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Best 10 Small Business Checking Accounts in the USA: Online Business Bank Accounts Compared in 2022

Nov 25, 2022
Affiliate disclosure

As a small business owner, your business checking account is your key to establishing a professional presence, preparing taxes, and keeping your personal expenses separate.

The best online banks leverage technology to get you paid smoothly and to ease administrative work. Many offer the following products for no monthly fees:

  • Free ATM withdrawals;
  • Digital wallets;
  • Integration with accounting software;
  • Multi-currency accounts;
  • No foreign transaction fees;
  • Multi-director access to the account.

While no one size fits all, it’s helpful to have access to these features under one roof. By building a good relationship with your bank, you’ll be able to work together to find the right solutions as your business grows.

In this guide, Monito shares ten top-quality online platforms in the United States for business checking accounts. Read on for our head-to-head of Novo vs Bluevine vs Brex vs NBKC and more. One of them just might be perfect for you and your small business.

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Free Business Checking Account With Novo

With the most transparent and low-cost fee schedule we have seen, Novo seamlessly connects you with free transfers, ATM refunds, marketplaces, and payment systems for no monthly fee.

Powered by FDIC Member Middlesex Federal Savings F.A., Novo safely powers arguably the best free business checking account in the USA.

Novo — Best No Hidden Fee All-Rounder

Novo is a disruptive banking platform powered by Middlesex Federal Savings F.A.; Member FDIC. Founded in 2016 in Florida, Novo has the most straightforward and transparent fee schedule that we have seen — no fees except for one overdraft fee. 

Novo Business Bank Account

Account name: Free Business Checking

Noteworthy features: Free payments and wires, refund at all ATMs.

The digital platform integrates with some of the most powerful financial apps, such as Shopify, Stripe, Amazon, and Wise, to empower your small business. For all these reasons and more, Monito recommends Novo’s free business checking account to any US-based small business owner, entrepreneur, or freelancer without hesitation.

Lili — Best for Freelancers

Lili is a mobile banking service designed in New York in 2018 specifically for freelancers in the United States, and partners with FDIC member Choice Financial Group to manage your finances. It’s fee-free schedule rivals that of Novo. Lili charges no overdraft fee up to $200, but only if you are a Lili Pro member (Lili Pro costs $4.99 a month). 

lili business bank account

Account name: Lili Standard

Noteworthy features: 1% APY, tax optimization tools, card cashback.

While the platform has no hidden fees or minimum balances, its real power comes from its expense management, free invoicing, and tax refund optimization tools. Unlike Novo, Lili does however charge ATM fees if withdrawals are made outside of its 38,000 ATM network.

Revolut Business — Best for Team Management

One of the most well-known global finance platforms, Revolut Business was founded in the UK in 2015 and is operational around the world. Revolut is duly regulated by the competent authorities back in the UK (Financial Conduct Authority), and its partner bank in the US, the Metropolitan Commercial Bank, is a member of the FDIC. 

Revolut Business

Account name: Revolut Business Free

Noteworthy features: Account with 28 currencies, USD and GBP account details, API access.

More info: See our full Revolut Business review.

You can start Revolut Business for free, although the standard plan sets very low fee-free allowances. You will be charged a monthly fee for upgrading to the upper three tiers, which raise the free allowances for local payments and foreign exchanges. Revolut Business is ideal for teams that do business globally because the account allows you to hold and exchange 28 currencies, give your team members debit cards for free, and top up those cards in 150 currencies.

If you are a freelancer, then Revolut Business has plans for you that range from free to $9.99 a month to $39.99 a month.

BlueVine — Best for Unlimited Deposits and Payments

BlueVine’s mobile and desktop platform was designed for small businesses and makes paying business bills swift and stress-free. Founded in California in 2013, the company partners with FDIC member Coastal Community Bank to insure your deposits. 

bluevine business bank account

Account name: Business Checking

Noteworthy features: 1.2% APY on balances up to $100,000, access to business loans.

BlueVine’s $15 fee to initiate a domestic wire transfer was the only fee that stood out to us. Although wire transfers are immediate, we recommend using ACH payments with BlueVine. They may take an extra day but they are free. In fact, an unlimited number of incoming and outgoing payments are free with BlueVine. You can even use their platform to pay your suppliers and partners by credit card so that you can free up your cash.

It's 1.2% APY is attractive, but only applies to your balances if at least one of the two following criteria are met: spend $500 with your BlueVine Mastercard per month or receive $2,500 in customer payments per month.

Wise Business — Best for International Payments and Transfers

Wise Business is the business product of one of the cheapest and most transparent international money transfer companies in the world. Wise was founded in the UK in 2011, and its US subsidiary partners with different FDIC-insured bodies depending on the US state in which it operates. See this list of Wise’s licenses. 

wise business bank account

Account name: Wise Business ‘All You Need’

Noteworthy features: 10 local bank account details, withdraw from marketplaces like Shopify.

