Best Business Bank Accounts for LLC: July 2025
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The best banks for LLCs have low fees and valuable perks to help your business grow. Here are the best business bank accounts for all types of LLCs.
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Here are the 10+ best business bank accounts for LLCs:
- Found: best for one person LLCs
- Bluevine: best for earning interest
- North One: best all-around free account
- U.S. Bank: best traditional bank with free checking
- Bank of America: best for cash deposits
- Chase: best for physical businesses that take credit cards
- Novo: best for integrating business tools
- Relay: best for multiple checking accounts
- Lili: best business checking with accounting
- Wells Fargo: best SBA Lender
- Capital One: best for high activity
- Mercury: best for tech startups
- Digital Federal Credit Union: best credit union for business
- Live Oak Bank: best business savings account
Business Checking Account - $400 Bonus
- Open a new Truist Simple Business Checking or Dynamic Business Checking account online, via phone, or in a branch from 4/1/2025 through 9/30/2025 and earn $400 by making Qualifying Deposits* of $2,000 or more into your new account within 30 days of account opening. Must be a new Truist business checking client, Terms Apply.
- Enrollment in the promotion is required at the time of account opening using promo code SB25Q2BIZAFL to be eligible for a promotion reward. Refer to the Account Opening & Promotion Enrollment sections below for instructions.
- *Qualifying Deposits for new business checking accounts exclude debit card credit transactions and NSF fee refunds. Deposits can be made on a one-time basis or cumulatively over the 30 days.
Chase Business Complete Banking® - Up to $500 Bonus
- Earn up to $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Multiple ways to connect with Chase. Get personal attention paired with a large-scale presence, including more than 4,900 local branches and 15,400 ATMs. Plus, bank on your phone with the Chase Mobile® app.
- Chase for Business guidance you can count on. Access business insights and tools to help you grow. Meet with our team of bankers or go to our online Resource Center to find helpful information.
- Chase Business Complete Checking does more for your business. Featuring multiple ways to pay and get paid, like built-in invoicing and card acceptance, Zelle®, and Tap to Pay on iPhone, to help improve your cash flow.
- Waivable service fee. Multiple ways to waive the $15 Monthly Service Fee, like keeping a $2,000 minimum daily balance or making at least $2,000 in purchases per month with your Chase Ink® Business credit card.
Bank of America® Business Advantage Banking Checking Account - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new eligible business checking customers only.
- Offer expires 12/31/2025.
- To qualify, deposit $5,000 or more in New Money* directly into a new eligible Bank of America Business Advantage Banking account within thirty (30) days of account opening.
- Maintain an average balance of $5,000 in that new Business Advantage Banking account during the Maintenance Period**.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *New Money is new funds deposited into your business checking account that are not transfers from other Bank of America deposit accounts or
Merrill investment accounts.
- ** The Maintenance Period begins thirty-one (31) calendar days after account opening and ends ninety (90) calendar days after account opening.
- Bank of America, N.A. Member FDIC
Free Checking Account for Small Business Owners
- Sign up in 3 minutes; no credit check
- No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at approximately 40,000 locations
- Automatic Savings
- Get paid up to 2 days early
North One Free Business Banking - Up to 2.50% APY
- 2.50% APY on balances up to $250,000 for eligible customers
- Business banking for teams
- Automatic invoice ingestion and payments
- Sales and revenue analytics
- Unlimited account envelopes
- Close to 100 integrations
- Over $5000 in perks for new customers
- No monthly fees, no application fees, no minimum balance
North One is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, Member FDIC.
Free Business Checking - Up to 1.5% APY
- 1.5% APY on your balance up to $250,000 for customers that meet monthly eligibility requirements
- $0 minimum opening deposit
- $0 monthly service fee
No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Earn up to 3% APY with automated savings
- Issue up to 50 Visa® debit cards to your team
Free Business Banking for the Self-Employed
- Banking, taxes, bookkeeping – all in one place
- Automatically find tax write-offs and save for taxes
- Track and categorize expenses with custom rules
- Free unlimited custom invoices
- Easy sign up; no credit check
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. This is 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 home for your business finances, it also helps provide protection if your business is sued.
The SAFE rule helps LLC owners remember the key aspects to consider when choosing a business bank account:
- Security: Ensure the bank offers strong security measures.
- Access: Look for easy access to funds through branches, ATMs, and online banking.
- Fees: Choose accounts with minimal or no fees.
- Essentials: Check for essential features like unlimited transactions, integration with accounting software, and good customer service.
