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10 Best LLC Business Bank Account Options for 2024

LLC owners need to maintain a clear separation between their personal and business finances. One way to achieve this is by establishing a separate bank account for the LLC. This approach offers benefits such as simplifying accounting procedures, fostering trust with clients and suppliers, and protecting personal assets from potential business liabilities.

In the upcoming piece, we’ll explore premier business bank accounts specifically tailored for LLCs and examine the rationales underpinning their selection.

>> Bluevine – Best for LLC >>

10 Best Business Bank Accounts for LLCs 

  • Bluevine – Best LLC Bank Account Overall
  • Novo – Best Low-Fee Business Bank Account for LLCs
  • American Express – Best for Membership Rewards
  • Capital One – Best for Unlimited Transactions
  • Bank of America – Best for Traditional Banking 
  • Axos – Best Full-Service Online Bank Account for LLCs
  • Lili – Best for One-Person Businesses 
  • U.S. Bank – Best for Lending Options
  • Oxygen – Best for Freelancers
  • Chase Business – Best LLC Bank Account for Merchant Service

To rank business bank accounts for LLCs, we followed a methodology that considered several factors. Firstly, we evaluated the accounts offered, including checking, savings, and merchant services.

We also looked at the fees associated with each account, such as monthly maintenance, transaction, and ATM fees. We examined the bank’s reputation and customer service, including online banking options and availability of in-person support. 

We reviewed the bank’s unique features or perks, such as rewards programs or overdraft protection. By considering all of these factors, we ranked business bank accounts for LLCs comprehensively and objectively.

Bank Name Types of Accounts Fees Reputation & Customer Service Special Features & Perks
Bluevine Business Banking Checking, Savings No maintenance fee

$4.95 per cash deposit

Online-only bank with mobile banking app and 24/7 customer support High-yield savings account, fee-free ATM access
Novo Business Banking Checking, Savings No monthly fees, no transaction fees

$50 required to open

Online-only bank with mobile banking app and 24/7 customer support Integration with popular business tools, such as QuickBooks and Xero
American Express Business Checking, Savings $0-$15 monthly fee (waived with minimum balance or account activity)

No maintenance fee

Established brand with extensive customer support options Cashback rewards program, integration with accounting software
Capital One Spark Business Checking, Savings, Merchant Services Basic checking account – $15 monthly fee* Established brand with extensive network of branches and ATMs, online and phone support available Cashback rewards program, free transactions, and other perks
Bank of America Business Advantage Checking, Savings, Merchant Services $16-$29.95 monthly fee (waived with minimum balance or account activity) Established bank with extensive network of branches and ATMs, online and phone support available Cash rewards program, overdraft protection, mobile banking app
Axos Business Banking Checking, Savings, Merchant Services No monthly fees, some transaction fees may apply Online-only bank with mobile banking app and 24/7 customer support High-yield savings account, fee-free ATM access, remote deposit capture
Lili Business Banking Checking, Savings Standard – monthly fee-free, no overdraft fee, no ATM fee Online-only bank with mobile banking app and customer support via chat or email Cashback rewards program, expense categorization, tax preparation tools
U.S. Bank Business Checking Checking, Savings,  Silver – $0 monthly fee, $0.50/transaction after 125 Established bank with extensive network of branches and ATMs, online and phone support available Cashback rewards program, mobile banking app
Oxygen Business Banking Checking No monthly fees, no transaction fees Online-only bank with mobile banking app and customer support via chat or email Integration with accounting software, expense categorization, virtual debit cards
Chase Business Complete Banking Checking, Savings, Merchant Services $15 monthly fee (waived with minimum balance or account activity) Established bank with extensive network of branches and ATMs, 24/7 customer support Bonus cash offers for new accounts, mobile banking app, fee-free ATM access

 

>> Bluevine – Best for LLC >>

Bluevine – Best LLC Bank Account OverallStar rating: 4.9/5

A Bluevine business checking account provides a basic online business checking account option that’s very well-rounded for most small businesses. You can pay bills, apply for small loans in minutes, and earn a decent interest rate without monthly fees. 

The application process is simple and can be completed in minutes, with the possibility of your account up and running on the same day. All these features make Bluevine one of the best banks for startups and for businesses in general. 

You can create five sub-accounts to manage your business finances better. Each sub-account gets its own dedicated account number. And even better, you earn interest on all the accounts (up to $100k in combined balance).

Why we chose it: 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. 