More info: See our full Wise Business account review.

Wise Business is free to sign up for and will give you access to one of the cheapest international payment tools on the market. This platform is highly recommended by Monito if you want to save money when paying international suppliers or getting paid by international customers and funders.

If you choose to pay a one-time fee of $31, Wise Business will give you unique international bank account details such as a European IBAN and a UK sort code

The Best Multi-Currency Business Accounts for International Payments

Have a look at how some of the leading multi-currency business accounts in the international transfer industry compare in terms of cost, services provided, and global reach.

Revolut Business

Wise Business

Payoneer

Account

Revolut Business Free

All You Need'

Payoneer

Monthly Fee

$0

$0³

$0

Multi-Currency Accounts

28

54

8

US Bank Transfer Fee

$0.20¹

$0.51

2% + $1.50

Overdraft Fee

N/A

N/A

N/A

Currency Transfer Fee

0.4%²

0%

0.5%

Int'l Card Transaction Fee

0%

0%

0%

APY

0%

0%

0%

FDIC Insured

US Account Number

Free Debit Card

✘ ($29.95/year)

3D Secure

Multi-Director Access

Integrated Accounting

Invoicing Included

Trustpilot/App Stores

4.6/5 (9.6K Reviews)

4.6/5 (143.5K Reviews)

4.4/5 (37.6K Reviews)

Customer Service

FAQ

FAQ

Phone, live chat, email

Go to Revolut BusinessGo to Wise BusinessGo to Payoneer

¹ First 5 are free with the Revolut Business free plan.
² No markup applied if upgraded to paid plans.
³ No monthly fee, but an optional one-time fee of $31 required to access local bank details.

NBKC — Best Human Customer Support

NBKC Bank is a brick-and-mortar bank founded in Missouri in 1999, which has made an impressive shift to adopt high-quality financial technology to serve its customers. Unlike BlueVine, Wise, and other companies on this list (that partner with FDIC-insured banks to provide you with their platforms), NBKC Bank is itself FDIC-insured

nbkc bank business account

Account name: The NBKC Business Account

Noteworthy features: Human support, checking and saving goals, access to business loans.

The bank’s fee schedule rivals that of others on this list with no fees for Bill Pay or inward and outward payments. Plus you will have the advantages that traditional banks offer, such as human customer support, commercial lending, and interest on your money. Its digital platform is limited when it comes to integration with accounting software and other apps. You may have to pay subscription fees to access those applications.

LendingClub Business Checking — Best Interest-Earning Account

LendingClub, like NBKC Bank, is a registered bank insured by the FDIC. It was founded in California in 2006. LendingClub’s mobile app organizes your electronic payments for you, deposits checks, keeps track of your card payments, and manages your accounting. 

lending club business checking account

Account name: Tailored Checking

Noteworthy features: Low-requirement 0.1% APY, card cashback.

Two major perks include its 1% cashback if you maintain an average monthly balance of $5000, and its 0.1% APY if you have a total monthly balance of $5,000 or more. LendingClub’s fee schedule, however, was highest among the others on this list. If your monthly balance is below $5,000, you’ll be charged a $10 monthly maintenance fee. International and domestic wires in, domestic wires out, and out of network ATM fees also apply.

Compare Novo vs BlueVine vs Other Online Checking Accounts for Small Businesses in the US

Have a look at this comparison of Monito's top picks when it comes to online business checking accounts for American small businesses, LLCs, and freelancers. These banks have no monthly maintenance fees and no hidden fees.

Novo

BlueVine

NBKC

Brex

Lili

Account

Free Business Checking

Business Checking

The NBKC Business Account

Business Account

Lili Standard

Monthly Fee

$0

$0

$0

$0

$0

Multi-Currency Accounts

US Bank Transfer Fee

$0

$0

$0

$0

$0

Overdraft Fee

$27

$0

$0

$0

N/A

Currency Transfer Fee

N/A

N/A

N/A

N/A

N/A

Int'l Card Transaction Fee

0%

0%

0%

0%

0%

APY

0%

1.2%¹

0.3%²

0.001%

1%³

FDIC Insured

US Account Number

Free Debit Card

3D Secure

Multi-Director Access

Integrated Accounting

Invoicing Included

Trustpilot/App Stores

4/5 (1.0K Reviews)

4.4/5 (6.8K Reviews)

4.2/5 (740 Reviews)

4.5/5 (447K Reviews)

4.6/5 (12.3K Reviews)

Customer Service

Email, FAQ, Blog

Email, in-app

In-person, phone, live chat, email, FAQ

Phone, live chat

Email, FAQ

Go to Novo ❯See MoreSee MoreSee MoreSee More

¹ Only applies if monthly requirements are met: spend $500 with BlueVine Mastercard or receive $2,500 in customer payments.
² Only applies after a set number of years.
³ Only applies to Lili Pro members.

