InvoiceBloom

Business Bank Account Finder

Five questions. An honest answer — including which accounts you can't open, so you don't waste a week on an application that was never going to be approved.

1. How is your business set up?
2. Where do you live?

Eligibility is based on where you live, not your citizenship.

3. How much will typically sit in the account?
4. Which of these matter to you? (pick any)
5. How many owners does the business have?

Nothing you enter is stored or sent anywhere. Eligibility rules verified against each provider's own site on September 14, 2026 — they change, so confirm before you apply.

Who can open what

The question most comparison pages skip. Eligibility first; fees and features only matter once you can actually get in.

Account Sole proprietors Living outside the US Cash deposits Best for
Mercury No — needs an LLC/corp with an EIN Yes, with a US entity; some countries excluded No Startups and LLCs; free USD wires; larger balances
Relay Check Relay's site Limited; US entity and address required Yes, at Allpoint+ ATMs Up to 20 sub-accounts; cash businesses
Novo Yes, with an SSN Check Novo's site Check Novo's site Simple no-fee checking for freelancers
Bluevine Yes, with an SSN Check Bluevine's site Check Bluevine's site Earning interest on your checking balance
Found Yes — single owner, no employees Check Found's site Check Found's site Solo self-employed; built-in tax tracking
Payoneer Yes Yes — no US entity needed No Non-US freelancers receiving USD by ACH

"Check" means we couldn't verify it on the provider's own site at the time of writing, so we won't guess. Mercury, Relay, Novo, Bluevine and Found are financial technology companies, not banks; banking services are provided by their partner banks.

Questions people ask before applying

Do I need an LLC to open a business bank account?

Not always. Sole proprietors can open accounts at Novo, Bluevine, and Found using a Social Security number. But several popular online accounts built for companies - including Mercury, Relay, and Brex - require a registered LLC or corporation with an EIN. If you want one of those, form the entity first.

Can a sole proprietor open a Mercury account?

No. Mercury requires a US-registered LLC, corporation, or partnership with an EIN, and does not accept sole proprietorships operating under a personal SSN. A single-member LLC qualifies once it has an EIN.

Can I open a US business bank account from outside the US?

Yes, with a US entity. Mercury accepts founders living abroad if the business is a US LLC or corporation with an EIN - but not residents of certain countries, including Nigeria, Pakistan, the Philippines, Ukraine, and Croatia. Applications from freshly formed entities with no website, a registered-agent address, or a pending EIN are commonly rejected. Without a US entity, Payoneer provides US receiving account details for ACH payments.

Which online business accounts accept cash deposits?

Mercury does not accept cash deposits at all - fund it by ACH, wire, or check. Relay accepts cash at Allpoint+ ATMs. If cash is a regular part of your business, that difference matters more than any fee comparison.

Is Mercury a bank?

No. Mercury is a financial technology company; banking services are provided by its partner banks, and deposits are FDIC-insured through them using sweep networks. The same is true of Relay, Novo, Found, and most online business accounts.

How does InvoiceBloom make money from this finder?

InvoiceBloom is a referral partner of Mercury and earns a commission if you open and fund a Mercury account through our link. That never changes what the finder recommends: when Mercury isn't a fit for you, it tells you so and suggests an account we earn nothing from. The InvoiceBloom invoicing app itself is free.

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