Every company needs a bank account. Many businesses are resorting to online banking in today’s digital age. Whether you manage a small business or a multibillion-dollar multinational, one of these online business banking systems will meet your requirements.
Top 5 Unique Online Business Banking Solutions For 2023
All of our top picks for various situations are reviewed below.
- Mercury: The best startup banking
- Relay: The best option for flexible business banking.
- U.S. Bank: Best for cash investments by businesses
- Lili: Ideal for growing small enterprises.
- Bluevine: Ideal for small businesses.
Most people will obtain what they need from one of the banking choices listed above, from freelancers and startups to e-commerce stores and those in need of extra flexibility.
This list shows the types of online accounts that each bank provides, as well as their fees, advantages, and other online banking products.
The technique we used to identify the top online business banking solutions is then detailed, as is how you may apply the same criteria to locate the best one for your company’s needs.
Reviews of the Best Online Business Banking
Mercury: The Best Startup Banking
Mercury is our top pick for startups because it is as flexible and convenient as many of its competitors while also allowing you to pay staff, issue employee debit and credit cards, and sync your accounts with the tools you already use.
Many of the top online banking services are wonderful for small businesses, but once you start developing, such lightweight systems can’t keep up.
Mercury, on the other hand, provides all of the tools and services that a founder requires to create their business. Mercury offers FDIC-insured US bank accounts to global corporations through its partner institutions.
Consider it a classic banking backbone with a new front end tailored to today’s businesses. Because of integrations and open API access, you can integrate your bank with the rest of your business.
Mercury allows you to create virtual debit cards and track your financial flow. You can also manage Shopify, Stripe, Amazon, and PayPal partnerships with ease.
Transfer money with ease, provide real and digital cards to your employees, and track every transaction in detailed reports.
In less than 10 minutes, you can apply for a Mercury business bank account.
Mercury has no monthly fees, no minimum balance requirements, and numerous reasons to join:
- Never go to a bank branch again because you can do everything online.
- Sign up from anywhere on the globe in minutes (non-US residents welcome).
- Establish checking and savings accounts.
- Make both virtual and real debit cards.
- Connect with Stripe, PayPal, Shopify, and other payment processors without a hitch.
- Integrate with Pilot, Xero, Quickbooks, and other applications.
- Payments that are intuitive (wire, check, ACH)
- Transactions that are easily searchable
- Permissions for individual users
In addition to all of these benefits, you have the option of storing your spare cash in one of two secure locations. We believe that the two tools listed below are the most compelling reasons to use Mercury as a startup or other young IT business.
Mercury Treasury allows you to make up to 5.43% on your idle cash with little effort on your part. Mercury Treasury accounts have no opening or transactional fees, but you will be charged a tiny percentage of your total positions. Fees are calculated based on your balance and begin at 0.05%.
The amount you deposit also influences the yield. For example, to obtain the best net yields, you must deposit more than $20 million. However, any Mercury Treasury deposits of less than $2 million qualify for a net yield of up to 4.99%, which is still quite good.
On the more traditional savings front, Mercury Vault safeguards your cash to a degree that few other startup-minded fintech organizations do. Keep any quantity of cash in the Mercury Vault, where deposits are FDIC-insured up to a very generous $5 million, and there is no need to split funds or form separate accounts. The Vault is available on all Mercury accounts.
Mercury is not a bank but rather a financial technology startup. Evolve Bank & Trust®, Member FDIC, provides all banking services.
Relay: The best option for flexible business banking.
Relay is a no-fee online business banking solution with a few money-management features that the others lack.
Relay’s free online banking platform allows you to open up to 20 checking accounts and issue up to 50 Mastercard debit cards. You can set individual spending limitations and ATM withdrawal limits on all cards, whether they are actual or virtual.
Mastercard debit card and Relay online banking dashboard
As soon as you are accepted, you can begin using your Relay virtual debit card.
New virtual debit cards issued through your Relay account are active immediately. Physical cards arrive in the mail in about 8–10 days.
