Introducing Wave Money: The future of small business banking

June 11, 2020
5 minutes read

Today, we’re shaking up the banking industry by introducing Wave Money– a first-of-its-kind business bank account that helps small business owners take control of their finances.

Wave Money is changing the way you bank with built-in bookkeeping, instant access to your money, and no banking fees–whatsoever.

Traditional banks have high fees, complicated record-keeping, and take days to give business owners access to their money. It’s time the small business community has access to a free banking and bookkeeping solution that empowers them to do what they do best: run their business.


When you sign up for Wave Money, you’ll get much more than just a business bank account:

  1. Automatically categorized expenses making it easy to track business expenses in real time.
  2. Business income and spend managedin one place with built-in bookkeeping means having tax-ready records at the end of the year.
  3. A business bank account, debit card and mobile app so business owners can deposit funds, spend with the Wave debit card, and manage everything in the Money mobile app.
  4. Access to the largest free ATM network in the U.S. Business owners can pay vendors and contractors via email, send and receive ACH transfers, and feel confident knowing deposits up to $250,000 are insured by the FDIC.
  5. A fully integrated financial management solution that syncs with Wave Accounting and Payments, giving you instant access to your funds.

How Wave Money is empowering the service-based industry

87% of small businesses are service-based—like consultants, web designers, photographers, and plumbers—yet most innovation continues to revolve around E-commerce based businesses. Service-based businesses are often invoicing and chasing down payments, which can take up valuable time and tie up their cash flow. On average, small businesses report getting paid after 60 days creating cash flow issues—and in today’s economy, every dollar in the bank counts.

Wave Money empowers these service-based businesses with the tools they need to manage their bookkeeping, track expenses, and much more. By eliminating standard bank fees and account minimums, it’s also accessible to more small business owners whether they have years of experience or are just getting started. Our goal is to remove as many of these barriers as we can and allow entrepreneurs to grow. We believe Wave Money is part of making that possible.

Wave Money is currently in limited release and only available to US, single-owner businesses. We will provide updates as it becomes more widely available.

Learn more


  • My business has many owners. Can we all use Wave Money?

    Wave Money currently supports single-owner businesses. You’ll hear from us when this changes.

  • What do you mean by no fees?

    a. We mean no monthly fees, account minimum, transaction fees, or ATM withdrawal fees if you withdraw from our network of surcharge-free ATMs. You’ll find a list of them in the Wave Money app.

    b. Here’s a specific case that will incur a fee: Out of network ATM fees. If you use an ATM not owned by us for any transaction, including a balance inquiry, you may be charged a fee by the ATM operator even if you do not complete a withdrawal. This ATM fee is a third party fee amount assessed by the individual ATM operator only and is not assessed by us. This ATM fee amount will be charged to your Wave Business Debit Card account. If we incur this fee, we will charge you, but we will never mark it up.

  • No fees sounds unbelievable. How do you make money?

    When you set up Wave Payments to receive money directly into your bank account, there is a 2.9% processing fee for most credit cards. This fee traditionally goes to external payment processors like Square or PayPal—but Wave can also be the payment processor for Wave Money. So while your bank account has no fees to use, we do make when you add on Wave Payments.

  • Are you a regulated bank?

    Wave is not a bank, but we are a banking alternative. We work with our bank partner, the CFSB (Community Federal Savings Bank), and they issue the Wave Money card on our behalf and hold all cardholder deposits. Cardholder deposits qualify for up to $250,000 of deposit insurance through the FDIC.

  • What does FDIC insured mean?

    The Federal Deposit Insurance Corporation (FDIC) is a government agency that insures against loss of deposits in the case of bank failure. Our bank partner is FDIC-insured, and each Wave Business Debit Card account is insured up to $250,000 per named account holder.

  • Where can I withdraw money without incurring fees?

    Wave partners with the largest surcharge-free ATM network in the world to offer you free withdrawals. You can find the list of ATMs near your location in the Wave Money app.

  • How does Wave handle my data?

    Wave commits to not selling user data. We only share financial data with our bank partner, Community Federal Savings Bank (CFSB), as outlined in our Privacy Policy and Terms of Use. You can access both of these documents in the Wave Money app.

By Camille Beaulieu - Content Marketing Manager

The information and tips shared on this blog are meant to be used as learning and personal development tools as you launch, run and grow your business. While a good place to start, these articles should not take the place of personalized advice from professionals. As our lawyers would say: “All content on Wave’s blog is intended for informational purposes only. It should not be considered legal or financial advice.” Additionally, Wave is the legal copyright holder of all materials on the blog, and others cannot re-use or publish it without our written consent.

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