Wave Money business account review
- Fee
- $0 per month
- APY
- N/A
- Minimum deposit to open
- $0
Our verdict
A free business bank account with built-in bookkeeping and personalized financial insights.
Wave Money has zero fees and offers tools that automatically balance your books and give you financial insights about your business. The main downside of Wave Money is that it doesn’t support multi-owner businesses.
Pros
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No fees
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Built-in bookkeeping
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Free instant payouts
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Wave Payments
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Third-party app integrations
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Electronic checks
Cons
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No joint accounts
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No other bank accounts
How do I open a Wave Money account?
Wave Money is available to single-owner businesses in the US. You can open an account in a few steps:1. Navigate to Wave’s website and select Sign up for free.
2. Enter your email and new password to sign up for a Wave account.
3. You’ll receive an email invite for Wave Money. Or navigate to the Banking tab in your Wave account.
4. Follow the prompts to sign up for a Wave Money account.
Eligibility
Wave Money is available to freelancers and small business owners who meet these criteria:- At least 18 years old
- Valid Social Security number or Employer Identification Number (EIN)
- Current Wave member
- Single-owner business
Required information
Most business checking accounts require the following information:
- Full name
- Citizenship
- Residential address
- Date of birth
- Taxpayer Identification Number, Social Security number or Employer Identification number
- Government-issued ID
- Certified copy of incorporation or government-issued business license
What are the benefits of a Wave Money business account?
Wave Money is an FDIC-insured bank account that comes with a business debit card, an intuitive mobile app, personalized budgeting and financial insights, and these special features:- No fees. Wave Money ditches common fees found at other banks. You won’t pay fees for monthly maintenance, account minimums, money transfers, transactions, ATM withdrawals and overdrafts.
- Built-in bookkeeping. It’s not unusual to pay up to $70 a month for accounting software. But with Wave Money, you get this feature for free.
- Free instant payouts. Funds instantly hit your bank account when customers pay you through Wave Payments. Other platforms that offer instant payouts typically charge a 1.5% fee to use this service.
- Third-party app integrations. Connect your Shopify, Stripe, PayPal or Square accounts to accept payments.
- Electronic checks. You have the option of paying contractors for free via email.
Wave Money‘s ATM network and fees
Dip your Wave Money Visa debit card into 55,000+ free ATMs nationwide. Wave won’t charge you a fee for using an ATM outside of this network, but the operator might. You can find a free ATM near you in the Wave Money mobile app.
What should I look out for?
Wave Money has quite a few perks that make it a good choice for most freelancers and small business owners. But it has several drawbacks:- No joint accounts. Wave Money only supports single-owner businesses. Although you can’t open an account with a business partner at this time, Wave is hoping to change this in the future.
- No other bank accounts. Wave Money is Wave Financial’s only bank account, so you’ll want to look elsewhere if you were hoping to keep your checking and savings accounts in one place.
- Direct deposit
- Mobile check deposit
- Funds received via Wave Payments
- Funds received from a third-party tool, such as Square, Stripe, Shopify and PayPal
- Transfers from another bank account
- ATM
- Cash back at a retailer
- Transfer to another bank
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- 0.50% APY on checking balance
- Up to 4.60% APY on savings
- $0 account or overdraft fees
- Get up to a $300 bonus with direct deposits of $5,000 or more
If you were hoping to open an account with your business partner, consider exploring our list of the best free business checking accounts.
Compare Wave Money with other business checking accounts
Check the Compare box to see features for up to four business bank accounts side by side.
How do I deposit or withdraw my money?
Here are all the ways you can access funds in your Wave Money account:
Deposits
Withdrawals
Frequently asked questions
Business checking account ratings
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Wave Money is not currently available on Finder
Have you considered SoFi Checking and Savings?
Earn up to 4.60% APY on savings by meeting deposit requirements, and 0.50% APY on checking balances. Members without deposit requirements will earn 0.50% APY on both savings and checking balances. Turn on automatic savings or use the Roundups feature to help you reach your savings goals faster. Get up to $2M of additional FDIC insurance through a network of participating banks.
Your reviews
Cassidy Finder
Writer
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