Is There an E-Trade Business Bank Account?

Sally Lauckner

Sally is the managing editor at Fundera. Previously, she was a senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has also held various editorial roles at the Huffington Post and AOL.com. She is passionate about financial literacy and educating small business owners.
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When setting up your small business, picking the right bank account is just as important as making sure you’ve got licenses and permits, and just as crucial as having a solid business plan to help your company grow. There are a ton of great business bank account options out there, though, which can make it difficult to be confident that you’re picking the right one.

One tactic to help you pick the right business bank account is to open one at a bank you already use personally. If you use E-Trade Checking personally, you’re likely asking, “is there an E-Trade Business Bank account that I can open too?” And you’d be doing so with good reason.  Having personal and business bank accounts at the same financial firm can help make your life easier. Plus, some banks even offer you perks for keeping your personal and professional money in their vaults.

Unfortunately, there is no E-Trade business bank account at this time.

Just because you’re looking for an E-Trade business bank account, and may not be able to find what you’re hoping for, doesn’t mean you don’t have options. In fact, there are plenty of business checking accounts that provide great perks and benefits. Here are some of our top picks, as well as the top things to look for when finding an E-Trade business bank account alternative.

Why People Would Want an E-Trade Business Bank Account

Although E-Trade might be known best for their brokerage accounts and investing platform, the firm also offers checking and savings accounts.

There are two E-Trade personal checking accounts: E-Trade Checking and Max-Rate Checking. The former offers a straightforward and hassle-free checking option with no monthly fees or balance requirements, as well as free online bill pay and an ATM or debit card with each account. All you need to open an E-Trade Checking account is $100 and you’re on your way—plus, you’ll get your first checkbook free. With the E-Trade Max-Rate Checking account, you’ll get a 0.05% APY on your checking account balance, as well as the other perks that come with the standard checking account. Better yet, you’ll also get free, unlimited ATM fee refunds as well.

E-Trade also offers a personal savings account as well. The account currently offers a 2.10% APY and a waiver of the $10 monthly account fee with an average monthly balance of $1,000. You can also have this fee waived if you conduct other financial business with E-Trade, which provides a nice perk for those who want to avoid monthly account fees (and who doesn’t?).

These nifty features add up to a pretty alluring reason to open an E-Trade bank account. The issue is, of course, that there’s no E-Trade business bank account to help complement what the firm does for individuals looking for banking support. As frustrating as it is, there are plenty of reasons why E-Trade may not have a business bank account on offer. We’ll dive into a few of the potential reasons below.

Why Isn’t There an E-Trade Business Bank Account?

This isn’t a particularly easy question to answer, as the firm hasn’t offered an answer as to why an E-Trade business bank account isn’t in the offing. Other comparable companies, like Charles Schwab, don’t have business banking options either. So if you had your heart set on opening an E-Trade business bank account, or a bank account at another brokerage firm, you’re going to be disappointed.

Another reason why there may not be an E-Trade business bank account could be due to how difficult it is to open a business checking account online. Unlike opening a personal checking or savings account online, which is a relatively straightforward process, there are a ton of hurdles that come with opening a business banking account online. For one, the USA PATRIOT Act mandates that banks go through rigorous checks before allowing people to open bank accounts associated with businesses. There are also plenty of anti-money laundering rules out there that make it tricky to comply without seeing bank applicants in person.

All of that notwithstanding, there are still a few great E-Trade business bank account alternatives out there. Some of which are even through online business banks, if that’s what initially drew you to opening an E-Trade business bank account in the first place. We’ll run down some of the best options out there, and why they might be a good E-Trade business bank account alternative for your company.

E-Trade Business Bank Account Alternatives

Even though there is no E-Trade business bank account, there are tons of other great options out there worth considering. Some are even fully online, if that was one of the major deciding factors that interested you in E-Trade business banking in the first place. Some traditional brick-and-mortar banks also give you a great business banking setup too, so you’ve got plenty of options at your disposal.

For Flexible Online Banking: Axos Business Interest Checking

Axos Bank, formerly known as Bank of Internet, offers business checking and savings accounts that applicants can open entirely online. Axos Business Interest Checking gives customers 50 free items, 60 free remote deposits, and an 0.8% APY every month on their balance. A $100 initial deposit is required to open an account. So long as you maintain an average daily balance of $5,000, you’ll avoid the $10 monthly fee, too.

Axos allows account holders to use paper checks with their accounts, which is a rarity for online banks. You’ll also get to use a nationwide network of free ATMs as well—meaning that the only thing you’re lacking with Axos is the ability to deposit cash, and the convenience of having a nearby physical branch.

For Cashless Businesses: Azlo Business Checking

Azlo is a newer entrant into the online business banking arena. The bank gives users an online banking option that’s rife with perks otherwise reserved for high-tier account holders. With Azlo Business Checking, you’ll get mobile check deposits, free ATM withdrawals, and—best of all—unlimited ACH transactions. If you use Stripe or Square for your business, you’ll be able to hook your Azlo account right into your existing accounts, too.

Azlo doesn’t require a minimum balance to open, and doesn’t charge monthly fees. Unlike Axos, however, Azlo does not provide support for physical checks, which means you may be out of luck unless you rely exclusively on cash or ACH to move money. But if you want an online account like you’d get with an E-Trade business bank account, this might be a good alternative.

For New Businesses: Chase Total Business Checking

If you’re running a new business or don’t need to pay a hefty monthly maintenance fee for a bunch of features you don’t need, Chase Total Business Checking might be the account for you.

With Chase Total Business Checking, you’ll get 100 free transactions and $5,000 in free deposits every month. You’ll also get your monthly service fee waived with a daily balance as low as $1,500. Better still, you’ll have access to Chase’s network of 5,100 branches and 16,000 ATMs nationwide, which means you’re never far from your money. You can also use the Chase app to transfer money, deposit checks, and monitor your account from wherever you are.

For Businesses That Need More Flexibility: Chase Performance Business Checking

Chase Total Business Checking is great if you don’t need more than the basics within your business checking account—but if you need more flexibility with your company’s cash, you might want to look into opening a Chase Performance Business Checking account instead.

Chase Performance Business Checking is a perfect fit for medium-sized small business. Each account comes with 250 free transactions and two free outgoing domestic wires every month. So long as you maintain a $35,000 balance, you’ll also get the $30 monthly service fee waived.

Other Small Business Bank Accounts to Maximize Your Money

So far, our recommendations for an E-Trade business bank account have focused on business checking accounts. But E-Trade also offers a personal savings account, as well. Although business savings accounts may not be on your entrepreneurial radar, they’re a great way to earn interest on your company’s spare cash. So long as you have a strong enough cash flow to allow you to squirrel away some of your income in savings, you can take advantage of competitive rates and stretch your money further. Here are a few of the best business savings account options around.

Capital One Spark Business Savings

Capital One provides one of the best business savings accounts on the market. You don’t need to have a ton of money in an account to get rolling (just a buck will do!), and you’ll get some of the most competitive interest rates in the market in return. The Spark Business Savings account is entirely online, so as long as you are able to make it to a branch to submit your application, you can do everything else related to the account online. There are a few drawbacks, however: namely, you can only make six fee-free withdrawals every month. But for an account with no minimum balance and no monthly fee, the pros definitely outweigh the cons.

Capital One Business Advantage Savings

The Spark Business Savings account isn’t the only one offered by Capital One. In fact, the other business savings account, Business Advantage Savings, takes things a step further by allowing you to withdraw and deposit funds as often as you like. Your APY will vary depending on your balance, but you can be sure to get some of the best rates on the market. Best of all, you won’t be restricted with the number of times you can pull from the account without encountering a fee—making it all the more enticing to set up a business savings account to help accrue interest.

Finding the Right Business Bank Account for Your Needs

Although you might be disappointed to learn that there’s no E-Trade business bank account available, there are still plenty of other options out there that can give you many of the same perks and benefits that you’d get with a business version of a personal E-Trade bank account. You won’t be able to keep your money consolidated within a suite of personal and business accounts at E-Trade, of course, but you can rest assured that there are great options out there to get many of the same things you’d expect with a great checking or savings account. The key is looking in the right places.

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

Sally Lauckner

Sally is the managing editor at Fundera. Previously, she was a senior editor at SmartAsset, a Y Combinator-backed personal finance startup. She has also held various editorial roles at the Huffington Post and AOL.com. She is passionate about financial literacy and educating small business owners.

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