Category: Banking

In today’s modern world, with payments and banks going digital, the role of brick-and-mortar banks is shrinking. However, it does have its place as it offers many benefits that mobile banks don’t have. In this Chase Bank review, we’ll look at one of America’s largest full-service banks. 

Our Verdict 

Chase Bank

Visit

Chase Bank offers banking solutions catered for businesses, called Chase for Business. Chase Bank mixes the traditional brick and mortar with online banking by offering a large branch network and user-friendly online tools – what we consider ideal for small businesses that need both worlds combined together. 

As a traditional bank, Chase Bank doesn’t seem to want to fall behind its digital banks competitors and wants to attract customers – so it’s offering a $300 bonus to new customers when opening a Chase Business Checking account. It ranks fourth when it comes to the best business checking accounts.

• $300 bonus to new customers and cashback with business credit card
• 16,000 ATMs and 4,700 branches available across the U.S.
• No minimum opening deposit

• $15 monthly fee 
• Low to zero interest-earning potential
• In-person visit to open an account

Chase Bank Business Account at a Glance 

The Chase Business Complete Banking account stands out among the best business bank accounts for LLCs. This business account gives its account holders the best of the offline and online world: It provides access to 16,000 Chase ATMs and 4,700 branches across the U.S while providing user-friendly online banking tools. 

This business checking account offers many benefits for the business owner; the first one is the sign-up bonus. If you sign-up for the Chase Business Complete Banking account, you’ll get a $300 bonus as long as you deposit $2,000 on your account, maintain it for at least 60 days, and complete one of the five activities required within 90 days of offer enrollment.

However, if you can’t afford to maintain the minimum deposit to get the bonus but you still want to open a business account at Chase Bank, the good news is that you can, and there’s no minimum opening deposit. But the rewards and benefits don’t stop there. 

Chase Bank also gives a $750 bonus cash back for new business credit card members and unlimited 1.5% cash back rewards on every purchase. All you have to do is spend $7,500 on purchases in the first three months after account opening.

The Chase Business Complete Banking account isn’t a good fit for those looking for some earning potential within their bank accounts – Chase Bank doesn’t offer interest in most of its accounts. Also, we wouldn’t recommend this account for people who don’t want to pay an in-person visit to open an account – you must visit a Chase branch in person to open a Chase Business Complete Banking account.

Who Chase Bank Business Account is Best For 

Business owners who need in-person support and have access to several ATMs across the country while using user-friendly mobile and banking tools, then this account is for you. 

You should also consider the Chase Business Complete Banking account if your business deals with many transactions, but you don’t want to get hit with per-transaction fees – online transactions are unlimited.

If you are interested in opening a fee-free business account, here is a detailed Oxygen Review, Kabbage Review, and SoFI Review packed with information about the pros, cons, and alternatives to both fintech companies. 

Pricing

In this review, we’re mostly covering the Chase Business Complete Banking which caters most to small-business owners but Chase Bank offers three business checking accounts: Chase Business Complete Banking, Chase Performance Business Checking, and Chase Platinum Business Checking. 

For a better understanding of all price tiers in the business checking account, we’ve compared the main features of the three accounts. 

Chase

Chase Business Complete Banking

Chase Performance Business Checking

Chase Platinum Business Checking

Monthly Fee

$15 or $0 monthly fee if you maintain $2,000 minimum daily balance

$30 or $0 monthly fee if you maintain $35,000 combined average beginning day balance

$95 or $0 monthly fee if you maintain $100,000 combined average beginning day balance

Cash Deposit Fee

Fee-free at $5,000 in cash deposits per statement cycle

Fee-free at $20,000 in cash deposits per statement cycle

Fee-free at $25,000 in cash deposits per statement cycle

Mobile and Online Banking

Multiple User Accounts

Accept Card Payment

Fraud Prevention Services

Fee-free Incoming Wires

Cash Management Support

Platinum Business Customer Service

Chase Bank Business Account Features

As a brick and mortar traditional bank with digital banking tools, Chase Bank Business accounts offer many benefits among its features, even in the entry-level option. We’ve listed the main features below. 

Mobile and Online Banking 

The Chase Mobile® Banking app is easy to use and offers security with encryption technology and offers many interesting features to business owners such as online bill pay (and schedule payments), fraud protection, receiving or sending payments, getting account alerts and setting up multiple account users straight from the app. 

Sign-up Bonus

If you’re looking for a business checking account with a sign-up bonus, this is an opportunity to earn some extra money. Chase Bank offers $300 for newcomers who sign up for Chase Business Complete Checking, deposit $2,000 and maintain it for 60 days, and complete five of the qualifying activities such as debit card purchases and Chase QuickAccept deposits.

Cash Back Bonus

Earn a $750 bonus cash back after you spend $7,500 on purchases in the first three months after account opening, 5% cashback on the first $25,000 spent in combined purchases at office supply stores and on internet, cable and phone services each account anniversary year and 2% cashback on the first $25,000 spent in combined purchases at gas stations and restaurants each account anniversary year with Ink Business Cash® credit card.

Accept Card Payment

Your business can accept credit and debit card payments with Chase QuickAccept in the Chase Bank app. This payment processing service connects with a mobile card reader to tap, swipe or dip transactions and you can receive the funds into your account on the same day. 

No minimum opening deposit

Most brick-and-mortar business checking accounts require a minimum deposit of money to open a bank account. However, the Chase Business Complete Banking℠ account is one of the few that doesn’t do that. Even if you have no extra cash, you can even open a Business Complete Banking℠ account with no money.

Alternatives to Chase Bank Business Account

In case you aren’t sure whether the Chase Bank Business account isn’t the best fit for your business, there are some alternative options and we’ve listed the best ones. 

BlueVine

Visit

BlueVine Review

BlueVine is an excellent alternative for Chase Bank. You can pay bills, apply for small loans in minutes, and even earn a decent interest rate without having to pay monthly fees. As opposed to Chase, you can open a bank account in a few minutes with no minimum deposit, so it’s a good fit for businesses of any size.

Account-holders also get unlimited transactions and can earn 1.5% interest on your balance up to and including $100,000 if you meet a monthly activity goal.

• Earn up to 1.2% APY
• No monthly fees
• No minimum balances

• Only allow cash deposits through Green Dot Services
• No physical branches

Novo

Visit

Novo Review

Another great option for small businesses is Novo. The mobile-only bank offers an easy-to-use platform, under a 10-minute application, refund ATM fees and no monthly fees, as opposed to Chase Bank. 

Novo offers free ACH transfers you can easily sign into your app via your mobile device and pay bills, send money, fund payroll, or transfer money to your personal account within seconds. However, Novo falls short in two aspects: it doesn’t allow users to set up recurring payments and as a digital bank it doesn’t let you deposit cash. 

• User-friendly app
• Refund ATM fees
• No monthly fees

• No recurring payment functionality
• Can’t deposit cash

Mercury

Visit

What’s interesting in Mercury is that it advertises itself as a fintech, not a bank. Mainly focused on ecommerce businesses and startups, this company offers both virtual (generated instantly) and physical cards, it integrates with major accounting software, and Mercury’s checking and business savings accounts are completely free with no minimum deposit or balance requirements.

The drawback of opening an account with Mercury is that, like most online-only banks, you can’t deposit cash and in case you’re looking for some earning potential – similar to Chase Bank – Mercury offers no-interest drawback.

• Virtual and physical card available
• No minimum deposit or balance required
• Accounts integrate with major accounting software

• Can’t deposit cash
• No interest-earning potential

Bottom Line on Chase Bank Review

Overall, Chase Bank offers many benefits for small business owners–especially for those who need to make a deposit in cash, need in-person assistance, access fee-free ATMs but don’t want to give up the ease of having an online bank right in your pocket.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

Lili is an all-purpose bank account that helps sole proprietors and freelancers manage their business finances, thanks to its tax optimizer tools, built-in expense tracking, and budget-friendly pricing. In this Lili review, we’ll take a closer look at its pricing, features, pros, cons, and competitors.

Our Verdict

Lili

Visit

Lili is a versatile banking solution for small business owners and independent contractors who plan to open a business account. First, it makes it easy for you to file taxes and increase tax savings. Next, it allows you to monitor your business expenses on the go through the mobile app. Finally, there’s a free business account available, while the paid account is also affordable.