Most business bank accounts accept LLCs, but they're not all the same. Here are the best business accounts with benefits for LLCs.
Found Business Banking: Best for One Person LLCs
New to business? Many small business owners struggle with accounting and taxes. Doing everything yourself can be overwhelming and take up a lot of precious time.
Found can be your financial lifesaver. It's an online banking app especially designed for solo business owners who file Schedule C.
It comes with built-in bookkeeping and tax tools. You can let Found take care of all the hard money stuff for you, while you focus on growing your LLC without worrying about the day-to-day accounting.
Free Business Banking for the Self-Employed
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: Any ATM that accepts Mastercard; No ATMs fees from Found, but the owner may have fees
Why we like Found:
Found has the most powerful tax tools out of all the business banking accounts. First, it tracks your business expenses and helps you find write-offs, so you maximize your tax savings.
It also keeps track of your tax bill estimate in real time. Every time you get paid or make a purchase, you'll see how it affects your tax owed. This is super helpful so there are no surprises.
Found will also help you calculate how much you should set aside for taxes. It'll save that amount in a safe tax account for you, so you're all ready to pay when the time comes.
But the best part is that Found even makes those dreaded quarterly tax payments for you. You'll get your taxes paid correctly and on time directly to the IRS. This is available with Found Plus, which does have a fee. But the convenience and peace of mind it provides can be worth it.
Unfortunately, Found currently doesn't have lending options. You'll need to go to other banks if you need extra funds for your business.
Downsides:
Found is best for LLCs that don't handle cash. It doesn't have a fee-free ATM network. And while cash deposits are available, the limit is low and there's a fee for each one.
Free Business Banking for the Self-Employed
- Banking, taxes, bookkeeping – all in one place
- Automatically find tax write-offs and save for taxes
- Track and categorize expenses with custom rules
- Free unlimited custom invoices
- Easy sign up; no credit check
Next up: A free business banking option that packs a punch with its interest rates.
Bluevine: Best for Earning Interest
Bluevine stands out for the high interest rate. You get 3.7% APY on balances up to $3M for Premier customers; 2.7% APY on balances up to $250,000 for Plus customers; 1.5% APY on balances up to $250,000 for Standard tier customers that meet monthly eligibility requirements.
And with free unlimited transactions and a free basic account, you get to keep more of your money, while watching it grow.
Bluevine gives you the best of both worlds. You get the high APY, but also good traditional banking features. So it works for lots of different businesses - even those with a physical presence.
Free Business Checking - Up to 1.5% APY
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 1.5% APY on balances up to $250,000 with monthly eligibility requirements; 0% APY on balances over $250,000
- ATMs: Approximately 40,000 MoneyPass ATMs
- Perks: 1 free checkbook for the life of the account; No non-sufficient funds fee
Why we like Bluevine:
You get one free checkbook for the life of your account with the Standard plan, two per year with Plus, and three per year with Premier. That's huge, because most business bank accounts don't give free checks. This is great if you have vendors/employees who prefer paper checks.
Plus, the Bluevine Business Debit Mastercard® gives you up to 20% on cashback on popular business services and up to 4% on eligible hotels, dining, and gas.[1]
And if you deal with cash, it lets you deposit cash at 90,000+ Green Dot locations and 1,500+ Allpoint+ ATMs.[2] You can find GreenDot at convenient spots like 7-Eleven, CVS, Rite Aid, and grocery stores.
Bluevine also gives you free subaccounts with their own dedicated account numbers. This lets you better manage your business budgets because you can assign accounts for specific expenses. And you earn interest on all accounts.
Bluevine offers integrated invoicing and Stripe-powered payment links. Create and send unlimited free branded invoices from your dashboard, accept multiple payment methods, and receive payments directly into your Bluevine account.
Bluevine lets you access up to $250k in additional funding through its business credit line and up to $500k through term loans. The application process only takes a couple of minutes and funds are deposited directly into your Bluevine checking account once you're approved.
Free Business Checking - Earn $300 Bonus
To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2025 using the referral code CD300.
