Updated July 27, 2023

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. Lili: Best for One Person LLCs
  2. Bluevine: Best Free Online Business Checking
  3. Chase: Best for Retailers and Food Services
  4. Bank of America: Low Requirements
  5. Found: Best for Taxes
  6. Novo: Best Digital Integrations
  7. Wells Fargo: Best SBA Lender
  8. US Bank: Physical Bank with Free Checking
  9. Capital One: Best for High Activity
  10. Oxygen: Best for LLCs that Travel
  11. Relay: Best for Large Teams
  12. Mercury: Best for Tech Startups
  13. 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. 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 will it serve as a home for your business finances, it also helps provide protection if your business is sued.

That's where we come in. We've done the work for you and found the best business checking accounts for LLCs. So get ready to level up your LLC game and read on!

Lili: Best for One Person LLCs

If you're running a very simple LLC, Lili may be the perfect account for you. It's an one-stop-shop that does it all - banking, accounting, and taxes.

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

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

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.

Downsides:
The tax planning features are only available if you opt for the paid plans that start at $9.00 per month. And only the paid plans offer interest on savings, cashback rewards, and invoicing.


Bluevine: Best Online

Bluevine is one of the best online business checking accounts. It really stands out for the high interest rate. You get 2.0% APY on balances up to $250,000 for customers that meet monthly eligibility requirements.

And with free unlimited transactions and no monthly fees, you get to keep more of your money, while watching it grow.

Even though it's online only, Bluevine still offers a lot of traditional banking features. That makes it 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 per year. That's huge, because most business checking accounts don't give free checks. This is great if you have vendors/employees who prefer paper checks.

And if you deal with cash, it lets you deposit cash at 90,000+ Green Dot locations.[1] You can find GreenDot at convenient spots like 7-Eleven, CVS, Rite Aid, and grocery stores.

Bluevine also gives you 5 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 6 accounts (up to $250k in combined balance).

Downsides:
It costs $4.95 to deposit cash with Green Dot. This can add up fast if your business deals a lot in cash.

If so, it may be better to use a traditional bank, like Chase or Bank of America below.

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:
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.

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

If you're a new business and want lower requirements, check out Bank of America instead.

Bank of America: Low Requirements

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.

With the Business Advantage Banking account, you can switch between 2 tiers whenever. Businesses don't just stay the same, so this lets you be totally flexible if your business income fluctuates.

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.

Why we like Bank of America:
The basic tier business checking account lets you waive the monthly fee just by spending $250 on your debit card each month or maintaining a $5,000 combined average monthly balance.

It has more generous transaction limits compared to other big banks. There's no fee for the first 200 transactions and first $7,500 in cash deposited per statement cycle. When you outgrow it, just level up to the next tier with no hassle.

You can connect your checking account with apps like QuickBooks, Google Analytics, Expensify, and more. This lets you get 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.

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

Found Business Banking: Best for Taxes

New business owners often struggle with accounting and doing taxes. Doing everything yourself can be super overwhelming and take up a lot of your precious time.

Found is an online banking app that comes with built-in bookkeeping and tax tools. That means 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.

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.

Downsides:
Found doesn't have a fee-free ATM network, so it's best if you don't need cash. And while cash deposits are available, the limit is low and there's a fee for each one.

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 apps, such as Shopify, QuickBooks, and Slack.

You can manage your entire business life from one place. No more juggling a million different apps.

Why we like Novo:
You can create up to 10 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.

Plus, Novo offers thousands of dollars in savings from popular business services (such as discounts with Stripe and Gusto). Take a look at the perks. If you use them, you can get 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.

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 think your LLC might need a loan in the future, it's smart 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 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.

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

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.

And they even offer good cash bonuses for new customers. That's pretty sweet considering that the account is free.

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

You get convenient access to your money wherever you are. 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.

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.

Oxygen: Best for LLCs that Travel

Always on the go? Oxygen was created for busy travelers just like you. Besides just business banking, this fintech company also offers tons of travel benefits.

With Oxygen, you can even form your LLC through the mobile app. Oxygen will take care of the process, including obtaining your EIN and submitting your LLC application for you.

Why we like Oxygen:
When it comes to business checking, Oxygen offers plenty of options. It has 4 different tiers depending on your monthly spend/deposit activity. The basic tier is free. And if you go for one of the higher tiers, there are ways to waive the annual fee after the first year.

But the real magic is in their account 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.

And that's not all. Oxygen hooks you up with extra benefits such as cell phone protection, lost or delayed luggage protection, and car rental waiver. Higher-tier accounts even get 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.

Relay: Best for Large Teams

If you've got a big crew working for your LLC, check out Relay Financial. This business banking account is designed to grow with you, so you can keep crushing it without hiccups.

Why we like Relay:
Relay lets you open up to 20 individual business checking accounts and up to 2 automated savings that earn interest, and issue up to 50 debit cards - all without extra fees. Plus, you can set user permission settings to make sure everyone has the right level of access.

Having so many debit cards means you can designate each one for a dedicated purpose (for example, marketing expenses). You can set spending limits for each debit card and 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.

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.

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 may secure 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.

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.

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 $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'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.

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 are either free or have reasonable minimum requirements to waive monthly fee.

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

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