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Wave Money business account review

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Wave Money
Finder score
$0 per month
Minimum deposit to open

Our verdict

A free business bank account with built-in bookkeeping and personalized financial insights.

Wave Money gives you a full 360-view of your business’s finances since it handles both accounting and banking. It’s best for small business owners and freelancers who already use Wave’s main platform to send and receive invoices, process payments and manage their books.

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.


  • No fees
  • Built-in bookkeeping
  • Free instant payouts
  • Wave Payments
  • Third-party app integrations
  • Electronic checks


  • No joint accounts
  • No other bank accounts

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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.


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.
  • 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.

    Name Product Fee Minimum deposit to open Annual Percentage Yield (APY) Offer
    Primis Pro
    Finder Score: 4.5 / 5: ★★★★★
    Primis Pro
    $0 per month
    Novo Business
    Finder Score: 4.4 / 5: ★★★★★
    Novo Business
    $0 per month
    Enjoy free workflow integrations for your business, such as invoicing and budgeting. Get free ACH and payment processing, as well as unlimited ATM fee reimbursements. Pay $0 monthly fees with a $0 minimum balance requirement.
    Finder Score: 4.5 / 5: ★★★★★
    From $0 per month
    1.50% on balances of $0 to $20,000
    Designed for freelancers and self-employed individuals, Found offers banking, bookkeeping, invoicing, tax withholdings and payments, and more. Manage everything from one app.
    Chase Business Complete Banking®
    Finder Score: 2.8 / 5: ★★★★★
    Chase Business Complete Banking®
    $15 per month
    (can be waived)
    Earn $300 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
    This Chase business checking gives you free same-day deposits, up to $5,000 no-fee cash deposits per month, and unlimited debit card purchases. Plus, a $300 sign up bonus offer.
    Finder Score: 4.3 / 5: ★★★★★
    $0 per month
    Up to 3.00% on balances of $1,000,000+
    2.00% on balances of $250,000 to $999,999
    1.50% on balances of $50,000 to $249,999
    Easily track income, expenses and savings for your business all in one place. With $0 account fees, $0 overdraft fees and $0 minimum balances, Relay’s business checking account and money management platform offer an affordable online banking solution to get your business off the ground. FDIC insured.

    How do I deposit or withdraw my money?

    Here are all the ways you can access funds in your Wave Money account:


    • 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

    Frequently asked questions

    Checking account ratings

    ★★★★★ — Excellent

    ★★★★★ — Good

    ★★★★★ — Average

    ★★★★★ — Subpar

    ★★★★★ — Poor

    We analyze top checking accounts and rate them one to five stars based on factors that are most important to you. These factors include: monthly fees, the ease at which monthly fees can be waived, the breadth of ATM access, ATM and overdraft fees, and customer service.

    Read the full methodology of how we rate checking accounts.

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