Updated June 19, 2022

Best Business Bank Accounts for LLC

By Anna G
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The best banks for LLCs have low fees and valuable business perks to help you grow. Here are the best business banking accounts for all types of LLCs.

10+ Best Business Bank Accounts for LLCs
  1. Chase: Best for Retailers and Food Services
  2. Bank of America: Low Requirements
  3. Bluevine: High Interest Rate
  4. Novo: Best Digital Integrations
  5. Lili: Best for One Person LLCs
  6. Wells Fargo: Best SBA Lender
  7. US Bank: Physical Bank with Free Checking
  8. Capital One: Best for High Activity
  9. Oxygen: Best for LLCs that Travel
  10. Relay: Best for Large Teams
  11. Mercury: Best for Tech Startups
  12. Digital Federal Credit Union: Best Credit Union for Business

LLC business owners have different banking needs than freelancers and sole proprietors.

Limited liability companies are legally required to have a separate business banking account so the LLC and owners remain separate entities.

That's why it's extra important to pick the right bank for your LLC. Not only is it a place for your business finances, it also helps provide protection if your business is sued.

Read on for the best business checking accounts for LLCs. Plus learn how to open your account and how to choose the right one for your LLC.

1. Chase: Best for Retailers and Food Services

Chase is one of the best banks in the U.S. in terms of branches, products, and customer service.

It offers a unique Chase Business Complete Banking account that combines checking and payment processing. It's a great choice for LLCs that accept credit card payments. You don't need to open a separate merchant account, so it saves you time and hassle.

Chase also has frequent welcome offers for new customers. Check out the current bonus offer below!

Why we like Chase:
Getting all-in-one checking plus credit card processing is really convenient. And what's even better is that you get same-day deposits into your checking account when you take payments with the Chase QuickAccept reader.

If you have a separate merchant account, it usually takes 1-2 business days to receive funds from your sales. But you can get it the same day with Chase, which helps keep the cash flow moving.

As your LLC grows, Chase offers two higher-tier business checking accounts with higher transaction and cash deposit limits.

Chase is also well known for their business credit cards. They offer some of the best sign-up bonuses, cashback and travel rewards.

Downsides:
Their business checking accounts have higher minimum requirements than other big banks to waive the monthly fees.

2. Bank of America: Low Requirements

Bank of America is another traditional bank, but it stands out with its built-in tools to help you manage your business.

The Business Advantage Banking account has 2 settings that you can switch between at any time. This lets you be totally flexible as your business needs fluctuate.

Why we like Bank of America:
The basic tier business checking account lets you waive the monthly fee when you spend $250 on your debit card each month. As long as you can do that, you don't need to worry about keeping a minimum balance.

You can connect your checking account with apps like QuickBooks, Google Analytics, Expensify, and more. This lets you get a clear view of how you're doing, so you can make smarter business decisions.

Bank of America also has a team of Small Business Specialists to support you during your business journey, no matter how large or small your business is.

The Bank of America mobile app consistently gets the highest ratings for customer satisfaction. With their great digital tools, you can manage your business finances from anywhere.

Downsides:
Bank of America charges many other banking fees like overdrafts, stop payments, and wires.

3. Bluevine: Best Online Bank

One of the best online business checking accounts, Bluevine is known for its high APY, unlimited transactions, and no monthly fees.

Bluevine offers one of the highest interest rates on the market. You get 1.5% on balances up to $100,000 with monthly eligibility requirements; 0% APY on balances over $100,000.

Even though it's online-only, it offers a lot of traditional banking features. That makes Bluevine a good choice for lots of types of small businesses - even those with a physical presence.

Why we like Bluevine:
All accounts get two free checkbooks. This is rare because most business checking accounts don't give free checks. This is great for more traditional small businesses that pay vendors and employees in person.

It lets you deposit cash at 90,000+ Green Dot locations (though there is a $4.95 fee).[1] GreenDot is at convenient locations like 7-Eleven, CVS, Rite Aid, and grocery stores.

You can create 5 subaccounts to better manage your business finances. Each subaccount gets their own dedicated account number. And what's even better is that you earn interest on all the accounts (up to $100k in combined balance).