After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding:
- Deposit at least $5,000 from eligible merchant services to your Bluevine account OR
- Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers OR
- Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
Banking services provided by Coastal Community Bank, Member FDIC
Premier Business Checking - Up to 3.7% APY
- 3.7% APY on balances up to $3,000,000
- $0 minimum opening deposit
- 50% off most Standard payment fees
- Priority customer support
- Waive the $95 monthly service fee with $100k average daily balance and $5k debit card spend
Plus Business Checking - Up to 2.7% APY
- 2.7% APY on balances up to $250,000
- $0 minimum opening deposit
- 20% off most Standard payment fees
- Waive the $30 monthly service fee with $20k average daily balance and $2k debit card spend
Downsides:
It costs $4.95 per deposit at Green Dot locations or $1 + 0.5% of the deposit amount at Allpoint+ ATMs. [3] This can add up fast if your business deals a lot in cash.
North One: Best All-Around Free Account
North One offers a very well-rounded account. Besides basic banking features, you can also pay invoices automatically, create budgets, track revenue, and integrate with accounting tools.
It makes life easier by letting you connect every part of your business to your bank account.
And it's all free with no monthly fees, no overdraft fees, and unlimited free transactions.
North One Free Business Banking - Up to 2.50% APY
- Minimum Deposit to Open: $50
- Balance Requirement: $0
- Monthly Fee: $0
- APY: 2.50% APY on balances up to $250,000 with eligibility requirements; 2.50% to 1.78% APY on balances over $250,000
- ATMs: 55,000+ fee-free Allpoint ATMs
Why we like North One:
North One makes payments easy. You can upload or email your unpaid invoices & bills to North One, and it will extract the details and pay them on time. You get to skip the tedious tasks and save hours of your own time.
Another good feature is the unlimited digital envelopes for budgeting. You can create rules to automatically set aside money into each envelope. This gives you complete control of how you want to organize your money.
The Revenue Dashboard helps you track sales and future cash flow, in real time. If you've got money coming in from multiple places, it can be hard to really know how much you have to work with. This brings it all in one place, so there's no more guessing.
North One offers business credit lines and term loans of up to $250k through its partner and licensed lender, Kanmon. The application process is quick and easy, and you'll receive a decision within 24 hours.
North One Free Business Banking - Up to 2.50% APY
- 2.50% APY on balances up to $250,000 for eligible customers
- Business banking for teams
- Automatic invoice ingestion and payments
- Sales and revenue analytics
- Unlimited account envelopes
- Close to 100 integrations
- Over $5000 in perks for new customers
- No monthly fees, no application fees, no minimum balance
North One is a financial technology company, not a bank. Banking services provided by The Bancorp Bank, Member FDIC.
North One Plus Business Banking - Up to 3.00% APY
- 3.00% APY on balances up to $250,000 for eligible customers
- Priority email/chat support
- Dedicated relationship manager
- Implementation and onboarding assistant
- $0 same-day ACH payments, bill payments, and physical checks
- Lowest transaction fees
- $50 minimum opening deposit
- $30 monthly fee
North One Free Business Banking - Up to 2.50% APY
- 2.50% APY on balances up to $250,000 for eligible customers
- Unlimited envelopes for all your business budgets
- Integrations with popular accounting and payment processing apps
- Automate your bill payments
- $50 minimum opening deposit
Downsides:
International payments are not available yet. And like some other online business accounts, you can deposit cash at Green Dot, which charges a fee. And the max limit is $5,000 per month.
North One reimburses cash deposit fees only once per month for Standard members and up to three times per month for Plus members.
If cash deposits are a regular part of your business, it may be better to use a traditional bank, like U.S. Bank or Bank of America below.
U.S. Bank: Traditional Bank with Free Checking
U.S. Bank is one of the few large financial institutions with a free business checking option. The Business Essentials account has no monthly fees or minimum balance requirements.
And they even offer generous cash bonuses for new customers. That's pretty sweet considering that the account is free.
U.S. Bank Business Essentials
- $0 monthly maintenance fee
- $100 minimum opening deposit
- Minimum Deposit to Open: $100
- Monthly Fee: $0
- ATMs: No ATM Transaction fees at U.S. Bank ATMs
Why we like U.S. Bank:
U.S. Bank has 2,900+ branches. It's a good option if you're a small local business and want in-person banking and human support.
You get convenient access to your money wherever you are. Besides its own U.S. Bank ATMs, you can also use approximately 40,000 MoneyPass ATMs with no surcharge fees.
When you're ready to grow your LLC, U.S. Bank also offers small business loans (including SBA loans), payment processing, cash management services, and payroll.
U.S. Bank has a wide selection of business lending options, including several types of business loans, credit lines, and even business credit cards. You can choose the one that makes the most sense for your business needs.
Downsides:
The Business Essentials account has a lower transaction limits per month.
