What's the Best Online Bank for My Small Business to Use?

November 17, 2022
Business Basics

Managing your company’s finances effectively is vital for a successful small business.

The process begins with the bank you select. However, there are so many online banks nowadays that it can be hard to figure out which is best for your goals.

That’s why we’ve put together this article. It covers our favorite banking solutions for small companies and some tips for finding the best fit for your business.

We’ll give you some specific bank options in the next section. But keep in mind: every small business has its own unique needs.

Consider How You Prefer to Bank

One of the biggest decisions you need to make when choosing a bank for your small business is whether you want to be able to visit in-person branches or not.

This decision will shape the kinds of banks you can look at.

For example, if you’re okay with online-only banking, your decision-making process will be wide open.

If you need or want to be able to bank in physical branches in your city, then you’ll likely need to choose a legacy provider with a large branch network.

Identify Your Must-Have Features

The next decision you’ll want to make is which features your bank has to have to serve your business effectively. This might include:

  • Payroll and accounting integrations
  • No monthly fee
  • Phone-based customer support
  • Same-day ACH delivery
  • Low/no minimum balance requirements

Whatever your must-have features are, being explicit about them early in your search will help you narrow down your list of options much more efficiently.

Free course: financial storytelling basics.

Pay Attention to Fees

Finally, don’t forget to think about fees while looking at your banking options.

Finding a banking partner that can work with you on overdraft charges and ATM fees can save your business a ton of money throughout its relationship with the bank.

Top Online Banks for Small Companies

Now that we’ve covered some things to consider while selecting a bank, let’s look at some options.

Here are three that are worth considering.

Relay - Best Overall

Relay is an online-only business bank that is entirely fee-free.

It also comes with the most helpful integrations and features, making it an excellent option for business owners who want a single platform to manage their finances.

With Relay, you can create up to 20 checking accounts for your company and manage them all from the same dashboard. You can also integrate your account with popular payroll, accounting, and other financial software, such as:

  • QuickBooks Online
  • Xero
  • Gusto
  • Plaid

Relay also offers a Pro plan, which costs $30/month, automates bill payments vendor ACH consolidation, and helps to streamline your company’s financial management.

The Pro plan also waives fees for outgoing wire transfers and gives you access to same-day ACH delivery.

Whether you pay for the Relay Pro plan, this online-only bank has everything most small companies need to thrive.

Lili - Best for Single Entrepreneurs

If your small business is a solo endeavor, you’d be hard-pressed to find a better option than Lili.

It’s designed to act as a single platform that you can use to manage your company’s banking, accounting, and taxes without worrying about anything else.

The cool thing about this bank was that its mobile app was built from the ground up to help small business owners and solo entrepreneurs.

That means everything is designed with your company’s needs in mind, so you’ll get a lot of value out of Lili without worrying about hidden fees or overdraft charges.

Chase - Best for Companies with Physical Banking Needs

Many small companies are using online-only banks with great success.

If you’d still like to be able to go to a physical banking branch to manage your finances when necessary, then Chase may be your best option.

Chase has a massive network of physical branches and ATMs, so you’ll always be able to find them anywhere you go. Plus, the company has invested heavily in creating some of the best online and mobile banking experiences out there.

From business lines of credit to cashback on purchases, Chase has business banking plans that can be a good fit for small businesses in most industries.

Unlock your financial story today.

Get started
Kellan Jansen
Written by:
Kellan Jansen

Want more of The Profit Plot?

Amarlo helps entrepreneurs combine intuition and accounting.


Free Video Course: 
Unlock Your Financial Story

Learn to run your business based on more than just intuition and emotion using Financial Storytelling: the easiest way to understand and grow your company.