SoFi is one of the most popular online banks when it comes to personal banking, especially if you want no monthly fees, a modern interface and high-yield savings. It’s known for its loans, investing and credit cards as well. So, it’s understandable why you might hope to use SoFi for business banking, too.
Unfortunately, SoFi doesn’t currently offer a business checking or savings account. That said, plenty of fintechs and online banks offer the same perks that SoFi customers appreciate, so you have lots of options to choose from.
Novo offers business checking with no monthly fees, no minimum balance requirements and easy integrations with Stripe, Shopify, Square and QuickBooks. It also makes it super easy for solo entrepreneurs and small business owners to transfer their money where they need to and accept payments however they need to. Plus, its mobile-friendly platform is quite similar to SoFi's personal banking app.
APY
N/A
Fee
$0 per month
Novo offers business checking with no monthly fees, no minimum balance requirements and easy integrations with Stripe, Shopify, Square and QuickBooks. It also makes it super easy for solo entrepreneurs and small business owners to transfer their money where they need to and accept payments however they need to. Plus, its mobile-friendly platform is quite similar to SoFi's personal banking app.
Pros
No monthly fees or minimums
Free ACH transfers and mailed checks
Integration with business tools
Virtual and physical debit cards included
Cons
No interest earned on balances
Limited customer support options
No cash deposits
Annual Percentage Yield (APY)
N/A
Fee
$0 per month
Nonsufficient funds fee
$0
ATM transaction fee
$0
Foreign transaction fee
0%
Paper statement fee
$0
Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC. Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, N.A., Member FDIC; virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated. Mastercard can be used everywhere Mastercard is accepted. Mastercard is a registered trademark of Mastercard International Incorporated.
You can earn $500 when you open a new Bluevine Business Checking account and meet eligibility requirements. Apply with referral code CA300. T&Cs apply.
Bluevine is a banking solution that combines checking, credit, invoicing and lending all in one place. What we like most about Bluevine is that it offers up to 1.50% APY on balances up to $250,000 with its base plan and offers higher APYs with the paid plans. It also comes with unlimited transactions and very few fees. So, if you liked SoFi for its high-yield savings, Bluevine provides a similar perk with its business checking account.
APY
Up to
3.70%
Fee
From $0 per month
Bluevine is a banking solution that combines checking, credit, invoicing and lending all in one place. What we like most about Bluevine is that it offers up to 1.50% APY on balances up to $250,000 with its base plan and offers higher APYs with the paid plans. It also comes with unlimited transactions and very few fees. So, if you liked SoFi for its high-yield savings, Bluevine provides a similar perk with its business checking account.
Pros
Up to 1.50% APY on eligible balances with basic plan
No monthly fee option
Highly rated app
FDIC insurance up to $3 million
Cons
No joint account access
No branches or in-person assistance
Annual Percentage Yield (APY)
3.70% on balances of $0 to $3,000,000 2.70% on balances of $0 to $250,000 1.50% on balances of $0 to $250,000
Intro or bonus offer
You can earn $500 when you open a new Bluevine Business Checking account and meet eligibility requirements. Apply with referral code CA300.
Relay is best for businesses with multiple users or departments. There are three plan options, each great for businesses with large teams. You can create up to 20 checking accounts with Starter ($0/mo) and Grow ($30/mo), or up to 50 checking accounts with Scale ($120/mo). You can also assign custom user permissions and issue up to 50 debit cards. Each plan offers two savings accounts and earns interest on your balance with no minimum balance or activity requirements. Compared to SoFi, which doesn't support multi-user access, Relay may be a better option for managing your business finances if you have a bigger team.
APY
Up to
2.86%
Fee
$0 per month
Relay is best for businesses with multiple users or departments. There are three plan options, each great for businesses with large teams. You can create up to 20 checking accounts with Starter ($0/mo) and Grow ($30/mo), or up to 50 checking accounts with Scale ($120/mo). You can also assign custom user permissions and issue up to 50 debit cards. Each plan offers two savings accounts and earns interest on your balance with no minimum balance or activity requirements. Compared to SoFi, which doesn't support multi-user access, Relay may be a better option for managing your business finances if you have a bigger team.
