Advertiser Disclosure

Is There a Simple Bank Business Account?

Meredith Turits

Contributing Writer at Fundera
Meredith is a writer and editor. Drawing on her background in small business and startups, she writes on business, finance, and entrepreneurship. Her writing has also appeared in the New Republic, Rolling Stone, Vanity Fair, ELLE, The Paris Review Daily, and more.

Latest posts by Meredith Turits (see all)

Editorial Note: Fundera exists to help you make better business decisions. That’s why we make sure our editorial integrity isn’t influenced by our own business. The opinions, analyses, reviews, or recommendations in this article are those of our editorial team alone.

Online banking provides perhaps the simplest, most intuitive way to manage your finances. These banks harness the industrial-strength power and backing of large financial services firms, but layer on top their own user-friendly and tech-forward design. Given the perks and simplicity of online business banking, you might be interested in opening a Simple Bank business account. After all, Simple offers a straightforward, easy, and pleasant banking experience for your personal finances.

Some notable features of a Simple Bank account include a free Visa debit card, direct deposit, photo check deposit, external account linking, and instant transfers to other Simple customers.

But can you get these features in a Simple Bank business account? That’s what we’re going to answer in this article. We’ll also provide some other online-only banking options so you come away with a full understanding of the online banking market.

Is Simple Bank for Business an Option?

We’ll cut right to the chase. Unfortunately, a Simple Bank business account isn’t an option because it doesn’t exist.

Simple Bank doesn’t have a business account option for startups, entrepreneurs, or business owners. As of this writing, they’re strictly in the personal banking business. Even though there is no Simple Bank for small business option, there are several fantastic alternatives you should take a look at if you’re interested in digital business bank accounts.

But before we get into those, let’s understand why there isn’t a Simple business banking.

Why Isn’t There a Simple Bank Business Account?

The official reason that Simple Bank business accounts don’t exist isn’t crystal clear. On its website, the bank only offers that:

“Though we don’t offer small business accounts yet, we’re very interested in the possibility. We’re looking into it, and we’ll spread the word (by email, on our blog, shouting it from the rooftops … when we have news).”

It would seem that a Simple Bank business account could be an option in the future, but not today.

There could be a few reasons behind the lack of Simple Bank business account availability. The biggest being that offering the option for consumers to open a business bank account online isn’t the easiest thing to do—at least for banks. And that all comes down to security.

Opening an Online Business Bank Account Is Generally Difficult

Whether we’re talking about a Simple Bank business account, or any major business bank account, it’s rare that financial institutions will often let you complete the entire process online. That’s because of identity thieves.

Think about it: If someone stole your identity, they’d be able to use this information to make up a shell company and register your name and information as the owner. Once that’s done and dusted, they could apply for an online business bank account virtually and begin racking up charges—which you’d be responsible for when the bill comes back. It could take you months to find out about any of this, which is more than enough time to ruin your credit.

Another reason why there might not be a Simple Bank business account available at the moment is legislation. The USA Freedom Act requires banks to make extensive efforts to prevent people from opening bank accounts that might be used to help fund terrorist activities, based on earlier provisions from the Patriot Act. Anti-money laundering laws also force banks to look closely for any signs of bad behavior from applicants looking to open a business bank account.

Although Simple Bank’s own reasons are unclear, these are just two of the reasons that so many banks require you to finish your business checking account application in-person at a physical location with hard copy identification and various other documents.

simple bank business account

Simple Bank Business Account Alternatives

Here’s what you need to know if you’re looking for an option that’s similar to a Simple Bank account for your company. The following business bank account options are all excellent choices, and should give you exactly what you need.

Azlo Business Checking

You’re obviously looking for a Simple Bank business account because it’s hard to beat the ease and accessibility of Simple’s best features. Rolling them into an online business banking platform? Now that’s the kind of business banking you want.

Although you won’t find an exact Simple Bank business account, Azlo Business Checking is almost a one-for-one swap. Plus, it’s free.

Azlo is a newcomer to the business checking account scene. The company offers a great business-centric alternative to Simple Bank, given that it shares much of the functionality, ease of use, and hassle-free signup processes. In terms of the particulars, Azlo is fee-free and offers mobile check deposit, free ATM withdrawals (from member ATM networks), and unlimited ACH transactions. The bank also supports integration with Stripe, Square, QuickBooks, and allows users to invoice clients directly from their account page.

