Many banks offer business banking accounts, but the ones given by online-based institutes like Wise Business Banking are usually the most accessible and affordable. This is a great option, especially if you manage most of your business online anyways.
Their services are provided by BBVA USA, Member FDIC. All your deposits are FDIC insured up to $250,000.
When you bank with Wise, you’ll receive several online perks, an online business checking account, and access to their payments platform. Not to mention, you’ll also receive no more than 1% cash back on deposits. Read below for more information on what they have to offer.
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Wise Business Banking $100 Welcome Credit
- What you’ll get: $100 credit
- Where it’s available: Online, nationwide
- How to earn it:
- Earn $100 credit in your Wise account when you apply and spend $1,000 on your Wise card the first 30 days.
- The Wise card is the black commercial physical or the colored virtual card included in your account.
- When it expires: Not listed
|Compare this savings account to alternatives like Aspiration ($100 Bonus + 1.00% APY), American Express® High Yield Savings Account (0.40% APY as of 3/11/21)*, Axos Bank High Yield Savings (0.61% APY), and CIT Bank Savings Connect (Up to 0.50% APY).
*The following offer is from our partner American Express. The opinions and beliefs in this article are the author’s alone and have not been reviewed, approved, or otherwise endorsed by the issuer.
Wise Business Banking Features
Wise Banking was launched back in 2019 and is backed by BBVA. However, they only offer one account option which is a digital based business checking account. You’ll be able to sign up for one fast and simple online or using the Wise mobile app. Additionally, it’s FDIC insured and comes with payments functionality. This way, you’ll be able to make and receive payments with your checking account. Here are some of the perks they have to offer:
This feature is one of the best perks that Wise comes with. Their integrated invoicing and payments platform enables you to get payments and pay your employees, contractors, and vendors.
If you want to get payments, make and send invoices on the Wise app. You’ll be able to accept payments via card or ACH transfer. Plus, you can even use a Wise card reader to accept in-person payments.
Sending payments is done via the mobile app to mail a check, send an ACH transfer, or use Instant by Wise. The latter will let you send money directly from your Wise account to the recipient’s bank account. Just as long as they own a debit card based in the U.S. The deposit will be posted within minutes, even on nights and weekends.
Cash Back Incentive
Each month, Wise will pay a cash back incentive on your deposits, up to 1% annually. Additionally, you can immediately earn a 0.5% annual incentive on your deposits. Be eligible for an extra 0.1% each year for each $1,000 you spend a month on Wise Cards. There is a maximum up to 0.5% annually (for spending at least $5,000 or more a month).
Debit Card & ATM Access
The Wise Business Banking account comes with a business debit card which you can use to get cash at any Allpoint ATM for free. All physical and virtual Wise cards come with spending controls, alerts, and Google Pay support.
After you sign up for a Wise account, they’ll get you set up in 24 hours. You’ll be able to access a 30-minute training video with a pro, and live chat support is available 24/7.
Wise Business Banking accounts also come with the following benefits:
- A dashboard to track your spending, monitor cash flow and instantly pay employees and vendors.
- Add and manage contacts, making it even easier to pay employees and vendors on a regular basis, as well as view payment history based on an individual contact.
- Everything is accessible via the mobile app, available for both iOS and Android devices.
Alternative Business Accounts to Consider
• Open a Huntington Unlimited Plus Business Checking Account
• Earn $750 bonus when you open a Huntington Unlimited Plus Business Checking account and make total deposits of at least $20,000 within 60 days of account opening.
• The $750 bonus will be deposited into your account after all requirements are met.
• Enjoy overdraft protection with no annual fee or deposit-to-deposit overdraft protection with no transfer fee!
• Bonus Service. Choose one bonus service such as fraud tools, discounts on payroll services, or Huntington Deposit Scan®
• Ideal for businesses with higher checking activity and greater cash flow needs.
• Open a Huntington Unlimited Business Checking Account
• Earn $400 bonus when you open a Huntington Unlimited Business Checking account and make total deposits of at least $5,000 within 60 days of account opening.
• The $400 bonus will be deposited into your account after all requirements are met.
• Get Overdraft Protection Account with no annual fee, or Deposit-to-Deposit Overdraft Protection with no transfer fee.
• Enjoy unlimited transactions. And up to $10,000 in cash or currency deposits monthly in-branch or at an ATM at no charge.
• Designed for businesses with higher checking activity and greater cash flow needs.
• Bonus service. Choose one bonus service such as fraud tools, discounts on payroll services, or Huntington Deposit Scan®.
• Open your Huntington Business Checking 100 Account today!
• Earn $200 bonus when you open a Huntington Business 100 Checking account and make total deposits of at least $5,000 within 60 days of account opening.
• The $200 bonus will be deposited into your account after all requirements are met.
• Overdraft Protection Line of Credit available, or Deposit-to-Deposit Overdraft Protection with no transfer fee.
• Do business without a minimum checking account balance fee or maintenance fee.
• No monthly maintenance fee applies to this account.
• Enjoy up to 100 monthly transactions. And deposit up to $5,000 in cash or currency monthly in-branch or at an ATM at no charge.
• Ideal for start-ups and small businesses with lower balances and checking activity.
• Bonus Service Trial. Free 120-day trial of a fraud tool: Reverse Positive Pay.
When you open a new business checking account with Wise Business Banking, it’s great if you want an online-based account that offers service-based enterprises. Their account comes at an affordable price, easy invoicing tools, and plenty of appealing features.
For other online based business banking options, check out BlueVine. Currently, they offer a mobile check deposit and a high 1.0% interest on balances up to $100,000.