Best Online Business Bank Accounts

Square Banking’s standout feature is fast access to eligible sales funds through Square payment processing.

Square Savings also offers APY opportunities on eligible balances, and Square users may receive discounts when making purchases from participating Square sellers using their Square debit card.

Eligible businesses may also qualify for financing through Square Loans.

Square Business Banking has no monthly maintenance fees and no standard fees for ACH transfers, bill pay, or foreign transactions.

Third-party ATM operator fees may still apply, and Square does not currently offer ATM fee reimbursements.

Square Banking is available to eligible US-based businesses that use Square for payment processing or online sales.

Eligibility requirements and transaction limits may vary based on account activity and business history.

• Square Banking is only available to eligible US-based businesses
• Businesses must use Square payment processing services
• Transaction and transfer limits may apply
• Some newer sellers may have lower transfer limits initially

While you won’t earn cash back rewards or APY on your Rho checking account, you can earn 1% APY on funds in your Rho savings account. Businesses with larger balances may qualify for higher APY opportunities through Rho Treasury.

Additionally, if you receive the Rho Corporate Card, you can earn up to 1.5%.

Rho also has partner perks available for popular business services, including up to $5,000 in AWS credits, free Zendesk Suite for six months, and 25% off Slack Pro and Business+ subscriptions.

Rho keeps fees relatively low compared to many competitors. You won’t have to worry about minimum deposits, minimum balances, or monthly fees. There are also no overdraft fees, wire fees, or ACH fees.

There is a 1% foreign transaction fee, late payment fee of up to 3%, and a $30 wire recall fee.

Qualifying for Rho is easy. You must own an incorporated business that is registered in the US. You do not qualify if you’re a sole proprietor or own a business that isn’t incorporated in the US. There are no minimum deposit requirements to open a Rho account.

There are a few additional restrictions. You can’t send or receive payments to Rho’s list of restricted countries. Certain high-risk businesses are also unable to send international payments.

• Rho is only available to incorporated businesses registered in the US
• Rho does not support cash deposits
• There is also no support for ATMs

Lili offers bookkeeping and accounting tools alongside online banking features like APY opportunities, cashback rewards on eligible plans, and overdraft coverage.

Eligible savings accounts may qualify for competitive APY opportunities, while cashback rewards are available through select paid plans.

Lili also supports joint account access for businesses with multiple owners and integrates with payment apps like Venmo, Cash App, and PayPal.

Lili keeps fees relatively straightforward, with no minimum balance requirements and no standard overdraft fees.

While some plans include monthly fees, those plans also unlock additional bookkeeping, accounting, and rewards features.

Cash deposit fees and third-party ATM fees may still apply in some situations.

Lili has very few eligibility requirements. You must be 18+, located within the US, and have an EIN.

• Lili’s bookkeeping tools are more limited than full accounting software platforms
• Lili only operates within the US
• Cash deposits are limited for businesses that regularly handle large amounts of cash

Grasshopper offers competitive APY opportunities alongside cashback rewards on eligible purchases, making it one of the strongest rewards-focused online business checking accounts available.

The platform also includes features like bill pay, invoicing, digital card controls, cash flow management tools, and API banking functionality.

Businesses may also qualify for a wide range of financing products, including SBA loans, commercial real estate loans, term loans, lines of credit, and working capital financing.

Grasshopper is also an SBA Preferred Lender.

Grasshopper has no monthly maintenance fees, minimum balance requirements, or standard ACH transfer fees.

A minimum opening deposit is required, and some wire transfers or third-party ATM transactions may include additional fees.

Grasshopper is relatively transparent about its fee structure compared to many online business banking competitors.

To qualify for a Grasshopper Innovator Business Checking account, applicants must:

• Be at least 18 years old
• Be a US citizen or permanent resident
• Operate an eligible business type

Certain high-risk industries are not eligible.

• Grasshopper does not support cash deposits
• Some high-risk industries are not eligible for accounts
• Some wire transfers and ATM transactions may include fees

Mercury offers discounts and promotional offers from software partners.

There’s also business credit card called IO.² Additionally, Mercury helps connect users with pitch opportunities and advisors. Mercury Raise is an event with 500+ investors, Future of Fintech brings together top investors to talk about fintech trends, and Series Tea brings together experts in investing, pitching, and more.

²The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard®. To receive cash back, your Mercury accounts must be open and in good standing, meaning they cannot be suspended, restricted, past due, or otherwise in default.

Mercury charges almost no fees and is transparent when it does. You won’t find any monthly or ongoing fees, foreign transaction fees, or domestic and international wire transfer fees. You will have ATM access without any fees, although another network may charge you if you use anything other than Allpoint machines.

Mercury does charge some uncommon fees, including for mass payments through the Mercury API, treasury management fees, and 1% to cover Mercury’s costs through the SWIFT network for converting foreign currency to US dollars.

Mercury is open to US-based businesses, particularly tech startups. Unfortunately, sole proprietors and trusts are not eligible to use Mercury. Some businesses in certain international markets may also be eligible.

You’ll need an EIN to apply, and you’ll have to share your Social Security Number for identification purposes, but you won’t undergo a credit check. Some high-risk businesses are also excluded, such as adult entertainment, gambling, and marijuana businesses.

• Mercury charges a 1% fee to convert foreign currency to USD
• Sole proprietors & trusts are ineligible
• Mercury doesn’t support certain high-risk industries

Live Oak’s biggest strength is its high-yield savings opportunities for businesses.

