Relay holds a narrow lead over Bluevine, frequently recommended for digital businesses, budgeting sub-accounts, and accounting integrations. For general small business checking accounts with welcome bonuses and branch access, Chase is the usual answer.
Since July, Relayrising has become the usual answer for startup banking and accounting integrations, while Foundrising has become a common answer for solo entrepreneurs. Meanwhile, Novofalling and Mercuryfalling dropped to occasional mentions across multiple general business questions.
For online-only business banking tailored to startups, several standout platforms specialize in low/no fees, software integrations, and scaling capabilities. Depending on your startup's specific model (tech/VC-backed, eCommerce, or general small business/services), different platforms shine:
Highlights: Designed specifically for tech startups, offering high FDIC insurance limits (via partner networks), robust venture capital integration, easy equity/fundraising management, zero monthly fees, and powerful treasury features.
Highlights: Functions as an all-in-one financial stack combining an FDIC-insured account (via partner banks) with high-limit corporate cards, expense management, and travel rewards tailored for modern, fast-moving teams.
If you want online-only business banking specifically built around startups, I’d compare these three:
Service
I run a digital business and need a modern online banking platform. Which ones are recommended?
I'm running a small business and need a checking account that includes free transactions, connects with my software, and offers a sign-up bonus. What are my best options?
I need to set up a business bank account for my LLC. What banks have the easiest process?
As a cost-conscious business owner, which online business banking platforms deliver the best overall value when factoring in fees, rewards, and time saved?
Highlights: A streamlined, single-tier online business checking account with zero monthly maintenance fees. It integrates smoothly with major tools like Stripe, Shopify, QuickBooks, and Xero, and offers built-in invoicing.
Relay — Best for Granular Budgeting & Sub-Accounts
Highlights: Allows you to open up to 20 individual checking accounts so you can cleanly separate operating expenses, payroll, taxes, and profit "buckets" with transparent, no-hidden-fee banking.
Banking + treasury + corporate cards + bill pay + reimbursements, automated expense controls, global payments, and up to $6M FDIC coverage through its program banks.
Up to 20 checking accounts, savings, role-based access, QuickBooks/Xero integration, bill pay, and separate accounts for taxes, payroll, expenses, etc.
How I'd narrow it down
Want a startup-focused banking hub with a broad set of financial tools: look closely at Mercury. It currently combines banking, cards, payments, treasury, accounting integrations, and startup-oriented financing.
Expect lots of employee/company-card spending:Brex puts particularly strong emphasis on cards, spend controls, reimbursements, AP, and treasury.
Want to divide cash into lots of buckets:Relay is especially oriented toward multiple checking accounts and bookkeeping workflows.
One important distinction: these are fintech platforms rather than traditional brick-and-mortar banks. For example, Mercury says its banking services are provided by partner banks, while Relay's banking services are provided by Thread Bank.
If you tell me whether your startup is bootstrapped or VC-funded, approximate monthly spend, and whether you'll have employees, I can compare the relevant options on fees, FDIC coverage, cards, international payments, accounting integrations, and cash yield.
If your priority is the easiest LLC account-opening process, the most straightforward options in 2026 are generally the online-first providers. Here’s how I’d compare them:
Provider
Application
LLC-friendly
Branches
What to expect
Bluevine
Fully online
Yes
No
Very streamlined application; typically EIN/SSN, formation docs, ID, and business details
Mercury
Fully online
Yes
No
Digital-first onboarding; good for online businesses/startups
Chase
Online or branch
Yes
Yes
Easy online process for single-member/single-manager LLCs; other structures may require a branch
Bank of America
Online or branch
Yes
Yes
More traditional documentation/onboarding
My practical shortlist
Bluevine — probably the simplest place to start if you just want a business checking account without visiting a branch. Bluevine explicitly supports LLCs and says its application can be completed online; additional review can take 1–3 business days.
Mercury — particularly convenient if your business is primarily online. Mercury supports most U.S.-registered companies and handles the application digitally, although it does conduct a business/ownership review.
Chase — worth considering if you want a traditional bank and physical branches. Chase allows single-member/single-manager LLCs to apply online. Multi-member LLCs or certain other structures may require an in-person visit.
Have these ready
For the smoothest application, have:
EIN (or applicable tax ID)
Articles of Organization / Certificate of Formation
Government-issued photo ID
Business physical address
LLC ownership information
DBA certificate, if applicable
Basic description of what your business does and expected transaction activity
These are consistent with the documentation requested by the providers above.
One important distinction: Mercury and Bluevine are fintech/financial platforms rather than conventional branch banks, while their banking services are provided through partner banks. If having a physical branch, cash deposits, or a long-term traditional-bank relationship matters, Chase is worth considering instead.
If you tell me (1) single-member or multi-member LLC, (2) whether you need to deposit cash, and (3) roughly how much money will flow through the account each month, I can narrow this to the most suitable 2–3 options and compare fees/features.
When setting up a business bank account for an LLC, the "easiest" process depends on whether you want a 100% digital fintech/online bank (fastest, least paperwork) or a traditional brick-and-mortar bank (takes longer, but better if you handle physical cash).
The easiest, most streamlined options break down by category:
1. Easiest & Fastest Online-First Banks (No Branch Visits)
If you want to apply from your couch in 10 minutes and get approved within 24 to 48 hours without scanning a mountain of physical notarized forms, online business platforms win hands down.
Mercury: Best for tech companies, startups, and e-commerce LLCs. The entire application is digital, takes about 10 minutes, has $0 monthly fees, and approval is usually lightning-fast (1–2 days). You can review details on the Mercury Technologies Site.
Bluevine: Great for general small businesses that don't deal heavily in physical cash. Offers an online high-yield checking account with zero monthly fee options, and a very intuitive digital application process. Learn more via Bluevine.