It’s just as simple to add or change your checking accounts. You can also manage your money your way, with the flexibility to create up to 20 accounts.
Do you want to add a second business to your existing Relay account? It’s not a problem.
You can grant each user read-only or administrator capabilities and regulate who has access to each new account.
Other strong reasons to select Relay include:
- There are no overdraft fees.
- ACH transfers are free.
- Check deposits with a mobile device.
- Wire transfers, both domestic and international
- There are 55,000 fee-free ATMs.
- Accounting and payroll integrations
- Support is available 24 hours a day, seven days a week, via phone, email, and live chat.
- The FDIC insures up to $250,000.
Relay provides a comprehensive online banking experience with minimal expenses. All of the direct integrations are also included:
Online Quickbooks
Xero
Gusto
Plaid
Yodlee
Everything we’ve looked at so far includes free Relay business banking plans.
Upgrade to Relay Pro ($30/month per business) to gain access to the accounts payable capabilities. This allows you to automate bill payments, combine vendor payments, and streamline processes even more.
Relay Pro additionally waives outbound wire transfer costs and offers same-day ACH delivery.
To segregate your finances and manage everything into distinct buckets, you can open up to 20 different bank accounts.
If you want to put your money to work, you can create up to two Relay savings accounts and earn 1% to 3% APY, depending on your balance.
Finally, Relay provides significantly more flexibility than other popular online banking systems. It’s simple and free to set up several accounts or give your staff a secure debit card.
U.S. Bank: Best for Cash Investing in Businesses
U.S. Bank is one of the most well-known banking institutions. It is a Fortune 500 firm that has been in operation since 1863 and is one of the major banking institutions in the United States.
Despite being a more established brand than its online-only competitors, U.S. Bank has successfully evolved to make its technology future-proof. Because of its handy mobile banking choices, a user-friendly online dashboard, and the ability to deposit checks remotely, U.S. Bank now handles over 80% of transactions online.
Perhaps most importantly for your peace of mind, you can acquire online business checking while still having access to in-person banking alternatives. U.S. Bank has over 3,000 locations and 4,700 ATMs around the country. Furthermore, you may feel secure knowing that U.S. Bank is an FDIC member, which adds another layer of security to your online and in-person banking experiences.
Landing page for a business checking account at a U.S. bank.
Choose the U.S. Bank business checking account that best suits the needs of your company.
U.S. Bank offers a variety of business checking accounts with fundamental banking functions as well as tools to help you manage invoices, estimate cash flow, pay bills online, and more. Choose the Silver package for new or small businesses with minimal banking needs, the Gold package for more active firms, or the Platinum package for established businesses with bigger balances.
There are also specialty business checking accounts available, such as the Nonprofit Checking Account, which is developed particularly for nonprofit organizations, and the Premium Business Checking Account.
But what truly distinguishes US Bank from the competition are its investment alternatives for businesses looking to make the most of their cash on hand.
This goes beyond simply offering a high interest rate on cash balances. If you wish to put your money to work, U.S. Bank provides business investment choices such as:
- Accounts for business savings
- Certificates of deposit (CDs) for businesses
- Money market accounts for businesses
- Services for commercial custody
- Services of an outsourced Chief Investment Officer (OCIO)
Advisors at US Bank may assist your company in identifying extra cash that can be used more wisely, mitigating risks, and maximizing returns on both short- and long-term investments.
U.S. Bank offers special CDs, ordinary CDs, step-up CDs, and trade-up CDs for business CDs alone, each with a variety of term options and competitive interest rates ranging from 0.05% to over 5%. There are also three types of money market accounts, each with its own set of interest rates and minimum balance requirements. As a result, you can be confident that there is an appropriate investment choice for your needs, which you can couple with a handy U.S. Bank Business Checking account.