U.S. Bank Business Essentials - $400 Bonus
Promo code Q3AFL25 MUST be used when opening a U.S. Bank Business Essentials or Platinum Business Checking account. Limit of one bonus per business. A $100 minimum deposit is required to open one of the referenced accounts.
Earn your $400 Business Checking bonus by opening a new U.S. Bank Business Essentials account between 7/1/2025 and 9/30/2025. You must make deposit(s) of at least $5,000 in new money within 30 days of account opening and thereafter maintain a daily balance of at least $5,000 until the 60th day after account opening. You must also complete 5 qualifying transactions within 60 days of account opening.
Qualifying transactions include debit card purchases, ACH credits, Wire Transfer credits and debits, Zelle credits and debits, U.S. Bank Mobile Check Deposit or Bill Pay. Other transactions such as (but not limited to) other Person to Person payments, transfers to credit card or transfers between U.S. Bank accounts are not eligible.
New money is considered money that is new to U.S. Bank. Funds must come from outside U.S. Bank and cannot be transferred from another U.S. Bank product or a U.S. Bank Affiliate. For accounts opened on non-business days, weekends or federal holidays, the open date is considered the next business day. Account fees (e.g., monthly maintenance, paper statement fee, etc.) could reduce the qualifying daily balance, therefore you must make deposit(s) to cover the fees to maintain the daily balance during the qualifying period to be awarded the bonus. Refer to the Business Pricing Information or Business Essentials® Pricing Information Document for a list of fees.
Bonus will be deposited into your new eligible U.S. Bank Business Checking account within 30 days following the last calendar day of the month you complete all of the offer requirements, as long as the account is open and has a positive available balance.
Offer may not be combined with any other business checking account bonus offers. Existing customers (businesses) with a business checking account or customers (businesses) who had an account in the last 12 months, do not qualify.
All regular account-opening procedures apply. For a comprehensive list of checking account pricing, terms and policies, reference your Business Pricing Information or Business Essentials® Pricing Information and YDAA disclosure. These documents can be obtained by contacting a U.S. Bank branch or calling 800.872.2657.
Bonus will be reported as interest earned on IRS Form 1099-INT and recipient is responsible for any applicable taxes. Current U.S. Bank employees are not eligible. U.S. Bank reserves the right to withdraw this offer at any time without notice. Member FDIC
If you make a lot of cash deposits per month, check out Bank of America instead.
Bank of America: Best for Cash Deposits
Bank of America is a great choice for new small local businesses that want in-person support. It stands out from other traditional banks with its built-in tools to help you manage your business.
Their Business Advantage Banking account lets you switch between 2 tiers whenever. Businesses don't just stay the same, so this lets you be totally flexible if your business income fluctuates.
Business Advantage Fundamentals™ Banking
- No fee for first 20 transactions per statement cycle
- No fee for first $5,000 in cash deposited per statement cycle at an ATM or Financial Center
- Minimum Deposit to Open: $100
- Balance Requirement: None
- Monthly Fee: $16 or $0 – Great news, there's no monthly fee for the first 12 statement cycles. To avoid the Monthly Fee after, meet one of the following requirements each statement cycle:
- Maintain a $5,000 combined average monthly balance.
- Use your Bank of America business debit card to make at least $500 in new net qualified purchases.
- Become a member Preferred Rewards for Business.
- APY: N/A
Why we like Bank of America:
The basic tier business checking account lets you waive the monthly fee just by spending $500 on your debit card each statement cycle or maintaining a $5,000 combined average monthly balance.[4]
It has more generous transaction limits compared to other big banks. There's no fee for the first 20 transactions and first $5,000 in cash deposited per statement cycle. When you outgrow it, just level up to the next tier with no hassle.
BofA also has better digital tools than other basic accounts. You can connect your checking account with apps like QuickBooks, Google Analytics, Expensify, and more. This gives you a crystal clear view of how you're doing.
You even get cash flow projections based on your scheduled transactions. So you can make the best plan for your business and stay ahead of the game.
And if you need help along the way, Bank of America's team of Small Business Specialists are there to support you. You can rest easy knowing someone's got your back.
Bank of America has an extensive selection of business financing options, ranging from SBA loans to secured and unsecured credit lines. It also has a good lineup of business credit cards that fit different needs.
Bank of America® Business Advantage Banking Checking Account - $200 Bonus Offer
- The $200 bonus offer is an online only offer and must be opened through the Bank of America promotional page.
- The offer is for new eligible business checking customers only.
- Offer expires 12/31/2025.