To be realistic, Lili does have some shortcomings too. To begin with, you can only earn interest if you sign up for the paid account, but not the free version. Also, while Lili covers overdrafts up to $200 for the paid account, the same coverage isn’t available for the free version. Lastly, the customer service is only limited to email support on weekdays during business hours.

As we’ll discuss in this review on lili, it’s a low-cost account with practical features that can be helpful for beginners in business banking. Check out the summary of the benefits and drawbacks of Lili:

• Tax optimization tools
• Built-in expense management
• Economical pricing

• Zero APY for free account
• Overdraft protection for paid account only
• Skimpy customer support

Pricing: Starts at $0

Lili at a Glance

Lili is a financial technology company that offers business banking accounts through its partner Choice Financial Group. Its mission is to empower small business owners and freelancers to grow their business through banking services. Established in 2019 by Lilac Bar David, there are now over 100,000 users of the Lili app.

Lili is distinct from other bank accounts because it comes with extra tools for tax and business management. The features we’ll focus on in this review are mobile checking, ATM services, BalanceUp, APY, direct deposit, cash deposit, debit card, cashback rewards, expense tracking, tax optimizer tools, invoice tools, mobile app, security, and customer support.

Who Lili Is Best For

Lili is suitable for owners of sole proprietorships who need an affordable yet useful business banking account. After all, the free account doesn’t require you to pay any monthly fees, while the paid account only charges a minimal monthly fee.

Plus, it comes with handy business solutions like mobile checking, tax tools, and expense tracking which helps you manage your professional funds. In spite of its cheap price, Lili is more than enough as a bank for startup entrepreneurs or independent contractors who wish to jumpstart their business.

Pricing on Lili

Lili offers two types of business bank accounts for small business owners and freelancers. Compare the similarities and differences between the two accounts by exploring the chart below:

Lili

Lili Standard

Lili Pro

Price

$0/month

$4.99/month

Minimum Balance

$0

$0

Mobile Checking

ATM Services

Free at 38,000+ MoneyPass ATMs

Free at 38,000+ MoneyPass ATMs

BalanceUp

APY

None

1%

Direct Deposit

Up to 2 days faster

Up to 2 days faster

Cash Deposit

Third-party retailers

Third-party retailers

Debit Card

Visa Business Debit Card

Premium Visa Business Debit Card

Cashback Rewards

Expense Tracking

Basic

Advanced

Tax Optimizer Tools

Invoice Tools

Mobile App

Android + iOS

Android + iOS

Security

FDIC insurance + Encryption + Freezing/unfreezing

FDIC insurance + Encryption + Freezing/unfreezing

Customer Support

Weekday email support, 9 a.m. – 7 p.m. EST

Weekday email support, 9 a.m. – 7 p.m. EST

To sum things up, there are two kinds of Lili business bank accounts which you can select from:

1. Lili Standard (Free): The basic account doesn’t require you to pay any monthly fees or maintain a minimum balance.
2. Lili Pro ($4.99/month): The paid account charges a low monthly maintenance fee, but there’s no minimum balance requirement. 

Lili Standard is a good deal for you if you’re on a tight budget. However, if you can afford the extra expense, it’s worth upgrading to Lili Pro because it comes with more major features for just a small amount each month.

Lili Bank Offers a Lot of Features

If you start a Lili bank account, you can benefit from essential banking services and tools. In this Lili business account review, let’s talk about mobile checking, ATM services, BalanceUp, APY, direct deposit, cash deposit, debit card, cashback rewards, expense tracking, tax optimizer tools, invoice tools, mobile app, security, and customer support.

Mobile Checking Lili Bank

Lili offers you a business checking account that’s particularly designed for sole proprietors and single-member Limited Liability Companies (LLCs). You can easily manage your account anytime, anywhere through the mobile banking app. Plus, you can perform mobile check deposit transactions even when you are on the go.

ATM Services Lili Bank

Lili makes it possible for you to withdraw your money for free from MoneyPass ATMs. At present, there are more than 38,000 no-fee ATM machines all over the U.S. You can find the closest ATM in your area with the assistance of the ATM locator in the mobile app.

Take note that you must pay a $2.50 fee if you withdraw cash from an ATM that’s not part of the MoneyPass network. Also, you will be charged a $5 fee if you make withdrawals outside of the country.

If you want to open a fee-free business account, here is a thorough BlueVine Review, Bank of America Review, and Kabbage Review with information on the pros, cons, and alternatives.

BalanceUp

Lili provides overdraft protection via BalanceUp. Aside from not charging penalty fees, the company covers overdrafts up to $200 on purchases you make through your debit card. However, this feature is only available for Pro depositors, not Standard customers. If you open a Pro account, you’ll receive a notification that you can enroll in BalanceUp once you meet the eligibility requirements.

APY

Lili grants a 1% APY incentive for customers who open an emergency savings account. You can set up an automatic transfer of $1 or more daily. Afterwards, you’ll have the chance to earn interest, as long as you maintain a minimum savings balance of $0.01. Nevertheless, this option is only open to Pro clients, not to Standard depositors. Keep in mind that the APY rate can change over time since it’s variable.

Direct Deposit on Lili Bank

Lili gives you the opportunity to receive your money quickly through direct deposit. It’s possible for you to get your paycheck deposits or client payments as early as two days in advance. All you need to do is set up direct deposit with your Lili account. Then, you’ll start receiving notifications as soon as the funds are transferred to your account. Thankfully, in this case, early direct deposit is available for both Standard and Pro accounts.

Cash Deposit on Lili Bank

Lili is a financial technology company, not a conventional bank. As a result, it doesn’t have any physical branches where you can drop by to deposit your paper bills. However, Lili has partnered with third-party retailers with over 90,000 locations in the U.S. where you can deposit cash to your Lili account, such as Walmart, RiteAid, and CVS.

Debit Card

You will get a Lili debit card whether you sign up for a Standard or Pro account. If you go for the free version, you’ll receive a Visa Business Debit Card. In case you select the Pro edition, you will gain a Premium Visa Business Debit Card. Either way, there’s no need to worry about transaction or service fees when you use the card for online or in-store payments. Still, there’s one major difference between the two types of cards, which we’ll talk about in the next section.

Cashback Rewards

The main advantage of the Premium Visa Business Debit Card over the regular Visa Business Debit Card is cashback. If you’re a Pro customer, you’ll have the chance to earn cashback rewards whenever you buy products or services from participating merchants.

As a result, you can save money on your business or personal purchases from Microsoft, TaxAct, Mailchimp, Chevron, and Autozone. Sadly, you won’t have the same incentives as a Standard depositor.

Expense Tracking

Lili is unique among business bank accounts because it makes it easy for you to manage your expenses. On one hand, the Standard account comes with a built-in expense tracking tool which lets you sort your expenses into categories in real-time. On the other hand, the Pro account includes an advanced expense tracking capability which helps you increase your tax deductions.

Tax Optimizer Tools

One of the most important strengths of Lili is that it boasts a rich set of tax optimizer tools which helps you meet IRS tax requirements for sole proprietors. First, the Tax Bucket makes it simple for you to set aside a portion of your income for your taxes. Plus, the Write-Off Tracker boosts your tax savings by dividing your transactions into business and personal categories.

In addition to this, the Receipt Scanner records and stores an image or PDF file of your receipts. To top things off, Lili can pre-fill your annual 1040 Schedule C form to save time before you send it to your accountant or file it with the IRS. Last but not least, it generates automated quarterly and annual expense reports so you can have an overview of your spending patterns.

Invoice Tools

Another advantage of Lili is the invoice tool set. It enables you to quickly create and edit unlimited invoices via the mobile app. Afterwards, you can send them to your clients to request for payments for your services or products. Aside from this, you can file and organize all the invoices you made to update your business records.

Mobile App

The Lili mobile banking app is free to download from the Google Play Store and Apple App Store. You can install it in your Android or iOS smartphones and gadgets. Aside from the mobile checking deposits, you can also make contactless payments through your mobile phone. Also, the app sends you push notifications so you can be aware whenever cash goes in or out of your business account.

Security

Lili takes measures to safeguard your funds in different ways. First, your account will be insured up to $250,000 via Choice Financial Group, the partner bank of Lili. Next, it protects the privacy of your data through industry-grade security encryption. Lastly, you can directly freeze and unfreeze your card via the mobile app if necessary.

