Maintaining a clear distinction between your personal and business finances is paramount when owning an LLC. By establishing a dedicated bank account for your company, you can effectively manage your financial records, foster credibility with clients and vendors, and protect your personal finances and assets from potential business liabilities.
This article will explore the top business accounts available for legal entities and the reasons behind their selection.
We used a multi-factor technique to rate the best business bank accounts for LLCs. As a starting point, we assessed the many account kinds available, such as savings, merchant services, and checking. We considered each account's expenses, including monthly maintenance, transaction, and ATM charges.
We also looked at the bank's standing and customer support, including its online banking capabilities and access to in-person assistance.
Lastly, we looked at the bank's unique benefits or extras, such as loyalty programs or overdraft insurance. Considering all these aspects, we could comprehensively and objectively rate the best business bank accounts for LLCs.
| Bank Name | Types of Accounts | Fees | Reputation & Customer Service | Special Features & Perks |
| Novo Business Banking | Savings, Checking | Free of monthly and transactional costsTo open, a $50 deposit is needed. | Online-only financial institution featuring a smartphone app for banking and 24-hour customer service. | Connectivity with well-known software like Xero and QuickBooks |
| Bluevine Business Banking | Savings, Checking | With no monthly cost, each cash deposit is $4.95 | Online-only bank offering mobile banking and round-the-clock client service | Savings account with a high rate of return, free use of ATMs |
| Chase Business Complete Banking | Merchant Services, Savings, Checking | A minimum amount or account activity will waive the $15 monthly charge. | A well-known company with a vast branch and ATM network, with excellent phone and online help | Offers include bonus cash for new accounts, a mobile banking application, and fee-free ATM access |
| Bank of America Business Advantage | Merchant Services, Savings, Checking | $16 to $29.95 each month (waived with minimum balance or account activity) | A well-known company with a vast branch and ATM network, with excellent phone and online help | Cashback incentives system, a mobile banking app, overdraft protection |
| Lili Business Banking | Savings, Checking | Standard: No monthly fees, overdraft charges, or ATM fees | Online-only financial institution featuring a smartphone app for banking and 24-hour customer service via email or chat | Cashback incentives system, expense classification, tools for preparing taxes |
| Axos Business Banking | Merchant Services, Savings, Checking | No monthly fees, although there could be some transaction costs | Online-only financial institution featuring a smartphone app for banking and 24-hour customer service. | High-yield savings account, fee-free ATM access, remote deposit capture |
| Capital One Spark Business | Savings, Checking, Merchant Services | $15 monthly charge for a simple checking account* | A well-known company with a vast branch and ATM network, with excellent phone and online help | Cashback incentives system, free transactions as well as other benefits |
| American Express Business | Savings, Checking | A minimum amount or account activity will waive the $0 to $15 monthly charge.With no monthly cost | Reputable company offers a variety of customer service choices | Cashback incentives system, accounting software integration |
| US Bank Business Checking | Savings, Checking | Silver: No monthly cost, $0.50 per transaction after 125 transactions | A well-known company with a vast branch and ATM network, with excellent phone and online help | Cashback incentives system, smartphone app for mobile banking |
| Oxygen Business Banking | Checking | Free of monthly and transactional costs | Online-only financial institution featuring a smartphone app for banking and 24-hour customer service via email or chat | Accounting software integration, virtual debit cards, expense classification |
Star rating: 4.8/5
Because of its user-friendly interface, simple application procedure, and capability to make cashless transactions without delays, Novo is a fantastic business account for smaller businesses.
In less than 10 minutes, you may fill out and submit your application, and you'll get a prompt answer with any information lacking. You may use your checking account as soon as it has been authorized and you make your $50 minimum opening deposit.
Using the high-tech Novo account, you can combine your company checking with hundreds of applications, like Shopify, QuickBooks, and Slack. You can control all aspects of your business life in one location.
To help you keep track of your financial commitments, you always have access to your banking information and transactions. The software also provides a great snapshot of your monthly income and expenses.
Why we chose it: For independent contractors, freelancers, and other company owners who have set up single-member LLCs, Novo's LLC bank account is an excellent choice since it offers limitless integrated invoicing.
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Star rating: 4.9/5
For most small firms, a Bluevine corporate checking account offers a straightforward online company checking, highly well-rounded account choice. You may pay your expenses without any monthly maintenance fee, apply quickly for modest loans, and even earn a respectable interest rate.
The application procedure is quick and easy, and your account may be operational the same day. Due to all these characteristics, Bluevine is among the best business bank accounts for LLCs and startups for managing business funds.
To further improve the management of your company's funds, you may add 5 sub-accounts. Each subaccount is assigned a unique account number. Even better, you get interested in every account (up to a cumulative amount of $100,000).
