The best business bank account for LLCs should be able to support your business as it grows. It should also be largely fee-free or have waivable fees and provide excellent business support products, including merchant services, lending products, and strong software integrations.
Some of the financial companies on this list specialize in support for LLC organizations (e.g., tools to help your business become an LLC). And while some have limited product offerings, the accounts they offer are strong enough to earn a spot on our list. Overall, we rounded up the 10 best business banking accounts for LLCs for consideration.
- Bluevine Provider is a financial technology (fintech) platform backed by and FDIC-insured through a supporting bank partnership with Coastal Community Bank. : Best for earning interest and premium digital business checking
- Novo Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Middlesex Federal Savings. : Best digital-only provider for rapid access to funds and faster payments
- Chase Member Federal Deposit Insurance Corp. (FDIC). : Best overall for full-service small business banking tools and premium checking
- U.S. Bank Member FDIC. : Best for businesses with low transaction volumes
- Mercury Mercury is a fintech company, not an FDIC-insured bank. Banking services provided by Choice Financial Group and Evolve Bank & Trust ®️; Members FDIC. Deposit insurance covers the failure of an insured bank. : Best for tech companies, startups, and businesses needing additional FDIC insurance Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply.
- Grasshopper Member FDIC. : Best digital-only bank for earning interest on larger balances
- Relay Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Thread Bank. : Best for LLCs needing multiple accounts and debit cards
- Found Provider is a fintech platform backed by and FDIC-insured through a supporting bank partnership with Piermont Bank. : Best digital-only provider for self-employed professionals with single-member LLCs
- Capital One Member FDIC : Best traditional bank for free unlimited transactions
- U.S. Bank MMA Member FDIC. : Best traditional bank money market account with bonus introductory rate
Best Business Bank Accounts for LLCs at a Glance
Bluevine: Best for Earning Interest and Premium Digital Business Checking
What We Like
- $300 sign-up bonus for new business checking account holders (use referral code: FSM300) How to earn the bonus: To earn the $300 bonus, customers must apply for a Bluevine Business Checking account anytime between now and 12/31/2024 using the referral code above. 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, 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®
- Three checking options with competitive interest
- Integrates with QuickBooks
- Unlimited 1.5% cash back business Mastercard
Drawbacks
- No savings, money market, and certificate of deposit (CD) accounts
- No physical branch locations
- Fee for depositing cash
Features
- No monthly maintenance fee and minimum balance requirement
- Reduced standard payment fees for Bluevine Plus and Bluevine Premier checking
- Free debit card (up to 4 free additional debit cards for authorized users) and two free checkbook orders yearly
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Wise, Venmo, and Expensify
- Fast international payments to 32 countries
- Has live customer support from dedicated professionals
- Offers line of credit & credit card
- Up to $3 million in FDIC insurance
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Incoming: $0 Outgoing: $15 |
International Wire Transfer Fees | Incoming: $15 Outgoing (USD): $25 Outgoing (non-USD): $25 plus 1.5% |
ATM Fees | None at MoneyPass locations nationally; $2.50 plus operator fees for nonnetwork ATM use |
Cash Deposited |
|
APY | 1.5% on qualifying balances up to $250,000 |
Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
When to Choose Bluevine
- You want interest earnings: Bluevine is our choice for the best bank for business account LLC. You can earn 1.5% APY on balances of up to $250,000 with Bluevine Standard business checking if you spend at least $500 a month using a Bluevine Business Debit Mastercard or receive $2,500 monthly in customer payments into your account via ACH, wire transfer, mobile check deposit, or directly from a merchant payment processing provider.
For additional earnings, Bluevine offers a $300 signup bonus for new customers who meet qualifying activity requirements
To earn the $300 bonus, you must
• Open a new Chase Business Complete Banking account online or in a branch and present the $300 bonus offer (which you can receive by entering your email address on Chase’s website)
• Deposit at least $2,000 in new money within 30 days.
• Maintain at least a $2,000 balance for 60 days from the offer enrollment
• Complete five qualifying transactions within 90 days of enrollment.
The offer is valid until January 16, 2025.
.
- You can maintain higher average daily balances (ADB) and minimum debit card spending: Bluevine offers premium checking accounts—Bluevine Plus and Bluevine Premier—with higher APYs and reduced fees for same-day ACH and wire transfers. The monthly fees can be waived if you meet the required ADB and debit card purchase amount.
