of October 2025
Accounts of October 2025
- Control your own cashflow
- Auto savings accounts earn up to 2.86% APY
- Bank without overdraft fees or minimums
- Open up to 20 checking accounts
- All-in-one small business banking
- Auto savings accounts earn 3.00% APY
- Bank without hidden fees or minimums
- User-friendly and accessible platform
- Banking platform for the self-employed
- Integrated bookkeeping & tax features
- Send invoices & pay contractors for free
- Create customized sub-accounts
- Enjoy unlimited transactions
- Earn up to 3.30% APY
- Get 1% cash back on purchases
- No monthly fees
- Simplify your business management
- Earn up to $1,200 bonus when signing up*
- Use code Q4AFL25
- T&Cs apply. Member FDIC
- Start-up banking suite
- Business banking without monthly fees
- No minimum deposit to open an account
- Get FDIC insurance up to $5M
- Best overall for small businesses
- Earn a $500 bonus on new accounts
- Use code CAP500. T&Cs apply
- Free ACH & incoming wires, no overdraft fees
- Business checking for any size LLC
- Award-winning business checking app
- Automation and financial insight tools
- Speed up vendor transactions
- Control your own cashflow
- Auto savings accounts earn up to 2.86% APY
- Bank without overdraft fees or minimums
- Open up to 20 checking accounts
Choosing an online bank provides a modern, flexible, and convenient way to manage your finances, offering round-the-clock access to accounts, competitive rates, and innovative tools—all from the comfort of any device. Explore the unique advantages of online banking and see how it aligns with your financial habits and lifestyle.
| Online Banking | Traditional Banking | |
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Competitive Rates |
What Is Online Banking?
Online banking enables you to manage your account and perform banking functions from any device via the internet instead of having to go into a branch or make a phone call. This includes making transfers, paying bills, viewing balances, and checking transactions. In addition, you get 24/7 access to your accounts and the ability to manage your accounts on the go.
While several institutions offer online banking via an app or online platform, there are specific online-only banks that often have superior rates and cheaper fees than traditional banks due to lower overhead costs.
What Is a Business Checking Account?
A business checking account is a deposit account that lets you deposit and withdraw money, write checks, make transfers, pay bills, and more. It functions much like a traditional checking account except for your business finances instead of personal.
You open it in your company name, and it may have additional features that a personal checking account won’t, such as tax planning or integrated credit card processing.
Do I Need to Own an LLC to Open up a Business Checking Account?
While you can get a business bank account for an LLC (limited liability company), you don’t have to be an LLC to open one. Sole proprietors, partnerships, and other types of businesses can also open a business checking account.
Do I Need a Business Checking Account if I Already Have a Personal Checking Account?
In short, it depends. If your business is a sole proprietorship or a partnership, you aren’t legally required to have a business checking account. You’re free to use a personal checking account, but should still make an effort to separate personal and business finances.
However, if you operate as a corporation, you’ll need to have a dedicated business checking account for liability purposes and show a clear separation between what’s yours versus your business’s.
Also, some providers/banks may not allow you to use personal accounts for business purposes. So read through the terms and conditions of your personal account before using it for your company.
What are the Benefits of Having a Business Checking Account?
Whether you’re legally required to have one or not, there are several benefits of having a business checking account. One of the biggest benefits is keeping business finances separate from your personal finances.
Trying to track what’s for business versus what’s a personal transaction can be a headache if you use a personal account for business purposes. Having a dedicated account for your company makes it easy to keep track of things like your income and expenses, which is especially beneficial come tax time and saves a lot of work.
Another benefit is that it can serve as a foundation to build your business credit. Some lenders require that you have a business bank account to secure a loan or take out a business credit card. Good business credit can help you qualify for better lending and terms in the future as your company scales.
The best business bank accounts also have extra features that are helpful to all companies. This includes things like the ability to scan receipts, tools to categorize spending, and integration with accounting software.
Using a business account rather than your personal account looks more professional to suppliers and clients, too. It helps to show that your company isn’t a hobby but a legitimate operation that you’re taking seriously.
Who Can Open a Business Checking Account?
Anyone who owns a business that is legally registered in the USA can generally open a business account. However, unless you’re a sole proprietor, you’ll need an Employer Identification Number (EIN). Sole proprietors can get an EIN but can opt to use their social security number instead.