What’s more, Azlo does not charge you monthly fees to keep your account open. However, Azlo doesn’t provide reimbursement for ATM fees, and it doesn’t offer interest-bearing checking.

Both banks are actually backed by BBVA Compass Bank, which means that Azlo and Simple users can enjoy the same backend support and FDIC coverage of a major banking corporation. (Although your bank is Azlo in name, not BBVA, so if you’d like to avoid being with a major bank in that sense, you still can.)

Axos Bank Basic Business Checking

Another comparable service to a Simple Bank business account is an Axos Bank business checking account. Axos was one of the first ever online banks, and offers a range of perks to business account holders, including a flat 0.8% APY irrespective of the amount of cash in the account, a nationwide network of free ATMs, 200 free transactions, 50 free items, up to 60 free remote deposits every month, and free bill pay.

You can also use paper checks with Axos, which is something it has in common with Simple Bank. Plus, Axos’ free mobile app for Android and iOS devices allows you to bank on-the-go. Note that there is an initial opening deposit of $1,000, but after that, there’s no average daily balance requirement and no monthly fee.

 Novo

Another online banking alternative to a Simple business banking account is Novo. Like Azlo, Novo offers fee-free checking and no minimum balance. But unlike Azlo, you need to make a minimum $50 opening deposit to activate your account. As part of a special offer for Fundera readers, you can get $25 when you sign up for an account with Novo. All you’ll need to do is make that initial deposit of $50 into your new account to get your signup bonus. There is also an intuitive mobile app for iOS and Android users where you can perform the bulk of your banking functions. Other features include mobile deposits and transfers, a Mastercard debit card for ATM withdrawals, and compatibility with Google Pay and Apple Pay. Plus, Novo integrates with popular software like Gusto, QuickBooks, and Stripe.

Like Azlo and Axos, you can apply for a Novo business checking account online—just provide your basic personal information, business information, and answer a few questions about your business. Novo checking accounts are available to any business owner operating a U.S.-based business, regardless of entity type.

simple bank business account

What to Consider in a Business Checking Account

Now that you understand your alternatives to Simple Bank business checking, we’re going to help you understand how to pick the right online business bank account for you. Here is what you need to consider when picking your business checking account

1. Does Your Business Handle Cash?

Generally speaking, online banks aren’t ideal for businesses that deal in cash—no physical branches means no way to collect dollar bills. So if your business deals primarily in cash, you’ll  need to link your online bank to another account that accepts cash payments, or look elsewhere to satisfy your banking needs, like a Chase business bank account.

2. Will You Ever Need to Write a Tangible Check?

Just because you bank online, doesn’t mean you won’t need to write a physical check every now and again. Simple Bank offers this option, as do Novo and Axos. If writing physical checks isn’t important for your business, Azlo’s fee-free structure might be best for you.

3. How Many Transactions Do You Do in a Month?

Your transaction number gets to the heart of how you will use your online banking account and how much it will cost you. “Transactions” typically include cash and check deposits, cash withdrawals, transfers, and electronic payments. Most online banks offer free transactions up to a certain limit, so be certain you know your average so you can get the most bang for your buck.

4. What Is Your Average Account Balance?

How much do you typically keep in your business bank account? Some online banking institutions require a monthly minimum, so when shopping around consider your expenses and what’s realistic for you in terms of average daily and monthly account balance. Some accounts will charge you fewer fees, or even no fees, if you maintain a high enough balance.

5. Do You Need to Integrate With Other Software?

The great thing about online banks is that they are very tech-forward. So if you want to combine business tools and make them work together, many online banks can provide you with that solution. Azlo and Novo, for example, both integrate with the popular accounting software QuickBooks.

Finding the Best Alternatives to a Simple Bank Business Account

Online banking is growing rapidly, signaling a shift in how individuals and businesses manage their finances going forward. So, it’s smart to think about using an emerging, online business checking account, even if there isn’t yet a Simple Bank business account to use.  

With that all in mind, the options we’ve provided aren’t the only Simple Bank business account alternatives. If you’re looking for a business banking experience that’s similar to what Simple provides, get out there and do your own research. We feel Azlo, Axos, and Novo are great places to start.

Meredith Turits

Contributing Writer at Fundera
Meredith is a writer and editor. Drawing on her background in small business and startups, she writes on business, finance, and entrepreneurship. Her writing has also appeared in the New Republic, Rolling Stone, Vanity Fair, ELLE, The Paris Review Daily, and more.

Latest posts by Meredith Turits (see all)