Top Online Business Banking Institutes

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Here a list of our Top Online Business Banking institutions.

Disclaimer: In this article, we will be citing websites with the exact content that’s being used on their site so that their information does not get lost in translation. 


What is Azlo?

Azlo is digital business banking for freelancers, entrepreneurs, small businesses, and non-profits. We offer a convenient, free option for people who want the advantages of a business account without any of the hassles or costs that often come with traditional business banking. Azlo accounts are designed to work seamlessly alongside other financial tools and meet the needs of entrepreneurs living in an increasingly digital world.

Who is Azlo for?

If you live in the U.S. and you do contract work or you have a business (even if it’s just a side project), we can likely offer you an account. Learn more about our eligibility requirements.

Since Azlo is completely online and mobile, we’re an especially good fit for businesses that manage their finances online or want the ability to send and receive digital payments and transfers. (Such as e-commerce stores, freelancers, startups, and consultants).

At the same time, we’re not the right solution for every business, and we want to be completely upfront about that. For example, we generally aren’t the right option for businesses that deal with cash since we can’t accept cash deposits. We also don’t offer checkbooks (though you can use our bill pay service to mail a check to anyone).

What do I need to apply?

It depends on how your business is structured. If you’ve filed papers with your state or local government to form your business and/or register your business name, we’ll ask for a copy of these documents. If you’ve formed a partnership, we’ll ask for a copy of your partnership agreement. We might also ask for a document confirming your EIN (employer ID number) if you obtained an EIN for your business.

If you don’t have any of these documents, you can still apply for an Azlo account as a sole proprietor—if you do, we’ll simply ask for the basic information that you’d need to open a personal bank account.

We also need to gather basic information about you, so we may ask for documents (such as a photo of your ID) to verify this information.

Axos Bank

Personal Asset Protection

Keeping your personal and business finances separated can help you protect your personal assets if something were to happen to your business. In order to accomplish this, many small businesses elect to become a Limited Liability Company (LLC) or a Corporation. Doing so helps protect any personal property from lawsuits and creditors and, in certain circumstances, possibly even reduce your business’s taxes.[i]

To transition your business to an LLC, you will first want to make sure that there are no ties between your personal bank accounts and your current business revenue. You will want to open a business checking account to handle all of your company-related expenses and income.

Keeping your business and personal assets separate will also protect both your personal and your business credit score. By keeping all of your finances under your business name, you will be better able to increase your company’s credit score.

Building Credibility for Your Business

When a customer receives a bill from your business name (versus your personal name), it helps to develop the integrity and strength of your brand. Imagine seeing a charge on your account from John Smith, rather than Smith Communications. Avoid customer confusion and the chance of a client flagging your charge as fraudulent by keeping all billing and payment within your company name.

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.


What is Novo?

Novo is the mobile banking platform for modern businesses. You can apply for an account online in minutes, giving you more time to focus on running your business. We provide all the banking tools you’ll need to link to your existing accounts, pay your bills, process ACH transfers, and deposit checks all within the Novo app. With your account, you will receive a Novo Mastercard Business Debit Card to use around the world and at any ATM without any fees from us.

Do Novo accounts have a minimum or maximum deposit?

Novo accounts do not have a minimum or maximum deposit amount. If you plan on depositing a large amount of money, let us know 2 – 3 days in advance in the ‘Support’ tab within the Novo app, so it is not flagged for fraudulent activity.

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