bank in person or online.
Another nice perk is that if you have multiple business owners, each owner can get their own debit card, bank PIN, and online account access.
And as long as you don’t need to make a ton of incoming or outgoing wire transfers, you can avoid the standard fee that’s charged to your account for each one made. If you’re satisfied with the basic features of an Ally checking account, you’ll be right at home with Chase Total Business Checking.
Chase Performance Business Checking
Chase Performance Business Checking provides the next tier of small business banking support above the basic Total Business Checking account. Great for midsize businesses, Performance Business Checking provides 250 transactions and two outgoing domestic wires for free every month. Plus, you’ll get $20,000 in fee-free cash deposits, and can have your $30 monthly service fee waived so long as you maintain a $35,000 balance.
What to Consider in a Business Checking Account
Now that you know what your Ally business checking alternatives are—since an actual Ally business checking account doesn’t exist—let’s give you some pointers on how to choose the right business checking account for your business. Here is what you need to consider when picking your business checking account:
- Number of monthly transactions: How many transactions will you get for free each month? This goes to the heart of how you’ll use your account and how much that use will cost you. “Transactions” typically include cash and check deposits, cash withdrawals, transfers, and electronic payments.
- Average account balance: Some accounts will charge you fewer fees, or even no fees, if you maintain a high enough daily and monthly account balance. When shopping for a business checking account, consider your expenses and what’s realistic for you in terms of average daily and monthly account balances.
- Opening deposit amount: Accounts with the fewest fees require a much larger opening deposit than accounts with more or higher fees.
- Physical and online infrastructure: How many physical branches does the bank have? How many ATMs? If you operate a brick-and-mortar business, or deal primarily in cash, you’ll likely need a bank you can visit in person. In contrast, if you sell online or primarily process payments digitally, you’ll need a checking account you can access and use online.
- Integrations: You want all the tools you need to run your business to work together seamlessly, as this will save you a lot of time. So try to find a business bank account that works with existing payments and accounting software.
- Size of bank: Smaller banks tend to offer better customer service and personalization. Large banks tend to offer more transparency and convenience. Understand which makes the most sense for your business.
Ally Business Checking Account: The Bottom Line
The bad news is that Ally business checking isn’t currently available, and we’re not sure if the bank will branch out into business banking anytime soon. That said, you do still have business checking options that’ll give you many of the same features that Ally customers love so much—including the opportunity to earn interest or bank online. In certain instances, our Ally business checking alternatives offer both.
Your best bet is to figure out what’s most important to your business, and then you can figure out the best Ally Bank business checking alternative to pursue. Regardless, make sure you don’t use a personal checking account for your business; it’s essential you keep your personal and business finances separate, no matter how tempting it is to stick with Ally personal banking for business. We promise—you’ll find an account that’s right for you.