Payoneer — Best for Global E-commerce Businesses

Payoneer is a global financial platform founded in 2005 in New York that partners with a large network of FDIC insured banks. With a Payoneer account, which is free to sign up for, you will gain access to eight bank account details (including USD, GBP, and EUR) and integrations with world leading e-commerce marketplaces. 

Account name: Payoneer

Noteworthy features: Get paid to 8 local bank accounts, online marketplace connection, access to working capital advance.

More info: See our full Payoneer Review.

Payoneer expands your reach to online customers around the world, allowing you to get paid in their local currency. When you are ready to deposit your revenue into your home account in USD, Payoneer will exchange the currency at the real mid-market exchange rate.

While Payoneer does charge a fixed fee of up to 2% per international transfer, it is transparent and competitive compared to traditional big banks. Payoneer is at its cheapest if you don’t convert currencies (i.e. withdraw USD from your Payoneer balance to USD in your American bank account). 

If you are a business with an international reach, this kind of service will save you thousands of dollars in transfer and exchange fees in the long term. 

Brex — Best Software Integration and Rewards Program

Born from the Y Combinator accelerator program in California in 2017, Brex is an all in one financial platform that helps businesses grow and scale. Brex is completely fee-free, with no maintenance fees, ACH transfer fees, or incoming and outgoing domestic and international wire fees

brex bank business account

Account name: Business Account

Noteworthy features: API access, budget and expense management, team credit cards.

While Brex does not have currency exchange services as Revolut Business does, Brex does also have an excellent platform for teams and for managing their spending with cards. Your team will receive MasterCard credit cards that earn you points toward cash rewards, gift cards, air miles, and more.

You can seamlessly integrate your business with popular software, such as QuickBooks, Xero, or Slack. Also impressive is its spend management software, which sets budget policies for departments and alerts you when expense anomalies show up.

Mercury — Best for Startups

Mercury is a financial platform founded in 2017 in California and calls itself a bank built for startups. Its funds are insured by Evolve Bank, a member of the FDIC, and uses software to issue you physical and virtual cards and integrate your finances with accounting software. 

mercury bank business account

Account name: Standard

Noteworthy features: Investor database access, startup and e-commerce guides, custom tools.

Mercury’s software, along with Revolut Business and Brex, gives you API access to customize your own tools. You will even get access to an investor database, so you can build networks and find the right funders for your startup. Mercury will earn you 0.08% APY on your idle cash and they offer free domestic and international wires, ACH payments, and check deposits. However, they do charge a 1% fee on currency exchange, and their rate will be weaker than the mid-market exchange rate.

Online Business Bank Accounts Offering Interest

To wrap things up, let's take a look at how the annual percentage yield (APY) rates of the online business bank accounts we explored compare to one another in the US:

Lili

BlueVine

Brex

NBKC

LendingClub

Mercury

Account

Lili Standard

Business Checking

Business Account

The NBKC Business Account

Tailored Checking

Standard

Monthly Fee

$0

$0

$0

$0

$10

$0

Multi-Currency Accounts

US Bank Transfer Fee

$0

$0

$0

$0

$0

$0

Overdraft Fee

N/A

$0

$0

$0

$5/day

$0

Currency Transfer Fee

N/A

N/A

N/A

N/A

N/A

N/A

Int'l Card Transaction Fee

0%

0%

0%

0%

0%

0%

APY

1%¹

1.2%²

0.001%

0.3%³

0.1%⁴

0.08%

FDIC Insured

US Account Number

Free Debit Card

3D Secure

Multi-Director Access

Integrated Accounting

Invoicing Included

Trustpilot/App Stores

4.6/5 (12.3K Reviews)

4.4/5 (6.8K Reviews)

4.5/5 (447K Reviews)

4.2/5 (740 Reviews)

4.8/5 (2.8K Reviews)

4.1/5 (303K Reviews)

Customer Service

Email, FAQ

Email, in-app

Phone, live chat

In-person, phone, live chat, email, FAQ

Phone, live chat, email

Email, FAQ

See MoreSee MoreSee MoreSee MoreSee MoreSee More

¹ Only applies to Lili Pro members.
² Only applies if monthly requirements are met: spend $500 with BlueVine Mastercard or receive $2,500 in customer payments.
³ Only applies after 5 years. NBKC's rates start at 0.1% after 14-days of depositing and progressively increase.
⁴ Only applies to balances of $5,000 and up.

Frequently Asked Questions About US Online Business Bank Accounts

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