3 Best Online Business Checking Accounts for Small Businesses

As a small business owner, you have a lot of choices to make when it comes to your finances. Choosing the right bank for your business is one of the most important decisions. With so many options, it can be difficult to know where to start. But don't worry - we've got you covered. In this guide, we'll share our top picks for the best online business bank accounts for small business owners. So whether you're looking for low fees, great customer service, or a full suite of banking services, you'll find what you're looking for here.

Why Choose an Online Bank for Your Business Checking Account?

When it comes to running a business, having the right business bank account is essential. With an online business bank account, you can access your funds anywhere and anytime - plus, software integrations allow for easy tracking of expenses, income, and business performance.

Best of all, many online business banks offer no or low fees, allowing small business owners to access more resources and focus less on accounting costs. Ultimately, choosing an online business bank account for small businesses is a great way to save money while giving yourself the essential freedom to track your business performance and make informed decisions with reliable data.

Top 3 Online Business Checking Accounts for Small Business Owners

NorthOne

NorthOne allows you to manage your money from anywhere - whether at home or on the go, everything you need to manage your business finances is at your fingertips. There is a $10 monthly fee for being a NorthOne user. Get your first month free when you join through Fundid!

Top Features:

• Send ACH and wire payments from your phone or laptop
• Add or withdraw cash at locations across the country
• Budget and plan for expenses with NorthOne Envelopes
• Connect to other business tools like QuickBooks, Square, and more
• No additional fees for NSF, overdraft, ATM use, card replacement, and ACH transfers
• Customer support on your schedule

Found Banking 

Found Banking is focused purely on the self-employed, allowing them to access unique products and services that help them grow. They offer no minimums or hidden fees, plus bookkeeping, invoicing, and tax support. 

Top Features: 

• Found Debit Card
• Tax Auto-Savings
• Real-time financial insights
• Seamless integrations with accounting software
• Unlimited ACH transfers and monthly transactions with no overdraft fees
• No hidden fees
• No minimum balance

Lili

Lili is designed to save time, money, and energy for anyone who runs a business on their own. They are the one-stop shop for all your small business financial needs — banking, accounting, and taxes.

Top Features:

• No minimum balance
• No hidden fees
• No credit check
• Automatically set aside a percentage of your income for your taxes
• Invoicing software to create, send, organize and accept all payment methods
• Create, send, organize and accept all payment methods
• Cashback rewards
• Integrate all your third-party solutions with Lili
• Customer support when you need it

Frequently Asked Questions

Why do you need a business bank account?

If you're in business, you need a business bank account. It's as simple as that. A business bank account will help you keep your business finances separate from your personal finances. This is important for bookkeeping and tax purposes. Having a business bank account also makes your business look more professional.

Related reading: 8 Reasons Why You Need a Business Bank Account

When should you set up your business bank account?

There is no set time frame for when you should set up your business bank account. However, it is generally a good idea to do so as soon as possible. This will allow you to keep your personal and business finances separate, which can help you stay organized and efficient. Additionally, having a business bank account can give you access to services and tools that can help your business grow.

What do you need to open a business bank account?

The requirements to open a business bank account will vary by institution, but here are some of the common things you will need:

Personal Details 

• Your name, date of birth, and Social Security number
• Contact information and current mailing address
• Government Issued ID (driver’s license/passport)

Business Documents

• Business Name and “Doing Business As” name (DBA) if necessary 
• Business address
• EIN (Employee Identification Number)
• Entity Type/ Industry of Business

Do I need an EIN before I open a business bank account?

You will need to include your Employee Identification Number (EIN) in your documents to open a business bank account. If you are a sole proprietor or single-member LLC, you may be able to use your Social Security number. 

Set Up Your Online Business Checking Account

NorthOne, Found, and Lili are three great online checking accounts for small businesses, offering features like automatic budgeting, easy access through mobile apps, and savings opportunities. Having an online checking account allows entrepreneurs to manage their finances quickly and easily from anywhere. For more upcoming helpful tips and tools relating to your business’ success journey, make sure you subscribe to our newsletter!