- To qualify, deposit $5,000 or more in New Money* directly into a new eligible Bank of America Business Advantage Banking account within thirty (30) days of account opening.
- Maintain an average balance of $5,000 in that new Business Advantage Banking account during the Maintenance Period**.
- Once all requirements are met, Bank of America will attempt to pay bonus within 60 days.
- Additional terms and conditions apply. See offer page for more details.
- *New Money is new funds deposited into your business checking account that are not transfers from other Bank of America deposit accounts or
Merrill investment accounts.
- ** The Maintenance Period begins thirty-one (31) calendar days after account opening and ends ninety (90) calendar days after account opening.
- Bank of America, N.A. Member FDIC
Downsides:
Bank of America charges many other banking fees like overdrafts, stop payments, and wires.
Do you have in-person customers? The next option is perfect if you mainly take credit cards.
Chase: Best for Physical Businesses
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 has built-in 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!
Chase Business Complete Banking® - Up to $500 Bonus
- Earn up to $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities.
- Multiple ways to connect with Chase. Get personal attention paired with a large-scale presence, including more than 4,900 local branches and 15,400 ATMs. Plus, bank on your phone with the Chase Mobile® app.
- Chase for Business guidance you can count on. Access business insights and tools to help you grow. Meet with our team of bankers or go to our online Resource Center to find helpful information.
- Chase Business Complete Checking does more for your business. Featuring multiple ways to pay and get paid, like built-in invoicing and card acceptance, Zelle®, and Tap to Pay on iPhone, to help improve your cash flow.
- Waivable service fee. Multiple ways to waive the $15 Monthly Service Fee, like keeping a $2,000 minimum daily balance or making at least $2,000 in purchases per month with your Chase Ink® Business credit card.
Why we like Chase:
It's really convenient to get credit card processing with your checking. And what's even better? 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 frees up your cash flow so you can do more with your money.
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.
Aside from credit cards, Chase offers business loans and credit lines as lending options. Business owners can get up to $500k in additional funding with repayment terms of up to 5 years.[5]
Downsides:
Their business bank accounts have higher minimum requirements than other big banks to waive the monthly fees.
Can't live without your business tools? This next account makes life easier for the modern entrepreneur.
Novo: Best Digital Integrations
If you have an online-based LLC and use a lot of business software, Novo could be a game-changer.
Novo is a high-tech account that lets you integrate your business checking with thousands of business tools, such as Shopify, QuickBooks, and Slack.
You can manage your entire business life from one place. No more juggling a million different apps.
Free Business Checking
- Minimum Deposit to Open: $50
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: Up to $7 per month ATM fee reimbursement worldwide
- Perks: Thousands of dollars in exclusive perks from popular business services
Why we like Novo:
You can create up to 20 Reserves at no extra cost. This gives you plenty of savings accounts to set aside cash for the important stuff, like taxes or an upcoming large purchase.
It also has built-in invoicing. You can send free, unlimited invoices straight from the app or online dashboard.
Plus, Novo offers thousands of dollars in savings from popular business services (such as discounts with Stripe and Gusto). The offers change often. If you use them, you can get a lot of value.
If you need quick working capital for your LLC, Novo can provide up to $10,000 in funding within a day.[6] It's a revolving access that continues to be available as you pay back monthly.
Downsides:
Novo doesn't let you deposit cash, so it's best for purely online businesses.
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- ATM fee refunds up to $7 per month
Relay: Best for Multiple Checking Accounts
As your business grows, you might start sharing banking duties with your team. And one bank account just doesn't cut it anymore.
That's where Relay Financial steps in. It's designed to empower you and your team to manage multiple accounts while keeping everything organized.
No-Fee Business Checking
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: Earn up to 3.76% APY: Earn 1.75% APY on monthly average savings balances of less than $10,000, 2.75% APY on monthly average savings balances between $10,000 and $50,000, and 3.76% APY on monthly average savings balances of more than $50,000.
- ATMs: 55,000+ Allpoint ATMs
- Perks: Up to 20 accounts, 50 debit cards, and free checks
Why we like Relay:
Relay lets you open up to 20 individual business checking accounts and up to 2 automated savings that earn interest. Plus, issue up to 50 debit cards - all without extra fees.
User permission settings will make sure everyone has the right level of access. This frees up your time if your team can help pay bills, make purchases, deposit checks, and more.
You can designate each debit card for a dedicated purpose (for example, marketing expenses), and set spending limits for each team member. This lets you keep your costs under control and stay on budget.