Our Top 3 Business Checking Accounts:
In a Nutshell
Relay is a business banking platform great for enterprises of all shapes and sizes. The company offers up to 20 checking accounts and 50 physical or virtual debit cards for your business. It has no monthly or overdraft fees or minimum balance requirements, and it integrates with many accounting and payroll tools your business may already use. While there are no physical branches, Relay lets you withdraw and deposit for free at over 55,000 AllPoint ATMs throughout the U.S. The company also has great reviews and an intuitive mobile app.
Features
- Control your own cashflow
- Auto savings accounts earn up to 2.86% APY
- Bank without overdraft fees or minimums
- Open up to 20 checking accounts
Most Popular Products
Pros
- No account fees or minimum balances
- Integrates seamlessly with bookkeeping, payroll, and other tools
- Open up to 20 checking accounts for better money organization
- Deposit and withdraw using Allpoint ATMs for free
Cons
- No weekend phone support
- Funds from check deposits not available for 6-7 days
- No physical branch locations
In a Nutshell
Lili, a financial technology company, provides essential online business banking and accounting tools. These include business checking and savings accounts, mobile check deposits, and a Visa debit card. There are no minimum opening deposits or balances. A significant advantage is the availability of ACH transfers two days earlier compared to traditional banks.
Features
- All-in-one small business banking
- Auto savings accounts earn 3.00% APY
- Bank without hidden fees or minimums
- User-friendly and accessible platform
Pros
- No minimum deposit or transaction fees
- No withdrawal fees when using the 38,000+ countrywide, in-network ATMs
- ACH Transfers received up to two days earlier than with traditional banks
Cons
- No physical locations
- You can only accept domestic wire transfers and transfer money to an external account linked to your Lili account
- No physical checks, insurance, business loans, and other typical business banking services
In a Nutshell
Found is an all-in-one business banking tool to help manage your company or freelance finances. It has no hidden fees or minimum balances. Found features a host of easy-to-use features, like estimating and auto-saving for taxes, bookkeeping, and invoices, and it can connect with other banking/business software. Signing up is quick and easy compared to many other business bank accounts, and the company takes security very seriously.
Features
- Banking platform for the self-employed
- Integrated bookkeeping & tax features
- Send invoices & pay contractors for free
- Create customized sub-accounts
Most Popular Products
Pros
- Easy and quick signup process with no credit check required
- Automatically tracks expenses
- No hidden fees or minimum balance
- Several security procedures and practices to protect data
Cons
- Costs $2 to deposit cash (no fee for withdrawals)
- Low deposit and withdrawal limits
- Doesn’t support sending checks
What Do I Need to Open a Business Checking Account?
To open a business checking account, you’ll have to complete an application. It will request personal information like:
- A piece (or two) of government-issued ID
- Your date of birth
- Personal phone number and email
- Social security number
- Home address
The application will also ask for business-related information, such as:
- EIN, if you have one
- The industry you’re in and what the business does
- Business name
- Company address/phone number
- When the business was formed
- The type of business structure (corporation, LLC, partnership, etc…)
- Certain business-related documents (like a business license, operating agreement, articles of incorporation if applicable, etc…)
The exact requirements may vary from bank to bank, as well. Similarly, while you can open a business bank account online in some cases, certain banks may require you to go into a branch.
Business Checking Account Features to Look For:
You’ll want to seek some key features when choosing the best small business bank account for your needs.
First, try to find free business checking accounts. Fees can eat away at your profits and add up over time if you’re not careful. They might include monthly fees, transaction fees, overdraft fees, deposit fees, ATM fees, and others.
Be aware that some banks may have certain requirements (like maintaining a certain monthly balance) to avoid fees. If finding a no-fee account is challenging, do your homework and choose one with the lowest fees possible.
You can also look for checking account features that aid in managing your business. Examples of this include the ability to:
- Create and send invoices
- Pay bills online
- Integrate with tax and account software you already use
- Easily transfer funds
Choose a business checking account that has a user-friendly app that lets you look at your transactions, view balances, and transfer funds with ease. Even if you mainly do your online banking on a computer or in-branch, being able to quickly check in on your business on the go in an app is valuable.
Ensure that both the app and online platform are highly rated, too. If other business owners have had poor experiences with them, there’s a good chance you’ll experience the same.
Disclaimer
U.S. Bank:
Earn a $400 bonus when you open a U.S. Bank Business Essentials® account or $1,200 when you open a Platinum Business Checking Account online with promo code Q4AFL25 and complete qualifying activities, including a minimum deposit and transaction requirements. Limit one bonus per business. Offer valid through January 14, 2026. Member FDIC.
Found:
Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC.