September 2021

Top Digital Business Banks – USA

Top Digital Business Banks

USA – September 2021
  • Benefit from no paperwork, fast approval and automated banking & accounting workflows
  • Save money with low or no fees on transactions, transfers & payments
  • Perfect for small businesses & freelancers
  • No paperwork, automated banking
  • Low or no fees on all transactions
  • Help your business grow

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Business Banks Pricing Card Regulation Main Advantages Score Open an Account
Free Account More Info Novo Corporate Mastercard FDIC
  • Free ACH transfers
  • Create and manage invoices
  • Deposit checks directly from the app
  • Receive instant notifications for every transaction
9.8

Payments

Account Types
  • USD
Automated Payments
  • Clearing house (ACH) payments
Domestic Transfers
  • Free
International Transfers
  • Via TransferWise

Accounting Tools

  • green-check-mark Expense Management
  • close-mark-black Savings tools
  • green-check-mark Bookkeeping
  • green-check-mark Invoicing
  • green-check-mark Slack, Xero, Stripe & more

Security Features

  • Deposits are insured up to $250,000 via Middlesex Federal Savings, Member FDIC

Account Access

Best Bank for Freelancers and Entrepreneurs
Best Bank for Freelancers and Entrepreneurs
Free Account More Info Axos Bank Corporate Mastercard FDIC
  • New businesses get a $100 welcome bonus
  • Surcharge-free ATM network, nationwide
  • Deposit checks remotely using the app
9.5

Payments

Account Types
  • USD
Automated Payments
  • Direct debits
Domestic Transfers
  • First set of 50 checks free
International Transfers
  • Wire transfers

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • close-mark-black Bookkeeping
  • close-mark-black Invoicing
  • close-mark-black QuickBooks integration

Security Features

  • FDIC-insured financial institution
  • Fingerprints, voiceprints, and facial recognition

Account Access

Free Account More Info lili Corporate Mastercard FDIC
  • Specially designed for freelancers
  • Get paid earlier via direct deposit
9.1

Payments

Account Types
  • USD
Automated Payments
  • N/A
Domestic Transfers
  • Free ACH Bank Transfer
International Transfers
  • Free debit transactions

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • close-mark-black Bookkeeping
  • close-mark-black Invoicing
  • green-check-mark Xero, PayPal & more

Security Features

  • Freeze/ unfreeze your card

Account Access

Free Account More Info Divvy Corporate Mastercard FDIC
  • Manage out-of-pocket expenses alongside card spend in one place
  • Easily manage and assign budgets
8.8

Payments

Account Types
  • USD
Automated Payments
  • Bulk, recurring & scheduled
Domestic Transfers
  • Free
International Transfers
  • N/A

Accounting Tools

  • green-check-mark Expense Managements
  • green-check-mark Savings tool
  • close-mark-black Bookkeeping
  • green-check-mark Invoicing
  • green-check-mark QuickBooks, Xero

Security Features

  • Multi-factor authentication
  • PCI Compliance

Account Access

$10/month More Info NorthOne Corporate Mastercard FDIC
  • Unlimited payments, deposits, & transfers
  • Accounting and eCommerce integrations
8.5

Payments

Account Types
  • USD
Automated Payments
  • Mobile ACH, bank transfers, & wires
Domestic Transfers
  • $10/wire transfer
International Transfers
  • $25/wire transfer

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • green-check-mark Bookkeeping
  • green-check-mark Invoicing
  • green-check-mark QuickBooks, Xero, Stripe & more

Security Features

  • Accounts are insured up to $250,000
  • Biometric security

Account Access

Free Account More Info BlueVine Corporate Mastercard FDIC
  • Unlimited transactions
  • No minimum balance required
8.2

Payments

Account Types
  • USD
Automated Payments
  • Recurring & scheduled payments
Domestic Payments
  • ACH
  • Wire transfers
International Payments
  • Wire transfers

Accounting Tools

  • green-check-mark Expense Management
  • green-check-mark Savings tools
  • green-check-mark Bookkeeping
  • green-check-mark Invoicing
  • green-check-mark Connect your invoicing & accounting software

Security Features

  • Deposits are FDIC insured to at least $250,000 through The Bancorp Bank

Account Access

Top Rated Choice
1
score 9.8
  • Free ACH transfers
  • Create and manage invoices
More Info +
2
score 9.5
  • New businesses get a $100 welcome bonus
  • Surcharge-free ATM network, nationwide
More Info +
3
score 9.1
  • Specially designed for freelancers
  • Get paid earlier via direct deposit
More Info +
4
score 8.8
  • Manage out-of-pocket expenses alongside card spend in one place
  • Easily manage and assign budgets
More Info +
5
score 8.5
  • Unlimited payments, deposits, & transfers
  • Accounting and eCommerce integrations
More Info +
6
score 8.2
  • Unlimited transactions
  • No minimum balance required
More Info +

What Is a Digital Business Bank Account?

Digital business banks, also known as ‘challenger’, neo or mobile/online-only banks, offer businesses a 100% digital banking alternative to the traditional high street banks. Managed via secure mobile and/or web apps, digital business banks allow you to save time and money with lower (or no!) fees on common transactions, automated banking activities, seamless accounting integrations and 24/7 access.

Why Should I Open a Digital Bank Account?

The increased flexibility offered by digital banks such as Novo and NorthOne makes them the perfect solution for freelancers, sole traders, online/local sellers and SMBs- by simplifying financial management processes and freeing up time to focus on growing your business.

What’s the Difference Between a Digital Business Bank & a High Street Bank?

Setup: High street banks generally require new business customers to complete many complex forms, provide loads of financial reports and then ask you to wait up to a few weeks for approval. Opening an account with a digital bank is simple- there are no paper forms, the application is all done online, and approval is often the same day.

Fees: Traditional banks make money in two ways, by investing your money elsewhere and by charging you excessive fees on every type of transaction you perform. With no physical brick and mortar location, mobile business banks can pass their savings on overheads to you, and therefore only charge minimal fees on transactions, payments and withdrawals. Leading business bank Revolut, for example, offers free domestic and international transfers.

Access: High street banks have restricted opening times (often during your own business hours), limited weekend trading and when you can finally make it to the bank, you are faced with long wait times. With mobile or web app accessibility, your digital bank account is accessible instantly- 24 hours a day, from your office, home or on the go.

Features & Services: Brick and mortar banks offer businesses a full suite of banking features, including account managers and private banking. Digital banks are quickly catching up, offering current and savings accounts, prepaid MasterCards, fast money transfer and payment services as well as integrations with accounting software to assist with financial reporting.

Security & Regulation: Digital banks feel strongly about the security of your funds. The Financial Conduct Authority (FCA), European Central Bank (ECB), French Prudential Supervision, The Resolution Authority (ACPR) and The Federal Financial Supervisory Authority (BaFin) cover most EU countries digital business banks, and the majority of the digital banks don’t reinvest your money, which means it’s always available to withdraw, should something untoward happen.

Digital Business Bank Accounts – FAQs

What Is a Digital Business Bank Account?

Accordeon button

Digital business banks, also known as ‘challenger’, neo or mobile/online-only banks, offer businesses a 100% digital banking alternative to the traditional high street banks. Managed via secure mobile and/or web apps, digital business banks allow you to save time and money with lower (or no!) fees on common transactions, automated banking activities, seamless accounting integrations and 24/7 access.

Why Should I Open a Digital Bank Account?

Accordeon button

The increased flexibility offered by digital banks such as Novo and NorthOne makes them the perfect solution for freelancers, sole traders, online/local sellers and SMBs- by simplifying financial management processes and freeing up time to focus on growing your business.

What’s the Difference Between a Digital Business Bank & a High Street Bank?

Accordeon button

Setup: High street banks generally require new business customers to complete many complex forms, provide loads of financial reports and then ask you to wait up to a few weeks for approval. Opening an account with a digital bank is simple- there are no paper forms, the application is all done online, and approval is often the same day.

Fees: Traditional banks make money in two ways, by investing your money elsewhere and by charging you excessive fees on every type of transaction you perform. With no physical brick and mortar location, mobile business banks can pass their savings on overheads to you, and therefore only charge minimal fees on transactions, payments and withdrawals. Leading business bank Revolut, for example, offers free domestic and international transfers.

Access: High street banks have restricted opening times (often during your own business hours), limited weekend trading and when you can finally make it to the bank, you are faced with long wait times. With mobile or web app accessibility, your digital bank account is accessible instantly- 24 hours a day, from your office, home or on the go.

Features & Services: Brick and mortar banks offer businesses a full suite of banking features, including account managers and private banking. Digital banks are quickly catching up, offering current and savings accounts, prepaid MasterCards, fast money transfer and payment services as well as integrations with accounting software to assist with financial reporting.

Security & Regulation: Digital banks feel strongly about the security of your funds. The Financial Conduct Authority (FCA), European Central Bank (ECB), French Prudential Supervision, The Resolution Authority (ACPR) and The Federal Financial Supervisory Authority (BaFin) cover most EU countries digital business banks, and the majority of the digital banks don’t reinvest your money, which means it’s always available to withdraw, should something untoward happen.

How Do I Compare & Choose the Best Digital Bank for My Business?

Accordeon button
Features Icon
Banking Features
At the core, check for payment options, local and international money transfer services, corporate cards, account types and currencies available as well as invoicing and bookkeeping tools.
Fees Icon
Fees
Look for accounts offering simple & clear-cut plans, minimal or no fees on transfers & payments and free withdrawal options. Note that fees may vary depending on the plan you choose (free plans will often incur higher fees than premium plans).
Corporate card
All digital business banks offer corporate cards for you & your employees – either through MasterCard or Visa. Check how many cards are included for free in your chosen plan & how much each additional card will cost if required.
Security Icon
Security
The banks we compare & review on Top10BusinessBanks.com are regulated by local authorities. Check for regulations such as FCA (Financial Conduct Authority) or the FCS (Financial Compensation Scheme) in the UK & FIN-FSA, BaFin, DNB, ECB & ACPR in Europe.
Accounting Icon
Accounting tools
Look for built in expense reporting, scheduled/recurring payments & direct debits. Most digital banks also offer seamless integration with bookkeeping & accounting tools. For example, Revolut Business integrates with Xero and FreeAgent, while Qonto integrates with Sage and QuickBooks.
Access Icon
Account Access
All digital banks offer account access 24 hours a day, 7 days a week. While the majority of providers offer access via both mobile and desktop/web apps, some business banks only offer one or the other so check you have the access you need when selecting your preferred bank.

Who Can Open a Business Bank Account?

Accordeon button

Mobile business bank accounts are available for all organisations from sole traders to larger enterprises, although they are best suited to small to medium businesses (such as local and online businesses), startups, sole entrepreneurs and freelancers.

Unlike high street banks, most digital business bank accounts can be opened and approved within hours, requiring just the company directors’ details and scanned copies of addresses, IDs, and business licences.