The Ultimate Guide to Choosing Online Banking for Your Small Business

Why Small Business Owners Should Consider Online Banking

Online banking has become an increasingly popular choice for small business owners for several reasons:

• Lower Fees: Online banks typically offer lower fees than traditional banks.
• Convenience: Access your account and perform transactions at any time from anywhere, using a mobile app or desktop.
• Advanced Features: Many online banks offer integrations with accounting software, easy invoicing, and other tools that streamline business operations.
• 24/7 Access: Online banks are available around the clock, providing greater flexibility in managing finances.

Online banking can help small businesses save time and money, while offering advanced tools that allow business owners to stay organized and improve their financial strategy.

Key Factors to Consider When Choosing an Online Bank

When evaluating online banks for small businesses, several factors should influence your decision:

1. Fees and Charges

Many traditional banks charge monthly maintenance fees, ATM fees, and transaction fees. Online banks often have lower fees, or in some cases, no fees at all, which is ideal for small businesses looking to minimize costs. Be sure to evaluate the transaction fees, monthly fees, and any charges related to withdrawals, transfers, or account maintenance.

2. Account Features and Services

The services offered by online banks should align with your business’s needs. Features like free ACH transfers, mobile check deposits, and invoicing tools are particularly valuable for businesses that need to handle regular payments or manage cash flow. It's also important to check if the bank offers tools for expense tracking and tax preparation to help you stay organized.

3. Customer Support and Accessibility

Even though you’re banking online, having reliable customer support is crucial. Look for banks that offer 24/7 support via live chat, phone, or email. Additionally, consider the bank’s customer satisfaction ratings and how responsive they are to inquiries.

4. Cash Deposit Options

One limitation of many online banks is the difficulty in depositing cash. If your business deals with cash transactions, it’s important to find a bank that offers easy cash deposit options, whether through a network of ATMs or partnerships with retail locations.

Top Online Banks for Small Businesses in 2025

1. BlueVine

BlueVine is known for its business checking account, which provides no monthly fees and offers a competitive 1.00% interest rate on balances up to $250,000. It’s ideal for businesses with high transaction volume due to its unlimited transactions and no fees for incoming wires. BlueVine also offers flexible cash deposit options through a large network of ATMs. The bank is perfect for small businesses looking to earn interest while minimizing banking costs.

2. Novo

Novo is a great option for tech-savvy entrepreneurs. This online bank integrates seamlessly with over 50 business tools, including accounting software like QuickBooks, payment processors like Stripe, and more. Novo offers a fee-free business checking account, free ACH transfers, and no minimum balance requirements. Cash deposits are made through Stripe or other partner systems. Novo is perfect for businesses that need to easily track their finances using digital tools.

3. Lili

Lili is designed specifically for freelancers and gig economy workers. This online bank offers a free plan with features like expense categorization and tax savings tools to help you stay organized and save for taxes. While Lili doesn’t provide direct cash deposit services, users can deposit cash via MoneyPak. The bank also offers a separate savings account to help you save for taxes and business expenses. If you’re a freelancer, Lili’s tools are ideal for simplifying your financial workflow.

4. Axos Bank

Axos Bank is known for its range of business banking solutions. It offers both low-fee accounts and options with free ACH transfers and high-volume transaction options. If your business handles a large volume of payments, Axos’s business checking accounts allow for more flexibility and better transaction management. Axos Bank also supports cash deposits via ATMs and partner locations, making it easier for businesses to manage cash flow.

5. Kabbage

Kabbage offers free business checking accounts with no monthly fees and no minimum balance requirements. It also provides flexible credit lines to help businesses manage cash flow and cover operational expenses. While Kabbage doesn’t have traditional cash deposit features, users can make deposits via a network of partner ATMs. Kabbage is best suited for small businesses that need quick access to working capital and want an easy-to-use business banking account.

6. Chase Business Complete Banking

For small businesses that need access to over 16,000 ATMs and a bank with a strong reputation, Chase Business Complete Banking offers a $15 monthly fee, which is waived for the first 60 days. This account offers free ACH transfers, mobile check deposit, and an integrated payment processing system. With physical branches and ATM access nationwide, Chase is ideal for businesses that need a mix of online banking convenience and traditional banking features.

Conclusion: How to Choose the Best Online Bank for Your Small Business

Choosing the right online bank for your small business in 2025 depends on several factors, including fees, features, and customer support. Each of the banks listed in this guide offers different strengths, making them better suited for different types of businesses. Whether you prioritize low fees, high transaction volume, or integrations with business tools, the right online bank can provide the services and support you need to grow your business.

• BlueVine is perfect for businesses with high transactions and a need to earn interest.
• Novo is ideal for tech-savvy entrepreneurs who rely on digital tools.
• Lili is best for freelancers looking for simplicity and tax management.
• Axos Bank suits businesses with high-volume transactions.
• Kabbage is a great choice for businesses that need quick access to working capital.
• Chase Business Complete Banking is best for businesses needing both physical and online banking options.

By considering the key features that align with your business goals, you can make a well-informed decision that will streamline your financial management and support your growth.