Downsides:
Bluevine has poor app ratings, which may be a problem if you usually rely on mobile banking.

4. Novo: Best Digital Integrations

If you have an online-based LLC and use a lot of business software, you may like the sound of Novo.

Novo is a high-tech account that lets you integrate your business checking with thousands of apps, such as Shopify, QuickBooks, and Slack. You can manage your entire business life from one place.

Why we like Novo:
You can create up to 5 Reserves, which act like savings accounts. This lets you set aside funds for things like taxes or an upcoming large purchase.

Novo offers thousands of dollars in savings from popular business services (such as $3,000 in Google Cloud credit). Take a look at the perks. If you use them, they provide a lot of value.

Even though you don't get physical checks, you can request checks to be sent on your behalf from the Novo app. This service is free.

Downsides:
Novo doesn't let you deposit cash, so it's best for businesses that don't deal in cash.

5. Lili: Best for One Person LLCs

If you have just a very simple single-member LLC, you may like how easy Lili is to use. It's an all-in-one platform that includes banking, accounting, and taxes.

Lili was originally designed for freelancers and sole proprietors. But it's now open to single-member LLCs as well.

As an LLC, you're required to separate your personal and business finances. Lili lets you maintain one bank account for both. But you can keep your finances separate within the app.

Why we like Lili:
Lili makes it easy to prepare for taxes. It lets you categorize your transactions as business expenses, so you don't miss any write-offs.

All accounts also come with a Tax Bucket, where you can automatically set aside a portion of each payment. This helps you save for your quarterly self-employment tax payment, so they're not a burden each time.

It also automatically generates expense reports, and even pre-fills your annual tax form.

Downsides:
The deposit limits are low. You can only receive up to $6,000/mo in mobile check deposits and $2,000/mo in external bank account transfer.[2] It's designed for small businesses.

Also note that Lili does not support multi-owner LLCs.

6. Wells Fargo: Best SBA Lender

Wells Fargo has the largest national footprint, with over 5,000 branches in 37 states.

It's also one of the top SBA 7(a) lenders. If you'll need an SBA loan for your LLC, it's wise to choose a bank known for approving these loans.

Why we like Wells Fargo:
The Initiate Business Checking Account is a good starter account when you're new and have less activity. It has a very low minimum to waive the monthly fee.

If you outgrow it, you can upgrade to one of the two higher tier business checking accounts. They come with higher monthly limits, plus premium benefits like banking fee waivers.

You can also customize your business debit card and checks with your own logo. This is a cool extra perk that comes with all their accounts.

When you're ready to expand your LLC, Wells Fargo has pretty much all the financial products you might need. It also offers loans, payroll, tax programs, merchant services, treasury management, and business insurance.

Downsides:
All the business checking accounts have limited free transactions. Even the highest tier account only gives you 250 free monthly transactions.

7. US Bank: Physical Bank with Free Checking

US Bank is one of the few large brick-and-mortar banks with a free business checking option. The Silver Business Checking account has no monthly maintenance fee or minimum balance requirements.

Why we like US Bank:
US Bank has over 2,000 branches mainly on the West coast. It's a good option for small local businesses who prefer in-person banking and human support.

Besides its own US Bank ATMs, you can also use 37,000+ MoneyPass ATMs for no fees.

When you're ready to grow your LLC, US Bank also offers small business loans (including SBA loans), payment processing, cash management services, and payroll.

Downsides:
The Silver Business account is a rather basic business checking account. It doesn't have a lot of extra features in terms of digital tools. It also has lower transaction limits per month.

8. Capital One: Best for High Activity

Capital One is mainly known as an online bank. But it also has over 300 physical branches plus Capital One cafes.

It offers a Basic Business Checking account with an unlimited number of digital transactions for no additional fees.

Why we like Capital One:
Even the basic business checking account gives you unlimited transactions. This is good for businesses with a lot of online banking activity.

Capital One has a very big ATM network. You get fee-free ATM access to more than 70,000 ATMs in the Allpoint and MoneyPass networks.

