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Finding the right bank for your Amazon FBA business is essential for smooth financial operations and boosting profits. You need a bank that caters specifically to e-commerce, with efficient transaction processing, low fees, strong online banking, and top-notch customer support.
Look for features that help manage cash flow, handle foreign currency, and integrate seamlessly with e-commerce platforms and accounting software. This guide highlights the top business banks for Amazon FBA sellers, helping you select the one that best supports your business growth and financial well-being.
>> Use Bluevine’s Bank Account for Amazon FBA >>
10 Best Business Banks for Amazon FBA
- Bluevine – Best Business Bank for Amazon FBA Overall
- Lili – Best for One-Person Businesses
- Novo – Best for Low Fees
- American Express – Best for Membership Rewards
- Capital One – Best for Unlimited Transactions
- Bank of America – Best for Traditional Banking
- Axos – Best Full-Service Online Bank
- U.S. Bank – Best for Lending Options
- Oxygen – Best for Freelancers
- Chase – Best for Cash Deposits
Bluevine – Best Business Bank for Amazon FBA Overall
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Bluevine stands out as the best bank for Amazon FBA (Fulfillment by Amazon) sellers, offering features tailored to online businesses. Their high-interest business checking account provides one of the industry’s top rates, helping FBA sellers earn more on their idle funds than traditional banks.
They also offer a flexible line of credit of up to $250,000, crucial for inventory purchases, unexpected expenses, and seasonal fluctuations. The application process is straightforward, with quick access to funds upon approval. Additionally, Bluevine has no monthly maintenance fees, saving Amazon sellers operational costs.
With unlimited transactions and no fees, Bluevine ensures seamless and cost-effective management of multiple payments and receipts, essential for high-volume Amazon FBA operations. Their robust online and mobile banking platforms offer easy and efficient access to accounts and financial services anytime, anywhere.
- Wide access to a vast ATM network
- Enhanced FDIC insurance up to $3 million
- Competitive Annual Percentage Yield (APY) on checking accounts
- Minimal fees with no monthly maintenance charges
- No requirements for an opening deposit or minimum balance
- Flexible accounts payable platform tailored to business needs
- Fee for cash deposits
- No savings account option
- No physical branch locations
- Customer support limited to weekdays
>> Use Bluevine’s Bank Account for Amazon FBA >>
Lili – Best for One-Person Businesses
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Lili is an excellent choice for Amazon FBA sellers, especially for solo entrepreneurs. This digital banking platform caters to freelancers and small business owners, offering features that streamline financial management.
Lili provides fee-free banking with no minimum balance requirements, making it accessible and cost-effective for entrepreneurs with fluctuating cash flows. Lili includes integrated expense management tools, automatic tax-saving features, and real-time transaction categorization, all crucial for meticulous financial tracking required by Amazon FBA sellers.
Their user-friendly mobile app ensures business owners can manage their finances on the go, allowing them to focus on growing their Amazon stores. Standard banking services come with no monthly, overdraft, or ATM fees and no minimum balance requirements.
Lili Pro, with a $4.99 monthly fee, offers additional services. It offers interest rates of up to 1% APY on a savings account. The Automatic Savings feature allows for daily transfers to savings, starting from $1.
Lili provides limited lending options, typical of its non-traditional bank status. It offers only a free overdraft of up to $200 on debit card purchases.
- Tax optimization tool
- Ability to create and send invoices
- Simple separation of business and personal transactions
- Lacks comprehensive lending or merchant services
- Not suitable for larger businesses
- Operates as a virtual bank via Choice Financial Group
>> Use Lili’s Bank Account for Amazon FBA >>
Novo – Best for Low Fees
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Novo is an excellent choice for Amazon FBA businesses looking to minimize banking fees. Designed with small businesses and entrepreneurs in mind, Novo offers services specifically for Amazon FBA sellers. Read the full Novo review here.
Novo’s low fee structure, with no hidden fees, makes it easier for FBA businesses to retain more profits. Novo integrates seamlessly with various business tools commonly used by Amazon FBA sellers, such as e-commerce platforms and accounting software.
This integration helps streamline operations, saving time and reducing errors in financial management. Novo’s robust mobile and online banking capabilities ensure FBA sellers can manage finances on the go.
Novo provides excellent customer support and strong security measures to protect sensitive financial information, enhancing its appeal to Amazon FBA sellers.
- Refunds on all ATM fees
- Unlimited transactions with no fees for business checking
- Seamless compatibility with third-party software like Shopify and QuickBooks
- No lending services
- Doesn’t accept cash deposits
- No lines of credit or loans are available
>> Use Novo’s Bank Account for Low Banking Fees >>
American Express – Best for Membership Rewards
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American Express offers an exceptional membership rewards program ideal for Amazon FBA sellers. Their business credit cards provide generous cashback options, travel rewards, and access to exclusive events, making them highly attractive for e-commerce entrepreneurs.