Relay also integrates with QuickBooks, Xero, Expensify, Gusto, Plaid, and Wise.
Relay only has a business credit card. However, it's only offered to eligible businesses through invitation. You can check this page to see if you're qualified.
No-Fee Business Checking
- $0 monthly service fee
- $0 minimum opening deposit
- Open up to 20 individual business checking accounts
- Earn up to 3% APY with automated savings
- Issue up to 50 Visa® debit cards to your team
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.
Lili: Best Checking with Accounting
Handling business finances can be tricky. Lili is a one-stop-shop for business banking, accounting, and taxes - streamlining your operations so you can scale without hiccups.
If you're just starting out, Lili has a basic business checking account that's totally free, no monthly fees at all.
And when your LLC grows and needs more, you can upgrade to one of the paid plans. These come with tools for managing expenses, accounting, and tax preparation. You don't need to use and pay for different software.
Free Checking Account for Small Business Owners
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: Approximately 40,000 MoneyPass ATMs
- Perks: Get direct deposits up to 2 days earlier
Why we like Lili:
Taxes are stressful, but Lili makes them a breeze. If you upgrade to the Lili Pro plan, it lets you categorize your transactions into tax categories, so you don't miss any write-offs.
Plus, every time you get paid, Lili sets aside the correct percentage into a Tax Bucket. That way, you're always ready for your quarterly self-employment tax payment, and it's not such a pain each time.
And what's more? Lili also generates expense reports and even pre-fills your annual tax form. You can just directly file with the IRS without breaking a sweat.
Unfortunately, Lili currently doesn't have any business lending options available.
Downsides:
The tax planning features are only available with the paid plans that start at $15.00 per month. And only the paid plans offer interest on savings, cashback rewards, and invoicing.
Free Checking Account for Small Business Owners
- Sign up in 3 minutes; no credit check
- No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at approximately 40,000 locations
- Automatic Savings
- Get paid up to 2 days early
Lili Pro Business Checking
- $15.00 monthly service fee (30 day free trial)
- Track write-offs with a swipe
- Auto-save for taxes
- Savings with 3.00% APY
- Cashback with selected merchants
- Fee-free Overdraft up to $200
As your business expands, you may need more capital. This next option could be the key to your growth.
Wells Fargo: Best SBA Lender
Wells Fargo has the largest national footprint, with approximately 4,100 branches in 36 states + D.C.
It's also one of the top SBA 7(a) lenders. If you think your LLC might need a loan in the future, it's smart to choose a bank known for approving these loans.
Initiate Business Checking
- 100 free transactions each fee period
- $5,000 in cash deposits processed free each fee period
- $25 minimum opening deposit
- Waive the $10 monthly service fee by maintaining a $500 minimum daily balance or a $1,000 average ledger balance
- Balance Requirement: $500 minimum daily balance to waive $10 fee
- Monthly Fee: $10 (can be waived)
- ATMs: 11,000+ nationwide
Why we like Wells Fargo:
The Initiate Business Checking Account is a good starter account when you're new and don't have a ton of activity yet. It has a very low minimum to waive the monthly fee.
If you start to 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 will make you look more professional to clients and suppliers.
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.
Wells Fargo is one of the country's top SBA lenders, so it's a great go-to for SBA loans. It also has other business financing available, including credit lines and a business credit card.
Downsides:
All the business checking accounts have limited free transactions. Even the highest tier account only gives you 250 free monthly transactions.
Capital One: Best for High Activity
Capital One is a hybrid traditional and online bank. It has an established history, but operates as primarily an online bank.
It offers a Basic Business Checking account with an unlimited number of digital transactions for no additional fees.
Basic Business Checking
- Unlimited free transactions each month
- $5,000 in free cash deposits each month
- Waive the $15 monthly service fee by maintaining a prior 30- or 90-day average balance of $2,000 or more
- Minimum Deposit to Open: $0
- Balance Requirement: $2,000 average balance to waive $15 fee
- Monthly Fee: $15 (can be waived)
- ATMs: 70,000+ Capital One, MoneyPass and Allpoint ATMs
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.
Capital One has one of the most extensive business credit lines available, allowing business owners to access up to $5 million in additional funding. It also has a great selection of SBA loans, including SBA 7(a), 504, and express lines.[7]
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.
For the innovative startups out there, here's a banking option that might just fuel your next big breakthrough.
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. You just might secure the capital you need to grow your LLC.