Pros: 

  • No monthly fees or minimum opening deposit
  • Unlimited fee-free transactions (no overdraft fees)
  • No fees at MoneyPass ATMs

Cons: 

  • Cash deposits are limited to $500 per deposit, $2,000 per day
  • Fee for using out-of-network ATMs
  • No joint accounts

Fees

Bluevine charges no maintenance, NSF, or deposit fees, which go beyond the industry standard. You can complete as many transactions as you need without incurring additional fees. Bluevine has no minimum balance or minimum deposit requirements either.

10 Best LLC Business Bank Account Options for 2024

Interest Rates

Bluevine also offers a great APY on its checking account, giving users up to a 4.25% return on balances up to $3 million. This is only available to account holders who spend $500 monthly on their debit card or receive $2,500 monthly in customer payments into their checking account.

Lending

You can also avail of business lines of credit of up to $250,000 at rates as low as 4.8%. The application process is fast and easy, and you can often get a decision in under five minutes. Bluevine charges no opening, maintaining, prepayment, or account closure fees.

>> Consider Bluevine >>

Novo Business Banking – Best Low-Fee Business Bank Account for LLC 

10 Best LLC Business Bank Account Options for 2024

Star rating: 4.8/5

Novo is a great checking account for small businesses because of its easy-to-use platform, straightforward application process, and seamless digital payments.

You can complete and submit your application in under 10 minutes and get a quick response with any missing information. As soon as your account is approved and you make your first deposit of at least $50, you can start using your checking account.

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. You always have your banking details and transactions at your fingertips to help you stay on top of your financial obligations. The app also gives you a nice overview of what you’re spending and bringing in each month.

Why we chose it: Novo’s business bank account also includes unlimited integrated invoicing, making it a great option for freelancers, contractors, or other self-employed business owners who have formed single-member LLCs. 

Pros: 

  • No monthly fees or minimum opening deposit
  • Unlimited fee-free transactions
  • Refunds on all ATM fees worldwide

Cons: 

  • Can’t deposit cash
  • Can’t send domestic or international wires
  • No recurring payments available with bill pay

Fees

Novo charges no fees for its checking account service. You only need an opening deposit of $50 to get your account running. There are no minimum balance requirements, cash deposit fees, incoming wire fees, or ACH fees with this bank. Novo also refunds all ATM fees and is backed by FDIC insurance through Middlesex Federal Savings, F.A.

Interest Rates

Novo charges no fees for its business checking account, much like Bluevine. However, you have to forgo earning interest for it. The bank offers no interest on your checking account deposits.

Lending

Novo offers no lending options. It’s a checking account service and does not offer loans, lines of credit, or even a business credit card. 

10 Best LLC Business Bank Account Options for 2024

American Express – Best LLC Bank Account for Membership Rewards

10 Best LLC Business Bank Account Options for 2024

Star rating: 4.8/5 

American Express Business Checking follows a newer trend in business banking, offering more fee-free services and not requiring a minimum balance for its basic business checking account. You can charge unlimited transactions through their payment services. If you’re looking for Kabbage business checking, you’d be surprised to know that Kabbage was acquired by American Express.

American Express Business Checking is a great option for business owners who want a line of credit and a bank account. It offers easy loan approval for small businesses for lines of credit of up to $250,000 with Kabbage Funding by American Express.

Why we chose it: American Express offers customizable account options tailored to suit the specific needs of individual businesses. American Express provides advanced fraud protection measures to help prevent fraudulent activity and protect their clients’ financial interests.

Pros: 

  • Easy line of credit, no prepayment charges
  • No minimum balance
  • Easy application process

Cons: 

  • Mobile check deposits only available on iOS
  • Cash deposits not supported
  • Only available to American Express customers

Fees

American Express Business Checking has no monthly fees. There’s no minimum opening deposit requirement and no online transaction fees either. You can use all MoneyPass ATMs for free. However, using an out-of-network ATM will cost you around $3 per transaction. Cash deposits aren’t supported by American Express.

Interest Rates

This bank account has one of the highest APYs, offering a 1.30% return on balances of up to $500,000, though it does fall short of Bluevine’s generous 1.5% return. American Express Business Checking’s APY doesn’t beat that of Bluevine, still, it’s the second-highest on this list.

Lending

The best thing about opening an account with American Express is that it also has Kabbage Funding which offers easy loan approval for lines of credit of up to $250,000. It’s a great option even if you don’t have a high credit score. You can get your application approved with a FICO score of 640.