Amazon FBA sellers can earn rewards on every purchase, which can translate into significant savings and reinvestment opportunities. The rewards program’s flexibility allows businesses to redeem points for travel, statement credits, or even Amazon purchases.
American Express Business Checking is appealing to those seeking both a bank account and a line of credit. Through Kabbage Funding, businesses can secure lines of credit up to $250,000 with a minimum FICO score of 640.
The account features no monthly service fees, no minimum opening deposit, and free use of MoneyPass ATMs. It offers a competitive APY of 1.30% on balances up to $500,000, making it one of the highest rates available.
American Express provides robust expense management tools, detailed spending reports, and exceptional customer service, all crucial for managing a thriving Amazon FBA business.
With its comprehensive suite of services and benefits, American Express is an excellent choice for Amazon FBA sellers looking to maximize their membership rewards.
- No minimum balance required
- Simple application procedure
- Accessible line of credit with no prepayment penalties
- No cash deposits
- Mobile check deposits are limited to iOS users
- Exclusively available to American Express customers
>> Use American Express’s Bank Account for Amazon FBA >>
Capital One – Best for Unlimited Transactions
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Capital One is perfect for Amazon FBA businesses, thanks to its unlimited transactions feature. This is essential for managing the high volume of daily transactions typical in FBA operations.
Capital One offers two business checking account options: the Basic account, which includes unlimited electronic deposits and a modest fee that can be waived with a minimum balance, and the Unlimited account, which provides comprehensive services, including unlimited free cash deposits and wire transfers.
The bank stands out for its user-friendly app, ease of account management, and responsive customer service. However, its business checking services are only available in certain states and require an in-person branch visit to apply.
While it doesn’t offer APY on checking accounts, connected savings accounts yield 0.2% interest. Capital One also provides substantial lines of credit up to $5 million and various small business loans for those with a checking account.
The combination of service, pricing, and the convenience of physical branch banking makes Capital One a compelling choice for Amazon FBA businesses looking to optimize their financial management.
- Self-service escrow services
- Access to experienced support from a major bank
- Unlimited checking comes with two Basic accounts
- High account balances required to waive fees
- Limited availability across states
- Account application necessitates a branch visit
>> Use Capital One’s Business Bank Account >>
Bank of America – Best for Traditional Banking
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Bank of America offers a comprehensive suite of business banking products, making it a strong choice for Amazon FBA businesses. They provide two primary business checking accounts: Business Advantage Fundamentals and Business Advantage Relationship Banking. Read our complete Bank of America review here.
Both can waive monthly fees based on balance requirements or participation in the Preferred Rewards for Business program. Despite higher fees, the extensive network of branches and ATMs and online banking capabilities offer significant convenience for e-commerce entrepreneurs.
Although the bank’s interest rates for checking and savings accounts are relatively low, it compensates with robust merchant services and small business credit cards offering attractive rewards and financing options.
These features facilitate seamless payment processing and effective cash flow management, crucial for Amazon FBA sellers. Their traditional banking services are complemented by a functional app and solid customer service, ensuring efficient handling of banking needs.
Bank of America offers various lending options, including business credit cards, secured loans ranging from $25,000 to $250,000, and secured lines of credit starting at $25,000. A minimum credit score of 700 is required for these products.
Their reliability and comprehensive financial solutions make it an excellent choice for Amazon FBA businesses, particularly those managing substantial cash flows.
- Offers payroll services
- Includes Zelle money transfer integration
- Online account compatibility with accounting applications
- Requires high balances to waive fees
- Mobile app usability inferior to competitors
- Elevated monthly service fees
>> Check Out Bank of America’s Business Bank Account >>
Axos – Best Full-Service Online Bank
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Axos operates as a virtual bank, offering online-only business banking without physical branches. Known for its user-friendly interface and excellent online customer experience, Axos is attractive for small or digital-centric businesses, including Amazon FBA entrepreneurs.
The bank offers competitive business checking and savings accounts with high-yield interest rates that maximize returns on idle cash. Its seamless integration with accounting software and e-commerce platforms helps reduce administrative burdens.
With four primary business account types, Basic Business Checking, Business Interest Checking, Business Savings Account, and Business Premium Savings, Axos caters to various financial needs.
The Basic Business Checking account has no monthly fees, while the Business Interest Checking offers a 1.01% APY with a $5,000 minimum balance. For savings, both the Basic and Premium Business Savings accounts provide a 0.20% interest rate.