: Specifically popular for single-member LLCs, freelancers, and small digital service businesses. It integrates directly with tools like Stripe, Shopify, and QuickBooks, and the onboarding flow is built to minimize friction. Check out the platform on .
For a small U.S. business in 2026, there isn’t one best account for everyone:
Bluevine — strong fit if you want online banking and interest on operating cash.
Chase Business Complete Banking — better if you need branches, cash deposits, payment processing, or future lending.
American Express Business Checking — attractive for no monthly fee and customer support.
Relay — useful if you want multiple accounts and expense-management tools.
Mercury — particularly suited to startups and online businesses.
If you tell me your business type, approximate monthly revenue, whether you deposit cash, and your state, I can narrow it down to 2–3 accounts and compare fees/features.
The best business bank account depends on your specific company model, but top choices like Bluevine Business Checking for high-yield online banking, Chase Business Complete Banking for in-person branch access and credit card processing, and American Express Business Checking for 24/7 support lead the market.
Choosing the right account requires matching your transaction volume, cash deposit needs, and preference for digital vs. traditional banking.
For a modern, digital-first business, there isn’t one universally best platform—the right choice depends heavily on whether you’re a startup, agency, e-commerce company, or larger operating business.
My shortlist for 2026
Platform
Particularly suited to
Standout feature
Mercury
Tech startups, SaaS, online businesses
Excellent digital banking + APIs/automation
Ramp
Growing companies with employees
Banking + cards + expense management + AP
Brex
Venture-backed/high-growth companies
Corporate cards and sophisticated spend controls
Bluevine
Small businesses wanting yield
Interest-bearing checking and straightforward banking
Relay
Businesses with lots of budgeting buckets
Multiple checking accounts and cash organization
Rho
Finance-heavy growing companies
Banking + AP + cards + treasury
If by “modern digital business” you mean a software/online company with little or no cash handling, I'd look particularly closely at Mercury and Ramp.
Mercury is especially interesting if you want banking that can integrate directly into your software/finance stack. Its API can automate things such as reconciliation, vendor ACH payments, alerts, and cash transfers.
Ramp is compelling if the banking account is only one piece of what you need. Its current offering combines checking with cards, expense controls, bill payment, automated cash positioning, and accounting integrations; its checking account currently advertises 2% APY on eligible balances.
For comparison, NerdWallet's current 2026 coverage identifies Mercury for all-in-one financial management, Bluevine for online banking, and Relay for expense management.
One important caveat: several of these are fintech platforms rather than banks themselves, so you should look at the actual partner bank and FDIC-insurance structure rather than judging solely by the app experience.
If you tell me (1) your business type, (2) approximate monthly revenue, (3) number of employees, (4) whether you need international payments, and (5) roughly how much cash you keep in the account, I can give you a much more useful side-by-side comparison of the 3–4 platforms that fit.
For a modern, digital-first business (such as a tech startup, e-commerce brand, agency, or remote team), the "best" online banking platform depends heavily on whether you prioritize software integrations/startup scaling, global multi-currency operations , or expense/spend management automation.
The top digital banking and financial platforms tailored for modern businesses excel in specific categories:
Mercury Technologies (Best Overall for Tech & Startups): Widely regarded as a gold standard for digital-first companies. It offers fee-free checking and savings accounts, robust API access, effortless virtual card creation, and automated yield/treasury options for idle cash. Note: Funds are held through partner banks, providing FDIC insurance.
Brex (Best for All-in-One Spend Management & Scaling): Ideal if you want to couple your business cash account with high-limit corporate cards, automated expense reporting, and built-in travel booking. It integrates seamlessly with your tech stack and eliminates traditional banking friction.
Revolut Business (Best for International & Multi-Currency Operations): Excellent if your digital business deals with cross-border clients, contractors, or multi-currency revenue streams. It supports holding and exchanging multiple currencies at great rates, alongside built-in invoicing and payment gateway tools.
Novo or (Best for E-commerce & Small Digital Businesses): Perfect for lean teams and solopreneurs needing clean, intuitive interfaces that plug straight into tools like , Shopify, , and PayPal with zero monthly maintenance fees.
Capital One says most businesses can open checking and savings accounts online.
Axos Bank
Business Premium Savings
NerdWallet currently lists a 3.50% starting APY as of Sept. 1, 2026.
U.S. Bank
Business Savings
Available for businesses; NerdWallet lists a 0.05% starting APY.
Regions Bank
Business Savings
Available for businesses; NerdWallet lists a 0.01% starting APY.
If you're mainly looking for a high interest rate
The traditional big banks aren't necessarily the highest-yielding choices. For example, the September 2026 comparison lists Axos Business Premium Savings at 3.50%, while Chase, Bank of America, Wells Fargo and U.S. Bank's standard business savings products have substantially lower starting rates.
If you tell me roughly how much you want to keep in the business savings account (e.g. $5k, $25k, $100k+), I can compare the best current business savings accounts, APYs, minimums, monthly fees, and FDIC coverage and narrow it down.
Virtually all major traditional commercial banks, online-only banks, and credit unions let you open a business savings account. Popular options span from massive brick-and-mortar institutions to competitive digital high-yield choices:
Axos Bank : Offers the Axos Business Premium Savings Account featuring competitive yields with $0 monthly maintenance fees.
Capital One : Provides the Capital One Business Advantage Savings which is great for promotional rates and manageable minimum daily balance requirements to waive fees.
Live Oak Bank : Known for strong online yields on the Business Savings with no monthly maintenance fees.
I need to find financial institutions that offer savings accounts for business entities.
Yes. I found a number of financial institutions that offer savings accounts specifically for business entities. Since you appear to be looking in Michigan, I’ve prioritized Michigan institutions and added a few strong nationwide/online options.
For a newly formed, single-member LLC in the US, online fintech business banking platforms are usually the fastest and most cost-effective choice. They generally feature completely digital, streamlined applications, $0 monthly maintenance fees, and no minimum balance requirements.