The bank also offers business certificates of deposit with multiple term lengths, allowing businesses to earn APY on longer-term reserves.

In addition to deposit products, Live Oak provides access to SBA loans, USDA loans, and commercial financing options for eligible businesses. Live Oak is consistently one of the nation’s most active SBA lenders.

Live Oak has no ongoing monthly maintenance fees for business savings accounts, though some business checking accounts may include waivable monthly fees depending on the account tier.

Most standard banking services — including ACH transfers, debit transactions, and in-network ATM access — come without additional fees.

However, businesses should still watch for:

• Wire transfer fees
• Foreign transaction fees
• Certain one-time service charges

Out-of-network ATM providers may also charge separate fees.

Live Oak business banking services are available to eligible US businesses, including:

• Corporations
• LLCs
• Sole proprietorships
• Partnerships
• Nonprofits

Applicants must be US citizens or permanent residents with valid Social Security Numbers.

• Certificates of deposit require minimum opening balances
• Live Oak does not support cash deposits
• Foreign transaction fees may make Live Oak less ideal for international businesses
• Dormant accounts may be closed after extended inactivity

Eligible North One accounts can earn APY on checking balances, while debit card purchases may qualify for cashback rewards in select spending categories.

North One also offers integrations and software perks through partners including PayPal, Stripe, Shopify, Uber, and Lyft.

The platform includes access to funding options for eligible businesses, including loans and lines of credit.

North One has no minimum balance requirements or minimum opening deposit requirements.

The standard plan includes no monthly maintenance fee, while the optional North One Plus plan unlocks additional features and fee reductions.

Most standard banking features come without additional fees, though some ACH transfers, wire transfers, and premium features may include charges.

To open a North One account, applicants must:

• Be at least 18 years old
• Be a US citizen or legal resident
• Operate an eligible business type

North One is available to sole proprietors, partnerships, corporations, and many other business structures.

Some high-risk industries are not eligible.

• North One does not offer traditional savings accounts but does have a savings envelope feature
• International wire transfers are not supported
• Some users report slower check processing times
• Certain fee reductions and features require a paid plan

Eligible Bluevine accounts can earn competitive APY on checking balances.

Bluevine also supports multiple sub-accounts, making it easier for businesses to organize taxes, payroll reserves, operating expenses, and other funds.

Eligible customers may also qualify for Bluevine business lines of credit with flexible repayment terms.

Bluevine does not charge monthly maintenance fees on its standard checking account and includes free in-network ATM access.

Most ACH transfers are free, though same-day ACH transfers and certain wire transfers may include fees.

Businesses should also be aware of:

• Cash deposit fees
• Foreign transaction fees
• Out-of-network ATM fees
• Wire transfer fees

Bluevine is relatively transparent about its fee structure compared to many online business banking competitors.

To qualify for a Bluevine Business Checking account, applicants must:

• Be at least 18 years old
• Be a US citizen or permanent legal resident
• Have a verifiable US business address
• Operate an eligible business type

High-risk industries are not eligible.

• Bluevine does not support high-risk businesses
• The platform includes more one-time fees than some competitors
• Foreign transaction and cash deposit fees may apply
• Some account features and fee reductions depend on account tier
• Card purchase limits may apply

Found’s free plan includes unlimited transactions, virtual cards, expense tracking, receipt capture, invoicing, reporting tools, and contractor payments.

The platform also includes automated tax-saving features, real-time tax estimates, and integrations with services like Venmo, Cash App, PayPal, QuickBooks, and Square.

Eligible users on paid plans may qualify for APY opportunities and additional bookkeeping automation features.

Found does not currently offer lending or credit products.

Found keeps fees relatively low, with plans ranging from free to paid subscription options with additional bookkeeping and automation features.

There are no minimum balance requirements, and cash deposits are supported at participating retail locations.

Some premium bookkeeping and accounting features require a paid plan.

Found is designed primarily for:

• Freelancers
• Independent contractors
• Self-employed workers
• Side hustles and certain microbusinesses

Accounts can be opened online with relatively minimal eligibility requirements.

• Found does not offer traditional savings accounts
• Most advanced bookkeeping and tax tools require a paid plan
• The platform is best suited for freelancers and self-employed users rather than larger businesses

Instead of focusing on APY or traditional banking rewards, Novo emphasizes software integrations, partner perks, and business tools.

Novo customers may qualify for discounts and credits with companies including Gusto, QuickBooks, HubSpot, Zendesk, Salesforce Essentials, and Homebase.

Eligible businesses may also qualify for funding products like merchant cash advances, invoice financing, and the Novo Business Credit Card.

Novo keeps fees relatively low, with no monthly maintenance fees, minimum balance requirements, or standard ACH transfer fees.

Incoming domestic and international wire transfers are free, while outgoing domestic wire transfers may include fees. International outgoing wire transfers are not supported.

Novo also reimburses a limited amount of third-party ATM fees each month.

Novo is available to eligible US-based businesses that are not classified as high-risk industries.

Applicants must provide:

• A valid US mailing address
• A Social Security Number or EIN
• An eligible business type

Certain industries, including cryptocurrency, gambling, marijuana, crowdfunding, and money services businesses, are not eligible.

• Novo does not offer APY or traditional savings accounts
• Cash deposits are not supported
• ATM withdrawal limits may be lower than some competitors
• Outgoing international wire transfers are not available
• Cashier’s checks are not supported