Customer Support

One of the obvious drawbacks of Lili is the limited customer service. It doesn’t offer any phone or chat support, which means you can’t communicate in real-time with live agents. Instead, it only allows you to email the support team on weekdays, from Mondays to Fridays, and only during business hours, 9 a.m. – 7 p.m. EST.

Also, you can’t even send the message directly from the website since there’s no contact form. You must use your desktop or web email client to send an email. To make things a little better, there’s a help center where you can conduct self-research about basic information on Lili.

The Alternative Bank Sites to Lili Bank

Lili is an interesting choice if you need a multipurpose business account that won’t break the bank. Nevertheless, you can explore other alternatives if you have other banking needs that Lili doesn’t cover.

Kabbage

Visit

Kabbage Review

Kabbage is a registered payment service provider that offers a free business checking account. It’s ideal for ambitious entrepreneurs who need loans to grow their venture. It presents flexible financing options for small businesses, which Lili doesn’t provide. Just keep in mind that you need to provide a personal guarantee when you apply for a loan.

Plus, Kabbage gives you the chance to earn 1.10% APY on balances up to $100,000 for the free account, unlike Lili which only gives interest for the paid account. Also, it allows you to accept payments via professional invoices, similar to Lili.

However, Lili is better than Kabbage when it comes to business management. After all, it comes with automated tools for tax filing and expense management, while Kabbage only provides how-to guides on these topics.

Pricing: Starts at $0/month

• Loan offers
• 1.10% APY for free account
• Invoice payment processing

• Personal guarantee required for loans
• Lack of tax optimization tools
• No automatic expense management

Novo

Visit

Novo Review

Novo is a financial technology company that provides a free business checking account. It’s fitting for small business owners who want to integrate their business account with other productivity solutions.

On one hand, it connects to bookkeeping software like Quickbooks and online payment platforms like Stripe, compared to Lili which has built-in financial management tools instead. In addition to this, Novo specializes in ACH and wire transfers, while Lili focuses more on regular banking transactions.

On the other hand, Lili has an edge because it lets you deposit cash through partner retailers, unlike Novo. Aside from this, it gives you the chance to open an emergency savings account, while Novo is purely a checking account. Still, both Novo and Lili are equal when it comes to a lack of loan offerings.

Pricing: Starts at $0/month

• Strong third-party integration
• No monthly service fees
• Free ACH transactions

• No cash deposits
• Can’t open savings account
• No loans or credit lines

Oxygen

Visit

Oxygen Review

Oxygen is a financial technology company that offers business and personal bank accounts. It’s suitable for enterprising entrepreneurs and freelancers who want to earn extra income through business banking.

All Oxygen business accounts grant you an APY and cashback rewards, while Lili only gives these benefits to users of the paid account. To top things off, Oxygen has daily phone and email support, in contrast to Lili that only includes weekday email assistance.

Nevertheless, Lili has an advantage over Oxygen because of its business management specialization. It has features like expense monitoring and tax savings, which Oxygen lacks. Also, the paid account of Lili is more cost-effective than the paid tiers of Oxygen.

Pricing: Starts at $0/month

• APY for all tiers
• Cashback rewards for all users
• Daily phone & email support

• No expense tracking tools
• No automatic tax savings
• Expensive rates for paid tiers

Bottom Line on Lili Review

Lili is an all-in-one business bank account that works well for sole proprietors and independent contractors. It’s an accessible option for you if you’re looking for a combination of competitive pricing, tax savings assistance, and expense management. As we conclude our review on Lili bank, it’s time for you to come to a conclusion if Lili is the best banking solution for you.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

SoFi is a financial technology company individuals and businesses alike can use to safely store and grow funds. This SoFi review spells out all the pros and cons of the service to help you decide whether or not to give it a go. 

Our Verdict

SoFi

Visit

SoFi offers a slew of products, stretching from loans to banking and insurance. Sole proprietors, partnerships, and LLCs looking to separate business and personal funds will likely find something of interest here.

Its bank account keeps fees to a minimum while providing high-interest rates and the flexibility to move money around as you see fit. When a project calls for large-scale investment, SoFi has financing options so you don’t have to miss a beat.

• Up to 1.25% APY for savings and checking
• No minimums or monthly fees
• 2-3% cash back on credit card purchases

• Only one savings/checking account is available
• All business loans come from a third party
• Limited features for business owners

SoFi at a Glance

SoFi is a financial platform with savings, checking, and lending options for small business owners. It’s free to set up an account, and outside of loans, members never have to worry about monthly fees along the way. This lack of fees extends to cash deposits, transactions, and overdraft charges that other institutions typically charge for.

The platform’s 1.25% APY for both checking and savings is among the highest available, requiring no more than a direct deposit to lock in the rate. Sofi’s sole credit card comes with 2-3% cash back to bolster income.

Perhaps best known for its personal loans, SoFi adds business financing options through its Lantern Credit service. While SoFi does not provide these loans itself, it gives access to several top-tier options business owners can choose from.

Who SoFi is Best For

Smaller business owners will get the most out of SoFi’s services. Its banking services are geared more toward personal use, but individual business owners can get just as much use out of a bank account. It’s also possible to get up a joint account for duos sharing the business load. If you’re able to pay yourself with direct deposit, you can maximize the interest rate for checking and savings.

Pricing

SoFi stands firm on its desire to minimize fees anywhere it can. It also holds one of the highest interest rates among online and physical banks around the country.

SoFi

Checking and Savings Account

Monthly Fee

$0

Minimum Deposit to Open Account

$0

Minimum Balance to Maintain Account

$0

Overdraft Fees

Up to $50 covered

APY

0.70% or 1.25%

Transactions

Unlimited free transfers to other bank accounts or through point of sale

Cash Deposits

No fee when using 55,000 in-network ATMs to deposit cash

ATM Fees

Free from over 55,00 in-network machines

Wires

$25 to $30 for outgoing domestic transfers, $45 to $50 for outgoing international transfers

SoFi is somewhat new to the banking scene and has but one savings and checking account available. There’s no minimum deposit required to set things up. You also don’t need to worry about monthly fees or maintaining a minimum balance.

To tap into SoFi’s 1.25% APY, you simply need to link up a direct deposit to either checking or savings. If you’re unable to do so, you’ll still earn 0.70% on both accounts, a number still much higher than the industry standard.

The banking platform really has an aversion to fees, making money transfers between bank accounts free. Business owners will enjoy $0 point of sale transitions both domestically and internationally. SoFi looks the other way for up to $50 in overdraft fees as long as you’ve linked up a direct deposit.

You won’t get charged for using any of the 55,000+ ATMs in SoFi’s network. Its website makes no mention of charges for using out-of-network ATMs, but you should always expect a charge from the ATM itself.

Sofi’s wire transfer fees are standard at $25 to $30 for an outgoing domestic rate. Those looking to send funds internationally will have to pay closer to $50 per transfer.

SoFi Features

SoFi has several impressive features that make it an online bank worth pursuing. Let’s take a look at them now.

Credit Cards

SoFi offers a solitary credit card for business owners to use when making purchases. The MasterCard earns 2% cash back on purchases you can put back into your finances or save for a particular project. If you can link up a direct deposit, you’ll earn 3% cash back instead.

The card has no annual fee but can charge anywhere between 13.74% and 25.74% APR depending on your credit score. There’s no mention of being able to obtain multiple credit cards from one account to hand out to employees.

Checking and Savings

Should you choose to bank with SoFi, you’ll open up both a checking and savings account at the same time. It’s not possible to open up one or the other. Both accounts earn the same interest rate, either 0.70% or 1.25% if you can link up a direct deposit.

Neither account has monthly account fees or minimum requirements. You can move cash fluidly between them, but you’ll want to be careful not to overdraft your checking account by more than $50 when making purchases. There is an option to create a joint business bank account if you have more than one business owner.

Insurance

Small business owners need a source of insurance, and SoFi has options available that suits for startups or any small businesses. The online back currently has plans for auto, life, renting, and homeowners. Although these types of insurance are available for the SoFi account holder, you won’t be able to offer them to your employees as well.

Student Loan Repayment

SoFi takes a unique approach to business incentives, offering business owners the means to help employees pay off student loan debt. With SoFi, you can contribute up to $5,250 tax-free each year toward your employees’ student debt. Employers can deduct this amount while offering an incentive to hire young talent from the graduate pool.