The top online platforms tailored for easy account opening and lowest fees include:
Bluevine Business Checking : Best for everyday cash flow and earning interest without hassle. Its Standard tier features a $0 monthly fee , no minimum balance requirement, and allows you to earn competitive APY if you meet simple monthly activity minimums (like a threshold of debit card spend or deposits). Opening an account online takes just minutes with basic personal and LLC information. You can review details on the Bluevine Business Checking page.
Relay Financial : Best for budgeting and separating funds using sub-accounts. The Starter tier has a $0 monthly fee , no minimum balance, and lets you open up to 20 individual checking accounts and issue 50 virtual or physical debit cards under one roof. It integrates seamlessly with QuickBooks and Xero, making bookkeeping straightforward for a single-member LLC. Learn more at Relay Plans & Pricing.
Mercury : Best for tech, digital consulting, and e-commerce LLCs looking for a pristine user interface and robust API tools. Mercury charges $0 monthly fees , $0 opening fees, and has no minimum balance requirements. It provides virtual cards, built-in invoicing, and high FDIC insurance coverage through its partner banks. Check eligibility guidelines at Mercury Eligibility and Requirements.
American Express Business Checking : Best for earning rewards on business spending. It carries a $0 monthly fee , no overdraft fees, and awards Membership Rewards points on eligible debit card purchases. The application process is very fast if you already hold personal or other accounts with Amex, though keep in mind it does not natively support physical cash deposits. See the overview on the American Express Business Checking review.
Note on requirements: To open any of these accounts smoothly, make sure you have your finalized Articles of Organization , your EIN (Employer Identification Number) from the IRS, and your personal ID ready.
To help narrow down the best choice, tell me:
What is your LLC's primary industry or type of work?
Do you need to deposit physical cash frequently, or will everything be digital/ACH/wire?
For a newly formed U.S. single-member LLC, the best online options in 2026 are overwhelmingly the fintech-style business accounts rather than traditional banks. The four I’d put at the top are Mercury, Relay, Novo, and Bluevine, with Found and Amex Business Checking also worth considering.
Best options at a glance
Platform
Monthly fee
Ease of opening
Best for
Main caveat
I just started a one-person LLC in the US and need a business bank account that is cheap and simple to set up online. What are my best options?
I just started a single-member LLC in the US and need a business bank account. Which online options are the cheapest and have the simplest sign-up process?
If you’re optimizing for total economic value—low fees + interest/rewards + less bookkeeping/admin time—I’d focus on four platforms: Bluevine, Mercury, Novo, and Relay. The right choice depends heavily on how your business operates.
Platform
Monthly cost
Biggest financial benefit
Biggest time-saving benefit
Best fit
Bluevine
$0 Standard
1.3% APY on up to $250K when you meet the activity requirement
Invoicing, payment links, sub-accounts
Most small businesses holding cash
Mercury
$0 Basic
No required monthly fee; strong payment/international infrastructure
Excellent automation, bill pay, accounting workflows
Startups, online businesses, companies with complex payments
Novo
$0
No checking APY, but up to $7/month eligible ATM-fee reimbursement
Invoicing, bookkeeping and reserves built in
Solo owners/service businesses
Relay
$0 Starter
Little emphasis on checking yield
Excellent envelope-style budgeting, multiple accounts and bookkeeper collaboration
Businesses that need tight cash allocation
My practical breakdown
Bluevine — strongest all-around value for many small businesses.
The Standard account has no monthly fee, unlimited transactions and free standard ACH, while eligible customers can earn 1.3% APY on balances up to $250,000. Its paid tiers can raise the yield to 1.75% or 3.0% while also discounting payment fees.
That yield can materially outweigh small differences in fees. For example, maintaining an average $100,000 balance at 1.3% produces roughly $1,300/year in interest before tax, assuming the rate and eligibility remain unchanged.
Mercury — potentially the biggest time saver.
Mercury's free tier has no required monthly fee, minimum balance or overdraft fee. Its strength is less about checking interest and more about putting banking, bill pay, invoicing, accounting, cards and money movement into one workflow. Certain international, FX and advanced-payment activities can carry fees.
For a business where an owner or bookkeeper spends several hours a month moving money, reconciling accounts and managing payments, that workflow efficiency can be worth considerably more than a modest APY difference.
Novo — excellent if simplicity is the priority.
Novo charges $0 monthly maintenance, has no minimum balance and offers free standard ACH. It also includes invoicing, bookkeeping and reserve-account features without an additional charge. The trade-off is that Novo doesn't pay interest on checking.
Relay — particularly useful for disciplined cash management.
Relay's free Starter tier can be attractive if you want to divide operating cash into separate buckets/accounts and collaborate with a bookkeeper. Its paid tiers add workflows and integrations, but unlike Bluevine, checking isn't the primary source of financial return.
Don't compare these solely on the advertised monthly fee. I'd calculate:
Annual value = interest/rewards earned − banking fees − payment/wire/ATM fees + value of time saved
For example, if a platform saves you 2 hours/month and you value your administrative time at $50/hour, that's $1,200/year of economic value. A platform earning 1.3% on $75,000 of average cash adds another $975/year. Those benefits can dwarf a $0-vs-$30 monthly subscription difference.
One important caveat: these are fintech platforms rather than conventional branch banks in several cases, with banking services provided through partner FDIC-insured institutions; coverage and program structures vary by platform. Bluevine, for example, explicitly identifies itself as a fintech rather than a bank.
Bottom line: If you keep substantial idle cash, start with Bluevine; if operational automation is worth more to you than interest, examine Mercury; if you're a solo operator who wants simplicity, Novo is compelling; and if your biggest headache is organizing cash across expenses, Relay deserves a close look.
If you tell me your average cash balance, monthly transaction volume, number of employees, approximate monthly card spend, and whether you send wires, I can calculate the approximate annual dollar value of each option rather than relying on generic rankings.