>> Consider American Express >>

Capital One – Best LLC Bank Account for Unlimited Transactions

10 Best LLC Business Bank Account Options for 2024

Star rating: 4.7/5

Capital One offers two different options for business checking accounts. The Basic account is just that, offering unlimited electronic deposits, online and mobile banking, and a relatively low minimum balance to waive fees. The Unlimited business bank account includes two Basic accounts, so might be a good fit for businesses with complicated finances.

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.

The bank’s experienced and highly responsive customer service is one of its strongest features. If you’re interested, remember that Capital One’s business checking is only available in a few states. You also need to visit a branch in person to apply for a business checking account.

Why we chose it: Capital One offers a similar range of services to other large banks, with similar pricing. It’s a great option if you prefer to do your banking through physical branches. Capital One has a very big ATM network. You get fee-free ATM access to over 70,000 ATMs in the Allpoint and MoneyPass networks.

Pros: 

  • Experienced support from a large bank
  • Self-service escrow services
  • Unlimited checking includes two Basic accounts

Cons: 

  • High balances to waive fees
  • Only available in some states
  • Have to visit a branch to apply for an account

Fees

Capital One’s Basic Checking account comes at a monthly fee of $15, which is steep compared to American Express’s zero maintenance fee. However, the fee can be waived if your balance exceeds $2,000. Cash deposits are free for up to $5,000 in deposits per month. Standard wire transfer fees are charged with this product.

The Unlimited Checking account has a monthly fee of $35 which can be waived with a minimum balance of $25,000. This account has free cash deposits with no limits. All incoming wires are free. You also get five free outgoing wire transfers per month.

Interest Rates

Capital One offers no APY on its checking account. However, you can earn interest at 0.2% with a savings account.

Lending

Capital One offers small business loans and lines of credit, but you can only avail of these if you have your checking account with it. It offers one of the largest lines of credit of up to $5 million. If you’re looking for a longer repayment term, fixed rates, and lower equity requirements, it also has SBA 504 and SBA7(a) loans.

>> Consider Capital One >>

Bank of America – Best LLC Business Bank Account for Traditional Banking

10 Best LLC Business Bank Account Options for 2024

Star rating: 4.67/5

Bank of America is the epitome of a traditional bank. The Business Advantage Banking account has 2 settings you can switch between any time. This lets you be flexible as your business needs fluctuate.

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.

Why we chose it: Bank of America offers well-established business banking options. It’s a great option if your business deals with heavy cash flows.

Pros: 

  • Integrated with Zelle money transfer
  • Online account integrates with accounting apps
  • Payroll services

Cons: 

  • No free business checking account option
  • High incidental fees
  • Fee for using out-of-network ATMs

Fees

Bank of America offers two types of business checking accounts, Business Advantage Fundamentals, and Business Advantage Relationship banking. The fundamentals account has a monthly fee of $16 but it can be waived off if you maintain a $5,000 combined average monthly balance, spend at least $250 in new net qualified debit card purchases each statement cycle, or join the Preferred Rewards for Business program. 

The Relationship checking account has a monthly fee of $29.95 but can be waived off with a combined average monthly balance of $15,000. If you open a savings account, it has a fee of $10 per month but can be waived off with a $2,500 minimum daily balance.

Interest Rates

Bank of America’s checking account offers no interest earnings. You can earn only a very minimal interest at 0.01% APY with the business savings account, which is far below the 1.5% return from Bluevine.

Lending

When it comes to lending, Bank of America offers a business credit card, secured business loans from $25,000 to $250,000, and secured lines of credit from $25,000. It offers plenty of lending options but needs a minimum credit score of 700 to qualify.

>> Consider Bank of America >>

Axos – Best Full-service Online Bank Account for LLCs

10 Best LLC Business Bank Account Options for 2024

Star rating: 4.61/5

Axos is a virtual bank in that it only offers online business banking, not backed by physical locations. It doesn’t depend on another financial institution, unlike some competitors. It’s a bank in its own right. Axos regularly shows up on lists of ‘Best Business Checking Accounts’ across the web due to its generous terms and range of services.

Axos is an online-first bank that’s easier to navigate and use than most traditional banking options. It prides itself on building a great online presence and customer experience, making it a terrific option for small or digital businesses. Unfortunately, the APY you’ll earn is up to only 0.20% for basic checking or 1.01% for interest checking if you carry a minimum balance of $5,000.

