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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 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.

$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 freelance copywriter and journalist, specializing in personal finance. Her writing and analysis has been featured in Forbes Advisor, Money, The Balance, Money Under 30, and other top digital publishers. She holds a BS in public relations and an MBA from Georgia Southern University.

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 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
    Novo Business
    Finder Rating: 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. FDIC insured.
    Finder Rating: 4.2 / 5: ★★★★★
    $0 per month
    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.
    Brex Cash account
    Finder Rating: 3.4 / 5: ★★★★★
    Brex Cash account
    $0 per month
    Brex Cash is an innovative cash management account that lets business owners choose whether to save or invest funds. Uninvested funds are FDIC Insured up to $2.25 million. Invested funds are SIPC insured.
    Bluevine Business Checking
    Finder Rating: 4.6 / 5: ★★★★★
    Bluevine Business Checking
    $0 per month
    2.00% on balances of $0 to $250,000
    No hidden fees: $0 monthly, overdraft, minimum deposit and transaction fees. Get 2 free checkbooks a year. Earn 2% interest on up to $250,000 after qualifying transactions. Organize your business finances with 5 sub-accounts with unique account numbers. Receive secure logins for each team member. Member FDIC.
    Live Oak Bank Small Business Checking Account
    Finder Rating: 4.7 / 5: ★★★★★
    Live Oak Bank Small Business Checking Account
    $0 per month
    Pay $0 monthly. $100 minimum deposit to open an account. Deposit checks, pay bills and initiate transfers online. Access a large network of 55,000+ fee-free ATMs. Connects to QuickBooks. 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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