For a cost-conscious business owner, the "best value" isn't just about finding a $0 monthly fee—it’s an equation balancing direct costs (maintenance, transaction limits, wire fees), yield/rewards (cash back, high APY on idle cash), and administrative drag (how many hours your software stack takes to reconcile with your bank).
Online business banking platforms and neobanks outperform traditional legacy institutions by eliminating hidden overhead, though they approach value differently depending on your business model.
Top Online Business Banking Platforms by Value Category
1. Best for Fee-Free Simplicity & Software Integration: Novo
Best For: Freelancers, solopreneurs, and light-transaction e-commerce or service businesses.
The Fees: $0 monthly maintenance fees, $0 minimum balance requirements, and ATM fee reimbursements.
The Time Saved: Novo shines through its deep ecosystem of integrations (Stripe, Shopify, QuickBooks, Xero, and Wise). It features built-in invoicing and "Reserves" to automatically partition tax money or profit splits.
The Catch: It doesn't traditionally pay high interest on checking balances, and cash deposits require purchasing money orders or using specific third-party workarounds.
Explore further: Check out the platform details directly via Novo Business Checking.
2. Best for High Yield on Cash Balance: Bluevine
Best For: Small businesses that keep a healthy working capital cushion in their checking account and want it to earn meaningful interest.
The Fees: $0 monthly maintenance fees and no minimum deposit requirements for its standard tier.
The Rewards: Offers a highly competitive high-yield APY on business checking balances for accounts that meet specific monthly activity criteria (such as card spend or deposit thresholds).
The Time Saved: Fast application processes, sub-accounts for budgeting, and seamless integrations with major accounting tools.
Explore further: Review account tiers on the Bluevine Business Checking portal.
3. Best for Tech Startups and Venture-Backed Scale: Mercury
Best For: Tech companies, agencies, and high-growth startups.
The Fees: Completely zero monthly fees, free domestic/international USD wires, and free ACH transfers.
The Rewards: Yield-bearing savings options and automated treasury management tools that sweep excess cash into money market funds to maximize passive return.
The Time Saved: Elite API access, automated multi-user permission workflows, programmatic payouts, and clean, searchable transaction data that drastically reduce end-of-month bookkeeping hours.
The Catch: Strictly oriented toward registered corporate entities (LLCs, C-Corps); sole proprietorships are generally not eligible.
Explore further: Learn more at Mercury.
4. Best Traditional Hybrid (Online + Brick-and-Mortar Safety): NBKC Bank
Best For: Small business owners who want ultra-low fees but occasionally need a traditional banking safety net.
The Fees: Truly minimal fee schedule—$0 monthly fees, $0 overdraft fees, $0 domestic wires, and broad fee-free ATM access via nationwide networks (plus domestic ATM fee refunds).
The Time Saved/Value: Offers straightforward business checking and money market accounts without the rigid transaction caps or complex waiver requirements found at big national legacy banks.
The Cost-Conscious Evaluation Matrix
To pick the right home for your cash, audit your operational habits against these three criteria:
Transaction Volume vs. Limits: If you process hundreds of small ACH or cash-in transactions a month, ensure a neobank’s monthly transaction caps won't trigger overage fees. (If you handle heavy physical cash, an online-only account will cost you more in deposit fees than a traditional regional bank with free cash-handling tiers).
The Hidden Cost of "Idle Cash": In an elevated interest rate environment, leaving $50,000 in a 0% APY checking account means forfeiting thousands in annual passive yield. Shifting funds to an option with built-in high-yield or automated treasury sweeps turns your operating account into an active revenue center.
Reconciliation Hours: A bank that saves you $15/month in maintenance fees but forces you to manually type or export CSVs because it lacks clean software integration is a net negative for your hourly bottom line.
If you tell me your estimated monthly transaction volume , whether you deal in physical cash , and your average cash balance , I can recommend the single best platform to maximize your return.
What are the top-rated online banking platforms for small business owners who prioritize saving money on fees while still getting rewards and streamlined workflows?
For a small-business owner who cares about low fees + meaningful rewards + less administrative work, I’d put these platforms at the top of the list in 2026:
Platform
Best for
Core cost
Rewards / yield
Workflow strength
Bluevine
Best overall value
$0/mo Standard
1.3% APY up to $250K; higher on paid plans
Invoicing, payment links, sub-accounts, Xero
What are the most cost-effective online banking platforms for small business owners that provide good rewards and help streamline operations?
If your priority is business checking with genuinely no monthly fee, my top pick is Bluevine Business Checking.
My ranking for 2026
Account
Monthly fee
Minimum balance
Best for
Bluevine Standard
$0
$0
⭐ Best overall
Mercury
$0
$0
Startups & online businesses
Relay Starter
$0
$0
Businesses wanting multiple accounts
Axos Basic Business Checking
$0
$0
Traditional bank + online banking
1. Bluevine — Best overall.
The Standard account has no monthly fee, no minimum balance/deposit, unlimited transactions, free standard ACH, and no incoming-wire fee. It currently pays 1.3% APY on balances up to $250,000. The main caveat is that some services—such as outgoing wires, same-day ACH and mailed checks—can still cost money.
2. Mercury — Best for startups/tech businesses.
Mercury has $0 monthly fees, no minimum balance, free ACH, free domestic wires, and free USD international wires. It also has excellent integrations, virtual cards, spending controls and accounting tools. The catch: it's a fintech rather than a bank itself, with deposits held through partner banks.
3. Relay Starter — Best for separating money into buckets.
Relay's free Starter plan gives you up to 20 checking accounts (10 for sole proprietorships), making it particularly useful for separating taxes, payroll, operating expenses and profit. Same-day ACH and wire transfers aren't completely free, though.
4. Axos Basic — Best if you prefer an actual bank.
Axos Basic Business Checking has no monthly maintenance fee, no initial deposit/minimum balance fee, and free incoming domestic and international wires. It's a strong choice if you want a more traditional bank rather than a fintech.
