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Top 6 banks to open an online business checking account in

A business owner has to don many hats: an entrepreneur, manager, salesperson, production worker, and lastly, a bookkeeper. This holds true especially if you have just started out with your new business venture; maintaining decorum in your financial matters is a must if you wish for your business to flourish. For new business owners, managing finances without a proper accounting team can be a bit challenging, and if you wish to get your business revenue in order and regulate your expenses, you can open a business checking account online.

A business checking account’s sole purpose is to help the business owner manage taxes, legal, and practical money issues. In fact, having a business checking account enhances the business’s credibility since customers and suppliers can write checks to the business account and not your personal account. Business checking accounts are a great way of protecting your personal assets in case there’s some legal dispute; your personal finance won’t come under scrutiny if you have a separate business checking account.

Another factor that should make opening a business checking account easier is that you can now do it online. It is quite easy to open a business checking account online, and you will need identifying documents, business licenses, legal incorporation documents, DBA name registration, and your tax identification number to open a business checking account in any popular online bank.

Here are some of the popular banks wherein you can open your business checking account online.

Bank of Internet USA
It is one of the widely popular banks wherein you can open a business checking account online. Although you won’t be charged a monthly maintenance fee for your online business checking account, you will need a minimum deposit of $1,000 to open an account with this bank. You are allowed to conduct 200 transactions per month for free and will be charged an extra 30 cents for further transactions. You can even make 60 mobile check deposits per month. In fact, this is a highly recommended business checking account for entrepreneurs who are comfortable with conducting all their banking transactions electronically.

CapitalOne is hailed as one of the leading banks that allows its customers to open a business checking accounts online. The Capital One 360 Checking account is the ideal business checking account since it caters to businesses that have past run-ins with any consumer reporting agency in the past. Although CapitalOne is lenient when it comes to consulting such agencies, it has laid down certain stringent rules regarding the individual’s credit score. You can even activate your overdraft protection from an overdraft line of credit, and unlike other banks whose overdraft protection can eat into your savings account, CapitalOne’s overdraft line of credit charges 3 cents per day for every $100 of the negative balance.

Looking for the best online business checking account can be tedious since not many banks offer a feasible online business checking account. However, EverBank is known to offer one of the best online business checking accounts to its customers. You are entitled to make 200 free transactions per month and would have to pay $0.25 for further transactions, which is much lesser than the usual charges levied by other banks on such additional transactions. It is advisable to open a business checking account with this bank since it is convenient for people who make use of electronic transactions.

It is common knowledge that you need to pay a certain amount of money as a deposit if you wish to open an account in a particular bank. However, if you wish to avoid paying a deposit to open a business checking account online, then Ally Interest Checking account is where you should be headed. Ally Interest Checking account doesn’t require you to make a deposit, nor do you have to maintain a minimum balance. It offers a wide array of deposit accounts, commendable customer service, and high interest rates to its customers. Moreover, it avoids every factor that proves detrimental to their customers, and this includes excessive overdraft fees, arbitration clauses, and complex language.

Redneck Bank
Although the name sounds unusual for a bank, it is the internet banking division of the Oklahoma-based All America Bank. On opening an online business checking account with this bank, the customers are offered a 2.5% APY, which makes it one of the highest-earning option for those customers who have frequent debit spending requirement. Moreover, you’ll need to select paperless statements and provide at least 10 debit card transactions so that you are eligible for the 2.25% APY every month. If you fail to do so, this can reduce the rate to 0.50% APY. There are many benefits if you open a business checking account online with this bank, and these include monthly ATM reimbursements of $25 on maintaining the debit requirement, and fee-free cash withdrawals irrespective of the location.

Bank5 Connect
Opening an online business checking account with this bank proves quite beneficial since it is one of the high-interest checking accounts you will come across; the 0.76% APY on balances over $100 makes it a highly cost-efficient option for banks with high checking interest rates. This online business checking account is perfect for those who aren’t keen on keeping large sums of money in the account and desire strong rate of interest and low balance requirement. Moreover, it doesn’t charge anything for overdraft transfers and incoming wires and does away with unnecessary charges.

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