- Your LLC needs to pay overseas vendors or business partners regularly: You can send payments to 32 countries in 15 currencies directly from your Bluevine dashboard. Payments are sent out between 8 a.m. and 5 p.m. Eastern and can be received in 24 hours. You need a Social Security number (SSN) and employee identification number (EIN) to complete the application.
Novo: Best Digital-only Provider for Rapid Access to Funds & Faster Payments
What We Like
- Monthly refunds up to $7 in ATM fees
- No maintenance fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lack of savings products
- Noninterest drawing account
Features
- Integrates with other business tools, such as QuickBooks, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost in coordination with Stripe allows you to access funds faster
- Express ACH lets you accept or receive same-day ACH payments
- Quick financing option, merchant cash advance up to $75,000
- Virtual debit card available immediately, one free physical debit card per user
- Paper checks can be sent straight from the app
- Live customer support from dedicated professionals
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | |
Monthly Fees | None |
Domestic Wire Transfer Fees | $0 to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | $0 to receive; Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | Up to $7 refunded each month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
When to Choose Novo
- You want faster access to funds and rapid payment processing: Novo is a great choice for a business checking account since it features Novo Boost, allowing you to receive payments from your Stripe account faster than other providers. Novo’s Express ACH also enables you to accept or send same-day ACH payments. Both give you access to your money faster than other providers.
- Your LLC requires software integrations to streamline your business operations: Software integration is an area where Novo shines. It has accounting software integrations with QuickBooks and Xero and business payment integrations through Stripe, Square, PayPal, Wise, and Shopify, among others. This is why Novo is our top bank for ecommerce businesses.
- You want to save on ATM fees: Novo refunds ATM fees up to $7 each month, making it a good choice for LLCs that make frequent ATM withdrawals.
Chase: Best for Integrated Payment Solutions & Premium Checking
What We Like
- $300 bonus when you open an account
- Multiple ways to waive the monthly fee
- Branch presence in 48 states
Drawbacks
- Limited number of free teller and paper transactions
- Does not earn interest
- $3 nonnetwork ATM fee
Features
- Built-in card acceptance with QuickAccept℠ via the Chase Mobile® app
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs depend on type ordered
- Chase Payment Solutions
- Live customer support online or in branch during business hours
- Other products include business savings, CDs, lending products, credit cards, merchant services, and collection services
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
ACH Fees | $2.50 per item for first 10 payments & 15 cents for succeeding payments 1% of transaction for same-day ACH or $25 per transaction, whichever is less. |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: Up to $35 |
International Wire Transfer Fees | Incoming: $15 Outgoing: Up to $50 |
ATM Fees | $3 at non-Chase ATMs, plus ATM operator fees |
Cash Deposited | $5,000 free per month, then $2.50 per $1,000 |
APY | N/A |
When to Choose Chase
- Your LLC needs a convenient payment option: Chase offers a wide array of payment solutions to organizations. Its Chase Business Complete Banking® account has a built-in Chase QuickAccept® payment solution, allowing you to receive credit card payments in person or over the phone for free. You can activate it through the Chase app or Chase Business Online.
- You want multiple checking account options: Chase has three excellent business checking products, all with a waivable monthly fee if specific criteria are met: Business Complete Banking, Performance Business Checking, and Platinum Business Checking. Compare Chase’s business checking accounts to see which best fits the needs of your LLC.
- You can maintain high balances in your accounts: The highest-tier account, Platinum Business Checking, is the best premium account on the market. Although it comes with a $95 monthly fee, it can be waived with an average balance of $100,000 across qualified accounts Qualified account balances include linked business savings accounts, CDs, investments, and other Chase Platinum Business Checking accounts (excluding client funds savings accounts). . Premium account holders can access dedicated concierge support, free ATM use Third-party operator fees may still apply. , and additional check protection services.
U.S. Bank: Best for Businesses with Low Transaction Volumes
What We Like
- No monthly fee
- Up to $900 bonus for eligible checking account holders
- Free mobile check deposits
- Apply in person, online, or by phone
Drawbacks
- Expensive wire fees
- Limited free transaction
Features
- Send and receive money through app
- Digital invoicing and payment systems integrated into your online dashboard
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Easy integration with overdraft protection or credit card processing services for your business
- Free debit card and 50% discount on first check order up to $50
- Integrations with QuickBooks and U.S. Bank Payment Processing
- Customer service online, by phone, or in-branch during business hours
- Other products include lending and cash flow products, other checking options, and point-of-sale (POS) services
When to Choose U.S. Bank
- Your LLC has limited monthly transactions: U.S. Bank is an excellent choice with no monthly fee for its basic tier account, Silver Business Checking. This product should meet your needs if you don’t exceed 125 business transactions or $2,500 in cash deposits monthly.
