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.
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
| CIT Bank Platinum Savings ($225/$300 Bonus + 4.30% APY). | Live Oak Bank Savings ($300 Bonus + 4.20% APY) |
| SoFi Checking & Savings ($325 Bonus + 3.80% APY) | Harborstone Credit Union Money Market (4.30% APY) |
| Discover® Online Savings (Up to $200 Bonus + 3.70% APY) | |
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:
Wise Pay
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.
Customer 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.
Other Perks
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
 • Earn up to $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. • Multiple ways to waive the $15 Monthly Service Fee, including maintaining a minimum daily balance or purchases on your Chase Ink® Business credit card. • Full-service business banking. Convenient access to all your business banking services in one place -- lending, checking, credit card and payment solutions. • Your choice of payment types. Choose from a full range of options for accepting payments and making deposits that include Zelle®, Online Bill Pay, wire transfers and ACH payments. • Convenient access to payment processing. Process all major debit and credit cards with QuickAccept®. It's a built-in feature with your Business Complete Checking account. • Get support you can rely on. Get access to our customer support team, plus a wide array of solutions that carter to every stage of your business • Full-featured banking online and on-the-go. Manage your business' finances on your terms with the latest online and mobile banking technology. • Associate Debit and Employee Deposit Cards available upon request |
 • Open a Huntington Unlimited Plus Business Checking Account • Earn $1,000 bonus when you open a Huntington Unlimited Plus Business Checking account and make total deposits of at least $20,000 within 30 days of account opening. • Maintain minimum daily balance of $20,000 for 60 days after meeting deposit requirement. • The $1,000 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®. |
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Conclusion
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.