Why we chose it: Axos Bank’s Basic Business Checking has no monthly fee or minimum opening deposit requirement and offers unlimited transactions, plus cash deposits via Allpoint and MoneyPass ATMs. The bank also offers 24/7 customer support and free nationwide ATM access with unlimited refunds for fees charged by other banks and ATM operators in the U.S.

Pros: 

  • No monthly fees or minimum opening deposit
  • Unlimited fee-free transactions
  • Automatic refunds of all ATM fees (domestic)
  • Cash deposits via MoneyPass and Allpoint ATMs
  • 24/7 customer support
  • Welcome bonus for new customers (terms apply)

Cons: 

  • No physical locations
  • Limited integrations
  • Doesn’t offer the highest APY

Fees

Axos offers four main types of business bank accounts. Basic Business Checking, Business Interest Checking, Business Savings Account, and Business Premium Savings. Basic Business Checking has no monthly fee, but Business Interest Checking comes at a fee of $10 per month. Basic Savings has a monthly fee of $5, while its Premium version has none.

Interest Rates

While Axos’ customers have plenty of interest-bearing options, the yield rates aren’t as high as some of the other banks. The basic checking account has no APY. 

The interest-bearing checking account has an APY of 1.01%. If you go with Axos’ savings options, you get a 0.20% yield on both the Basic and Premium Business Savings accounts.

Lending

Axos Bank partners with Centerstone SBA Lending to support businesses with SBA loans. They provide a federally backed guarantee and offer flexible terms. It also has commercial lines of credit and term loans, but these are best for large corporations.

>> Consider Axos >>

Lili – Best LLC Bank Account for One-Person Businesses

10 Best LLC Business Bank Account Options for 2024

Star rating: 4.57/5

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

Pros: 

  • Easily separate business and personal transactions
  • Offers tax optimizer tool
  • Create and send invoices

Cons: 

  • Virtual bank (through Choice Financial Group)
  • No real lending or merchant services
  • Not good for bigger businesses

Fees

Lili’s standard banking services are free. There’s no monthly fee, overdraft fee, ATM fee, or minimum balance requirement, similar to the best business bank account for LLCs: Bluevine. However, if you go with Lili Pro, it costs you $4.99 per month for the additional services you receive.

Interest Rates

You won’t get an APY on Lili’s standard offerings. If you go with Lili Pro, you can get up to 1% APY with a savings account. The Automatic Savings feature lets you set up an automatic transfer of at least $1 a day to your savings account.

Lending

Lili is far from a traditional bank, and so it has minimal lending options. You can expect a free overdraft of up to $200 on debit card purchases.

>> Consider Lili >>

U.S. Bank – Best LLC Business Bank Account for Lending Options

10 Best LLC Business Bank Account Options for 2024

Star rating: 4.5/5

U.S. 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. This might be a good fit for businesses without many transactions each month, such as a contractor with a single major client.

U.S. Bank has over 2,000 branches, mainly on the West Coast. It’s a good option for small local businesses that prefer in-person banking and human support.

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

Why we chose it: U.S. Bank has a range of great products and services. Its lending options are its strongest selling point. It’s a good choice for any business with a low transaction count. Sign up today.

Pros: 

  • No monthly service fee for Silver Business Checking account
  • Business accounts can be opened online
  • Optional payment processing services ranging from mobile apps to in-store payment terminals
  • Welcome bonus for new customers (terms apply)

Cons: 

  • Charges transaction fees
  • No APY on checking accounts, very low APY on savings accounts
  • High early withdrawal penalties on CDs

Fees

U.S. Bank offers three checking accounts. The Silver Business Checking Account package has no monthly fee and 125 free monthly transactions. Every transaction is charged $0.50 if the count exceeds 125.

The Gold package comes at a $20 monthly fee and $0.45 per transaction after they cross the 300 limit. The Platinum package has a $30 monthly fee and costs $0.40 per transaction after 500 transactions per month. All these fees are pricey if you compare U.S. Bank to the top-ranked Bluevine, which charges zero fees.

Interest Rates

U.S. Bank doesn’t offer any yields on checking account deposits. Regarding its savings account, you can earn 0.01% APY with a minimum deposit of $25.

Lending

This financial institution offers a range of lending options, including business credit cards, lines of credit, and loans. U.S. Bank has a range of business credit cards that offer different features, including cash backs, no annual fees, low interest rates, and rewards programs.

