What is the best digital banking for small businesses?

Choosing the best digital banking option for small businesses depends on various factors, including the specific needs of the business, transaction volume, fees, and additional features. As of my last update in October 2023, here are some popular digital banking options that are often recommended for small businesses:

1. **Novo**:

- No monthly fees and no minimum balance requirements.

- Integrates with various accounting software and payment platforms.

- Offers features like invoicing and expense tracking.

2. **Lili**:

- Designed specifically for freelancers and small business owners.

- No monthly fees and no minimum balance.

- Features include expense tracking, tax savings tools, and invoicing.

3. **BlueVine**:

- Offers a high-interest business checking account.

- No monthly fees and no minimum balance.

- Provides access to lines of credit and invoice factoring.

4. **Axos Bank**:

- Offers a range of business accounts with various features.

- No monthly maintenance fees for certain accounts.

- Provides online banking tools and integrations.

5. **Chime**:

- No monthly fees and no minimum balance.

- Offers features like automatic savings and early direct deposit.

- Primarily a personal banking service but can be used for small business needs.

6. **Mercury**:

- Tailored for startups and tech companies.

- No monthly fees and no minimum balance.

- Offers features like virtual cards and integrations with various financial tools.

7. **Square Banking**:

- Ideal for businesses that already use Square for payment processing.

- Offers checking and savings accounts with no monthly fees.

- Seamless integration with Square’s payment processing and point-of-sale systems.

8. **Brex**:

- Focused on startups and tech companies.

- Offers a corporate card with rewards and expense management tools.

- No personal guarantee required for credit.

When selecting a digital bank, consider the following factors:

- **Fees**: Look for accounts with low or no monthly fees, transaction fees, and ATM fees.

- **Features**: Consider what features are important for your business, such as invoicing, expense tracking, or integrations with accounting software.

- **Customer Support**: Check the availability and quality of customer support.

- **Accessibility**: Ensure that the banking platform is user-friendly and accessible on mobile devices.

It's always a good idea to read recent reviews and compare the latest offerings, as features and services can change over time.