For most small businesses: Bluevine. CNBC currently ranks Bluevine #1 for "best for no fees" among online business bank accounts, and its fee structure is unusually friendly for a small business that has lots of ordinary ACH/checking activity.
If you tell me (1) your approximate monthly deposits, (2) how many transactions you make, and (3) whether you need cash deposits, Zelle, wires, or ATM access, I can narrow this down to the single best account for your business.
When looking for the best online business checking account with no monthly maintenance fees , a few top-tier financial technology platforms and digital banks stand out depending on your specific business model.
The top contenders for zero-fee online business checking include:
Bluevine — Best for earning interest on your balance
The Perks: Offers a competitive annual percentage yield (APY) on balances up to a certain threshold with no monthly maintenance fees, no minimum opening deposit, and unlimited transactions.
Downside: Cash deposits carry a fee via retail networks, and out-of-network ATMs may cost extra.
Check it out: Read more details on the Bluevine Business Checking overview.
What are the top options for a business checking account that is entirely online and fee-free?
I need a business checking account that is managed entirely online and doesn't charge monthly maintenance fees.
Yes. If your goal is “start as a sole proprietor now, incorporate/LLC later, and avoid moving everything to a brand-new bank,” the strongest choices right now are Novo and Bluevine, with Found also worth considering.
My ranking for an easy transition
Provider
Sole prop now
Later LLC/corp
Can you update the existing account?
My take
Novo
✅
✅
Yes
🥇 Best fit for your situation
Bluevine
✅
✅
Yes
🥈 Best if you also care about interest
Found
✅
✅
Mostly flexible
🥉 Great for freelancers/tax organization
Relay
✅
✅
No for sole prop → LLC
Avoid if minimizing future migration is priority
Mercury
Limited/structure-dependent
✅
Not the obvious choice
Better once you're already incorporated
🥇 Novo — probably the cleanest transition
Novo explicitly allows you to change an existing account from sole proprietorship to LLC. You'll provide your signed Articles of Organization/Incorporation and the new EIN if applicable.
That's unusually well aligned with your plan.
Novo also currently supports sole proprietorships, single- and multi-member LLCs, corporations, and partnerships.
Best for: a one-person service business, consultant, freelancer, agency, contractor, etc., that expects to incorporate later and wants simplicity.
Bluevine is also a strong choice. Its current materials specifically say a sole proprietor can start with Bluevine Business Checking and change the business structure later without opening a new account.
Bluevine has an additional advantage if you're going to accumulate cash: its Standard business checking currently offers 1.30% APY subject to its qualification requirements, and higher-tier options can pay more.
Best for: someone who wants the easy transition plus interest on operating cash and potentially wants business financing later.
Found supports sole proprietors, LLCs, S-corps, C-corps and partnerships, and lets you manage multiple businesses under one login.
Its strength is less about conventional banking and more about freelancer/self-employed bookkeeping and tax organization. It also allows you to edit business information and structure within the platform.
One caveat: when your legal entity changes, Found may require the new LLC/corporation EIN and documentation, so it's not quite as explicitly straightforward as Novo's sole-prop → LLC procedure.
🚫 Relay — less attractive for your particular plan
Relay is excellent for separating money into multiple accounts—taxes, payroll, operating expenses, profit, etc.—but there's a significant catch for you:
Relay cannot convert an existing sole-proprietorship account into an LLC/corporation account. You have to open a new account for the new entity.
So if minimizing future administrative work is the priority, I'd put it behind Novo and Bluevine.
Open a business account now rather than using your personal checking account, even while you're a sole proprietor. Keeping business and personal money separate makes bookkeeping and the eventual entity transition much cleaner.
Then:
Today: Sole proprietor → Novo or Bluevine Business Checking
↓ When ready: Form LLC/corporation → obtain appropriate EIN/documentation
↓ Update entity information at the same provider
↓
Keep your banking history, payment connections, and bookkeeping infrastructure together rather than starting from scratch.
My pick:Novo if your #1 criterion is the smoothest entity transition. Bluevine if you want the transition and interest-bearing checking.
One important distinction: if by “incorporate” you specifically mean S-corporation election, rather than forming an LLC or C-corp, the banking transition can be different. If you tell me whether you're thinking LLC, S-corp, or C-corp, I can narrow this down further and compare Novo vs. Bluevine vs. Found on fees, APY, bookkeeping, credit cards, ACH, cash deposits, and what happens to your account when the entity changes.
When transitioning from a sole proprietorship to an incorporated entity (like an LLC or corporation), your biggest goal is avoiding the friction of closing an account, mailing new signature cards, changing all your connected payment gateways, and getting a totally new account number.
The good news is that modern fintech and online business banking platforms are far more flexible than traditional brick-and-mortar banks, allowing you to update your entity type and tax ID directly under your existing account.
Top Online Platforms for Smooth Transitions
Novo
The Transition Process: Novo explicitly allows you to update your business type from a sole proprietorship to an LLC or corporation right inside your existing account.
What You Need: Once your incorporation is complete, you will submit your new EIN letter from the IRS and your signed Articles of Organization/Incorporation issued by your state’s Secretary of State.
Why it’s great: Novo is purpose-built for freelancers and solopreneurs, meaning their backend support is accustomed to single-owner businesses scaling up into formal entities without forcing a full account migration. You can check it out on Novo.
Bluevine
The Transition Process: Bluevine lets you update your business details—including changing your legal structure from a sole proprietorship to an LLC—via their web dashboard profile settings.
What You Need: You will typically be prompted or required to contact support/upload supporting documentation like your new EIN confirmation letter and Articles of Organization.
Crucial Best Practices for the Transition
Get a New EIN: Even if you used your personal SSN or a sole-proprietor EIN previously, an LLC or corporation is legally a distinct federal tax entity and requires a brand-new EIN from the IRS Website.
