Is There a Simple Bank Business Account?

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.

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. In fact, as of January 2021, Simple Bank is shutting down and existing accounts are being transitioned to BBVA.

That said, 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.

For a Simple Bank business bank account alternative that’s easily accessible, flexible, and earns interest, you might consider BlueVine business checking.

With the BlueVine business checking account, you have the ability to earn 1% interest on any account balance over $1,000. That said, the BlueVine bank account is completely fee-free, can be opened quickly and easily online, and includes unlimited transactions.

In addition, it has no minimum opening deposit requirement, no NSF fees, and gives you the ability to withdraw cash fee-free at over 38,000 MoneyPass ATMs around the U.S. Moreover, unlike many other online-based business checking accounts, you also have the option to deposit cash through BlueVine’s partnership with Green Dot—you can deposit cash at over 90,000 Green Dot locations around the country.

On top of these benefits, the BlueVine business checking account includes two free checkbooks, mobile check deposit, and it also gives you the ability to pay vendors and bills using ACH transfer, wire payments, or checks.

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.

Another online banking alternative to a Simple business banking account is Novo. Like BlueVine, Novo offers fee-free checking and no minimum balance. But unlike BlueVine, you need to make a minimum $50 opening deposit to activate your account. 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 BlueVine 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.

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

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.

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.

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.

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.

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. Novo, for example, integrates with the popular accounting software QuickBooks.

Online banking is growing rapidly, signaling a shift in how individuals and businesses manage their finances going forward.^[3] So, it’s smart to think about using an emerging, online business checking account, even if there isn’t 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 BlueVine, Axos, and Novo are great places to start.