As an entrepreneur and LLC owner, you have a lot on your plate. The right business bank accounts for an LLC can help reduce that burden rather than add more stress.
Plenty of business banking options can streamline your day-to-day finances. In this post, we’ll review some of the best accounts available today and discuss why finding the best business bank accounts for LLCs is a must.
10 Best Business Bank Accounts for LLCs
Now, let’s review our top contenders for LLC bank accounts this year:
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1. Chase: Best One-Stop Shop for Banking
- Account: Business Complete Banking
- Opening deposit: $0
- Monthly fee: $15, can be waived
- Overdraft fee: $34
- APY: N/A
Chase Bank offers a full suite of business banking products for organizations of all shapes and sizes.
Most LLCs will do well with Chase Business Complete Banking. The account has a $15 monthly service fee, but you can waive it by keeping $2,000 in your account, accepting Chase QuickAccept deposits, or spending with your Chase Ink Business credit card.
Chase Business Complete Checking comes with unlimited debit card and Chase ATM transactions. If your business deals in cash, you can add up to $5,000 in fee-free cash deposits each month.
It’s also a great time to open a new account. Right now, new Business Complete Banking customers can earn a $500 sign-up bonus.
2. U.S. Bank: Best Free Traditional Account
- Account: Silver Business Checking Account
- Opening deposit: $100
- Monthly fee: $0
- Overdraft fee: $36
- APY: N/A
U.S. Bank is arguably the most popular financial institution in the Midwest, and it now offers rewarding options for small business banking nationwide. As a U.S. Bank account holder, you can choose from three different business account packages: Silver, Gold, and Platinum.
Silver is the best fit for most new businesses. There’s no monthly maintenance fee, and you get 125 fee-free monthly transactions each statement cycle. You can also enjoy online banking and bill pay, overdraft fee protection, and card payment processing.
We’re also big fans of U.S. Bank’s promotions for new customers. You can earn up to a $750 bonus when you open a new business checking account and complete qualifying activities. You can also get a 6-month rate of 4.25% APY on a Platinum Business MMA account.
3. Bank of America: Best for Cash-Heavy Businesses
- Account: Business Advantage Fundamentals
- Opening deposit: $100
- Monthly fee: $16, can be waived
- Overdraft fee: $10
- APY: N/A
Bank of America offers some of the best business checking accounts on the market with the support and security of a big national bank.
With Fundamentals Banking, you get access to dedicated small business specialists, along with intuitive tools like a cash flow monitor and Erica, BoA’s virtual assistant.
The account has a $16 monthly fee, but you can get around it by maintaining a balance of $5,000, spending $200 on your debit card, or enrolling in BoA’s rewards program.
Fundamental Banking is best for cash-heavy businesses, with no transaction fees on your first 200 transactions per month. That limit increases to 500 free transactions with the Business Advantage Relationship Banking account.
And BoA rewards business customers for a deeper relationship, so you get boosted rewards on any connected business credit cards and savings accounts.
4. Capital One: Best Financial Advice
- Account: Basic Checking
- Opening deposit: $250
- Monthly fee: $15, can be waived
- Overdraft fee: $35
- APY: N/A
Capital One offers the best of both worlds, with 750 branches and an intuitive online banking experience. It’s a great fit for LLCs looking for tailored financial advice, with a team of business bankers who can help you customize your banking services.
Capital One offers two different business checking accounts: Basic and Unlimited.
Basic Checking should accommodate most new LLCs. If your business is more established and deals in higher transactions, the Unlimited account comes with some expanded tools and features that could be better suited to your needs.
The basic checking account’s monthly fee can be avoided if your 30 or 90-day balance averages at least $2,000. You can make up to $5,000 of cash deposits without incurring a fee.
Bottom line—Capital One is an appealing blend of a high-quality online banking platform and a big-name bank.
5. Wells Fargo: Best for Financing
- Account: Initiate
- Opening deposit: $25
- Monthly fee: $10, can be waived
- Overdraft fee: $35
- APY: N/A
Wells Fargo offers more branch locations than any other brick-and-mortar bank. For those who are just getting their LLC off the ground, Wells Fargo’s Initiate checking account is a solid place to start.
Initiate comes with all the basics: a business debit card, online and mobile banking, bill pay, and a low $25 minimum opening deposit. There’s a $10 monthly fee, but you won’t pay it if you keep a daily balance of $500 or more.
There’s also no fee for your first 100 transactions with an Initiate account, and Wells Fargo offers widespread fee-free ATM access with over 11,000 ATMs.
In addition to checking accounts, Wells Fargo offers business rewards cards, savings accounts, SBA loans, and lines of credit. The bank stands out for offering SBA 7(a) and SBA 504 loans and revolving lines of credit that range between $10,000 and $150,000.