Choose a Clean Cutoff Date: Don't transition your business profile mid-stream while a dozen client payments are pending. Pick a specific date to finalize the state filing, update the bank, and ensure all subsequent revenue is cleanly attributed to the new corporate structure.
Document Asset Transfers: If you had equipment, inventory, or cash balances in the old sole-proprietorship flow, formally document moving them into the corporate entity as a capital contribution.
If you'd like to narrow this down, let me know:
Do you plan to use cash-envelope/sub-accounting features (like separating tax savings and operating expenses)?
Will you be adding additional owners/partners when you incorporate, or staying solo?
Which digital banking platforms allow for a smooth switch from a personal to a business account for a sole proprietor preparing to incorporate?
I am a sole proprietor who plans to incorporate soon, so I need an online bank that makes it simple to upgrade my personal account to a business one later.
Novo
Novo
2. Easiest Traditional Banks (If You Need In-Person Help & Cash Deposits)
If your LLC deals with cash or you simply prefer sitting down with a human, traditional banks require more documents (like your stamped Articles of Organization, EIN letter, and Operating Agreement), but some have streamlined their appointment prep.
Chase: Widely praised for having the best-in-class online/mobile ecosystem among big traditional banks. If you book an appointment ahead of time and bring your exact LLC paperwork, their branch bankers can usually set up a Chase Business Complete Banking account efficiently.
Capital One: Offers a nice middle ground—good digital application capabilities for a traditional institution, combined with physical branch and coffee-bar style locations if you need support. Explore options on Capital One Business Banking.
What You Will Need Ready (To Make Any Process Easy):
No matter which bank you pick, having these digital files or physical papers ready before you click "Apply" will cut your application time in half:
EIN (Employer Identification Number) confirmation letter from the IRS.
Articles of Organization (filed and stamped by your state).
LLC Operating Agreement (showing who the owners/members are).
Government-issued photo ID (driver’s license or passport) for all owners with significant control.
To help narrow down the best fit, tell me:
Do you need to deposit physical cash regularly?
Is your LLC single-member or multi-member?
Do you prefer fully online banking or having a physical branch nearby?
Online vs. Traditional: Online-only options like Bluevine or Relay offer great software integrations and zero monthly fees, but make depositing physical cash difficult. Traditional banks like Chase or U.S. Bank make handling paper currency simple.
Transaction Limits: Check how many free monthly transactions (deposits, ACH, and checks) the account allows before charging per-item fees.
Cash Flow & Interest: If you hold large cash reserves, prioritize interest-bearing checking or linked savings vehicles like Axos or Bluevine.
To help narrow down the best choice, tell me:
Do you need to deposit physical cash regularly?
Are you looking for an online-only bank or a traditional brick-and-mortar branch?
What is your business model (e.g., SaaS, e-commerce, agency, marketplace)?
Do you primarily operate in USD , or do you need heavy multi-currency/international capabilities?
Do you need corporate credit cards with high limits and receipt-matching software?
Live Oak Bank
Wells Fargo : A major national traditional bank offering tiers like Wells Fargo Business Savings (Market Rate and Platinum options) with widespread physical branch and ATM access.
U.S. Bank : Offers flexible options including the U.S. Bank Platinum Business Money Market Account for relationship-based bonus yields.
Other traditional heavyweights : Bank of America, Chase, and Citibank all provide dedicated business savings accounts, though their baseline interest rates tend to be lower unless you maintain hefty tier balances.
To help narrow down the best fit, tell me:
Do you prefer a traditional brick-and-mortar bank or an online-only bank with a higher APY?
What is your expected monthly balance or opening deposit?
First Choice Commercial Savings geared toward businesses maintaining $1,000+
Mercury
Yes/interest-bearing options
U.S.-formed businesses; online-first
U.S. entity and U.S. operations required; deposits held through partner banks
Particularly relevant if you're forming an LLC
ORSA Credit Union stands out because it explicitly lists LLCs, corporations, partnerships, sole proprietorships, nonprofits and associations as eligible business types and spells out the documentation required.
For a more traditional bank relationship, Bank of Ann Arbor and Bank Michigan both have dedicated business savings products. Bank Michigan is especially interesting if you're looking for a very low initial deposit.
For an online option, Mercury accepts U.S.-formed businesses and provides access to FDIC-insured banking through partner banks; its sweep network can provide substantially more FDIC coverage for qualifying deposits.
One important distinction
If by “savings account for a business entity” you mean an account where the legal owner of the account is an LLC/corporation rather than an individual, I would narrow the search to institutions that explicitly accept your entity type. The documentation commonly includes formation documents, EIN, operating agreement, and identification for authorized individuals. ORSA, for example, explicitly lays these requirements out.
If you tell me the type of entity (LLC, corporation, nonprofit, partnership, etc.), approximate balance (e.g. $10k, $100k, $1M+), and whether you want a physical branch or online-only, I can make you a more targeted comparison of 10–15 institutions, including APYs, fees, minimum balances, FDIC/NCUA coverage, and eligibility.
Several major financial institutions and online banks provide dedicated savings and money market accounts tailored for business entities , ranging from sole proprietorships to large corporations.
Top Financial Institutions for Business Savings
Axos Bank offers the Business Premium Savings account, featuring competitive promotional yields, no monthly maintenance fees on specific tiers, and integrated treasury management.
Live Oak Bank provides a digital Business Savings account featuring high variable APYs, zero monthly maintenance fees, and no minimum balance requirement.
U.S. Bank offers traditional Basic Business Savings and Platinum Business Money Market accounts, making it a strong fit for entities that prefer combining brick-and-mortar branch access with tiered interest rates.
Chase Bank features Business Total Savings, which is ideal for businesses seeking an extensive physical branch and ATM network with monthly maintenance fees easily waivable by maintaining a minimum daily balance or linking a business checking account.
