A free business bank account with built-in bookkeeping and personalized financial insights.
finder.com’s rating: 4.7 / 5.0
Wave Money is a 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. However, the account doesn’t support multi-owner businesses.
Cassidy Horton is a freelance copywriter and journalist, specializing in personal finance. Her writing and analysis has been featured in Forbes Advisor, Money, The Balance, Money Under 30, Insure.com and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University.
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 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
Most business checking accounts require the following information:
Date of birth
Taxpayer Identification Number, Social Security number or Employer Identification number
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.
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:
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
Cash back at a retailer
Transfer to another bank
Frequently asked questions
No. Wave Financial is an accounting, invoicing and payroll system for small business owners and freelancers. But they’ve partnered with Community Federal Savings Bank (CFSB), which holds all your deposits and issues your Wave Money debit card.
No. Wave doesn’t do a credit check when you open a Wave Money account, so there’s no impact on your credit score.
As of right now, no. You’ll need to create a Wave account and either wait for an email or reach out to customer service to see if you can add your name to the list.
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.
Take control of your spending with integrated tools such as automated budgeting, upcoming due date alerts, low balance alerts and more, available in the US Bank Smartly Checking mobile app. Easily send and receive funds via Zelle. Waive overdraft fees by depositing money before the forgiveness deadline. Member FDIC.
At Finder, we value and respect our editorial independence. We keep our reviews completely factual so you can use them to make better decisions. While we may receive revenue and referral fees from advertising and affiliate links, advertisers do not approve our reviews.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.