6. Axos: Best Customer Service
- Account: Business Interest Checking
- Opening deposit: $100
- Monthly fee: $0
- Overdraft fee: $25
- APY:01%
Axos is one of the best online banks overall. Unlike many of its digital-only competitors, Axos is a chartered, FDIC-insured financial institution that serves its customers directly.
The Business Interest Checking account comes with a waivable $10 monthly fee. You can count on unlimited ATM withdrawal fee reimbursements (up to 100 free transactions per month), 60 free mobile check deposits per statement cycle, and 50 free checks.
Another feature that sets Axos Business Interest Checking apart is its APY. At the moment, you can earn up to 1.01% APY on your checking balance on account balances under $50,000.
While Axos doesn’t offer in-person support at physical branches like brick-and-mortar banks, it’s our top pick for customer service, with 24/7 access to live support.
7. Found: Best for Freelancers
- Account: Business Elements Banking
- Opening deposit: $0
- Monthly fee: $0
- Overdraft fee: $0
- APY: N/A
While Found has fewer banking products than some of its competitors, it’s one account has some convenient features and tools that are particularly valuable for freelancing LLCs.
In addition to a standard bank account, Found provides bookkeeping, tax services, and unlimited invoicing, which can be a major asset to freelancers.
The checking account comes with limitless transactions, free ACH transfers, and 2-day early direct deposits.
It also integrates with Quickbooks, Stripe, and other business management platforms and logs your expenses, receipts, and spending categories to help you when tax time comes around.
All in all, Found is a worthwhile choice for entrepreneurs looking for a free basic business checking account with additional features.
8. Bluevine: Best Fintech Business Checking
- Account: Business Checking Account
- Opening deposit: $0
- Monthly fee: $0
- Overdraft fee: $0
- APY:00%
Bluevine is a simplistic, online-only business banking platform that offers one free business checking account. It’s intended to support every financial aspect of your LLC.
With Bluevine, you can take care of everything from bookkeeping to online bill pay and invoicing, all from the mobile app or website.
The Bluevine business checking account has no minimum deposit requirement, no monthly fee, and unlimited transactions. Bluevine is part of the MoneyPass ATM network, which provides 37,000 fee-free ATM locations.
Best of all, a Bluevine account comes with one of the more competitive interest rates in all of the business banking industry, offering up to 2.00% APY.
If you’re a small business owner and your LLC business deals a lot in cash (e.g., if you own a retail shop), Bluevine might not be the best fit. On the other hand, if you run an online business, Bluevine is an awesome option.
9. Novo: Best Mobile App
- Account: Business Checking
- Opening deposit: $0
- Monthly fee: $0
- Overdraft fee: $27
- APY: N/A
Novo is another digital bank that focuses on business finance. Simplicity is at the core of everything Novo does. That means a user-friendly platform paired with automated tools to help your business along the way.
It only takes a few minutes to open an account online, and, like Bluevine, Novo is almost entirely fee-free. While it doesn’t have as wide a range of account options as a traditional bank, Novo makes up for it by packing its lone account with a handful of perks and free transactions.
For example, Novo allows you to organize your money with up to 10 Reserves to help you plan ahead for payroll, taxes, and other expenses.
Novo also works with a wide variety of optional integrations. You can easily connect business software like QuickBooks, Stripe, and more to your Novo account. Plus, Novo encourages its users to take advantage of these integrations and offers some pretty sweet discounts for signing up.
10. Oxygen: Best for Cashback
- Account: Business Elements Banking
- Opening deposit: $0
- Monthly fee: $0
- Overdraft fee: $0
- APY:00% on savings up to $20k
Oxygen is a business-focused neobank in the same wheelhouse as Novo and Bluevine. While Oxygen is far from a household name, the fact that it offers 5% cash back on qualifying purchases makes it worth a look.
Also, if you haven’t formed your LLC yet, Oxygen features a handy in-app tool that can help you get the process started. What’s more, there are no minimum balance requirements, and no ATM fees at Allpoint locations.
If you plan to open a business savings account, which is never a bad idea, you can earn 1.0% APY on business savings balances up to $20,000.
How to Choose an LLC Bank Account
An LLC is a business structure that protects business owners from being personally responsible for business debts or liabilities. Simply put, an LLC is there to keep business liability, personal banking, and professional expenses separate.
It’s important to choose a bank account that’s equipped to function well alongside your LLC. providing flexibility, online access, and customer support.
Here are some factors to consider when picking your LLC’s bank account.
Online-Only vs. Brick-and-Mortar
Are you comfortable with a modern, online-only bank, or do you prefer to do your banking in person?
Online-only banks are usually less expensive and offer higher-than-average savings rates. On the other hand, brick-and-mortar banks usually offer vast branch networks, along with in-person support when you need it.