Capital One offers the Spark Business Advantage Savings account, designed to integrate smoothly with everyday business operations and cash-flow management tools.
General Requirements to Open a Business Savings Account
When applying with any of these financial institutions, business entities typically need to provide:
Employer Identification Number (EIN) or Social Security Number for sole proprietors.
Business formation documents (such as Articles of Organization, Partnership Agreement, or Corporate Bylaws).
Government-issued photo ID for all beneficial owners and authorized signers.
A minimum opening deposit (which varies from $0 to $100+ depending on the institution).
If you'd like, tell me:
Your preferred banking style (digital-only vs. traditional brick-and-mortar branches)
The approximate deposit balance you plan to maintain
I can help narrow down the best specific APY and fee structure for your company.
Why I like it for a brand-new LLC: Mercury is explicitly designed around startups and online businesses. Its basic checking/savings accounts have no monthly fee, no minimum balance, and no account-opening fee. ACH and domestic USD wires are also free under the standard offering.
For an LLC, Mercury says the application requires formation documents, the IRS EIN document, government ID, ownership information, and information about the company's operations. It accepts a residential principal-business address, but not a registered-agent address, P.O. box, or UPS Store address.
Best if: you're building an agency, consulting business, SaaS company, ecommerce business, etc., and want a banking platform that can grow with you.
Relay's Starter plan is $0/month, specifically aimed at solopreneurs and startups. You can create up to 20 checking accounts, which is unusually useful for a single-member LLC—for example:
Operating
Taxes
Owner pay
Payroll
Profit
Specific projects
Relay says its Starter plan is designed for solo business owners and new businesses, with online signup and identity/business verification.
Best if: you want a "Profit First"-style setup without paying for multiple bank accounts.
My rating:9/10
3. Novo — probably the simplest pure checking option
Bluevine's Standard plan has $0 monthly fees, no minimum balance, free standard ACH, and unlimited transactions.
The interesting part is that eligible Standard customers can currently earn 1.3% APY on balances up to $250,000 by either spending $500/month with the debit card or receiving/depositing $2,500/month in customer payments. Higher-yield Plus and Premier plans cost $30 and $95/month respectively, although those fees can be waived under their terms.
Bluevine's application supports LLCs and asks for things such as your EIN, business information, revenue, industry, personal information, and potentially formation documents.
Best if: you're going to maintain a meaningful cash balance in checking and want it to earn interest.
My rating:9/10
5. Found — particularly compelling for a single-member LLC
Found is somewhat different: it combines banking with bookkeeping and tax-oriented tools. The basic account is $0/month, with no minimum balance or maintenance fee.
For a single-member LLC, this can be unusually useful because Found offers automated expense categorization, tax estimates, invoicing, and tax-related functionality. Found specifically says its system supports single-member LLCs taxed as sole proprietorships and can generate Schedule C-related information.
It also advertises signup in as little as five minutes.
Best if: you're a one-person consulting/freelance/service business and want banking + bookkeeping/tax organization in one place.
My rating:8.5/10
6. American Express Business Checking — good alternative
Amex Business Checking has no monthly maintenance fee and no minimum balance, and Amex currently advertises online application in as little as 10 minutes.
It's also an actual bank account offered by American Express National Bank, rather than a fintech account whose banking services are supplied by a partner bank.
The tradeoff is that certain payment methods cost more—for example, Amex currently lists $10 for same-day ACH and $25 for wires, while standard ACH is free.
My rating:8.5/10
My ranking for a newly formed single-member LLC
If I were opening the account today, I'd narrow it down this way:
🥇 Mercury — best overall
Best combination of $0 recurring cost, startup-friendly features, payments, integrations, and scalability.
🥈 Relay — best financial organization
Especially attractive if you want separate buckets for taxes, operating expenses, profit, etc.
🥉 Novo — easiest minimalist option
Excellent if you just want straightforward business checking and don't need elaborate features.
4. Bluevine — best for earning interest
Particularly compelling if you'll keep several thousand dollars or more in the account.
5. Found — best for a one-person service business
Potentially the best choice if bookkeeping/tax organization is more important than sophisticated banking.
6. Amex — best traditional-bank alternative
Good if you value Amex's support and ecosystem and don't mind somewhat higher transaction fees.
One important point about "easiest"
There isn't a reliable universal ranking for approval difficulty: all of these providers perform identity/business verification and can request additional documentation. A freshly formed LLC can therefore be approved immediately by one provider and sent for manual review by another.
For the smoothest application, have these ready before you start:
LLC Articles of Organization / Certificate of Formation
IRS EIN confirmation letter
Your government-issued ID
SSN
Physical U.S. business address
Your LLC's exact legal name and formation state
Short description of what the business does
Expected revenue/transaction volume
DBA certificate, if applicable
Bottom line: For most newly formed single-member LLCs, I'd start with Mercury or Relay. If your priority is absolute simplicity, choose Novo; if you're going to keep cash sitting in checking, look closely at Bluevine; and if you're a solo professional who wants banking + tax/bookkeeping tools, Found is unusually attractive.
Excellent payments, invoicing, bill pay, cards & automation
American Express Business Checking
Best for rewards points
$0/mo
1.00% APY up to $500K + Membership Rewards
Strong banking; QuickBooks/Xero connectivity
Found
Best all-in-one solo-business back office
$0/mo
Up to 2.5% APY + 1% cash back on Pro
Banking + bookkeeping + taxes + invoicing
Novo
Best no-fee simplicity
$0/mo
No major checking yield/rewards emphasis
40+ integrations, automated Reserves
🥇 1. Bluevine — best overall balance
Bluevine is probably my first choice if your priority is keeping banking costs down while still earning something on your cash.
Its Standard plan has no monthly fee, unlimited transactions, free standard ACH, up to five sub-accounts, invoicing/payment links and 1.3% APY on balances up to $250,000. Plus and Premier increase the APY to 1.75% and 3.0%, respectively, although those plans normally cost $30/$95 monthly unless you meet their waiver requirements.