It also offers a wide variety of small business loans that you can choose from to fit your business needs. Loan amounts go up to $250,000 with Quick Online loans and $12.375 million with government-backed loans.

>> Consider U.S. Bank >>

Oxygen – Best LLC Bank Account for Freelancers

10 Best LLC Business Bank Account Options for 2024

Star rating: 4/5

Looking at Oxygen, you might think it’s a fashion magazine or trendy boutique. However, it offers a business checking account through its online-only bank. There’s a fee-free option and, unusually, options with an annual fee. Oxygen is perfect for a freelancer that’s just looking to separate their personal and business finances.

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 cash back at partner merchants for 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 a car rental waiver.

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

Why we chose it: Oxygen is bringing style and innovation to the financial services sector and offering highly lucrative and feature-packed options for both personal and business bankers.

Pros: 

Cons: 

  • Virtual bank, no cash deposits
  • No lending options
  • Enrollment fee for the higher tier accounts

Fees

Interestingly, Oxygen divides its services into the elements Earth, Water, Air, and Fire. It calls these loyalty tiers created to help business owners succeed in their own way.  

The Earth tier is the most basic offering and comes at no fees. The savings option in the Earth tier earns you up to 0.50% APY. Water is the next tier that costs $19.99 per year. It offers a range of features plus 1.00% APY on savings. Air and Fire tiers cost $49.99 and $199.99 annually and offer an APY of 2.00 and 3.00% on savings.

Interest Rates

Oxygen has some lucrative interest rates with its savings option for each tier. You can earn with an APY of 0.50%, 1.00%, 2.00%, and 3.00% on the Earth, Water, Air, and Fire elements, respectively. These interest rates are quite a bit higher than even Bluevine and American Express Business Checking, which offer up to 1.5% and 1.3%, respectively.

Lending

Since Oxygen is only a mobile banking app and not a full-fledged bank, it offers no lending options.

>> Consider Oxygen >>

Chase Business – Best LLC Bank Account for Merchant Service

10 Best LLC Business Bank Account Options for 2024

Star rating: 3.8/5 

Chase is one of the best banks in the U.S. regarding 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.

Unfortunately, between the potential for fees and the app, Chase ranks lowest on our list but with solid potential. Those needing a more robust online experience will find another option more appealing, but traditional bank lovers who take cash from customers and need to deposit cash into their accounts regularly will find Chase worth looking at.

Why we chose it: The Chase Business Complete Checking account includes unlimited electronic deposits, offers the opportunity to earn a $300 sign-up bonus, and has a low $15 monthly fee. It allows you to use Chase QuickAccept℠ to accept credit card payments with the Chase mobile app. 

Plus, if your LLC outgrows the Chase Business Complete Checking account, you can upgrade to the Performance or Platinum Checking accounts.

Pros: 

  • Accept payments through the Chase mobile app
  • International with locations worldwide
  • Fraud protection

Cons: 

  • Higher fees
  • High minimum balance to waive fees
  • Unclear APY on savings accounts

Fees

For a business checking account option, Chase has three offerings:

Chase Business Complete Checking: $15/month waived off with $2,000 of minimum daily balance

Chase Performance Business Checking: $30/month waived off with $35,000 combined average beginning day balance

Chase Platinum Business Checking: $95/month waived off with $100,000 combined average beginning day balance

Each offers business checking accounts with features like a business debit card and cash deposits at their brick-and-mortar locations. Unfortunately, it’s not monthly maintenance fee-free like Bluevine.

Interest Rates

Chase Business Checking accounts offer no APY on deposits. However, businesses can earn interest with Chase Business Savings, but you must inquire about what APY offers you.

Lending

Chase for Business offers several lending options. Apart from its business credit card offerings, it has small business loans and lines of credit. Business lines of credit range from $10,000 to $500,000, while loans start at $5000.

>> Consider Chase Business >>

Ranking Methodology for the Best Business Bank Accounts for LLCs

When ranking business bank accounts for LLCs, consider several key factors to identify the account that best meets the needs of the business. The following is a detailed note on the methodology of ranking business bank accounts for LLCs:

  • Fees Transaction, Minimum Balance, Early Termination, Daily Batch: In many cases, the main concerns are monthly maintenance fees and other charges that can add up. Many banks offering LLC accounts have sought to attract small business owners by waiving monthly fees under certain circumstances or dropping monthly fees entirely. 