Capital One also has a strong lineup of business credit cards with cashback or travel rewards. All their credit cards have no foreign transaction fees, so it's great if you travel abroad for business.

Downsides:
Checking accounts all have a monthly fee with higher minimum requirements to waive. Plus, you may need to visit a branch in-person to apply.

9. Oxygen: Best for LLCs that Travel

Oxygen is created for entrepreneurs on-the-go. Besides just business banking, this fintech company also offers tons of travel benefits. It's an excellent option if you travel for business.

If you haven't formed your LLC yet, you can even do so through the Oxygen mobile app. It makes the process quick and painless. Oxygen will obtain your EIN and submit your LLC application.

Why we like Oxygen:
Oxygen offers 4 different business checking tiers depending on your monthly spend/deposit activity. The basic tier is free with no minimum balance requirements. Higher tiers have ways to waive the annual fee after the first year.

Oxygen's accounts are loaded with benefits. You can earn cashback at partner merchants for things like food, gas, rideshare, and shipping. Plus, you earn a competitive interest rate on your savings goals.

In addition, you get extra benefits such as cell phone protection, lost or delayed luggage protection, and car rental waiver.

Higher tier accounts get more cashback rewards, savings APY, and other benefits (including airport lounge passes and Netflix reimbursement!).

Downsides:
There's an enrollment fee for the higher tier accounts. It can only be waived in the subsequent years if you meet monthly activity requirements.

10. Relay: Best for Large Teams

If your LLC has many team members, check out Relay Financial. This business banking account is built with growth in mind and can accommodate large teams.

Why we like Relay:
Relay lets you open up to 20 individual business checking accounts and issue up to 50 debit cards - for no extra fees. You can choose the level of access others get with user permission settings.

A really cool feature is that you can designate debit cards for a dedicated purpose (for example, marketing expenses). You can set spending limits for each debit card and team member. This lets you gain better control of spending and operating costs.

Relay integrates with QuickBooks, Xero, Expensify, Gusto, Plaid, and Wise.

Downsides:
If you want to auto-import bills from QuickBooks and Xero, you'll need to upgrade to the Relay Pro account. This has a monthly fee that cannot be waived.

11. Mercury: Best for Tech Startups

Mercury is a digital banking account for tech startups. Your account comes with a business checking and savings account bundle.

What's really unique about Mercury is their Raise funding program. Every quarter, they host a fundraising round that lets you get your startup in front of 500+ investors. This can help jumpstart the capital you need to grow your LLC.

Why we like Mercury:
All accounts get free read and write API access. This lets you build a unique banking experience to bank exactly the way you want. You can create custom dashboards, sweep rules, automate mass payments, and more.

Mercury also offers exclusive deals on dozens of business software. You can really get a lot of value out of it with the savings alone.

Plus, Mercury is about as free as it can get. There are no monthly fees, no overdraft fees, nothing for outgoing or incoming wire transfers, or for using out-of-network ATMs. The only charge you'll see is a 1% currency exchange fee.

Downsides:
You cannot deposit cash with Mercury. It's meant for online tech startups.

12. Digital Federal Credit Union: Best Credit Union

If you don't like the idea of a big bank, consider a credit union. Credit unions often have less fees and offer more personalized service. Plus, they strive to help local communities.

Digital Federal Credit Union lets anyone join by becoming a member of one of their participating organizations. The membership fee starts from just $10.

Why we like Digital Federal:
It offers a Free Business Checking account with no monthly maintenance fees or minimum balance requirements. It's ideal for small LLCs with low activity.

You can get up to 4 business debit cards per account (upon approval) and unlimited free check-writing.

DCU also has a very wide ATM network, making it convenient wherever you live. You get fee-free access to 80,000+ DCU, Allpoint, SUM or CO-OP ATMs.

If you're switching from another account, there's a handy free ClickSWITCH feature. DCU helps you contact all your current billers, so you can quickly switch over payments without going through the hassle yourself.

Downsides:
Digital Federal is a small credit union, so it has limited services compared to the big banks. It only has physical branches in MA and NH, though anyone can apply online.