If you need to frequently deposit or remove cash, you should probably work with a brick-and-mortar bank.
Neobank vs. Traditional Bank
Neobank is a term that’s commonly interchanged with an online bank, although there’s a slight difference. The distinction is that a neobank is technically not a bank. Neobanks are tech companies that partner with chartered banks to provide digital bank accounts.
Of course, the benefit of a neobank is that the software is usually top-tier. These banks often have high-performing, innovative mobile platforms. Plus, they almost always include the same benefits as online banks, with lower fees and higher interest rates.
On the other hand, traditional banks may seem a lot more familiar. Traditional banks still have online banking, but they also usually offer a wider array of services and in-person locations.
Transaction Limits
Another important consideration is if your bank limits the number of transactions you can process each day or month.
Some smaller online-only accounts will limit the amount of money you can take out from the ATM, deposit via check, or send via ACH. Larger banks typically don’t have as many transaction limits.
If your business frequently processes ACH, cash, or check transactions of $1,000 or more, make sure to verify that your bank will be able to keep pace.
Scalability
Do you want to be a freelancer forever? If so, you’ll probably be fine with a bank like Bluevine.
However, if you plan to scale and hire employees, you may want to start with a more established bank like Chase or Wells Fargo. That said, you can always switch banks down the line.
How to Open a Bank Account for Your LLC
Opening a business bank account for your LLC is a simple task. Here are the steps involved in the process:
- Identify your goals: Your first step is to identify your business’s banking needs. Are you simply looking to open another account beyond your personal checking account for your LLC? Do you need to make cash deposits? Are you concerned with having in-person access to customer support?
- Compare bank accounts: With an idea of which features matter most to you, start comparing bank accounts from FDIC-insured banks and financial institutions. Note their features, limits, and fees to choose the right one.
- Get your documentation together: To apply for a business bank account, you may need to supply details about your LLC. This could include your business name and license, articles of organization, Tax ID or employer identification number (EIN), and your LLC’s operating agreement.
- Apply: A lot of banks allow you to open a business account completely online. In addition to providing details on your LLC, you may also need to provide personal details like your Social Security Number and driver’s license.
- Fund your account: The next step to opening your account is funding it, regardless of whether the account has a minimum deposit requirement or not.
Frequently Asked Questions
Can an LLC have a bank account?
Yes. Every LLC can and should have a bank account to separate business and personal expenses. While you might use a personal account when you’re just starting out (e.g., as a freelancer), you should set up a separate bank account once you officially form an LLC.
Do you need a separate business account for an LLC?
LLCs are not required to have a separate business account. However, a major point of establishing an LLC is to separate business liability and debt from your personal finances. If you don’t have a separate account for your LLC, it cannot serve these important functions.
What bank offers the best business accounts?
The best business bank account depends on your business needs. While some business owners might do fine with an online-only account, traditional banking options make more sense for businesses that require in-person support and the ability to deposit cash.
Always consider your primary needs first and the rest will fall into line. Furthermore, even if you don’t need a business loan, merchant services, or payroll assistance immediately, you might want to choose a bank that offers them just in case.
Which bank is best for a startup business?
It depends. Every startup is different, so each one will have its own unique needs for a bank account. Consider factors like the number of transactions, cash deposits, monthly fees, transaction limits, and savings rates.
Make a list of everything your LLC needs out of a bank account. From there, figuring out which one is the best for your startup should be a lot simpler.
Review our take on the best banks for startups.
Our Methodology
The BankBonus team has analyzed dozens of banks in order to provide our readers with thoroughly informed and accurate reviews.
To determine the best bank accounts for LLCs, we evaluated digital financial platforms, online banks, regional banks, and national banks across several metrics.
Our assessment factored in these considerations:
- Product lineup: We reviewed the types of accounts, loans, and services offered by each bank, as well as the number of accounts.
- Fees and pricing: We also considered each company’s fees, including monthly maintenance fees and other service charges.
- Account features: To compare banks, we took a close look at the features, limits, and capabilities each one has to offer.
- Interest: Along with these features, we considered whether or not the bank offers interest-bearing accounts and compared their rates to industry averages.
- Technology integration: We also reviewed banks based on their ability to integrate with tax, payroll, payment processing, and other technologies.
- Brand reputation: The bank accounts we recommend have been carefully vetted to ensure they are legitimate, secure, and backed by FDIC insurance.
- User Experience: Additionally, we considered the ease of use and availability of resources on each bank’s website and factored in reviews of the mobile app from the Apple App Store and Google Play Store.
- Branch and ATM access: To gauge convenience, we also looked at each bank’s branch and ATM availability and considered their ATM reimbursement
- Customer service: In our review process, we also explore their customer service channels, hours of availability, and third-party reviews.
