Discover the Best Online Banking Options For Small Business

We may earn a commission from the links in this post.

For small business owners, staying on top of finances can be a challenge. That's why having a reliable and efficient bank account is essential. With the right bank, small business owners can save time and reduce stress by accessing features like savings accounts, online banking tools, credit cards, and payroll services. These services can help streamline accounting tasks and provide a steady financial foundation for the business.

Selecting a good online bank is an important decision, and it's essential to find one that understands your business's unique needs and can support you in the long term. This guide provides the resources and information you need to choose a trustworthy financial partner that can help safeguard your business's future.

Why Banking Online is a Good Idea For Small Business Owners

Online banks are a great choice for small businesses due to their competitive rates and convenience. Many online banks offer free checking accounts, mobile banking apps, debit cards, and other features that make managing your finances easier than ever before. Additionally, many of these institutions have no minimum balance requirements or fees associated with their services.

When selecting the best online bank for your small business, it’s important to take the time to compare rates and features from different institutions. Consider factors like customer service, fees, interest rates, and other services offered when choosing a bank. It is also important to determine what type of banking you will do most frequently and select a bank that offers those services in an efficient manner.

Related Reading: Steps to Separate Your Personal and Business Finances

The Benefits of Banking with an Online Bank

Online banks offer a number of advantages to small business owners. Here are some benefits to consider when selecting the best online bank for your business:

• Convenience: With online banking, you can manage your finances anytime, anywhere without having to visit a physical branch. You can make payments, transfer funds, and check your balance without ever leaving your home.
• Low Fees: Many online banks have no minimum balance requirements, and their fees are generally lower than those charged by traditional banks.
• Interest Rates: Online banks typically offer higher interest rates on savings accounts than brick-and-mortar banks. This means you can earn more money from your savings without paying high monthly or annual fees.
• Customer Service: Many online banks offer 24/7 customer support via phone, email, and live chat. This ensures that you can get help with any issue quickly and easily.

Related Reading: What You Should Look for in a Business Bank Account

Tips for Choosing the Best Bank for Your Small Business

When selecting a bank for your small business, take into account the following tips:

1. Compare rates and fees from different banks. Look for a bank with competitive rates and low or no fees.
2. Read online reviews to understand how other customers have experienced the bank’s services.
3. Research customer service options available with each institution. Make sure you can get help when needed.
4. Consider the types of services you need and select a bank offering those features.
5. Look for banks with mobile apps to manage your finances on the go.

Following these tips, you can find the best online bank to meet your small business’s needs. With the right financial partner, you can focus on growing your business while managing your finances with ease.

The Best Online Banking Option for Small Businesses

Found Banking

Found Banking is an online-only business checking account that’s designed to cater to the needs of small business owners. It’s founded by entrepreneurs who understand the pain points and challenges of starting and running a business. Unlike other offerings, Found Banking is focused purely on small businesses, allowing them to access unique products and services that help them grow. With intelligent business banking and powerful, easy-to-use tools, Found makes banking, bookkeeping, taxes, and invoicing—all your paperwork—simpler than ever.

With Found, you have unlimited ACH transfers and monthly transactions with no overdraft fees or hidden fees! There is no minimum balance, no credit check, and no opening deposit required! They also provide real-time financial insights by automatically categorizing your transactions, giving you a clear view of where your money is going, so you can use this information to make smarter financial decisions.

Found provides customer support 7 days a week and is FDIC-insured up to $250,000 through Piermont Bank. Get started and open your free account today!

NorthOne

NorthOne is an online banking platform designed specifically for small businesses. Their services include free checking and savings accounts, debit cards, credit cards, payroll services, and more. They also offer a wide range of features to help simplify your finances such as automated budgeting tools, expense tracking, invoicing systems, and loan analysis.

NorthOne has no minimum balance requirements and no monthly fees, making it a great choice for small businesses. They offer competitive interest rates on savings accounts and free ATM withdrawals with their debit cards. Additionally, NorthOne offers 24/7 customer service via email, phone, and live chat.

Overall, NorthOne is an excellent choice for small businesses looking for an online banking solution. With its competitive rates, features, and customer service, NorthOne provides an effective and convenient way to manage your finances. Get 1 month of business banking free with NorthOne today!

Lili Bank

Lili Bank is an online banking platform designed for small businesses and freelancers. They offer free checking and savings accounts as well as debit cards, credit cards, merchant services, and more. Their features are designed to help you manage your finances with ease, such as automated budgeting tools, expense tracking capabilities, invoicing systems, and loan analysis.

Lili Bank has no minimum balance requirements and offers competitive interest rates on savings accounts. Additionally, they have no monthly fees or ATM withdrawal fees when using their debit cards. Customer service is available 24/7 via email, phone, and live chat.

Overall, Lili Bank is a great choice for small businesses and freelancers looking for an online banking solution. With its competitive rates, features, and customer service, Lili Bank provides an effective and convenient way to manage your finances.

Explore More Tools and Services for Your Small Business

Finding the best bank for small businesses doesn’t have to be difficult. With some research and comparison shopping, you can find the right institution for you. When selecting a bank, consider factors like customer service, fees, interest rates, services offered, and mobile app features. With the right financial partner, you can focus on growing your business while managing your finances with ease. If you're interested in learning more ways Fundid can help your business save and grow, subscribe to our weekly newsletter built for small businesses.