You’re not alone if you feel insanely frustrated by the prospect of having to haul yourself all the way to a bank branch to open a business bank account. Opening a business bank account online isn’t 100% straightforward.
The goals that you want to meet by opening a business bank account online should align with the three bullets in one of these columns. If you feel a bit all over the place, take a good look at those goals again and figure out what, exactly, you’re looking to do with this cash. (And just maybe you need to open both accounts.)
If you’re still confused, talk to your business accountant, who will be thrilled you’re separating your business and personal finances.
This is twofold:
There aren’t a ton of traditional banks that’ll let you open a business bank account online; however, as technology has evolved, more online-based banks have made it possible to open a business bank account completely online.
All you’ll need is to fill out a bit of information, confirm your identity, and make an initial deposit.
You can open a Bluevine business checking account online. In addition, the Bluevine business bank account is free, has no minimum opening deposit requirement, no NSF fees, no incoming wire fees, and includes two free checkbooks.
The Bluevine business checking account allows unlimited transactions, and you can pay vendors and bills by ACH, wire, or check, make transfers to and from your other accounts. You can also schedule one-time and recurring payments. Moreover, you have fee-free access to over 37,000 MoneyPass ATMs across the country.
Plus, unlike most online-based business checking accounts, Bluevine gives you the ability to deposit checks with your business debit card, using over 90,000 eligible GreenDot locations in the U.S.
Overall, if you’re looking to manage your business finances online or using your mobile device—and earn interest while doing so—Bluevine is going to be a great option.
For a business savings account, the NBKC Business Money Market Account is going to be your best online option. This savings account can be opened quickly and easily online—plus, it requires no minimum opening deposit and has no monthly account fees.
With the NBKC business savings account, you’ll earn an APY of 1.75%. Additionally, the account comes with free eStatements, $0 transaction fees, $0 check deposit, and $0 incoming domestic wires. Outgoing domestic wires run $5 per wire. International wires, either outgoing or incoming, are $45 per wire.
If you don’t want either of these business bank accounts, there are other options, such as Novo, NorthOne, and Axos, which also allow you to complete a business bank account application online. Traditional bank account options might suit your business better, too.
Here’s a thought—or at least a place to start:
With the three Chase Business Checking accounts—the Complete, Performance, and Platinum—you can either open your account online or go to a branch. Chase has many, and you might be doing your personal banking with Chase already.
What’s the bottom line on how to open a business bank account online?
So, look around at all of your options. If you decide an online-based bank account isn’t for you and you’re willing to go to the bank, you’ll open up more business bank account options.
Maddie Shepherd is a former Fundera senior staff writer and current contributing writer for Fundera.
Maddie has an extensive knowledge of business credit cards, accounting tools, and merchant services, but specializes in small business financing advice. She has reviewed and analyzed dozens of financial tools and providers, helping business owners make better financial decisions.