Mobile Banking

SoFi’s mobile app allows you to transfer and receive funds with nothing more than a smartphone. For anyone using SoFi’s app, transfers occur in real-time. The app also makes it easy to pay bills online or set up recurring payments to vendors or employees. You can deposit checks right from your phone by snapping a photo and listing where you want the money to go.

Minimal Fees

You won’t find many fees when you sign up for SoFi. Account setup is free, and you won’t ever see a monthly fee come across your desk. Alongside overdraft forgiveness and zero charges for transferring or depositing cash, you can use SoFi without having to spend a cent. You’ll only run into fees with outgoing wire transfers and any time you have to use an out-of-network ATM.

If you want to open a business account with minimal fee, here is a thorough Oxygen Review, Capital One Review, and Lili Review that includes information on the pros, cons, and alternatives.

Loans and Lines of Credit

SoFi’s Lantern Marketplace helps business owners view and compare the top loans currently available. SoFi does not offer these loans directly but facilitates the process of locating the loan your business needs. After supplying information about how much you need, what you’ll use the loan for, and what state you’re in, Lantern will find the best options for you.

Security

Should something happen with your credit card, you can freeze it with the push of a button on the SoFi app. SoFi watches your account for suspicious activity and will let you know the moment they sense something amiss.

The online bank further keeps your account secure through two-factor authorization, requiring a fingerprint or additional passcode to access your information. Each card chip generates a unique transaction code to identify purchases and add in extra security. All money in your SoFi account is FDIC insured for up to $250,000.

Alternatives to SoFi

SoFi gets along well with business owners but may not contain everything you’re looking for. Check out these SoFi alternatives to see if they’re more your style.

LendingClub

Visit

LendingClub is an online banking service offering quite a bit more variety than SoFi when it comes to accounts. Business owners can choose from ten different checking and savings plans strictly for businesses. The mobile app tracks transactions in real-time and allows users to transfer funds or make check deposits. 

Among those accounts, you can find 1% cash back on debit card purchases and rebates from ATMs anywhere in the world, whether they’re in-network or not. Interest rates are meager, topping off at 0.10% for accounts with $5,000 or more. If you’re unable to maintain a balance of $5,000, you’ll also incur a $10 monthly charge.

LendingClub specializes in loans for small businesses, no matter the need. Flexible loans can climb as high as $500,000, whereas loans for property and equipment can reach $10 million if needed.

• 1% cash back on debit card purchases without limit
• Worldwide ATM rebates
• Several loan packages

• Monthly fee on accounts with balances under $100
• Low interest rate
• High requirements for cash back

BlueVine

Visit

BlueVine Review

BlueVine provides loans and checking accounts for small businesses looking to get a leg up on the competition. There are very few fees across the board, but it is unfortunate to see charges for cash deposits.

If you can keep up with BlueVine’s requirements, it’s possible to earn 1.5% APY on your checking account. This amount eclipses SoFi’s 1.25% but is not quite as easy to attain. Similar to SoFi, BlueVine doesn’t necessitate a minimum balance or charge a monthly fee. What’s worse, any money in your account above $100,000 doesn’t receive interest, and there’s no savings plan to dump excess into.

BlueVine has lines of credit up to $250,000 and rates as low as 4.8% to pay them off. These numbers fall in line with the third-party lenders SoFi uses as part of its Lantern network. When depositing money to keep up with loan payments, keep in mind that BlueVine has monthly limits on how much you can put in your checking account.

• High interest rates
• Very few fees
• No minimum balance or monthly fees

• Monthly deposit and withdrawal limits
• Does not offer a savings account
• Fee for cash deposits

Kabbage

Visit

Kabbage Review

Kabbage empowers small businesses with a monthly fee-free checking account. Although its interest rate is a little lower than SoFi, Kabbage does not have prerequisites for earning 1.10% on funds up to $100,000. 

Unlike SoFi, there’s no way to create joint bank accounts with Kabbage. As a result, it’s best bank account for sole proprietorships or LLCs with a sole owner. On the plus side, Kabbage doesn’t charge ATM fees, whether in-network or not. You will get charged $4.95 every time you deposit an amount of cash into your account.

When you’re ready to take your business to the next level, Kabbage offers easily accessible lines of credit for just such a purpose. The approval process takes no more than a few minutes. Once approved, you can transfer money from the line of credit to your checking account in real-time.

• No monthly fees or fees for signup, no minimum balance
• High interest rate
• No Kabbage fees for out-of-network ATM withdrawals

• Cash deposit fees up to $4.95 per transfer
• No ability to make joint accounts
• Mobile deposits take several days to clear

Axos

Visit

Axos Review

Axos has a handful of checking and savings accounts for business owners to choose from. Its Interest Checking plan grants a 1.01% APY for up to $50,000, with rates decreasing from there. You can transfer extra money into a savings account, but these accrue 0.20% interest at best.

Most of these accounts require a high initial deposit to open and a substantial balance to avoid monthly fees. This is a sharp contrast to SoFi, where no such fees exist. There aren’t many fees if you can keep up with balance requirements, and Axos will reimburse you for any ATM fees you may encounter.

The platform has both loans and lines of credit to help businesses grow. Loans and lines start at $10 million and demand at least two years in business.

• High APY with an interest checking account
• Unlimited domestic ATM fee reimbursements
• No monthly maintenance fees or balance requirements for basic checking

• Monthly fee with higher-tier accounts
• Low APY on business savings accounts
• Some accounts require high deposits

Bottom Line on SoFi Review

SoFi is a great opening strategy for small businesses looking to build interest on available funds. The only thing required to benefit from SoFi’s highest rate is a direct deposit, so long as you can pay yourself. The financial service provider also helps you find loans from a handful of third-party companies instead of being shoehorned into one option. Minimal fees make it possible to make the most of your money without draining it in the process.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

Your business bank account acts as a home base for your business’s financial database. Bank of America offers two types of business checking accounts for small to large business owners. In this Bank of America review, you’ll see why using the second-largest US bank (by assets) may be the best choice for you.

Our Verdict 

Bank of America

Visit

Bank of America provides two appealing business checking accounts that offer the important banking features you would expect from a major banking institution. Whether you’re part of a small business or large enterprise, you can utilize Bank of America’s high cash deposit limits and Business Advantage 360 online banking platform.

The online banking platform offers bill pay, mobile check deposits, an excellent mobile app, and an integrated cash-flow monitoring tool. Bank of America’s business accounts also offer unlimited fee-free electronic transactions. These include ACH transactions, debit card transactions, remote deposits online, and electronic debits.

• All-in-one business banking services with a low monthly fee
• Easily waivable monthly fee
• Over 17,000 ATMs and 4,300 branches

• Lacks 24/7 customer service
• QuickBooks integration only featured on higher-tier plan
• Transaction fees when using non-Bank of America ATMs

Bank of America at a Glance 

Bank of America offers business bank accounts that allow you to pay invoices, receive payments from clients, deposit cash and checks, and manage your business transactions. As one of the best small business bank accounts, a Bank of America business account is ideal for cash-heavy businesses.

With the Fundamentals business account, you can deposit up to $7,500 in cash per statement cycle for free. Then, it costs $0.30 per $100. You’re also limited to 200 check deposits or other deposits per cycle. Afterward, it costs $0.45 per item. 

With the Relationship business account, you can deposit up to $20,000 per statement cycle for free. You also receive a maximum of 500 check deposits or other debits per statement cycle. Nonetheless, both plans offer unlimited free ACH, debit card, check deposits, and electronic debits through Remote Deposit Online.

Bank of America sets itself apart from other banks because of the great user experience in its online website and mobile app. It’s also easy for business account holders to waive fees, add additional accounts, and receive perks from the Business Advanced Relationship Rewards Program.

Who Bank of America is Best For 

Bank of America offers the best bank accounts for entrepreneurs and for businesses looking for a traditional banker with outstanding mobile app capabilities. This is also the best business bank for those who prefer going to brick-and-mortar locations to conduct their banking. Bank of America also has a significant global presence, adding value for small businesses that do business internationally.  

Pricing

Bank of America offers two different business bank accounts called Business Advantage Fundamentals Banking and Business Advantage Relationship Banking. Each of these checking accounts comes with efficiency tools like Cash Flow Monitor, and Mobile Check Deposit. However, the Business Advantage Relationship Banking account includes additional features.