Banking for Startups
- Minimum Deposit to Open: $0
- Balance Requirement: $0
- Monthly Fee: $0
- APY: N/A
- ATMs: 55,000+ Allpoint ATMs
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.
And here's the kicker - 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.[8]
If you're short on funds, Mercury has venture capital loans that can help you cover business expenses while waiting for revenue to come in. It also offers venture debt financing
, as well as a business credit card to Mercury account holders.Downsides:
You cannot deposit cash with Mercury. It's meant for online tech startups.
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 $5.
Why we like Digital Federal:
It offers a Free Business Checking account with no monthly maintenance fees or minimum balance requirements. You get 20 free deposits per day, so it's ideal for LLCs with lower activity.
You also get up to 4 business debit cards per account (upon approval) and unlimited free check-writing.
DCU has a very wide ATM network, making it convenient wherever you live. You get fee-free access to 80,000+ Allpoint, SUM, or CO-OP ATMs.
DCU offers several types of business financing to its members, including business loans and credit lines. It also has a good lineup of business credit cards.
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 open an account online.
Live Oak Bank: Best Business Savings Account
In addition to a business checking account, you also need a business savings account. It's an ideal place to save funds for an emergency, upcoming large purchases, or future expansion.
Get the most out of your business savings with a high interest rate. Live Oak Business Savings Account offers 3.35% APY with no monthly fees or minimum balance requirements.
Live Oak Bank offers business loans as its main business lending option. There are several types available, including express, USDA, and SBA loans.
Borrowable amounts range from $10,000 to $15 million, depending on the loan.
Business Savings - 3.35% APY
- Earn 3.35% APY
- No minimum balance requirement
- No monthly service fee
Business Premium Savings - Up to 3.80% APY
- Unlock a bonus up to $375 with Business Premium Savings. Save more, pay lower fees, and get a limited-time bonus up to $375 with a 3.80% APY* Business Premium Savings account. Use promo code BPS375.†
- Earn 3.80% APY* With Business Premium Savings
- Free domestic and international incoming wires
- No monthly maintenance fee
- No minimum opening deposit
- No average daily balance requirement
- Business deposit accounts FDIC insured up to $250k
Why LLCs Need a Business Bank Account
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LLCs are required to have a separate business bank account from their personal bank account.
Legally, LLCs are separate entities from the owners. This means you're protected from personal liability for business debts and legal claims. Without this protection, the court can go after your personal assets if you get sued.
But to maintain the legal separation, you have to separate business finances too. If you mix personal and business finances together, a court may decide that the LLC is just a front and hold you personally responsible.
No, you don't need an LLC to open a business bank account. However, depending on your business structure, you might be asked to provide additional documents, like a DBA, business registration, and EIN. Explore the business checking promotions to find offers that align with your business needs.
How many business bank accounts should my LLC have?
Your LLC should have at least 3 bank accounts, each for a different purpose.
- Business Checking Account: Use this as an income account. Deposit all earnings here and then transfer them to the business savings account.
- Business Savings Account: This is your reserve savings account for excess funds. Keep the account number confidential to safeguard the funds.
- Business Interest Checking Account: Use this for outgoing payments like bills, payroll, and credit card payments. And earn some interest at the same time.
| Account Type | Offer |
|---|---|
| Business Checking | Truist Bank: |
| Business Savings | Axos Bank: |
| Business Interest Checking | Bluevine: |
| Business Money Market | U.S. Bank: |
Online banks, like Novo and Bluevine, allow you to open a business bank account in just a few minutes. But if you prefer banks with physical branches, Wells Fargo, Chase, and Bank of America are excellent choices.
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.
You can form an LLC as a single member or with multiple owners. If you have multiple owners, look for a bank that allows for joint accounts. - 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 offers 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 supports multiple users and permission settings. - ATM access
If you need to withdraw funds or deposit cash, you'll want a bank account that lets you do so. If you don't, then a completely online business bank 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.
The main advantage of using the same bank is you already have an established relationship. This can make opening a business bank account for your LLC easier. However, it's still a good idea to shop around since rates, fees, and business products vary per bank.
What You Need to Open an LLC Bank Account
To open a business bank account as an LLC, you need to provide business documents to show that your LLC has been registered with the state. Requirements include:
- Name, address, and date of birth
- Driver's license or state ID
- SSN or Employer Identification Number (EIN)
- Articles of Organization - certificate establishing the LLC with your state
- LLC Operating Agreement - a document outlining the ownership and member duties of the LLC
- DBA - if your LLC is doing business under a different name
- Business license
If your LLC has more than one owner, you'll usually also need to provide personal details for each who owns 25% or more of the business. (Varies by bank.)