- You want to incorporate your business as an LLC: U.S. Bank partners with MyCorporation to allow you to form a corporation or an LLC for as little as $99.
- You need more business checking account options: U.S. Bank also offers a great nonprofit checking account with no maintenance fees and up to 1,800 free transactions yearly. Because of these factors, U.S. Bank is one of our best banks for nonprofits.
You can earn up to a $900 bonus when you open a new, eligible U.S. Bank business checking account (promo code: Q4AFL24) and complete qualifying activities
• Earn a bonus of $400 when you open a new U.S. Bank Silver Business Checking or Business Essentials account online (promo code: Q4AFL24) between Oct 1, 2024, and January 15, 2025. You must make a deposit(s) of at least $5,000 in new money within 30 days of account opening and maintain a daily balance of at least $5,000 until the 60th day after account opening.
• Earn a bonus of $900 by opening a new U.S. Bank Platinum Business Checking account between Oct 1, 2024, and January 15, 2025. You must make a deposit(s) of at least $30,000 in new money within 30 days of account opening and maintain a daily balance of at least $30,000 until the 60th day after account opening.
, subject to certain terms and limitations—offer valid through January 15, 2025. Member FDIC.
Mercury: Best for Tech Companies, Startups & Businesses Needing Additional FDIC Insurance
What We Like
- No monthly maintenance fees
- No wire transfer fees
- FDIC insurance Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. of up to $5 million via sweep networks
- $300 cash back bonus available for qualifying activities
Drawbacks
- Accounts unavailable to sole proprietorships and trusts
- No APY for checking accounts
- Limited lending options and no cash deposits
Features
- Earn interest with Mercury Treasury Mercury Treasury, by Mercury Advisory, LLC, an SEC-registered investment advisor. Registration with the SEC does not imply a certain level of skill or training. SEC registration does not mean the SEC has approved of the services of the investment adviser. product if you have more than $500,000 in Mercury accounts and request Treasury
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrate accounts with QuickBooks and Xero accounting software
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Physical checkbooks unavailable
- Business payment integrations with Shopify, Stripe, Zapier, Amazon, and PayPal
- Email customer service available
- Savings account provided when you open checking account
- Other products include Mercury Treasury, capital and venture debt, and credit card
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
Mercury is a business fintech platform backed by FDIC-insured Choice Financial Group and Evolve Bank & Trust. | |
When to Choose Mercury
- You seek more FDIC insurance protection: One of the company’s best perks is its Mercury Vault product. With Vault, Mercury will insure your business funds for up to $5 million with the FDIC Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. through its partner banks’ sweep networks.
- Your LLC is a startup or tech-focused company: Mercury is a good choice for startups and tech firms, and it’s one of our top-recommended banks for startups for its robust support services and free business checking and savings accounts, with no minimum deposit or balance requirements.
- You want to access cash back rewards: You can get a $300 cash back bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening. Mercury also offers a credit card product featuring 1.5% automatic monthly cash back for all domestic and international spending.
Grasshopper: Best Digital-only Bank for Earning Interest on Larger Balances
What We Like
- Cash back on debit card purchases
- Interest-bearing account
- No monthly fees or transaction fees
Drawbacks
- No physical locations
- Minimum deposit required to open
- Cash deposits not accepted
Features
- Free physical and virtual Visa® rewards debit cards
- Unlimited 1% cash back on online and signature-based purchases
- Free bill pay, check deposit services, and digital invoicing tools
- No ACH fees
- International US dollars (USD) and foreign exchange (FX) wire transfers are also available
- Autobooks, QuickBooks, and Plaid integrations with additional financial data management tools available
- Access to multimillion-dollar FDIC insurance up to $125 million
- Earn up to 3.30% APY on balances $25,000 and above when bundled with an Innovator Money Market Savings Account
- Personalized support from a US-based Client Services team is available by phone, email, chat, and secure message
- Other products include savings accounts, startup banking services, treasury management, CRE loans, and SBA loans
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $0 for incoming; $10 for outgoing |
International Wire Transfer Fees | $5 for incoming, $25 for outgoing |
ATM Fees | None at 45,000 MoneyPass & SUM network ATMs |
Cash Deposited | Cash deposits not accepted |
APY |
|
When to Choose Grasshopper
- You’re an LLC looking for a digital bank account with high yields: Companies with large reserves can open a Grasshopper Innovator Checking account. It has no monthly service fee and offers tiered interest of up to 2.00% APY uncapped While there is no cap on balances that earn APY, customers must maintain a minimum average balance of $10,000 with no nonsufficient funds (NSF) items during the preceding 12 calendar months. .