Business Advantage Fundamentals Banking

Business Advantage Relationship Banking

Monthly Fee

$16 to $0/month (see ways to waive fee below)

$29.95 to $0/month (see ways to waive fee below)

Minimum combined average monthly balance to waive monthly fee

$5,000

$15,000

Spend $250 in new net qualified purchases to waive monthly fee

Yes

No

Become a member of Preferred Rewards for Business to waive monthly fee

Yes

Yes

Minimum opening deposit

$100

$100

Good for

Small to medium-sized businesses

Medium to large-size businesses

Account management services

Not included

Included

Additional perks

None

Free stop payments and wire transfers

Zelle for your business

Yes

Yes

Easy QuickBooks integration

No

Yes

As you can see, Bank of America offers several ways to waive your monthly fee. In addition to fee waiving, both plans offer access to Zelle. Bank of America offers two different checking accounts. Fundamentals is better suited for small businesses, while Relationship is better for large businesses that need integration tools and account management capabilities.

Bank of America Features

Here’s a closer look at all the key features in our Bank of America business account review. These features are what distinguish Bank of America from other financial institutions. 

Business Advantage Fundamentals Banking Account

Business Advantage Fundamentals Banking is Bank of America’s basic business bank account. This plan has a monthly fee of $16. However, you can waive the monthly fee by keeping a minimum combined average balance of $5,000 or spending $250 in new net qualified purchases each statement cycle. You can also waive the fee as a member of the rewards program.

Furthermore, it costs an additional $16 per month to open a second Business Advantage Banking account and $10 a month to open a Business Advantage Savings account. These are both free on the Business Advantage Relationship Banking account. The Fundamentals plan offers $200 teller transactions and checks per month for free. 

If you are interested in opening a fee-free business account, here is a detailed Chase Bank Review, NBKC Bank Account Review, and US Bank Review packed with information about the pros, cons, and alternatives to both fintech companies.

Bank of America charges fees for incoming wire transactions. It costs $15 for each domestic transfer and $16 for each international transfer. 

Business Advantage Relationship Banking Account

If your business is more developed, you should choose the Business Advantage Relationship Banking account. This plan costs $29.50 per month but can be waived if you maintain a minimum combined average balance of $15,000 or more. The fee is also waived if you join the rewards program or become a Preferred Rewards for Business member.

The Relationship plan doesn’t have fees on incoming wires and stop payments. Furthermore, you get access to account management capabilities that would cost $15 per month on the Fundamentals plan. Account management services include managing access for multiple users and integration with QuickBooks. 

With the Relationship plan, you get access to a Business Advantage Savings account for free. The Relationship plan also offers access to Cash Flow Monitor to easily track your business’s financial performance. 

Electronic Transactions

Both Bank of America business accounts offer unlimited fee-free electronic transactions. This feature allows Bank of America to stand out among its competitors in the brick-and-mortar space. This is because most traditional banks have a set monthly limit that comprises both non-electronic and electronic transactions.

Bank of America Mobile App

Bank of America has one of the highest mobile app ratings with 4.8 stars out of 5 and over 3 million total reviews on the Apple App Store. This is because the app offers an extensive range of tools to manage your business checking account.

Inside the app, you can pay bills, manage your account, view balances, and make transactions. You can also use mobile check deposit or send and receive payments with Zelle. The app also features state-of-the-art security protocols with biometric access through Face ID and Touch ID.

Digital Tools

Bank of America business bank accounts offer several digital tools to make your life easier. These include Zelle, Cash Flow Monitor, Erica, profile linking, digital debit cards, and account management tools.

Zelle is a secure tool that you can use to receive payments from customers or send payments to vendors with no fees. You can use Zelle right from the Bank of America mobile app. Cash Flow Monitor helps you analyze your business financial data and identify key insights on your business’s performance. This way, you can find ways to improve efficiency and profitability. 

Erica is Bank of America’s virtual financial assistant. This tool can help you search transactions, transfer or send money, and receive bill reminders. Bank of America’s profile linking tools help you view and manage personal and business accounts with a single login. 

Preferred Rewards for Business Program

Bank of America offers a rewards program, Preferred Rewards for Business, that you can join for free. There are three levels to the program: Gold, Platinum, and Platinum Honors. Each level offers various incentives, including discounted interest rates on loans, refunds on payroll services, and increased interest on your savings account.

For example, the Gold plan offers a financing interest rate discount of 0.25%, and savings account interest boost of 5%. It also offers credit card bonus rewards of 25% and merchant services rewards of 0.05%

To join the program, you need to have a balance of $20,000, $50,000, or $100,000 in your Bank of America business checking account. 

Alternatives to Bank of America 

Selecting the right business bank account can significantly impact how you manage your business finances in the future. Here are a few key alternatives to consider.

Bluevine

Visit

Bluevine Review

BlueVine is an excellent banking solution for small business owners looking to keep business and personal funds apart. With a BlueVine checking account, you can earn 1.5% interest on your balance up to $100,000. To earn the 1.5% interest, you’ll need to spend at least $500 per month with your BlueVine Business Debit Mastercard.

If you are a small business owner you can check out these other review and might be a great help for you to choose the right banking account; Axos Review, Lili Review, and Capital One Review.

However, you can also earn the 1.5% interest if you receive at least $2,500 per month in customer payments into your bank account via ACH, wire transfer, mobile check deposit, or directly from your merchant payment processing provider. However, this excludes cash deposits.

BlueVine offers unlimited fee-free transactions, no ACH transfer fees, and no incoming wire fees. You also receive refunds on your withdrawals to over 38,000 ATMs nationwide. It’s quick and easy to create your BlueVine business checking account. Anyone from sole proprietorships to corporations can have their bank account up and running in less than an hour. Interested in opening a sole proprietorship account? Then check out the best business bank accounts for sole proprietors.

Pricing:

It’s free to sign up for a business checking account with BlueVine. Furthermore, there are no monthly fees or minimum balance requirements to keep your account open. The only fees with BlueVine are for cash deposits, outgoing wire transfers, and withdrawing cash from out-of-network ATMs.

• Competitive interest rates
• No monthly fees or minimum balance requirements
• Unlimited transactions

• Only allow cash deposits through Green Dot Services
• No savings account
• No physical branches

Novo

Visit

Novo Review

Novo is a digital banking solution that offers no monthly fees and no minimum balance requirement. It’s easy to make an account on Novo, and it typically takes 10 minutes for your account to be approved. Once your account is approved, you need to make your initial deposit of at least $50. Then, you can begin using your business checking account.

Novo is the best business bank account for small-business owners who are on the go. This banking provider offers unlimited refunds for ATM charges, a built-in invoicing tool, and direct integration with top business tools.

Since Novo focuses on its digital presence, it cannot accommodate cash deposits. Therefore, Novo is not the best solution for cash-heavy businesses. Bank of America is a better option for businesses that need to deposit cash.

Pricing

Novo doesn’t have any monthly fees or minimum balance requirements. It’s completely free to open a business checking account with Novo.

• Zero monthly fees
• No minimum balance required 
• Refunds on all ATM Fees

• No savings accounts
• Fees on overdrawn accounts
• Cannot deposit cash

Kabbage

Visit

Kabbage Review

Kabbage is a small-business lender who expanded its product suite in 2020 to offer business checking accounts. Kabbage Checking is an online-based free business checking account that includes a simple application process and limited fees.

A Kabbage business bank account is best for those looking for a free business checking account with no monthly fees or balance requirements. Furthermore, this is an excellent platform for businesses that manage most of their finances online

Kabbage offers 1.10% APY on balances up to $100,000. Therefore, Kabbage is a great option for businesses interested in earning interest on their checking account funds. 

Pricing

There are no monthly fees or minimum opening deposit requirement to begin using your Kabbage business checking account. 

• No minimum balance requirements
• Easy application process
• Easy line of credit without prepayment charges

• Digital bank only
• Fees up to $4.95 per cash deposit
• No integration with other tools

Bottom Line on Bank of America Review

If you want to learn how to open a business bank account with Bank of America, there are three options. You can apply online, call Bank of America, or visit a Bank of America branch. 

Bank of America’s checking accounts are excellent choices for businesses that are able to maintain the minimum balances to waive the monthly fee. With a Bank of America checking account, you can access a comprehensive set of banking tools, making your life that much easier.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

Oxygen’s business bank account motivates you to grow your financial assets as a small business owner or freelancer. This Oxygen review reveals why it’s a cost-effective banking option, thanks to the free tier, cashback incentives, and savings interest. We’ll also go over Oxygen pricing, features, pros, cons, and alternatives.

