When you're starting a new business, there are a lot of items on your to-do list, and opening a business bank account is often one of them.
But it can be difficult to find enough time in your day to head to your local bank branch to open a business checking account.
You may want to open an instant business bank account instead. An instant business bank account can be quickly opened online without the need to visit a physical bank location to sign documents. In this article, we explore 3 of the best instant business bank accounts online.
Benefits Of Instant Business Bank Accounts
Instant business bank accounts come with many different features. But, in general, you can expect to snag the following benefits:
- Affordable fees: Compared to brick-and-mortar banks, online business bank accounts charge minimal fees, which any business owner can appreciate.
- Quick opening process: Most online business accounts only take a few minutes to open.
- Convenient: After the account is open, you’ll usually have 24/7 access to the funds online. If you want to manage the funds from anywhere, this is very helpful.
How To Choose An Instant Business Bank Account
The most time-consuming part of opening an instant business bank account is deciding which one to open. Luckily, you can quickly assess your options with our help. Here’s a look at some of the key factors to consider:
- Fees: Low fees are a must-have for most small business owners. Read through the fine print to avoid getting surprised by any fees.
- Customer support: Responsive customer support can make a big difference when trying to navigate your new bank account.
- Mobile app availability: Many business owners prefer to work with a bank that offers a smooth mobile experience. If you want to be able to manage your business finances on the go, make sure the mobile app is compatible with your needs.
- Security: An FDIC-insured account protects your funds against loss, for up to $250,000. If you want this peace of mind, then working with an FDIC-insured institution is a no-brainer.
How To Open An Instant Business Bank Account
A bit of knowledge about the process can help you streamline your instant business account opening. Here’s a look at the steps you’ll take:
- Gather your documents: Financial institutions require some basic information to set up a new bank account. Be prepared to provide some basic details about your business like the name, your name, the EIN, an email address, and a physical address.
- Start the application: If you have the information ready to go, you might be able to complete an entire application in under a minute.
- Wait for approval: It shouldn’t take long to receive approval for an instant business bank account. After you are approved, you can start using the account.
Top Instant Business Bank Accounts
If you want to open an instant business bank account online, here are 3 of the best options. Keep in mind that all of the information listed is accurate as of August 2023.
Bluevine
Bluevine is a fintech company that offers instant business bank accounts, and business loans. Bluevine claims that you can complete the entire account creation process in under 60 seconds. With this short timeline, Bluevine may be the fastest way to open a business bank account.
Bluevine's business checking account is packed with helpful features. For starters, there are no minimum balance requirements or monthly fees. And if you need help, you can reach out for support via chat, email, and phone.
The Bluevine checking account currently pays 2.0% interest on balances up to and including $250,000. The catch is that you have to receive at least $2,500 in customer payments to your Bluevine checking account or spend at least $500 per month with your Bluevine business debit Mastercard to qualify.
Learn more about Bluevine in our full review.
⚠︎ This Is A Banking Service Provider, Not A Bank.
Bluevine is a financial technology company, not a bank. While it uses partner banks to provide banking services, your FDIC-insurance protection may be limited. Read this article from the FDIC to understand the risks of using a non-bank company.
Grasshopper
New York City-based Grasshopper Bank is a digital bank that serves small businesses and startups. Grasshopper offers a 5-minute application to open your business checking account. The fast sign-up process is complemented with a suite of useful features.
Access to instant-issue virtual cards is the first feature that stands out. With these virtual cards, you can tap into a secure spending option. Additionally, the account offers 2.25% APY on balances between $25,000 and $250,000. If you have less than $25,000 in the account, you’ll earn 1.51% APY.
Grasshopper also provides access to an unlimited 1% cash-back, and there are no monthly fees or minimum deposit requirements.
Learn more about Grasshopper in our full review.
Novo
Novo is a fintech company that offers a free online instant business bank account. According to Novo, the account opening process takes less than 10 minutes. Once the account is approved, you can start banking immediately.
Novo offers the ability to send out invoices and follow up with one-click reminders. Plus, keeping track of your books is made easy with Novo's integrated bookkeeping abilities.
Novo also gives you the option to connect the account to Stripe, Square, or PayPal, allowing you to get paid via Google Pay, Apple Pay, Venmo, or credit card. This makes managing your customer payments much easier.
Learn more about Novo in our full review.
⚠︎ This Is A Banking Service Provider, Not A Bank.
Novo is a financial technology company, not a bank. While it uses partner banks to provide banking services, your FDIC-insurance protection may be limited. Read this article from the FDIC to understand the risks of using a non-bank company.
The Bottom Line On The Best Instant Business Bank Accounts
If you need to open a business bank account quickly, the accounts we've covered here are your best bet. Once you choose an account, it shouldn’t take more than a few minutes to complete the opening process and start banking.
For more business bank account options, check out our list of the best business checking accounts.
Editor: Colin Graves
Sarah Sharkey is a personal finance writer who covers banking, credit, student loans, and insurance for The College Investor. She has written for leading financial outlets including Bankrate, Business Insider, and more, helping readers make confident choices about borrowing, saving, and building wealth.
Sarah holds both a bachelor’s and a master’s degree from the University of Florida, and her background in management and research informs her clear, practical approach to complex financial topics.