Open a new Platinum Business Checking Package and receive up to an $800 bonus for a short period beginning September 1, 2023. You can receive $350 by making $5,000 in new money deposits, and you must make $25,000 in new money deposits to earn the maximum of $800. These deposits must be made within 30 days of account opening and must be kept for 60 days.
Use the promo code Q3AFL23 and participate in qualifying activities, subject to certain rules and limitations. This offer is good until January 8, 2024. The FDIC insures US banks.
Lili: Ideal for Growing Small Businesses
Lili is an online banking tool that provides tremendous value to businesses of all sizes. Lili has you covered whether you’re a solo proprietor, single- or multi-member LLC, partnership, or S Corporation.
Lili, like our other options, is adaptable, modern, and free of hidden fees. The built-in capabilities for spending management and invoicing make it different.
Lili is ideal for businesses of any size, but particularly for smaller ones that are ready to scale.
Instead of having to connect two or three apps, Lili can handle everything. Throughout the year, it is simple to scan receipts, categorize spending, and set aside money for taxes. Lili will really pre-fill your 1040 Schedule C if everything is in order.
It’s very easy to remain on track with Lili. Every invoice may be created, sent, and stored immediately in the app. There are no restrictions on the number of invoices you may send, and you can personalize them by including your company’s logo.
Lili does not have a comprehensive range of software integrations. However, the app allows you to do a lot more than many other business banking options. This can be a significant benefit for small business owners who don’t want to use many apps to accomplish simple transactions.
If you’re just getting started, Lili Basic might be all you need. There are no fees or minimum balance requirements. You’ll receive a Visa corporate debit card with no ATM fees at over 38,000 locations around the country.
However, if you want more, you can upgrade to a higher plan tier.
- Lili Pro costs $9 per month.
- 2% annual percentage yield on savings
- Account for advanced business checking
- Automatic tax reductions
- Tools and reports for expense management
- Lili Smart: $20 monthly
- Bookkeeping instruments
- Financial statements
- Invoices and payments are unlimited.
- Business tax forms that have been pre-filled
- Lili Premium ($35/month)
- Account management specialist
- Priority assistance
- Debit card Visa Business Pro in metal
- All Lili accounts are FDIC-insured, and all premium plans include free overdraft protection up to $200. You can test them out for free for 30 days.
There is no minimum deposit necessary to open an account, regardless of the plan you select.
With Lili Web or the elegant mobile app, you can do all of your banking from anywhere, at any time. Log in from any of your devices whenever it is convenient for you.
Bluevine is the best option for small businesses.
Bluevine is an internet banking solution designed specifically for small businesses.
Their business checking account is among the best we’ve found on the market. In fact, it earned them a spot on our list of the top business checking accounts.
Bluevine is a business that checks the landing page.
Bluevine is a straightforward banking service for small businesses.
It’s an entrepreneur-friendly alternative for small business owners wishing to save money and avoid being pinched and dimed by their bank, with no monthly maintenance costs, no minimum deposits or account balances, and no “insufficient funds” fees.
Bluevine also pays a full 2.0% interest rate on business checking balances up to and including $250,000. That is more than 50 times higher than the national average!
Earning 2.0% APY is difficult to top, especially when you consider all of the other benefits, like contactless payments and no inbound wire transfer fees.
If you’re a business owner who wants to keep your money safe from costs while also watching it grow in your account, Bluevine is a terrific solution.
It also boasts a network of 38,000 ATMs with no surcharges thanks to a relationship with MoneyPass. The disadvantage is that if there isn’t an in-network ATM nearby, you’ll be charged an ATM fee.
Bluevine now allows users to add up to five sub-accounts to any business checking account, in addition to a superb business checking account. These sub-accounts enable consumers to better manage their money and provide them with more flexibility than ever before.
Through Coastal Community Bank and other Bluevine program banks, eligible Bluevine accounts are FDIC-insured up to $3 million per depositor.
Bluevine places a high value on security. Aside from the fundamentals, such as two-factor authentication and data encryption, you’ll also be notified through text message of any questionable transactions or account activity.