Why LLCs Need a Business Bank Account

LLCs are required to have a separate business bank account from their personal checking account.

Legally, LLCs are separate entities from the owners. This means you are protected from personal liability for business debts and legal claims. If you don't have this separation, the court can go after your personal assets if you get sued.

To maintain the legal distinction, you are legally required to separate business finances. If you mix personal and business finances together, a court may decide that the LLC is just a front and hold you personally responsible.

What to Consider When Choosing the Best Bank for Your LLC

LLCs may have different banking requirements than a freelancer or sole proprietor. Here are some things to consider when choosing the best bank account for your LLC.

  • Physical or online bank
    If you're a small local business, it may be important to have brick-and-mortar locations where you can easily deposit cash and get help.

    If you're okay with completely online and mobile banking, an online-only bank may help you save on fees. Plus, many have more innovative features.

  • Opening requirements
    If you're considering a traditional bank, look at their account opening requirements. Some may require all owner(s) of an LLC to be present in person.

    Online banks (like Bluevine, Novo, and Oxygen), allow LLCs to open an account online.

  • Monthly maintenance fees
    Some banks (especially traditional banks) charge a monthly fee unless you keep a certain minimum balance in the account. This doesn't have to be a dealbreaker. Just make sure you can comfortably meet the requirements.

  • A bank that can grow with you
    You might quickly outgrow a basic business checking account. See if the bank also offer higher-tier business accounts with more transactions, features, or rewards. It can be a hassle to switch business accounts, so keep the future in mind when choosing an account now.

  • Employee access and banking
    Do you need to share access with employees and/or accountants? Look for an account that allows for employee access and permission settings.

  • Cash deposits
    If your business deals in cash, you'll want a bank account that allows for convenient cash deposits. If you don't, then a completely online business checking account may be fine for you.

  • Other services
    As your LLC keeps growing, you'll probably need more services. You may need a small business loan, employee programs, or cash flow management.

    Look at what other services the bank provides if you want everything under one roof. It's important that your bank can help you reach your financial goals.

How to Open a Bank Account as an LLC

You can form an LLC as a single member or with multiple owners. If you have multiple owners, it's important to look for a bank that allows for joint accounts.

You will need to provide:

  • Name, address, and date of birth
  • Driver's license or state ID
  • Employer Identification Number (EIN)
  • LLC agreement - a document outlining the ownership and member duties of the LLC
  • Articles of Organization - certificate establishing the LLC with your state
  • Business license

Some banks will let you open a business checking account online as an LLC. Others may require that all owners meet with a banker in person to apply.

If you don't have an EIN yet, you can apply for free on the IRS website. This is your tax ID number that identifies your business. The number is issued immediately.

How We Came up with the Best Business Bank Accounts for LLCs

To find the best business checking accounts for LLCs, we considered the different types of businesses. LLCs can range from small single-owner operations to large companies with hundreds of employees. So it's important to find bank accounts for all scenarios.

First, we made sure that the banks have nationwide availability. We stuck to large national banks and online banks because they're not limited to a certain geographical area.

We looked for unique banking features that will appeal to different types of small business owners. For example, a small retail shop will have different needs than a tech startup. We also made sure the accounts offer growth potential as your LLC scales up.

Finally, we believe that you shouldn't pay to bank, so all the accounts on our list have reasonable minimum requirements to waive monthly fee (if there are any).

Bottom Line

An LLC has different needs than a freelancer. If you have plans to grow, it's important that your bank can meet your growing needs.

Think about what features are the most important to you (digital integrations, ATM access, loan services, etc.). From there, see which bank makes the most sense for your LLC - not only now, but also years into the future.

References

  1. ^ Bluevine. How do I use Green Dot services to make a cash deposit?, Retrieved 5/7/2022
  2. ^ Lili. What are my funding limits?, Retrieved 9/3/2022

Write to Anna G at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.

Note: This website is made possible through financial relationships with some of the products and services mentioned on this site. We may receive compensation if you shop through links in our content. You do not have to use our links, but you help support CreditDonkey if you do.

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