Business Interest Checking (0.81% APY) Perfect for growing businesses with cash reserves. No monthly maintenance fees when you maintain an average daily balance of at least $5,000. This account is a great solution for established businesses who are looking to grow their reserve funds. One of Ally Bank checking account's main strengths is the high-interest rate offered to customers. As of this writing, Ally Bank will pay a 0.1% APY on checking accounts with less than a $15k minimum daily balance. Checking accounts that hold over $15k will be paid 0.6% APY. Ally's savings accounts offer interest rates currently close to 2%. With Spark Business Basic Checking, you get unlimited transactions each month, plus online and mobile banking. With Spark Business Unlimited Checking you get 5 free domestic wire transfers per month and have access to 2 Basic Checking. Free business checking account in the palm of your hand. Free ACH transfers, mailed checks, and incoming wires. Apply In Minutes. Novo users apply in under 10 minutes. In short, there is no Ally business checking account. This popular online banking service currently only offers online checking accounts for individuals and joint account-holders. If you are interested in opening an Ally business checking account, you may want to consider another online banking option.

Ally is a hugely popular online bank that offers checking and savings accounts as well as auto loans and mortgages. Regularly appearing on lists of the best online banks, Ally is known for its high-yield savings accounts where you can earn an APR that is 20 times the national average.

If you’re a fan of the bank and are a business owner or freelancer, you’re likely looking to open an Ally business checking account. However, the online bank doesn’t have a business option.

Read on to learn about Ally bank and what business account alternatives are available.

What makes Ally so appealing

If you want to open Ally business account, it’s easy to understand why.

Ally is an online bank, meaning there are no branches to visit. Instead, you can open a checking or savings account online, deposit checks remotely, and transfer money electronically. You can even transfer money with your voice through Amazon’s Alexa.

For its checking option, there are no monthly maintenance fees, no minimum opening deposit, and incoming wire transfers are completely free — three outstanding features that would be useful for business owners.

Can I use an Ally personal account for my business?

Unfortunately, there isn’t an Ally business checking account option; Ally only offers personal accounts.

You may be thinking about opening an Ally account and using it for your business anyway. While it’s technically possible to use a personal checking account for business if you’re a sole proprietor, it’s not a good idea.

If you use a personal checking account for your business, your accounting can become a nightmare and you could run into trouble at tax time. If the IRS decides to audit your business, they’ll be able to review your personal accounts, potentially causing your income to be overstated — and leading to a higher tax bill.

It’s also harder to receive payments from clients. Personal accounts usually can’t connect to credit card or debit card payments like business accounts can, which can cause issues when clients try to pay you.

Finally, keeping a separate business account rather than a personal one may affect your legal liability. If your business runs into trouble or is part of a lawsuit, the only assets that can be compromised are your business assets. But if you run your business from a personal checking account, the line between your personal and professional finances becomes blurred, and you could be personally liable.

Keeping finances separate is just one step to getting ready for a business loan. Nav’s Business Boost plan can help with the rest, from tradeline reporting to personalized financing suggestions.

Check out Business Boost

Get your full business credit reports & scores, PLUS Nav reports your account payments to the business bureaus as a tradeline.

3 Ally business checking account alternatives

Although Ally doesn’t offer a business checking option, there are a couple of other banks out there that offer low fees and convenience. Here are our three favorite business checking account options:

1. Runner-up online bank: Bank Novo

Bank Novo is designed for entrepreneurs on the go, allowing you to manage your account completely from your smartphone. There’s no minimum balance for a business checking account, and your Novo business debit account is accepted worldwide.

You can deposit checks and make payments directly from your phone, and you can send electronic transfers or mail paper checks without having to worry about any fees.

2. High-yield business savings: Citi

For a high-yield business savings account, consider the CitiBusiness Savings account. There is no minimum required deposit, and you can make an unlimited number of deposits each month. Plus, you’ll earn a competitive interest rate on the money you save.

Unfortunately, you can’t open a CitiBusiness Savings account online. Instead, you have to visit a branch in-person. Accounts are only available to business owners in Los Angeles (CA), Orange County (CA), Riverside (CA), San Diego (CA), San Francisco (CA), Miami (FL), Chicago (IL), Baltimore (MD), Las Vegas (NV), New York City (NY), and Washington, DC.

Frequently asked questions about Ally

Ally Business Checking Account

Here are some of the most commonly asked questions about banking with Ally:

1. Does Ally offer business checking accounts?

Unfortunately, Ally doesn’t currently offer business checking accounts or business savings account. It only has personal accounts, so you’re better off working with another bank for your business needs.

2. Can you use a personal checking account for business?

While you can technically use a personal checking account for business purposes if you’re a sole proprietor, it’s not recommended. It opens you up to legal liability and tax issues that could cost you over the long run.

Instead, open up a dedicated business checking and savings account with a bank — either online or traditional — that caters to small business owners.

3. What is the best free online business checking account?

When it comes to the best online business checking accounts, Azlo stands apart. With no minimum balance required and no monthly maintenance fees, you can easily manage your cash flow and enjoy its benefits.

4. What is the best business savings account?

If you’re looking for the best business savings account, check out CitiBusiness Savings. You’ll earn a competitive interest rate, and there’s no minimum required deposit.