Our Verdict

Oxygen

Visit

Oxygen is one of the best business bank accounts for startup entrepreneurs and independent contractors who wish to earn more money. You may not expect it from the fun, flashy design of the website, but it’s actually serious about equipping you to generate extra income through banking.

The most important advantage is that it offers a basic tier without annual fees or minimum deposits. Plus, you can get cashback rewards on purchases from approved merchants. Also, you have a chance to gain interest every year, no matter which tier you select.

However, Oxygen has its disadvantages too. For instance, the initial deposit and spending requirements for paid tiers can be intimidating if you’re on a tight budget. There’s also a cap to the amount of in-app ACH transfers you can pull from external accounts. Lastly, you must pay a costly transfer fee whenever you deposit cash to your Oxygen account via Green Dot.

Here’s a summary of the strengths and weaknesses which we’ll discuss in this Oxygen business account review:

• Free business account available
• Generous cashback rewards
• APY for all tiers

• High spending requirements for paid tiers
• ACH limit for all account types
• Expensive external cash deposit fees

Oxygen at a Glance

Oxygen is a financial technology company which provides banking services through Bancorp Bank. It offers business and personal accounts to keep your professional and individual assets distinct from each other. This innovative financial platform was founded by Hussein Ahmed in 2017. At present, the company is based in San Francisco, California.

Oxygen is a cut above the competition because it opens the door to multiple earning opportunities. We’ll delve into various features in this Oxygen review, including APY, cashback, ATM services, physical debit card, virtual debit card, deposit options, ACH transfers, savings goals, mobile banking, extra services, security certification, and customer support.

Pricing: Starts at $0 annual fee

Who Oxygen Is Best For

Oxygen works for freelancers and small business owners who want to boost their professional funds simply by performing banking transactions. After all, you will receive cashback if you buy items from certain sellers using your debit card. Plus, you can look forward to annual interest, whether you sign up for the free tier or the paid ones. You should consider Oxygen if you plan to open a business bank account that encourages you to earn profits in different ways.

Pricing

Oxygen offers four tiers of business bank accounts which you can choose from. This pricing chart gives you an overview of the differences between the tiers:

Plans

Earth

Water

Fire

Air

Annual Fee Price

$0

$19.99

$49.99

$199.99

Initial Deposit

$0

$1,500/month

$3,000/month

$6,000/month

Initial Spending

$0

$500/month

$1,000/month

$2,000/month

Annual Deposit & Spending

$0

12x cumulative/year

12x cumulative/year

12x cumulative/year

Savings APY

0.5%

1%

2%

3%

Cashback

2%

4%

5%

6%

ATM Services

Free

Free

Free

Free

Physical Debit Card

PVC foiled card

Embedded metal card

All-metal card

Mechanically engraved all-metal card

Virtual Debit Card

3

15

Unlimited

Unlimited

Deposit Options

Direct deposit + Green Dot cash deposit

Direct deposit + Green Dot cash deposit

Direct deposit + Green Dot cash deposit

Direct deposit + Green Dot cash deposit

ACH Transactions

Limit of $1,000/day + $10,000/month

Limit of $1,500/day + $15,000/month

Limit of $3,000/day + $30,000/month

Limit of $6,000/day + $60,000/month

Savings Goals

3

10

Unlimited

Unlimited

Mobile Banking

Android + iOS

Android + iOS

Android + iOS

Android + iOS

Additional Services

Yes

Yes

Yes

Yes

Security

PCI DSS + 2FA

PCI DSS + 2FA

PCI DSS + 2FA

PCI DSS + 2FA

Customer Support

10 a.m. – 6 p.m. EST daily

10 a.m. – 6 p.m. EST daily

10 a.m. – 6 p.m. EST daily

10 a.m. – 6 p.m. EST daily

To sum things up, there are four tiers of the Oxygen business bank account:

1. Earth ($0): It’s absolutely free because you don’t need to pay any annual fees. Plus, there’s no minimum initial deposit, initial spending, or annual deposit and spending requirements.
2. Water ($19.99): It only comes with a small annual fee. Nevertheless, you must deposit a minimum of $1,500 and spend $500 during the first month after you open an account.
3. Air ($49.99): The annual fee is a little larger for this higher tier. Also, you should deposit at least $3,000 and spend $1,000 on your first month as a depositor.
4. Fire ($199.99): The highest tier requires you to pay a hefty sum for the annual fee. In addition to this, you need to deposit a minimum of $6,000 and spend $2,000 during the first month that you start an account with Oxygen.

Take note that there’s a 12x cumulative qualifying deposit and spending requirement per year for the three paid tiers, namely Water, Air, and Fire. However, Earth account users are exempt from this obligation.

Oxygen Features

Let’s explore the major features of the business account in this Oxygen review. We’ll evaluate the APY, cashback, ATM services, physical debit card, virtual debit card, deposit options, ACH transfers, savings goals, mobile banking, extra services, security certification, and customer support.

Savings APY

What’s remarkable about Oxygen is that it gives you the chance to earn interest regardless of the business account type you pick. All tiers provide an annual percentage yield (APY) on your savings, although the interest rate grows as the level goes higher.

The free Earth tier starts at 0.5% APY, while the yield of the paid Water, Air, and Fire tiers progressively increases from 1%, 2%, and 3% respectively. Just be aware that these amounts only apply to balances of $20,000 or less. While you can still gain interest for funds beyond $20,000, the percentage is lower for the excess amounts.

Cashback

Oxygen motivates you to spend money by promising attractive cashback rewards. If you buy products and services from approved merchants, you can claim up to 2%, 4%, 5%, or 6% cashback if you have an Earth, Water, Air, or Fire business account. Plus, you can get $1 worth of cashback whenever you order food or coffee from selected sellers.

On one hand, cashback is better than points since you can quickly benefit from the money that’s returned to your account. After all, there’s no need for you to collect points which you need to convert first before you can use them.

On the other hand, cashback privileges aren’t automatic. Instead, you must perform some manual steps first before you can start earning cashback. Make sure to click on the offer in the cashback menu of your Oxygen mobile app so you can load the terms to your card. Afterwards, you can monitor the value of your rewards in the same menu.

ATM Services

Oxygen formed a partnership with Allpoint Network so you can conveniently withdraw your money from nearby ATMs. You don’t have to worry about ATM fees since you can freely use any of the Allpoint ATMs within the U.S.

At present, there are more than 40,000 ATM machines which are commonly located in popular retail stores like Target, Walgreens, and Safeway. You can locate ATMs in your area by tapping on the ATM menu of the mobile app.

Just keep in mind that you need to shell out for international, out-of-network, or third-party fees whenever you conduct special transactions. Also, you can only withdraw a maximum of $500 per day and up to three times daily.

If you are interested in opening a business account with minimal ATM services, here is a detailed Axos Review, Lili Review and Novo Review packed with information about the pros, cons, and alternatives.

Physical Debit Card

You will get an Oxygen Visa Debit Card no matter which business account you pick. However, the material which the physical debit card is made of depends on your tier. On one hand, you will receive a basic but serviceable PVC foiled card if you open a free Earth account.

On the other hand, you can expect premium card materials to match the paid tiers. For example, the Water account comes with an embedded metal card, while the Air tier includes an all-metal card. Still, the Fire account trumps them all by showcasing an engraved all-metal card.

To be realistic, the material of your physical debit card won’t significantly affect its practical functions, except for marginal sturdiness. Nevertheless, it’s an aesthetic bonus that can add a touch of class to your professional image.

Virtual Debit Card

You may be wondering why you need virtual debit cards if you already have a physical one. The answer is: extra security. Oxygen lets you create single-use cards which allows you to make online purchases without needing to provide your physical debit card details. Plus, you can set a maximum spending cap per merchant so you can control your spending.

All tiers come with virtual debit cards, although the level will determine how many or how few cards you can generate. You’re restricted to three cards by the Earth account, while you’re capped at 15 cards by the Water tier. However, the sky’s the limit with the Air and Fire tiers since you can create an unlimited number of virtual debit cards.

Deposit Options

Early direct deposit is one of the benefits of Oxygen. The company typically posts direct deposits on the very day the transaction is performed. As a result, you can potentially receive your funds up to two days earlier than the scheduled payment date. 

