Can I Open an Ally Business Checking Account?

Ally Bank doesn’t have a business checking account option—it only provides personal checking accounts. However, there are other good checking account alternatives for business owners seeking to earn interest or avoid standard banking fees.

Although Ally doesn’t offer business checking accounts, there are many reasons business owners might be interested in banking with them. The online bank makes it easy to open accounts, deposit checks, and transfer money without ever stepping foot in a brick-and-mortar bank. (In fact, Ally Bank doesn’t have any physical branches.)

The bank is also appealing for its low fees, ability to earn interest, and free incoming wire transfers.

Even though Ally doesn’t offer business checking accounts, some business owners may decide to use a personal account for their business. While this is technically feasible for sole proprietors, taking this route definitely comes with many disadvantages.

Setting up a personal checking account for business makes it more difficult to receive customer payments, since a personal account doesn’t link up with credit or debit cards like a business account. Choosing to use a personal checking account could also create legal complications and higher tax bills—especially if the IRS audits the business.

Fortunately, Ally isn’t the only exclusively online bank offering a convenient, modern banking experience. There are several online banks that provide business checking accounts and innovative technology features for business owners.

Here are a few popular options:

Looking for an online bank that’s free of fees and allows users to earn interest? Bluevine business checking may be the perfect alternative to Ally.

Here are a few of the bank’s most appealing features:

• 2% interest on business checking accounts with a balance of up to $250,000
• Unlimited transactions
• No minimum requirement for opening deposits
• No non-sufficient fund (NSF) fees
• Access to 38,000 MoneyPass ATMs around the country (including fee-free withdrawals)

Novo Bank is a digital bank that easily integrates with business tools, making it an ideal option for startup companies and small business owners.

It also has a variety of benefits:

• No minimum balances
• No fees for checking
• Easy-to-use mobile app (iPhone only)
• $50 minimum opening deposit
• Compatible with Apple Pay and Google Pay

As one of the first online-only banks, Axos is a key disruptor and innovator in the brick-and-mortar banking space.

It offers many perks that appeal to business owners:

• 1.01% annual percentage yield (APY)
• $5,000 average daily balance requirement
• Free ATMs across America
• Paper checks
• Free mobile app
• $100 minimum opening deposit

Like Ally Bank, NBKC is an online bank that provides appealing benefits like fee-free transactions and ample access to ATMs throughout the nation.

Customers enjoy perks like:

• No monthly fees
• No minimum opening deposit
• Fee-free incoming domestic wires
• Fee-free access to MoneyPass ATMs
• Up to $12 in monthly fee refunds for using other banks’ ATMs

Open to the idea of using a brick-and-mortar bank for your business finances? If so, there are a host of options that are appealing to many business owners.

Let’s take a look at two options:

The Chase Business Complete banking account is a good alternative to Ally Bank, especially for new businesses in need of an entry-level bank account.

• No minimum opening deposit
• $300 sign-up bonus
• Low monthly service fees
• No monthly service fees for a daily balance of $2,000 or higher
• $5,000 in free deposits each month

Business owners looking for a high-yield savings account should consider the popular CitiBusiness savings account. Though the bank account must be opened at a physical branch in select cities, Citi offers competitive interest rates.

• No minimum deposit requirement
• Unlimited monthly deposits
• High-yield interest rates

Since Ally doesn't offer business checking accounts, they're able to focus on loans. But we believe in shopping around for the best deal, and that includes the most favorable loan terms. Compare our trusted loan partners below.

Ally Bank may not offer business checking accounts, but other online-only banks like Bluevine, Novo, and Axos provide appealing alternatives. It’s also worth noting that many business owners enjoy the benefits of traditional banks like Chase, Wells Fargo, or US Bank.

No matter which banking option you choose, keep in mind that opening a business checking account is a smart move for any business owner, making it easier to do taxes and avoid legal liabilities.

Would you like to learn more about online business checking accounts? Read more by visiting our blog post: Best Online Business Bank Accounts 2021.

Disclaimer

At Business.org, our research is meant to offer general product and service recommendations. We don't guarantee that our suggestions will work best for each individual or business, so consider your unique needs when choosing products and services.