Pros
Up to 20 or 50 checking accounts, depending on plan
Issue up to 50 debit cards
No monthly fee for Starter plan
Direct integrations with accounting tools
Cons
No credit products
No bill pay feature in the free plan
Annual Percentage Yield (APY)
2.86% on balances of + 1.65% on balances of + 0.97% on balances of +
Fee
$0 per month
Nonsufficient funds fee
$0
ATM transaction fee
$0
Overdraft fee
$0
Foreign transaction fee
0%
Relay is a financial technology company, not an FDIC-insured bank. Banking services and FDIC insurance are provided through Thread Bank and Evolve Bank & Trust; Members FDIC.The Relay Visa® Debit Card is issued by Thread Bank pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa® debit cards are accepted.
Grasshopper gives you 1% cash back on online and signature-based purchases and pays up to 3.55% APY if you keep more than $25,000 in your account. It's best for business owners who want simple rewards without opening a credit card. Since SoFi doesn't have any business spending tools, Grasshopper is a solid alternative if you want perks tied to your everyday business purchases.
APY
Up to3.55%
Fee
$0
Minimum deposit to open
$100
Grasshopper gives you 1% cash back on online and signature-based purchases and pays up to 3.55% APY if you keep more than $25,000 in your account. It's best for business owners who want simple rewards without opening a credit card. Since SoFi doesn't have any business spending tools, Grasshopper is a solid alternative if you want perks tied to your everyday business purchases.
Found is a fintech company that partners with Piermont Bank to provide banking services. Its business checking account comes with features like invoicing and business expense management, and it can automatically set aside funds to help you stay prepared for tax season. However, Found is only available to sole proprietors, single- and multi-member LLCs and corporations.
APY
N/A
Fee
From $0 per month
Found is a fintech company that partners with Piermont Bank to provide banking services. Its business checking account comes with features like invoicing and business expense management, and it can automatically set aside funds to help you stay prepared for tax season. However, Found is only available to sole proprietors, single- and multi-member LLCs and corporations.
Pros
$0 monthly plan available
Automatic tax withholding
Built-in invoicing and expense tracking
Business debit card
Cons
A paid plan is needed for advanced features
No free cash deposits
Not built for partnerships or nonprofit organizations
Annual Percentage Yield (APY)
N/A
Fee
From $0 per month
ATM transaction fee
$0
Overdraft fee
$0
Found is a financial technology company, not a bank. Banking services are provided by Lead Bank, Member FDIC. The funds in your account are FDIC-insured up to $250,000 per depositor for each account ownership category. FDIC insurance only covers the failure of an FDIC-insured depository institution. The Found Mastercard Business debit card is issued by Lead Bank pursuant to a license from Mastercard Inc. Found's core features are free. Found also offers an optional paid product, Found Plus for $19.99/month or $149.99/year. Advanced, optional add-on bookkeeping software available with a Found Plus subscription. There are no monthly account maintenance fees, but transactional fees for wires, instant transfers, and ATM apply. Read more here.
SoFi doesn’t offer a business account because its current focus is on personal finance. As of today, the company specializes in products like student loans, credit cards, investing, and personal checking and savings, not business banking.
SoFi is a legitimate online bank and an excellent option if you’re looking for an all-in-one platform for your personal finances. It offers high-yield savings, checking, student loan refinancing and investing. Plus, the app is very highly rated, and many customers rave about how easy it is for everyday banking.
That said, when it comes to business banking, SoFi doesn’t have the tools. It doesn’t offer any business accounts, invoicing features or ways to add team members and separate expenses. So, if you’re running a business, even as a freelancer, you’ll want to look at other fintech options built for that purpose.
Check out our full SoFi review to learn more about what it offers and whether it’s right for you.
Pros
Full-service personal banking
$0 monthly fees
High-yield savings up to 3.60% APY
Lending and investing
Cash deposits at Green Dot locations
Cons
No business banking support
No invoicing or accounting integrations
No physical branch access
Frequently asked questions
Can I use a personal SoFi account for business?
You can technically use your personal account for business if you operate solely as a sole proprietor without a “doing business as” (DBA) name, but it may not be a good idea since it could complicate taxes and accounting.
No, SoFi doesn’t offer business loans directly. However, there is SoFi’s business loan marketplace where you can compare business financing options from other lenders.
What’s the best alternative to SoFi for small businesses?
The best alternative to SoFi for small businesses will depend on your specific needs. Check out the five alternatives listed above to find the best fit.