The best business checking account for your needs won’t charge fees in areas important to your business. For example, offering unlimited transactions or free cash deposits per month.

  • Interest Rate APY on Checking and Savings Accounts: Several banks on our list offer an APY on their checking accounts. Some of the top-ranked banks offer a yield as high as 1.5%, which makes them a lucrative option for business owners. The higher the APY, the better it is for your business. 

However, some banks may offset your interest earnings by charging you monthly maintenance or transaction fees. You can also earn interest on savings accounts, while you can earn interest on your primary checking with many of the best business bank accounts online. Again, the higher the interest rate offered, the better it is.

  • Account Features Online Banking, Mobile Banking, Bill Pay: Different accounts come with different features, and LLCs should consider which features are most important to their business. This includes online and mobile banking, bill pay, remote deposit, overdraft protection, and other features that can help the business manage its finances more efficiently.
  • Lending Lines of Credit, Credit History: You may have a personal credit rating, but your small business needs to establish its own credit history. Business owners may need small loans to cover payroll, billing, or larger loans for new equipment or a bigger space. A loan like that can be easier if you already have a business checking account with a particular institution. 

Developing a history with an institution can also improve the odds of bad credit business loan approval. While we’ve focused on national and online banks, your local community bank or credit union might be a good option, especially if you anticipate needing a loan. Particularly for specialist businesses, the personal relationships common with local banks can be helpful.

  • Security Multi-factor Authentication, Encryption, Fraud Detection: The account’s security is also an important factor to consider. LLCs should look for banks with strong security features, such as multi-factor authentication, encryption, and fraud detection and prevention tools. They should also consider the bank’s reputation for security and its compliance with regulatory standards.

>> Use Bluevine >>

Best Business Banking Account for LLCs – Buying Guide

If you need more details, here’s a section to help you with your queries.

Why LLCs Need a Business Bank Account

LLC owners must have a separate business bank account from their personal checking account. LLCs are separate entities from the owners. You’re 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.

You must separate business finances using an LLC formation service to maintain the legal distinction. If you mix personal and business finances together, a court may decide that the LLC is just a front and hold you responsible.

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:

  • Business name and address
  • EIN (Employer Identification Number) or SSN if you’re a single-member LLC
  • Date of LLC registration
  • State where your LLC is registered
  • Primary business location
  • Personal information of the business owner (SSN, DOB)

What Other Documents Does the Bank Need to Open My LLC Bank Account?

While the documentation requirements vary from bank to bank, here’s what you can expect the bank to ask for.

  • LLC Articles of Organization or Certificate of Formation
  • LLC Operating Agreement

Just to be on the safe side, call or visit the bank’s website to make sure you’ve got everything you need to open a business bank account. This will help you avoid the hassle. 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.

>> Bluevine – Best for LLC >>

Best Business Bank Accounts for LLCs – Frequently Asked Questions (FAQs) 

Can I Use My Personal Bank Account For My LLC?

You can technically, but we strongly advise against using your personal bank account for your LLC. 

Forming a Limited Liability Company protects your personal assets in case something goes wrong with your business. However, if you keep using your personal bank account for your LLC, the authorities can come after your personal assets easily.

Do I Need a Separate Bank Account For My LLC?

You start an LLC to separate your personal and business finances. After formation, a Limited Liability Company becomes a separate legal entity from its owner. This is why we recommend creating a separate bank account for your LLC.

State and federal law don’t require you to create a separate bank account for an LLC. However, having separate accounts is a good idea to make financial management easier and avoid trouble in the long run. You can easily open a business account with free online banks like Bluevine and start reaping the benefits immediately.

How Much Does It Cost to Open a Business Account?

The costs can vary depending on the bank. There may not be an explicit charge for opening separate business checking accounts. You may be charged annual or monthly fees. Some accounts require a minimum balance, which isn’t exactly a fee.

Bottom Line on Best Business Bank Accounts for LLCs 

While banks may seem daunting as they hold the power to either help or hinder your business, it’s possible to regain a sense of control by exploring different options and finding the terms that align with your needs. As a small business, you’re a valued customer of the bank, and as the saying goes, customer satisfaction is of utmost importance.

The ideal bank accounts for LLCs will vary depending on each business’s specific requirements. However, some accounts stand out due to their competitive fees, interest rates, and features. Examples include Bluevine, Novo, and American Express.

>> Bluevine – Best for LLC >>

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