Opening a business checking account

Does Ally Have Business Checking

If you’re thinking of opening a new business checking account, you may be disappointed to find out that Ally business checking isn’t an option. Luckily, there are a number of other business banking options that offer the same level of convenience that Ally has, with low minimums and low fees.

Ally Bank Small Business Checking

Can’t get enough?

We've got tons of FREE business tools and resources right here.

If you’re looking for the best business checking accounts, you’re in luck because you’ll find quite a few excellent options on the market right now.

You can even find a variety of free business checking accounts, and that wasn’t always the case. In years past a business account almost always charged hefty fees. This was quite frustrating for small businesses and side hustlers without much money.

So, if you’re looking to cut your business banking costs — or if you’re starting a new business or freelancing gig and don’t need all the extra perks paid accounts offer — opening a free business checking account could be the right move.

Whatever your situation, the accounts below offer some excellent features for anyone looking to move their business banking forward.

Top 9 Best Business Checking Accounts For 2021

Here are best business checking accounts you can open today:

1. Chase Business Checking Accounts

The Chase Business Complete Banking account is a great option for a small business owner or solopreneur.

There is a $15 monthly fee with ways to waive.

It offers a 100 transactions per month at no charge (40 cents after that), unlimited electronic deposits, plus $5,000 in cash deposits per statement cycle at no charge.

I recommend Chase so highly because it combines online banking with a wide network of in-person banking services — more than 4,700 branches and 16,000 ATMs.

For a limited time, new customers can receive a $300 bonus after completing qualifying activities. Click “Learn More” below for details.

Chase Business Complete Banking℠ account

🏆 Our Top Pick

• Best for: access to a huge number of branches, high-rated mobile banking experience
• Monthly fee: Variable
• Highlights: access to 16,000 ATMs and more than 4,700 branches nationwide, Chase Online Bill Pay, Chase QuickDeposit, 24/7 customer service

2. Axos Bank Basic Business Checking

If you need a basic business checking account, Axos Bank offers one of the best free business checking accounts on the market. The Axos Bank Basic Business Checking account is ideal for a side hustler or a small business owner who has simple banking needs.

You’ll get up to 200 free transaction items (such as debits, credits, or deposits) per month, which is pretty awesome because many of the competitors who charge a monthly fee don’t beat that number.

Each transaction after the first 200 will cost you $0.30, which is less than what other banks charge. You also get access to a surcharge-free ATM network nationwide.

This bank account requires a minimum opening deposit of $1,000 – and the account can be managed only online. It’s best for account holders who don’t need to make cash deposits.

Want to earn interest and are able to maintain a $5,000 balance? Check out Axos Business Interest Checking

BONUS: Millennial Money readers can earn a $100 bonus with the promocode EARN100 when signing up fora new account.

Axos Bank Basic Business Checking

Best for modest business banking needs

• Monthly fee: $0
• Minimum opening deposit: $1,000
• Highlights: 200 free transactions; surcharge-free ATM network nationwide
• Mobile banking: available (2.6 stars on the App Store, 2.7 on Google Play)

3. Novo Bank Business Checking

Novo Bank has created another great option for digital business owners who want a mobile-first business bank account.

You’ll get free incoming wire transfers, free ACH transfers, no monthly fees, all ATM fees refunded — it’s really a great deal if you just want an app to manage your business cash flow that’s separate from your personal finances.

You’d need $50 to open an account, and you’d need to transfer the funds from another bank you connect to Novo through the app.

You won’t be able to deposit cash or send wire transfers with this account, and Novo — like Azlo — offers only mobile business checking — no savings accounts or business loans. You do, of course, get FDIC insurance up to the $250,000 limit allowed by law.

Novo Bank Business Checking

Best for businesses that don't handle cash

• Monthly fee: $0 ($27 insufficient funds fee)
• Minimum opening deposit: $50
• Highlights: Free incoming wire transfers, free ACH transfers, free Visa debit card
• Mobile banking: Novo is a mobile first bank

4. NorthOne Business Checking

Similar to Novo, NorthOne is an online-only, relative newcomer aimed squarely at small businesses and freelancers.

They are tech-focused, with a robust mobile app that is highly rated (4.7 stars in the App Store). They also offer integrations with your accounting, eCommerce and point-of-sales tools (Quickbooks, Expensify, Amazon Pay, Shopify, Stripe, etc) to help streamline your business and eliminate manual>How To Find The Best Business Checking Account for You

As you can see, finding free business checking accounts isn’t difficult – and even the bank accounts that charge a fee let you waive the fee easily.

When you’re looking for the best business checking account, make sure you think about the features that are the most important for your business or side hustle.

For example, if you keep a large balance, look for an account that pays interest. If you sell products online, a digital bank can save you a ton of money and time. If you make a lot of small transactions, pay attention to how many free transactions your checking account allows each month.

Maybe you need extra debit cards for your business partner – or to be able to bank primarily on-the-move because you’re traveling the world at the same time?

Here’s my point: Each bank offers distinctive features – so make sure you make an informed decision.

Ultimately, the best small business checking accounts should have no minimum opening deposit and no monthly fee to help you save on the costs of business banking – but many banks offer that plus other excellent features.

And now – check out this list of best small business credit cards for 2021.

• Thank you. So tough to have a business and you just helped me a ton. Thank you Grant.