As an entrepreneur, one of the most important decisions you will make is which bank to entrust with your business finances. With the rise of digital banking, there are more options than ever before to choose from. In this article, we will explore the best digital business bank accounts and what sets them apart from the rest.
What to Look for in a Digital Business Bank Account
Before we dive into the top digital business bank accounts, let’s first discuss the key features to look for when choosing a bank:
1. Low Fees
As a business owner, you want to keep your expenses as low as possible. Look for a bank that offers low or no monthly fees, transaction fees, and ATM fees. Some banks even offer cashback rewards for using their debit card.
2. Easy Online Banking
A good digital bank should have a user-friendly online banking platform that allows you to easily manage your finances. You should be able to view your account balances, transfer funds, pay bills, and deposit checks from your phone or computer.
3. Integration with Accounting Software
If you use accounting software like QuickBooks or Xero, you will want a bank that integrates with these platforms. This will save you time and reduce errors by automatically syncing your transactions.
4. Business Loans and Credit
As your business grows, you may need access to loans or lines of credit. Look for a bank that offers competitive rates and flexible terms for business loans and credit.
Top Digital Business Bank Accounts
Now that we know what to look for in a digital business bank account, let’s explore the top options:
1. Azlo
Azlo is an online-only bank that caters specifically to freelancers, entrepreneurs, and small businesses. They offer no monthly fees, no minimum balance requirements, and no transaction fees. Azlo also integrates with popular accounting software like QuickBooks and Xero.
2. Novo
Novo is another online-only bank that offers no monthly fees, no minimum balance requirements, and no transaction fees. They also offer free ATM withdrawals and reimbursements for other banks’ ATM fees. Novo integrates with popular accounting software like QuickBooks and Xero, and they offer business loans up to $250,000.
3. BlueVine
BlueVine is an online bank that offers business checking accounts with no monthly fees, no transaction fees, and no NSF fees. They also offer business loans and lines of credit up to $250,000. BlueVine integrates with popular accounting software like QuickBooks and Xero.
4. Chase Business Complete Banking
Chase Business Complete Banking is a traditional bank that offers a digital banking platform. They offer a $300 cash bonus for new accounts, and they have over 4,700 branches and 16,000 ATMs nationwide. Their monthly fees can be waived with a minimum balance or a linked Chase credit card.
5. Axos Bank Basic Business Checking
Axos Bank is an online bank that offers a basic business checking account with no monthly fees and no transaction fees. They also offer free ATM withdrawals worldwide and unlimited ATM fee reimbursements. Axos Bank integrates with popular accounting software like QuickBooks and Xero.
Conclusion
Choosing the best digital business bank account can be a daunting task, but by considering factors like low fees, easy online banking, integration with accounting software, and business loans and credit, you can find the right fit for your business. Azlo, Novo, BlueVine, Chase Business Complete Banking, and Axos Bank Basic Business Checking are all great options to consider.