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Wave Money business account review

A free business bank account with built-in bookkeeping and personalized financial insights.’s rating: 4.7 / 5.0


Wave Financial recently announced its first-ever business bank account that helps simplify business finances. There are no fees, free instant payouts and built-in bookkeeping so you no longer have to categorize or reconcile transactions. But as of June 2020, only current Wave customers can reserve their spot for early access and the account doesn’t support multi-owner businesses.

$0 per month





Minimum deposit to open


Fee$0 per month
Minimum deposit to open$0
ATMsover 55,000 surcharge-free ATM's
ATM transaction fee$0
Overdraft fee$0

Review by

Cassidy Horton is a writer for Finder, specializing in banking and kids’ debit cards. She’s been featured on Legal Zoom, MSN, and Consolidated Credit and has a Bachelor of Science in Public Relations and a Master of Business Administration from Georgia Southern University. When not writing, you can find her exploring the Pacific Northwest and watching endless reruns of The Office.

Expert review

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.

How do I open a Wave Money account?

Wave Money is currently waitlisted — and only current Wave customers can reserve their spot in line. If you’re a current Wave customer, you’ll receive an email with a link to add your name to the waitlist.


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

Wave hasn’t announced what you’ll need to open an account, but 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.
  • Not available yet. Those on the waitlist will get early access to Wave Money in Summer 2020, but they haven’t announced their public release date.
  • Little information. As of June 2020, we still don’t know if this account will accept cash deposits or if new features will roll out before its official release date.

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

Name Product APY Minimum deposit to open ATMs Out-of-network ATM fee
NorthOne Business Banking
Finder Rating: 3.7 / 5: ★★★★★
NorthOne Business Banking
withdraw cash at any Cirrus branded ATM location (+1,000,000 locations accross the U.S + 2m worldwide), including MoneyPass ATMs

A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.
First Internet Bank Small Business Checking
First Internet Bank Small Business Checking
0.30% on balances of $10,000+
Up to $10 ATM fee reimbursements a month, plus free access to the ATM Plus Network
No minimum balance and no monthly service fee. Make unlimited deposits. Get reimbursed up to $10 per month in ATM fees
Chase Business Complete Banking℠
Finder Rating: 3 / 5: ★★★★★
Chase Business Complete Banking℠
over 16,000 in-network ATMs
This Chase business checking account has built-in card acceptance using a smartphone card reader. $300 bonus offer
Axos Bank Business Interest Checking
Finder Rating: 3.5 / 5: ★★★★★
Axos Bank Business Interest Checking
0.81% on balances of $0 to $49,999.99
0.20% on balances of $50,000 to $249,999.99
0.10% on balances of $250,000 to $4,999,999.99
ATM fees reimbursed at any ATM nationwide
Earn up to 0.81% APY and pay no monthly maintenance fee with an average daily balance of at least $5,000.
Finder Rating: 4.7 / 5: ★★★★★
32,000 fee-free ATMs nationwide
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account. Get up to 10 referral rewards, or $1000.

Compare up to 4 providers

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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