Axos also facilitates SBA loans through Centerstone SBA Lending and offers commercial lines of credit and term loans suitable for businesses looking to expand. Axos is a comprehensive, full-service online bank ideal for Amazon FBA businesses that prefer to manage their banking entirely online.
Its robust suite of services, low fees, and the convenience of free cash deposits at any MoneyPass and Allpoint locations in the US make it the go-to bank for e-commerce entrepreneurs aiming to thrive in the competitive Amazon marketplace.
- No monthly fees and unlimited transactions
- Various interest-bearing accounts are available
- Ability to make cash deposits at MoneyPass and Allpoint ATMs
- No physical branch locations
- Limited integration capabilities
- APYs not the highest on the market
>> Check Out Axos’s Business Bank Account >>
U.S. Bank – Best for Lending Options
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U.S. Bank sets itself apart by not charging a monthly maintenance fee on its basic Silver business checking account, instead opting for transaction fees. This setup benefits businesses with fewer transactions each month, such as contractors with single major clients.
The Silver package includes 125 free monthly transactions, with a $0.50 fee for each additional transaction. Higher-tier accounts, like the Gold and Platinum packages, offer more free transactions but come with monthly fees that can be waived by meeting specific criteria.
While U.S. Bank’s checking accounts don’t yield interest, their savings accounts offer a minimal 0.01% APY with a $25 minimum deposit. However, U.S. Bank excels in its lending options, offering business credit cards, lines of credit, and various loan products.
Their business credit cards provide benefits such as cashback, no annual fees, and rewards programs, while their small business loans range from up to $250,000 through Quick Online loans to $12.375 million with government-backed loans.
For Amazon FBA sellers, U.S. Bank’s comprehensive lending solutions are particularly beneficial. These include specialized financing options, competitive interest rates, and streamlined application processes, essential for managing cash flow and securing funds for inventory and expansion.
With dedicated business banking services and expert financial advice, U.S. Bank helps Amazon FBA entrepreneurs navigate their operations confidently, making it a reliable partner for achieving long-term business success.
- Customized lending solutions
- Dedicated small business specialists
- Merchant services tailored for restaurants, retailers, and service providers
- Incurs transaction fees
- Steep penalties for early CD withdrawals
- No APY on checking accounts and minimal APY on savings accounts
>> Check Out U.S. Bank’s Business Bank Account >>
Oxygen – Best for Freelancers
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At first glance, Oxygen’s website might seem like a fashion magazine or boutique, but it operates as an online-only bank providing business checking accounts. Ideal for freelancers needing to separate personal and business finances, Oxygen offers fee-free and annual fee-based options.
It’s particularly suited for Amazon FBA sellers, offering tools for tracking earnings, managing expenses, and optimizing cash flow.
Targeting stylish small business owners and freelancers, Oxygen offers element-themed accounts with practical features like cell phone and lost luggage protection, as well as business registration services.
Instant transaction notifications, detailed expense categorization, and accounting software integration enhance its appeal, along with competitive fee structures and cashback rewards.
Oxygen categorizes its services into four elements, Earth, Water, Air, and Fire, which are described as loyalty tiers designed to support business owners in unique ways. The Earth tier is free and includes a savings option with an APY of up to 0.50%.
The Water tier, which costs $19.99 per year, and the higher tiers, Air and Fire, which cost $49.99 and $199.99 annually, offer APYs of 1.00%, 2.00%, and 3.00% on savings, respectively.
These interest rates surpass those of many competitors, such as Bluevine and American Express Business Checking, which offer maximums of 2.0% and 1.3% APY, respectively.
Oxygen’s mobile app ensures freelancers have complete control over their finances anytime, anywhere, making it a standout choice for Amazon FBA sellers and other digital entrepreneurs.
- 5% cashback rewards on purchases
- Ability to create virtual, single-use debit cards
- Business savings account with 1% APY
- No lending options are available
- Virtual bank with no option for cash deposits
- Limited integrations compared to other options
>> Check Out Oxygen’s Business Banking Options >>
Chase – Best for Cash Deposits
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Chase Business Checking is ideal for Amazon FBA sellers who need a traditional bank account with cash deposit capabilities. With a vast network of branches and ATMs, Chase provides unmatched convenience for businesses handling cash transactions across most states.
This accessibility is vital for FBA sellers dealing with cash from various sales channels. Chase’s business checking accounts offer features such as a business debit card and the ability to make cash deposits at their physical locations.
However, Chase does charge a monthly maintenance fee, unlike some competitors. Despite these fees and a lower-ranked app, Chase appeals to those who prefer traditional banking and frequently deposit cash.