Pairing your Innovator Checking account with an Innovator Money Market Savings account increases your APY to 3.30%, as long as you maintain a balance of $25,000 and above. You can also earn 1% cash back rewards using your debit card.
- You want higher FDIC insurance coverage: LLCs with large balances can get more fund protection with Grasshopper offering up to $125 million in FDIC insurance.
- You want to benefit from a free invoicing and payment solution: Grasshopper Bank provides free invoice and payment software through Autobooks. Typically, this tool costs $9.99 monthly, but it comes free with your business checking account. Grasshopper also connects seamlessly with QuickBooks, making it our best business bank accounts that integrate with QuickBooks.
Relay: Best for LLCs Needing Multiple Accounts & Debit Cards
What We Like
- No minimum balance or opening deposit required
- Wire transfers are very inexpensive and are free with Relay Pro
- No ATM fees charged by Relay, although third-party fees may apply out of network
Drawbacks
- No physical locations
- No interest-bearing checking
- No lending products
Features
- Fee-free online banking and money management platform
- Open up to 20 individual business checking accounts
- Issue up to 50 Visa debit cards
- Send and receive ACH transfers, checks, and wires
- Collect payments from PayPal, Stripe, Square, and more
- Relay Pro account available, which offers same-day ACH delivery, free wire transfers, and accounts payable support
- Customer service via email, web contact form, and the app
- Checks can be sent on users’ behalf for free; third-party checks unavailable
- Accounting software integrations with QuickBooks, Xero, and Plaid
- No lending product
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
Monthly Fees | None |
Domestic Wire Transfer Fees | $0 for incoming; $5 for outgoing |
International Wire Transfer Fees | $0 for incoming; $10 for outgoing |
ATM Fees | None at Allpoint ATMs; Relay doesn’t charge out-of-network ATM fees, although third-party fees will apply |
Cash Deposited | $0 through Allpoint+ ATMs and $4.95 per deposit at Green Dot retail locations |
APY | N/A |
Relay is a business fintech platform backed by FDIC-insured Thread Bank. | |
When to Choose Relay
- You want to track your company spending: Relay offers a business checking account with no monthly account fees, up to 20 checking accounts, and 50 Mastercard debit cards. It’s a great choice for LLCs looking to categorize their funds into multiple accounts to monitor their business expenses. Relay is also part of our roundup of best online banks for this reason.
- You frequently send domestic and international wires: Under Relay, outbound wire transfers cost $5 for domestic and $10 for international. These wire fees are among the lowest charged by providers on this list. For free wires, faster ACH transfers, and auto-imported bills from QuickBooks and Xero, you can subscribe to Relay Pro, which starts at $30 monthly.
- You want to optimize team collaboration for your LLC: Relay lets you assign role-based permissions to allow different access levels to the Relay account. Each user will have their own login and two-factor authentication, allowing you to distribute tasks among your team members.
Found: Best Digital-only Provider for Self-employed Professionals with Single-member LLCs
What We Like
- No monthly fees, minimum balances, account fees, and sign-up fees
- Excellent expense tracking on both its desktop and mobile apps
- Helps you track tax write-offs and gives you real-time tax estimates
Drawbacks
- No lending products
- Interest earning only through paid-tier Found Plus
- Cannot purchase checks or issue them from the app
Features
- Provides a business debit Mastercard, which allows you to track expenses and receive purchase alerts
- Debit cards can be frozen in the Found app
- Desktop and mobile apps
- Connect to accounting software and payment apps, such as Cash App, PayPal, Square, Venmo, and Stripe
- Integrated bookkeeping allows you to categorize expenses, customize invoices, capture receipts, and set custom rules
- Track tax write-offs in the app
- View your tax estimate update in real-time
- Send your Schedule C directly from the app
- Pay your taxes directly from the app
- Allows cash deposits at over 80,000 retail locations
- Customer service via email, online form, and support guides on the website
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free incoming wires; outgoing wires only sent to Found customers |
International Wire Fees | Unavailable |
ATM Fees | Found doesn’t charge for ATM usage; third-party ATM fees will likely apply |
Cash Deposited | Accepted at over 80,000 retail locations; $2 fee per cash deposit |
APY | N/A |
*Found is a business fintech platform backed by FDIC-insured Piermont Bank. | |
When to Choose Found
- You’re a self-employed business owner organized as a single-member LLC: Found is a great option for those planning to organize as an LLC. It has a great all-in-one business checking account that integrates with bookkeeping and lets you categorize expenses, capture receipts, and set custom rules with its app. You can also issue unlimited free invoices and customize them with your company’s logo and colors.