In contrast, making cash deposits via Oxygen isn’t as simple compared to old-fashioned depositing via traditional banks. Since it’s a financial technology company instead of a bank, there aren’t any physical branches you can visit to deposit your paper bills.

Thankfully, it offers a workaround solution to this dilemma. While you can’t make deposits via Allpoint ATMs, you can deposit cash via Green Dot, the third-party payment platform Oxygen has teamed up with. In this aspect, Oxygen one-ups other financial companies because some don’t have any cash deposit options at all.

ACH Transactions

Oxygen enables you to transfer funds via the Automated Clearing House (ACH) system. To top things off, it won’t even charge you any ACH fees. Just be aware that there’s a limit to the amount you can pull from external accounts via ACH.

To begin with, the Earth tier restricts you to $1,000 per day and $10,000 per month. Next, the Water account limits you to $1,500 each day and $15,000 every month. Also, the Air tier permits you up to $3,000 per day and $30,000 per month. Finally, the Fire account allows you ACH transactions up to $6,000 every day and $60,000 each month.

Savings Goals

Oxygen is like your banking cheerleader that encourages you to save money for the sake of your business growth. The free Earth account permits you to set three savings goals, while the Water tier lets you aim for 10 goals. Both the Air and Fire accounts grant you freedom to pursue unlimited savings goals.

These savings goals involve interesting challenges you can participate in. For example, “Round Up Spare Change” automatically deposits small amounts to your savings account whenever you make eligible purchases using your debit card. In addition to this, “Save When You Get Money” enables you to save a set percentage or amount of your deposits that are worth $50 or more.

Mobile Banking

You can experience the perks of online banking while on the go via the Oxygen mobile app. Just download and install the free Oxygen app in your Android or iOS smartphone. In terms of first impressions, the user interface (UI) has a sleek, modern design that’s pleasing to the eye.

Even more importantly, the mobile banking app equips you to perform banking transactions anytime, anywhere. Plus, it helps you keep track of your balance and earnings. Lastly, the large block-style icons make it easy for you to find the menus you wish to access.

Additional Services

Aside from its main features, Oxygen also provides other useful banking services. For instance, it simplifies the online payment process through Bill Pay. It allows you to send money to your friends as well.

To top things off, it’s got you covered when it comes to different types of insurance. It offers coverage for mobile phones and lost or delayed luggage. Also, it guarantees protection against auto rental collision and hotel theft.

Security

Security is integral to financial services because the safety of your business funds is at stake. The good news is that Oxygen safeguards the privacy of your business account by achieving Payment Card Industry Data Security Standard (PCI DSS) certification.

Plus, you can add an extra layer of defense against hackers by setting up two-factor authentication (2FA). It shields your account by requiring you to verify your credentials both by password and by phone.

Last but not least, Oxygen’s partner Bancorp Bank is a member of the Federal Deposit Insurance Corporation (FDIC), which protects your assets from potential losses.

Customer Support

Oxygen provides daily phone and email support to all business account users. This handy access to live agents is valuable because it’s easier to ask questions and request for technical assistance directly than via self-research help centers. Thankfully, you can call or message the customer support team every day of the week, except holidays. Take note that these service options are only available from 10 a.m. to 6 p.m. EST.

Alternatives to Oxygen

Oxygen is the clear winner when it comes to cashback potential, as you can see from this Oxygen review. Still, you can check out alternatives that excel in other areas of business banking that may be more important to you before you open a business bank account.

Bluevine

Visit

Bluevine Review

Bluevine is one of the best free business banking accounts that streamlines the way you make check payments. It doesn’t charge you monthly or overdraft fees, although it does ask for Bill Pay fees for credit card transactions. Also, it allows you to perform an unlimited number of banking transactions, but there are caps to the monthly deposit and withdrawal amounts.

Our Bluevine review explains that it’s ideal for owners of small businesses who need a free checking account to manage business funds. It specializes in economical checking solutions, compared to Oxygen which doesn’t provide checking services. Nevertheless, Oxygen offers more interesting ways to gain banking profits than Bluevine.

Pricing: Starts at $0 monthly fee

• Free basic checking account
• No overdraft or monthly charges
• Unlimited transactions

• Bill Pay fees
• Deposit & withdrawal amount limits
• Less creative income-generating solutions than Oxygen

Kabbage

Visit

Kabbage Review

Kabbage is a business checking account that presents flexible funding options. It can provide you with a line of credit ranging from $2,000 to $250,000, as long as your application is approved through the quick process. Just be ready to generate a personal guarantee for each loan you take. While there’s no monthly maintenance charges, you must pay funding fees if you have an outstanding loan balance.

Kabbage is a useful bank for startup entrepreneurs or independent contractors who need credit services to expand their business. After all, it concentrates on credit services, in contrast to Oxygen which only offers debit card services. However, Oxygen has better customer support than Kabbage because it offers daily assistance, unlike the weekday-only customer service of Kabbage.

Pricing: Starts at $0 monthly fee

• Credit line options
• Fast approval process
• Zero monthly maintenance fees

• Funding loan fees
• Personal guarantee requirements for loans
• Limited weekday support

Chase for Business

Visit

Chase for Business Review

Chase for Business is a business checking account that enables you to supervise your cashflow and payroll. It makes it simple for you to make deposits and receive incoming wires. You can make unlimited Chase ATM and debit card transactions, while you’re allotted a maximum of 20 teller and paper transactions. There’s a mobile app too, although it only works with selected devices.

Chase for Business is handy for small business owners or freelancers who prefer traditional banking services. That’s because it’s a conventional bank with physical branches, unlike Oxygen that’s a financial technology company. Still, Oxygen is more budget-friendly than Chase because the free tier has no monthly fees or minimum deposit amount.

Pricing: Starts at $15 monthly fee or $2,000 minimum daily balance

• Basic checking solutions
• Paper money transactions
• Physical bank branches

• Mobile app not universal
• No free plan
• High daily balance required to waive monthly fee

Bottom Line on Oxygen Review

Oxygen empowers you to earn income by maximizing the potential of your business savings, as we learned in this Oxygen review. That’s why we dubbed it the cost-effective champion of business bank accounts.

To sum things up, Oxygen is a financially rewarding option for small business owners and freelancers because of the free account, APY, and cashback offers. We hope this Oxygen business account review helped you figure out if it’s the best match for you.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

This Capital One review will show you how the bank can bring flexibility to the financial world with online banking and a choice of business accounts. Its structure works to help business owners minimize fees while simultaneously maximizing efficiency.

Our Verdict

Capital One

Visit

Capital One works wonders for the busy entrepreneur by offering unlimited free digital transfers in any given month. It’s also possible to capitalize on a small amount of interest in a business savings account.

Business owners will want to watch out for Capital One’s monthly service fees. Brand new ventures may get eaten alive by these fees, making membership ideal for those able to meet the balance requirements to avoid them altogether.

• Low minimum deposit needed to join
• Does not charge overdraft fees
• Unlimited free digital transfers

• Limited physical locations
• Monthly account fees
• Low business interest rates

Capital One at a Glance

Capital One is a large primarily online bank, providing personal and business checking and savings accounts alongside an abundance of other features. Its business accounts are free to sign up for but require a monthly fee to maintain if balances drop below a certain threshold.

Its Business Savings Account generates a small 0.2% APY each month for those with extra funds, but checking accounts don’t accrue any interest at all. Capital One does waive fees for overdrafts, some wire transfers, and at least a portion of cash deposits.

The service stands out the most with its unlimited free digital transactions. There’s no ceiling to the amount of money you can move around each month and send off to other individuals or organizations.

Who Capital One is Best For

Capital One’s monthly service fees can be taxing on new ventures, making the best bank for new businesses and other businesses with sources of income already in place. Should you build account balances high enough, Capital One does away with these fees entirely. However, low interest rates from its savings account will leave larger organizations wanting for more.

If you want to open a business account, here is a detailed Kabbage Review, SoFI Review and Oxygen Review packed with information about the pros, cons, and alternatives.

Pricing

Capital One doesn’t charge a penny for opening up one of its three business-related accounts. However, you may have to pay monthly fees if you can’t meet the online bank’s minimum balance requirements. Depending on the account you go with, you may have to watch out for wire fees or costs for cash deposits.