Best for: most established small businesses that keep meaningful cash balances.
🥈 2. Relay — best for saving money through organization
Relay is particularly compelling if "streamlined workflow" means separating money for taxes, payroll, operating expenses, etc.
Its free Starter plan provides up to 20 checking accounts, 1.19% APY on savings and 1% cash back on its business credit card. The $30 Grow plan adds approval workflows, recurring invoices and bookkeeping automation; Scale adds even more automation and currently offers 3.21% APY and 1.5% card cash back.
The important caveat: Relay has additional transaction fees, so the free headline price isn't necessarily the lowest total cost for a business doing lots of wires or expedited payments.
Best for: businesses with multiple employees, vendors, accounts or complicated cash allocation.
🥉 3. Mercury — best for streamlined digital operations
Mercury is excellent if your business is primarily online.
Its core banking has no monthly fee, no minimum balance and no overdraft fee, with free ACH and domestic/USD international wires. Mercury also combines banking with invoicing, bill pay, virtual/physical cards, payments and AI-powered financial workflows. Its IO credit card offers 1.5% cash back on credit spend.
The catch is that some advanced workflows are paid, starting at $35/month, and Mercury's strongest feature set is oriented toward digitally operated businesses rather than cash-heavy businesses.
Best for: agencies, SaaS companies, startups, consultants and ecommerce businesses.
⭐ 4. American Express Business Checking — best if you value points
American Express takes a different approach: rather than conventional cash back, you earn Membership Rewards points.
There is no monthly fee or minimum balance requirement, and the current checking account earns 1.00% APY on balances up to $500,000. Eligible Business Debit Card purchases earn 1 Membership Rewards point per $2 spent. Amex also supports ACH, same-day ACH, wires and Zelle, while Business Checking and Savings can connect to QuickBooks Online or Xero.
Best for: owners already invested in the Amex ecosystem or who value transferable travel/rewards points more than straightforward cash back.
💰 5. Found — best all-in-one option for solo owners
Found stands out because it goes beyond banking.
The free tier combines business banking with expense categorization, receipts, up to 20 "Pockets," invoicing, contractor payments and tax estimates. Its paid Pro plan currently offers 2.50% APY on all balances plus 1% cash back for $80/month.
That makes Pro interesting for businesses with substantial balances and significant card spending—but I'd stick with the free plan if you're primarily trying to minimize costs.
Best for: freelancers, consultants, creators and other owner-operated businesses that want banking + bookkeeping + tax organization together.
Novo is less rewards-focused, but it's very attractive if you want simple banking with minimal fees.
There are no monthly fees, minimum balance requirements or transaction limits. Novo also offers up to 20 internal Reserves for automatically setting aside money for taxes, payroll and other purposes, plus integrations with 40+ business tools, including Stripe, Shopify, QuickBooks, Square and Xero.
Best for: small online/service businesses that prioritize simplicity over banking rewards.
If I weight fees + rewards + workflow efficiency equally, I'd rank them:
1. Bluevine — strongest overall value 2. Relay — strongest cash-flow/workflow system 3. Mercury — strongest digital-business platform 4. Amex Business Checking — strongest points/rewards option 5. Found — strongest solo-business back office 6. Novo — strongest minimalist/no-fee option
One important distinction: "no monthly fee" doesn't mean "no fees." Wires, instant transfers, cash deposits, international transactions and expedited payments can materially change the economics, so I'd compare your actual monthly transaction pattern rather than the advertised account fee.
If you tell me roughly monthly revenue, average cash balance, monthly card spend, number of employees, and whether you send wires/ACH frequently, I can narrow this to the 2–3 cheapest options for your particular business and calculate the likely annual dollar difference.
Novo — Best for freelancers, sole proprietors, and e-commerce
The Perks: Completely fee-free digital checking with no minimum balance requirements. It shines with powerful integrations (Shopify, Stripe, QuickBooks) and built-in invoicing tools, plus it refunds certain ATM fees.
Downside: Doesn't support physical cash deposits easily and lacks multi-user account complexity as you scale.
Relay — Best for budgeting and multi-account organization
The Perks: Offers a robust free "Starter" plan that allows you to open up to 20 individual checking accounts and issue multiple physical or virtual debit cards. Excellent for granular cash-flow management and profit-first accounting systems.
Downside: Advanced automated workflows or same-day ACH require stepping up to a paid tier.
Check it out: Compare features directly on the Relay Blog.
Axos Bank (Basic Business Checking) — Best if you prefer a true FDIC-insured online bank
The Perks: Unlike neobanks which partner with third-party banks, Axos is a fully-fledged online institution. Its basic business checking has no monthly maintenance fees and offers unlimited domestic ATM fee reimbursements.
Downside: Approval and account requirements can be slightly more traditional/strict.
Why it’s great: Changes to business names and structures are reviewed internally (usually taking a few business days), keeping your account history, routing/account numbers, and integrations intact. Explore features on Bluevine.
Relay Financial
The Transition Process: Relay operates similarly as a tech-forward banking platform (partnered with FDIC-insured Thread Bank) that allows backend profile updates when your legal structure changes.
What You Need: Updated legal formation documents and your new EIN.
Why it’s great: If you use advanced cash-flow management or multiple sub-checking accounts (like a Profit First method), staying on the same platform saves you from recreating 5+ separate sub-accounts from scratch. Learn more at Relay Financial.
Mercury
The Transition Process: Mercury targets startups and handles structural updates smoothly, though because they cater heavily to venture-backed or multi-member setups, they can be slightly stricter with document verification.
What You Need: Official state incorporation documents and an EIN.
Why it’s great: If your "incorporation" plan means scaling into a high-growth tech startup with equity, investors, or corporate cards, Mercury handles the transition to a full corporate stack seamlessly. Check details at Mercury.
