Wave Offering New No-Fee Business-Oriented Banking

  |     |   949 posts since 2010

A place called Wave that offers various business services, such as invoicing, accounting, and payment processing is now launching a new no-fee business-oriented banking service. As it launches, it will be oriented to single-owner businesses. Any money in your account will be FDIC insured up to the $250,000 level, but Wave is not actually launching a new bank, the money will be held by Community Federal Savings Bank.


This is launching soon. There is a button at that link to reserve a spot.

I can't find any information about any interest rate earned on deposits. It also doesn't specify whether this is only a savings account, or whether you also can have a checking account. It does offer a VIsa debit card. It also incluides free built-in bookkeeping, among other things.

Wave will not be making money on this banking service directly. This is a marketing offer exected to draw in more customers for its other business services. I presume you msut first sign up for a Wave account, but you can dothat for freee. (I have one, which I have used in the past when doing a little freelancing. I just used it for is free invoicing and for payment processing at about 3% charge. I have been completely satisified with Wave, it operates smoothly, never a problem.)

As for the bank that will be holding the money, Community Federal Savings Bank, Wave says no more about it that the name. But I have to think that is this one here:


  |     |   949 posts since 2010
BTW Ken, this is something that has plagued me for a long time. Your formatting buttons do not appear when I am in the compose window to write a post. I have to save it and then use the edit button to open and, so I can have the buttons and be able to hyperlink URLs. Now, I am getting the buttons after going to Edit, but the Link button will not even open, so I still can't hyperlink the URLs.

This has been the situation for a very long time now. Maybe we can get that fixed? If it matters, I use Firefox browser, fully updated, on a Mac.
  |     |   75 posts since 2019
will this act like an incognito MS spending app opportunity.

The financial institution, product, and APY (Annual Percentage Yield) data displayed on this website is gathered from various sources and may not reflect all of the offers available in your region. Although we strive to provide the most accurate data possible, we cannot guarantee its accuracy. The content displayed is for general information purposes only; always verify account details and availability with the financial institution before opening an account. Contact [email protected] to report inaccurate info or to request offers be included in this website. We are not affiliated with the financial institutions included in this website.