Why we chose it: Two checkbooks are given out to all accounts. This is unusual because most company checking accounts don't provide free checks. This is excellent news for more established small companies who pay their suppliers and workers in person.
Read the complete Bluevine Review.
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Star rating: 3.8/5
Regarding its branches, offerings, and customer support, Chase ranks among the best business checking accounts in the United States. It provides a Chase Business Complete Banking account, uniquely combining a business bank account and payment processing service.
For LLCs that take credit card payments, it's a fantastic option. You save time and effort by not having to set up a separate merchant account.
Regrettably, Chase comes last on our list despite having good potential due to costs and the app. Another choice will be more tempting to those who want a fully online experience, but Chase is a viable option for those who like conventional banks and often need to receive cash from clients and deposit it into their accounts.
Why we chose it: The Chase Business Comprehensive Checking account provides a low $15 monthly maintenance fee, unlimited electronic deposits, and the chance to win a $300 sign-up bonus. Moreover, it enables you to utilize the Chase mobile app to take credit card payments via Chase QuickAcceptSM. Also, you can upgrade to a Platinum or Performance Checking account if your LLC surpasses the Chase Business Comprehensive Checking account.
Read the complete Chase Business Checking review.
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Star rating: 4.67/5
The perfect example of a conventional bank is Bank of America. You may alternate between two settings for any Business Advantage Banking account. This enables you to be completely adaptable as your company demands change.
Open a business bank account using programs like Google Analytics, Expensify, QuickBooks, and others. This gives you a clear picture of your performance and enables you to make more informed business choices with offering additional banking services.
No matter how big or small your company is, Bank of America has a community of Small Business Professionals to help you along the way.
Why we chose it: Bank of America provides a well-established selection of business banking alternatives. It's a fantastic choice if your company deals with high cash flows.
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A cumulative monthly average balance of $15,000 may waive the $29.95 monthly cost for the Relationship Checking Account. The $10 monthly charge for opening a savings account may be eliminated with a daily balance of $2,500 or more.
>> Start Using Bank of America >>
Star rating: 4.57/5
You may enjoy how straightforward Lili is to use if you just have a single-member LLC. Accounting, taxes, and banking are all included in this platform. Lili was created for independent contractors, sole proprietorships, and small business owners. But LLCs may now use it as well.
You must separate your personal and corporate money if you’re an LLC. Lili enables you to continue using only one bank account. Yet, the software allows you to divide your funds.
Why we chose it: Lili business bank account creates spending reports automatically and even fills out your yearly tax return.
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Star rating: 4.61/5
Axos is a virtual bank since it has no physical facilities and solely provides digital business bank account. Unlike several of its rivals, it’s independent of another institution. It operates as a bank on its own. As a result of its liberal terms and selection of services, Axos often appears on lists of the "Business Bank Account for LLCs" online.
Axos is an online-only bank that is simpler to use and navigate than most conventional banking solutions. It's a fantastic option for startups or digital enterprises since it creates an excellent digital presence plus experience for its clients. If you maintain a minimum amount of $5,000, the APY you may earn is only up to 0.20 percent for basic checking and 1.0 percent for interest checking.
Why we chose it: Basic Business Checking from Axos Bank comes with unlimited transactions, cash deposits using Allpoint and MoneyPass ATMs, and no monthly charge or minimum initial deposit requirement. The bank also provides free countrywide ATM access and limitless reimbursements for fees levied through other financial institutions and ATM companies in the US. These services are available 24/7.
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Standard Business Checking is free each month. However, Business Interest Checking has a $10 monthly cost. Although its Premium edition has no monthly subscription, Basic Savings does.
To open a business bank account for LLCs, Capital One provides two choices. With no restrictions on electronic deposits, mobile and online banking, and a minimal minimum balance requirement to avoid penalties, the Basic account is precisely what it says it is.
Businesses with intricate financial structures may benefit from the Unlimited company bank account, which comes with two Basic accounts.
Capital One offers a wide range of corporate credit cards offering cash back or travel benefits. Traveling internationally for work is fantastic since none of their credit cards charge foreign transaction fees.
One of the bank's key attributes is its knowledgeable and attentive client service. If you're considering it, remember there are just a few states where Capital One offers business checking. To open a business checking account, you must also visit a branch.
Why we chose it: If you like to do regular banking via physical branches, it's a fantastic alternative. Capital One's ATM network is pretty extensive. Well, over 70,000 ATMs in the MoneyPass and Allpoint networks are accessible to you, paying no fees.
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A minimum limit of balance of $25,000 will waive the $35 monthly cost for the Unlimited Checking account. No restrictions apply to free cash deposits into this account. Incoming cables are all uncharged. Also, each month, you’re entitled to five free wire transactions.