Most banks will let you open an LLC bank account online in minutes. Some traditional banks may require that all owners meet with a banker in person to apply.
The cost of opening a business bank account varies per bank and account type. Some banks require an opening deposit (usually around $25 to $100) to open one. Others only have a monthly fee, which is typically $10 to $30/mo, that you can waive if you meet the minimum balance requirements.
Methodology
To find the best business bank 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 for different LLCs. For example, a small retail shop might need credit card processing, while a tech startup might need advanced tools. The bank account should also offer growth potential as your LLC scales.
Finally, we believe that you shouldn't pay to bank. So all the accounts on our list are either free or have reasonable minimum requirements to waive monthly fee.
What the Experts Say
CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said:
Bottom Line
For LLCs, a business bank account is necessary to protect small business owners from personal liability. And if you have plans to grow, it's important that your bank can meet your growing needs.
Free Checking Account for Small Business Owners
- Sign up in 3 minutes; no credit check
- No account fees - $0 monthly fee, overdraft fee, foreign transaction fee, or ATM fees at approximately 40,000 locations
- Automatic Savings
- Get paid up to 2 days early
Free Business Checking - Earn $300 Bonus
To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2025 using the referral code CD300.
After opening the account, customers must add funds within 30 days, then meet at least one of the following eligibility requirements every 30 days for the next 90 days from account funding:
- Deposit at least $5,000 from eligible merchant services to your Bluevine account OR
- Make at least $5,000 of outbound payroll payments from your Bluevine account using eligible payroll providers OR
- Spend at least $2,000 with your Bluevine Business Debit Mastercard® and/or Bluevine Business Cashback Mastercard®
Banking services provided by Coastal Community Bank, Member FDIC
Free Business Checking
- $0 monthly service fee
- $50 deposit to unlock all features
- ATM fee refunds up to $7 per month
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.
Best Business Bank Accounts for LLC by State
Best Business Banks in Alabama
Best Business Banks in Alaska
Best Business Banks in Arizona
Best Business Banks in Arkansas
Best Business Banks in California
Best Business Banks in Colorado
Best Business Banks in Connecticut
Best Business Banks in Delaware
Best Business Banks in Florida
Best Business Banks in Georgia
Best Business Banks in Hawaii
Best Business Banks in Idaho
Best Business Banks in Illinois
Best Business Banks in Indiana
Best Business Banks in Iowa
Best Business Banks in Kansas
Best Business Banks in Kentucky
Best Business Banks in Louisiana
Best Business Banks in Maine
Best Business Banks in Maryland
Best Business Banks in Massachusetts
Best Business Banks in Michigan
Best Business Banks in Minnesota
Best Business Banks in Mississippi
Best Business Banks in Missouri
Best Business Banks in Montana
Best Business Banks in Nebraska
Best Business Banks in Nevada
Best Business Banks in New Hampshire
Best Business Banks in New Jersey
Best Business Banks in New Mexico
Best Business Banks in New York
Best Business Banks in North Carolina
Best Business Banks in North Dakota
Best Business Banks in Ohio
Best Business Banks in Oklahoma
Best Business Banks in Oregon
Best Business Banks in Pennsylvania
Best Business Banks in Rhode Island
Best Business Banks in South Carolina
Best Business Banks in South Dakota
Best Business Banks in Tennessee
Best Business Banks in Texas
Best Business Banks in Utah
Best Business Banks in Vermont
Best Business Banks in Virginia
Best Business Banks in Washington
Best Business Banks in West Virginia
Best Business Banks in Wisconsin
Best Business Banks in Wyoming
References
- ^ Bluevine. Business Debit Card, Retrieved 2/14/24
- ^ Bluevine. Easy cash deposits and withdrawals., Retrieved 02/25/2024
- ^ Bluevine. Convenient Retail Deposits, Retrieved 01/04/24
- ^ Bank of America. Business Checking Accounts for Your Small Business, Retrieved 02/09/24
- ^ Chase for Business. Business Loans & Financing, Retrieved 09/24/2024
- ^ Novo. Novo Funding, Retrieved 09/24/2024
- ^ Capital One. Business Loans and Lines of Credit, Retrieved 09/25/2024
- ^ Mercury. Explore Pricing, Retrieved 02/09/24
Write to Anna G at feedback@creditdonkey.com. Follow us on Twitter and Facebook for our latest posts.
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