For regular cash transactions, Chase is a strong option, though those looking for a more robust online banking experience might find better alternatives. Chase offers three tiers of business checking accounts to suit different stages of an Amazon FBA business:
- Chase Business Complete Checking: $15 monthly fee (waivable with a $2,000 minimum daily balance).
- Chase Performance Business Checking: $30 monthly fee (waivable with a $35,000 combined average beginning day balance).
- Chase Platinum Business Checking: $95 monthly fee (waivable with a $100,000 combined average beginning day balance).
Chase also provides various lending options, including business credit cards, small business loans, and lines of credit ranging from $10,000 to $500,000.
While Chase Business Checking accounts don’t offer interest on deposits, Chase Business Savings accounts may provide interest-earning opportunities. This blend of traditional banking convenience and extensive business support makes Chase a comprehensive solution for Amazon FBA businesses.
- Robust fraud protection measures
- Accepts payments via the Chase mobile app
- Extensive international presence with worldwide locations
- Higher fees compared to some competitors
- High minimum balance requirement to waive fees
- Unclear Annual Percentage Yield (APY) on savings accounts
>> Use Chase Business Checking Account >>
How to Open a Business Bank Account for Amazon FBA
Opening a business bank account for your Amazon FBA (Fulfillment by Amazon) business is crucial for managing your finances, separating personal and business expenses, and building credibility with suppliers and customers.
Here’s a detailed guide to help you through the process:
1. Choose the Right Bank
Selecting the right bank is vital for your Amazon FBA business. Consider these factors:
- Fees and Charges: Look for a bank with low or no monthly fees and minimal transaction fees.
- Online Banking: Ensure the bank offers robust online banking services, essential for an e-commerce business.
- Customer Service: Choose a bank known for excellent customer service.
- Business Loans and Credit: Check if the bank offers business loans or credit lines to support your growth.
2. Prepare Required Documents
Before heading to the bank, gather all necessary documents. Commonly required documents include:
- Employer Identification Number (EIN): Obtain an EIN from the IRS for tax purposes, often needed to open a business account.
- Business Formation Documents: Provide your Articles of Incorporation, Certificate of Formation, or other legal documents establishing your business entity.
- Personal Identification: Bring your driver’s license, passport, or other personal ID.
- Business License: If required by your state or locality, bring your business license.
- Operating Agreement: If you have an LLC, banks may require your operating agreement.
>> Use Bluevine’s Bank Account for Amazon FBA >>
3. Select the Right Account Type
Choose a business checking account that suits your needs by considering:
- Transaction Limits: Ensure the account offers a sufficient number of free transactions per month.
- Minimum Balance Requirements: Be aware of any minimum balance requirements to avoid fees.
- Interest-Bearing Accounts: If you want to earn interest on deposits, look for an account offering this feature.
4. Apply for the Account
You can apply for a business bank account online or in person. The process typically involves:
- Filling Out an Application: Provide information about your business and personal details.
- Submitting Documentation: Upload or present the required documents.
- Initial Deposit: Some banks require an initial deposit to open the account.
5. Set Up Account Features
Once your account is open, take advantage of the features offered:
- Online Banking: Set up online banking to manage your account, pay bills, and transfer funds.
- Mobile Banking: Download the bank’s mobile app for on-the-go access.
- Business Debit Card: Obtain a business debit card for everyday transactions.
- Automated Payments: Set up automated payments for recurring expenses.
6. Integrate with Amazon FBA
Ensure your business bank account seamlessly integrates with your Amazon FBA operations:
- Amazon Payouts: Link your new business bank account to your Amazon seller account for payouts.
- Accounting Software: Sync your bank account with accounting software like QuickBooks or Xero to streamline bookkeeping.
Tips for Success
- Keep Business and Personal Finances Separate: Use your business bank account exclusively for business transactions to simplify accounting and tax filing.
- Monitor Account Activity: Regularly review your account statements and transactions to stay on top of your finances.
- Leverage Bank Resources: Utilize any business resources, financial advice, or tools your bank offers.
By following these steps, you’ll be well on your way to efficiently managing your Amazon FBA business finances through a dedicated business bank account.
>> Use Bluevine’s Business Bank Account >>
Best Business Bank for Amazon FBA – FAQs
>> Use Bluevine’s Business Bank Account >>
Conclusion
Choosing the right business bank for your Amazon FBA operation is crucial for financial efficiency and business success. The ideal bank will offer low fees, seamless online banking, robust customer support, and specialized tools for e-commerce needs.
By selecting a bank aligned with your business requirements, you can ensure smooth financial management, better cash flow, and effective scaling of your Amazon FBA business. Evaluate your options carefully and opt for a bank that will be a reliable partner in your entrepreneurial journey.
>> Try Bluevine’s Business Banking Options >>