Star rating: 4.8/5
With additional free services and no minimum balance requirement for its fundamental corporate checking account, American Express Business Checking maintains a more recent trend in business banking. You may also charge an infinite number of transactions via their payment services. If you're searching for Kabbage business checks, you may be startled to learn that American Express bought Kabbage.
American Express Business Checking would be a fantastic choice for company owners who wish to open a business bank account for LLCs and a line of credit. Kabbage Financing by American Express provides quick loan approval for smaller businesses for credit lines of up to $250,000.
Why we chose it: American Express provides flexible account choices that may be adapted to meet the unique requirements of various companies. American Express offers sophisticated fraud prevention tools to help stop fraud and safeguard their customers' financial interests.
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Star rating: 4.5/5
One of the few local banks that offer free business checking is U.S. Bank. There are no minimum balance restrictions or monthly maintenance fees for each Silver Business Checking account. This may work well for companies with few monthly transactions, such as contractors with a single important customer.
There are more than 2,000 U.S. Bank locations, mostly on the Western Coast. Small local companies who favor in-person banking and customer service might consider it. When you're prepared to expand your LLC, U.S. Bank also provides payroll, cash management services, payment processing, and small company financing (including SBA loans).
Why we chose it: There are many fantastic goods and services offered by U.S. Bank. The loan alternatives it offers are its main selling feature. Every firm with a modest transaction volume should consider it.
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After the first 300 transactions, the Gold plan costs $0.45 per transaction and $20 monthly. Beyond 500 transactions per month, the Platinum plan includes a $30 monthly fee and charges $0.40 for each transaction.
It provides a broad range of financing options for small businesses from which you may choose based on your company's requirements. With Fast Online loans, you may borrow up to $250,000, and with government-backed loans, you can borrow up to $12.375 million.
Star rating: 4/5
You may assume Oxygen is a chic magazine or hip store from its website. Yet, it does it through its online bank, which also provides a corporate checking account. Both cost-free and, uncommonly, choices with an annual charge are available. For a freelancer who only wants to keep their personal and professional income separate, Oxygen is ideal.
Oxygen provides 4 distinct business bank accounts based on your monthly spending and deposit activities. With no required minimum balance, the entry-level tier is free. After the first year, higher levels offer options for waiving the yearly charge.
Benefits abound in Oxygen's accounts. For purchases of items like food, petrol, ridesharing, and shipping, you may get cash back from partner retailers. Also, you get a reasonable interest rate on the money you save.
Additional advantages include rental waiver, lost or delayed baggage insurance, and mobile phone protection. Higher-tier accounts are eligible for greater cashback bonuses, savings APYs, and other incentives (including Netflix reimbursement and access to airport lounges!).
Why we chose it: For personal and commercial banking, Oxygen is providing very profitable and feature-rich solutions while introducing flair and ingenuity to the banking and financial services sector.
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The most fundamental product is the free Earth tier. You may get an APY of 0.50% if you choose the Earth tier's savings option. The subsequent tier, water, has an annual cost of $19.99. Besides several services, it gives a 1.00% APR on savings. The Fire and Air levels include yearly fees of $49.99 and $199.99 with an APY of 2.0% and 3.0% on savings, respectively.
You must legally segregate corporate money to the legal difference. The LLC might be deemed a sham by a judge if you combine personal and corporate money, in which case you would be held personally liable.
You will have to give the:
What Other Documents Does the Bank Need to Open My LLC Bank Account?
Below is what you may anticipate the LLC bank account needs. However, the paperwork requirements differ across banks.
Be sure you have everything you need before calling or visiting the bank's website to create a separate business bank account, just to be safe. By doing this, you can stay out of trouble. You may create an online business bank account with several institutions as an LLC. Others could demand that all owners attend a personal application meeting with a banker.
By establishing a Limited Liability Company, you can safeguard your personal funds and assets if anything goes horribly wrong with your company. Yet, if you continue to use your private LLC bank account, it’d be simple for the government to seize your personal property. So, separate the personal and business finances.
State or federal law doesn't require you to open an LLC-specific bank account. Separate bank account is a smart idea to simplify money administration and prevent long-term issues. Also, internet banks like Novo make it simple to register many business checking accounts for LLCs so you can start benefiting immediately.
To open a seperate bank account for your LLC, while considering your firm's specific needs, it would be advantageous to opt for some of the top business bank accounts designed specifically for LLCs. There are LLC bank account options available, such as Novo, Bluevine, and American Express, which stand out due to their affordable fees, attractive interest rates, and unique features.
>> Check Out Novo Account Plans >>
Moneycontrol Journalists were not involved in the creation of the article.
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