Plans

Basic Business Checking

Unlimited Business Checking

Business Savings

Monthly Fee

$15, waived with $2,000 minimum balance

$35, waived with $25,000 minimum balance

$3, waived with $300 minimum balance

Minimum Deposit to Open Account

$250

$250

$0

Minimum Balance to Maintain Account

$0

$0

$0

Overdraft Fees

$0

$0

$0

APY

0%

0%

0.2%

Transactions

Unlimited free digital transactions

Unlimited free digital transactions

Unlimited free digital transactions

Cash Deposits

Free for first $5,000 each month, then $1 for each $1,000 thereafter

Free through mobile, ATM, or direct deposit

N/A

ATM Fees

Over 70,000 fee-free ATMs, minimum $2 on out of network

Over 70,000 fee-free ATMs, minimum $2 on out of network

Over 70,000 fee-free ATMs, minimum $2 on out of network

Wires

Incoming: $15

Outgoing: $25

First 5 wires are free, then $25 per transfer

N/A

Capital One gives business owners a few different account options to consider. Checking accounts serve as a medium for frequently transferred funds, where you can tuck away unused money in a savings account to accrue some interest.

You’ll need a meager $250 to open one of the two business checking accounts through Capital One, and the sky’s the limit from there. There are no limitations on digital transactions between your own account and those of vendors and clients, and the online banker has over 70,000 fee-free ATMs scattered across the country. You can easily find Capital One ATMs with the locator on PC or mobile.

Basic Business Checking

Basic Business Checking speaks to smaller ventures with less money in the till. You don’t need to keep a minimum balance to keep your account open, but any account averaging less than $2,000 over the last 30 or 90 days will incur a $15 monthly service fee. Cash deposits are only free for the first $5,000 each month, and you’re subject to charges for both incoming and outgoing wires.

Unlimited Business Checking

Unlimited Business Checking charges a $35 monthly fee for businesses with a balance smaller than $25,000 over the last 30 or 90 days. There are no charges for cash deposits, and the first five wires each month are free.

Business Savings

Companies with funds collecting dust can open a Business Savings account to put that money to work. If you can keep at least $300 in savings, Capital One will waive the usual $3 service fee. Although nothing to write home about, dollars accrue a 0.2% interest.

Capital One Features

As a financial institution, Capital One has several banking features to help customers out. This list contains those that stand out the most.

Credit Cards

Capital One has no less than seven business credit cards that your business can choose from. Two cards come with annual fees but offer higher incentives for use, such as additional cash back or double miles on purchases. All other cards are free to use.

Each card has a built-in reward system, but some have very high annual percentage rates if you can’t regularly pay off your balance. Most require excellent credit history, but there is a card option for those looking to build credit.

The online banker makes it easy for business owners to provide cards with varying cash limits to staff as desired. You can monitor and track purchases or remove users at any time. These cards earn reward points and are completely free to add to your business account.

Business Checking Accounts

Businesses have two unique checking accounts to choose from when becoming a member. One plan is suited for up-and-coming enterprises, while the other is for organizations seeing some stable income each month. Checking accounts do have monthly service fees if you’re unable to meet monthly or quarterly balance requirements.

Business Savings Account

Alongside a pair of checking accounts, Capital One also offers a savings account for businesses with some money to spare. With 0.2% APY, you can earn some interest on funds that otherwise accrue nothing in checking. As long as you have at least $300, you won’t have to worry about monthly service fees.

Mobile Deposit

With check in hand, you can use the Capital One mobile app to make a deposit. The process is as simple as snapping a photo of both sides of the check and filling out the prompts that follow. There’s no need to visit an ATM or branch location to complete the transaction.

Minimal Fees

Capital One doesn’t have fees for opening an account or maintaining one if you can keep up with the prerequisite monthly balance. Basic Business Checking accounts allow free cash deposits for the first $5,000 but charge $1 per every $1,000 transferred after that. Any incoming or outgoing wires suffer a fee of $15 or $25 respectively.

Unlimited Business Checking accounts do away with cash deposit fees and even make the first five wires free of charge. There’s a $2 charge for using an out-of-network ATM regardless of which account you’re drawing from.

Loans and Lines of Credit

Among Capital One’s many features are loans and lines of credit made available to business owners. Loans can range from $10,000 to $5 million, and fees vary based on size and risk. Capital One allows up to 20 years to pay loans back at a fixed rate.

To be eligible for a loan, you’ll need to have been in business for at least two years and have an open Capital One checking account. Capital One only allows one line of credit per employer identification number. Learn how you can open a business account with EIN here.

Business Expertise

Capital One’s history and wealth of experience translate to unique insights for any business style. Its team has the skills to work with each organization on a personal level, creating specific solutions to help your company grow.  

Capital One Contact Info

Capital One has a detailed Contact Us page, making it easy to locate the first person to talk to. If unsure where to go, the company’s main customer service number is 1-877-383-4802.

Alternatives to Capital One Review

Capital One’s imperfections may be a deal-breaker for some. If that’s you, consider one of these alternatives instead.

Novo

Visit

Novo Review

Novo removes the clutter of personal banking, offering only services for the small business crowd. There’s no cost to sign up, and Novo doesn’t charge any service fees no matter what your balance is.

You can use the financial organization tool built into the PC and mobile app to put funds in different buckets. It’s an easy way to prepare for tax time, monthly rent, or other upcoming charges. Novo refunds ATM fees even from out-of-network machines but doesn’t give the option to deposit cash.

Checking accounts don’t accrue any interest, and Novo doesn’t have a business savings account to put money into. You will want to watch where your money’s at, because any overdraft will set you back $27.

• Zero monthly fees or minimum balance required
• Financial organizer
• Refunds all ATM fees

• Cannot deposit cash
• Fee for overdrawn accounts
• No savings accounts

BlueVine

Visit

BlueVine Review

BlueVine has some of the best interest rates you’ll find in a business checking account at 1.5% on balances up to $100,000. You won’t find a savings account to take advantage of if your funds exceed that amount. Like Capital One, BlueVine does have a fee schedule for cash deposits, out-of-network ATMs, and wire transfers. 

There’s no minimum deposit required to start your account, but there are limits on how much you can transfer each month. Businesses with a lot of fluid money will do better with Capital One’s unlimited transfers.

BlueVine has unavoidable fees for cash deposits and outgoing wire transfers. The lender offers loans up to $250,000 with a fast approval rate and reasonable monthly interest.

• High interest rates
• Very few fees
• No minimum deposit required

• Monthly transfer limits
• Checking accounts only
• Fee for cash deposits

Axos Bank

Visit

Axos Bank Review

Axos Bank offers several checking and savings account options for small businesses. Basic Business Checking doesn’t charge any service fees, but other plans do if your balance is too low. Premium Checking requires an initial deposit of at least $25,000 to become a member.

Savings accounts don’t do any better than Capital One, offering just 0.2% APY. Even business certificates of deposit (CDs) cap off at the same rate. The only way to improve this rate is through Axos’ Interest Checking account with a $5,000 minimum daily balance.

Where Capital One has a few locations dotted around the countryside, Axos is strictly online. The service does well to manage your account through its app, but there’s no way to get help in a physical location.

• Several checking account options
• Unlimited domestic ATM fee reimbursements
• No monthly maintenance fees or balance requirement for basic checking

• No physical locations
• Low APY on business savings accounts
• Some accounts require high deposits

Kabbage

Visit

Kabbage Review

Kabbage features a business checking account that’s free to sign up for or maintain. Accounts up to $100,000 receive 1.1% APY, but any additional monies earn nothing. This setup speaks to sole proprietors or LLCs with a single owner since there’s no way within Kabbage to make a joint account.

The bank doesn’t charge fees to use out-of-network ATMs, but that doesn’t mean the ATM itself won’t charge you something. Additional fees show up with cash deposits and teller transactions.

Both the website and mobile app are intuitive and easy to use. For some reason, deposits through the mobile app take several days to clear. If in need, Kabbage has lines of credit ranging from $2,000 to $250,000 that the bank usually approves within minutes.

• No monthly fees or fees for signup, no minimum balance
• High interest rate
• No Kabbage fees for out of network ATM withdrawals

• Cash deposit fees up to $4.95 per transfer
• No ability to make joint accounts
• Mobile deposits take several days to clear

Bottom Line on Capital One Review

Capital One is one of the most prominent banks in the country, even with most business done entirely online. Its business checking and savings plans work to serve smaller companies looking to limit fees and glean some interest off money not currently in use. Unlimited digital transfers take the stress off of transactions, allowing business owners to focus on what’s really important.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.