Can I open a business bank account online?
Yes, you can open a business account online with many banks and fintechs. It usually takes just a few minutes and requires basic business documents and a valid ID.
New and existing Checking and Savings members who have not previously enrolled in Direct Deposit with SoFi are eligible to earn a cash bonus of either $50 (with at least $1,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period) OR $300 (with at least $5,000 total Eligible Direct Deposits received during the Direct Deposit Bonus Period). Cash bonus will be based on the total amount of Eligible Direct Deposit. If you have satisfied the Eligible Direct Deposit requirements but have not received a cash bonus in your Checking account, please contact us at 855-456-7634 with the details of your Eligible Direct Deposit. Direct Deposit Promotion begins on 12/7/2023 and will be available through 1/31/2026. Full terms at sofi.com/banking. SoFi Checking and Savings is offered through SoFi Bank, N.A., Member FDIC.
SoFi members with Eligible Direct Deposit can earn 3.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Eligible Direct Deposit amount required to qualify for the 3.60% APY for savings (including Vaults). Members without Eligible Direct Deposit will earn 1.00% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional information can be found at http://www.sofi.com/legal/banking-rate-sheet.
Annual percentage yield (APY) is variable and subject to change at any time. Rates are current as of 11/12/25. There is no minimum balance requirement. Fees may reduce earnings. Additional rates and information can be found at https://www.sofi.com/legal/banking-rate-sheet
We do not charge any account, service or maintenance fees for SoFi Checking and Savings. We do charge a transaction fee to process each outgoing wire transfer. SoFi does not charge a fee for incoming wire transfers, however the sending bank may charge a fee. Our fee policy is subject to change at any time. See the SoFi Bank Fee Sheet for details at sofi.com/legal/banking-fees/.
SoFi Bank is a member FDIC and does not provide more than $250,000 of FDIC insurance per depositor per legal category of account ownership, as described in the FDIC’s regulations. Any additional FDIC insurance is provided by the SoFi Insured Deposit Program. Deposits may be insured up to $3M through participation in the program. See full terms at SoFi.com/banking/fdic/sidpterms. See list of participating banks at SoFi.com/banking/fdic/participatingbanks.
We’ve partnered with Allpoint to provide you with ATM access at any of the 55,000+ ATMs within the Allpoint network. You will not be charged a fee when using an in-network ATM, however, third-party fees may be incurred when using out-of-network ATMs. SoFi’s ATM policies are subject to change at our discretion at any time.
Early access to direct deposit funds is based on the timing in which we receive notice of impending payment from the Federal Reserve, which is typically up to two days before the scheduled payment date, but may vary.
Overdraft Coverage is a feature automatically offered to SoFi Checking and Savings account holders who receive at least $1,000 or more in Eligible Direct Deposits within a rolling 31 calendar day period on a recurring basis. Eligible Direct Deposit is defined on the SoFi Bank Rate Sheet, available at https://www.sofi.com/legal/banking-rate-sheet. Members enrolled in Overdraft Coverage may be covered for up to $50 in negative balances on SoFi Bank debit card purchases only. Overdraft Coverage does not apply to P2P transfers, bill payments, checks, or other non-debit card transactions. Members with a prior history of unpaid negative balances are not eligible for Overdraft Coverage. Eligibility for Overdraft Coverage is determined by SoFi Bank in its sole discretion. Members can check their enrollment status, if eligible, at any time by logging into their account through the SoFi app or on the SoFi website.
Earn up to 4.30% Annual Percentage Yield (APY) on SoFi Savings with a 0.70% APY Boost (added to the 3.60% APY as of 11/12/25) for up to 6 months. Enroll in SoFi Plus between 9/18/25 and 1/31/26. Rates variable, subject to change. Terms apply at sofi.com/sofi-plus SoFi Bank, N.A. Member FDIC.
Jamela Adam is a personal finance writer with over three years of experience. Her work has been published in major publications, including Yahoo Finance, Forbes Advisor, U.S. News, Business Insider, GOBankingRates, CNN Underscored, and Chime. Jamela previously worked as a content marketing specialist and helped devise content strategies for major brands in the financial services space. She is also a Certified Financial Education Instructor (CFEI).
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North One Bank offers a well-rounded business account North with no monthly fees and a ton of management tools, but no international wires.
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