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Here’s our list of top online business banking institutions.
Disclaimer: The information provided in this article includes direct citations from the respective websites to ensure accuracy and preserve the original context.
Axos Bank
Protecting Personal Assets Through Separation
One of the key reasons small business owners choose to open a business bank account is to protect their personal assets. Keeping your personal and business finances separate creates a clear boundary—especially important if your business is set up as a Limited Liability Company (LLC) or a Corporation. These structures offer legal protections that can shield personal property from lawsuits or creditors, and in some cases, may even lower your overall tax burden.
Before transitioning to an LLC, make sure your personal bank accounts are no longer connected to your business revenue. Opening a dedicated business checking account is an important first step. It ensures that all income and expenses are tracked under your company’s name, not your own.
Separating finances also helps protect both your personal and business credit scores. Operating solely under your business name builds credit specifically for your company, which can open up better funding opportunities down the line.
Boosting Business Credibility
Having a business account also improves your credibility. When customers see charges or invoices from your official business name instead of your personal name, it reinforces your brand and builds trust. For example, “Smith Communications” carries more legitimacy than “John Smith” on a client’s billing statement.
Using your business name across all financial activity—whether it’s sending invoices, processing payments, or issuing refunds—reduces confusion and minimizes the chances of a charge being flagged as suspicious.
Opening a business bank account with Axos Bank can be a smart move for both financial protection and professional branding.
Grow Your Business with Axos Bank
While you may not legally need a separate business bank account as a sole proprietor, it is smart to have separate accounts as your business grows. Don’t put off opening an account until your business is successful. Prepare for the future financial growth of your business today by setting up a basic business checking account and business money market account with axos bank today.
Novo
What Is Novo?
Novo is a mobile-first banking platform built for modern business owners who need flexibility and speed. You can apply for an account entirely online in just minutes, giving you more time to focus on running your business instead of dealing with traditional banking red tape.
Novo offers a full suite of digital tools, allowing you to link external accounts, pay bills, process ACH transfers, and deposit checks—all from within the Novo app. Each account comes with a Novo Mastercard Business Debit Card that can be used worldwide, and Novo doesn’t charge fees for using any ATM.
Deposit Flexibility
Novo accounts are designed with flexibility in mind. There are no minimum or maximum deposit requirements, making it accessible for businesses of all sizes. If you plan to deposit a large sum, simply notify their support team 2–3 days in advance through the app to avoid any unnecessary fraud flags.
For small business owners who want mobile convenience without the hassle of hidden fees or physical branches, Novo is a standout choice.
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