Opening a business bank account as an LLC will also help you with establishing and obtaining credit or a loan under the LLC. Without an established account, one or more owners may have to personally guarantee large transactions, which will make them personally liable for the debt if the LLC defaults. There are other benefits to getting a business bank account for your LLC. Bookkeeping and taxes become easier with separate finances from the owner. And even though there are perks and benefits to having a business bank account, it does not have to be specifically for business, as long as it’s separate from your personal finances. LLC owners can choose a business bank account from several options, including brick-and-mortar or online-only banks, local, regional, or national financial institutions. Here are our top picks for the best business bank accounts for your LLC. With this business bank account for your LLC, you also have access to two free basic checking accounts. There is a $35 monthly service fee, but it can be waived if there is a $25 000 minimum 30 or 90-day average balance. The Spark Business Basic Checking account is another option with a lower fee of $15 per month but can be waived with a minimum 30 or 90-days average balance of $2000. Each business bank account with Capital One is FDIC-insured up to $250 000 per account, so you can bank with Capital One knowing your money is safe. You only need $250 to get started with a Spark Business Unlimited Checking account and have access to over 40 000 fee-free Capital One and Allpoint ATMs. Pros
Unlimited monthly business transactions.Free incoming domestic wires.Free business debit cards.Free online bill pay.Two free basic checking accounts.
Cons
$35 overdraft fee (can be waived with linked small business deposit account).$35 monthly maintenance fee (can be waived as outlined above).Designed for businesses with less than $40,000 monthly cash deposits.
This business bank account comes with a $15 monthly service fee but has several ways to waive the fee, with only one needed each month for a $0 LLC checking account:
Maintain a $2,000 minimum daily balanceMake $2,000 in purchase using a Chase Ink Business credit cardMake $2,000 in deposits or transactions through QuickAccept or Chase Merchant ServicesLink a Chase Private Client Checking account.
The Chase Business Complete Banking account offers free same-day deposits and multiple ways to send and receive funds, including wire transfers, Chase QuickDeposit, and online bill pay. Chase Bank accounts are FDIC-insured, and the Business Complete Banking account comes with Fraud Protection Services. Pros
In-app card and transaction acceptance through QuickAccept.Free same-day deposits if approved by 8 p.m.Send and receive funds multiple ways without visiting a Chase branch.Unlimited electronic deposits
Cons
Chase QuickDeposit requires a two-year contract and a monthly maintenance fee of $25 or $50.$15 monthly maintenance fee but can be waived with qualifying transactions or linked account.
BlueVine also offers two free checkbooks, and there is no minimum deposit to start or balance to maintain. Though there are no brick-and-mortar locations, you can deposit checks through the mobile app and cash at over 90,000 Green Dot retail locations. Payments or external account transfers can be made through the BlueVine online dashboard, though outgoing wire transfers incur a $15 fee, and there is no option to accept incoming wire transfers at this time. Partnered with MoneyPass, BlueVine checking account holders can withdraw cash for free from over 38 000 ATM branches across the country. Out-of-network ATMs may be charged a fee as determined by the owner, even if the transaction is not completed. Pros
Completely free business checking account.1% interest on the first $100,000 bank balance.Two free checkbooks.No minimum deposit or balance required.
Cons
Online only.No incoming wire transfers.$15 outgoing wire transfer.No brick-and-mortar locations.Possibility for out-of-network ATM fees.
As a Bank of America account holder, you can access a dedicated small business specialist team and fraud protection and security on transactions. Each business debit card comes with a $0 liability guarantee with 24/7 access to Bank of America’s fraud department. Get up to 200 free teller transactions and checks written each month with the Bank of America Business Advantage Fundamentals Banking account. Business owners with a checking account and a three-month combined $20 000 or more daily average balance can sign up for Preferred Rewards for Business, which provides waived fees, interest rate discounts, and other bonuses. The $16 monthly maintenance fee can be waived if you maintain a $5000 average monthly balance or spend at least $250 each month using your debit card. If you maintain at least a $15 000 average monthly balance, fees can be waived by upgrading to the Business Advantage Relationship Banking account. Pros
In-person banking in every U.S. state.Integration with QuickBooks.Zelle for business and digital debit cards.$0 liability guarantee and 24/7 access to the fraud department.Apply over the phone, online, or in-person.
Cons
Various fees for incoming wires and stop payments.$16 monthly maintenance fee (waived if $250 monthly spent using the debit card or maintaining a $5000 combined average monthly balance).
The Initiate business checking account comes with a $10 monthly fee that can be waived with a $500 daily balance or $1000 average monthly balance, which is on the lower end of the banks featured in this list. To start the account, you only need $25 as an opening deposit. Wells Fargo offers Zero Liability debit card protection and fraud monitoring for unauthorized or fraudulent transactions. There are no fees for the first 100 transactions and $5000 in cash deposits per fee period, and card-free ATM access at participating ATMs with digital wallet support. There is a $2.50 fee for transactions at non-Wells Fargo ATMs. Cash, electronic direct deposits, and incoming wire transfers are available the same business day, which greatly benefits business owners. Pros
Complete transactions and get help in person, online, or through the mobile app.Zero Liability debit card protection and fraud monitoring.Low daily balance to waive the monthly fee.Ability to upgrade your checking account as your business grows.Free online and mobile banking tools.
Cons
$0.50 per transaction after the first 100 transactions per fee period.$0.30 per $100 deposited over the first $5,000 in fee period.$2.50 cash withdrawal fee for non-Wells Fargo ATMs.
Each checking account was compared based on a number of features, including:
Account accessibility.Customer reviews.Fees and interest rates.Balance requirements.ATM networks.Perks and special offers.
All business checking accounts featured on this list are partnered through FDIC-insured institutions or are members of the FDIC. The Federal Deposit Insurance Corporation protects your bank balance up to the legal limit if the bank fails or becomes insolvent. Fee structures, rates, requirements, perks, and special offers are subject to change without notice, and the most up-to-date information may not be referenced. Fees and rates are often based on the prime rate and are subject to fluctuation. Some banks and financial institutions may require deposits or other criteria to be met before opening an account for your LLC. Earnings are dependent on bank balances and associate fees and will vary by bank and account setup. After you’ve narrowed down your choices to three or fewer banks, compare them against each other. There may be perks offered by one that puts it above the rest. Or maybe you prefer the ease of calling to ask a question without jumping through automated hoops to get to a live person. Comparing each company can help identify the right business checking account. Finally, compare customer reviews and user experiences to determine the business checking account winner if you haven’t narrowed it down to one. Reviews can show how banks handle and resolve issues, plus you may find out expected wait times if you have to call in. With a wide range of business bank accounts to choose from, finding the right one may take some time. But, if you have to switch, there are still plenty of options to choose from. The name of the LLC must match the name on the business bank account. There are perks to having a business bank account rather than a personal checking account, including purchase power, access to loans and lines of credit, showing professionalism, and certain financial protections. Some banks and states may require additional documents, and you should be prepared to provide your own driver’s license, name, date of birth, and social security number as the account owner. Here are a few more noteworthy LLC business bank accounts to consider:
US Bank: Several options for business accounts, from startups to established businesses. Small Business Bank: Best for small LLCs.PNC: $200 or $500 cash reward for opening a qualifying business checking account and making minimum transactions.