- You want robust tax tracking and preparation software: One of the best features of Found’s fee-free business checking account is it allows you to complete and send your Schedule C directly from the app, which is convenient for self-employed professionals.
You can subscribe to Found Plus for $19.99 monthly ($149.99 yearly) if you prefer to make direct tax bill payments from the app. The paid plan provides an APY, priority customer support, and advanced business tools.
Capital One: Best Traditional Bank for Free Unlimited Transactions
What We Like
- Unlimited digital transactions
- Easy ATM access
- Waivable monthly fee
Drawbacks
- Account doesn’t earn interest
- Steep wire fees
Features
- Pay bills, track accounts, transfer funds, and deposit checks with the mobile app
- Integrates with QuickBooks, Xero and other top accounting software
- Free overdraft protection when linked to another small business deposit account
- Free debit card
- Physical checks (cost based on type ordered)
- Connect with business payment solutions
- 24/7 support by phone, or in-branch support during business hours
- Other products include lending products, credit cards, certificates of deposit, and savings accounts
 | |
|---|---|
Required Opening Deposit | $0 |
Required Balance Minimum | None |
Transaction Limit Before Fees | Unlimited digital transactions |
ACH Fees | None |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Incoming: $15 Outgoing: Up to $25 |
International Wire Fees | Incoming: $15 Outgoing: Up to $50 for USD; $40 for foreign currency |
ATM Fees | |
Cash Deposited | Up to $5,000 per month free, $1 for every $1,000 after that |
APY | N/A |
When to Choose Capital One
- You prefer to transact online: Capital One offers unlimited and fee-free digital transactions, including mobile deposits, ACH payments, and online bill pay.
- You’re an LLC seeking fee-free ATM withdrawals: Capital One has a robust ATM network, with over 70,000 Capital One, Allpoint, and MoneyPass ATMs nationwide. An additional way to save is through the bank’s offer of free and unlimited ACH payments.
- You prefer a business checking account with a waivable monthly charge: Capital One’s Basic Checking has a $15 monthly fee, which is waived easily with just a $2,000 average monthly balance over the last 30 or 90 days.
- Your LLC can maintain higher balances: You can opt for Capital One’s higher-tier business account, Enhanced Checking, which costs $35 per month but can be waived with a $25,000 average monthly balance over the last 30 or 90 days. It offers free incoming domestic wires and five monthly outgoing domestic wires.
For an LLC, you will need the following documents to open an account:
- One of the following: Certified Articles of Incorporation, Certificate of Formation/ Registration, Certificate of Good Standing, or Signed & Dated Operating Agreement
- One of the following: IRS Form SS-4/ CP 575A, or IRS Letter 147C
U.S. Bank MMA: Best Traditional Bank Money Market Account With Bonus Introductory Rate
What We Like
- Waivable monthly fee
- Free mobile check deposits
- Apply in person, online, or by phone
Drawbacks
- Opening deposit required
- Expensive wire fees
- Limited free transactions
Features
- Three business MMA options
- Send and receive money through the app
- Link to U.S. Bank business checking account
- Daily interest accrual and monthly interest payout
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Standard FDIC insurance of up to $250,000
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No fee for the first 25 deposit transactions per month |
ACH Fees | None |
Monthly Fee | $15; waived with $10,000 minimum daily balance |
Domestic Wire Transfer Fees | Up to $40 for outgoing, $16 for incoming |
International Wire Transfer Fees | $75 for outgoing, $16 for incoming |
ATM Fees | No ATM transaction fees at U.S. Bank and MoneyPass ATMs |
Cash Deposited | No limit stated |
APY |
|
Customer Service | Customer service online, by phone, or in-branch during business hours |
Other Products | Business checking, lending, and cash flow products; other checking options, and POS services |
When to Choose U.S. Bank MMA
- You’re an LLC seeking a high-interest savings product: U.S. Bank’s Platinum Business Money Market account offers a bonus rate to new users. You can earn up to a 3.50% bonus interest Rates are subject to change at any time and may vary based on your business location. rate depending on your tiered balance 3.50% bonus interest rate is applied to ALL balances between $25,000 and $2,999,999.99 The initial balance required to open a U.S. Bank business money market account is $100. You must maintain the required tier balance to earn the rate of your choice.
- You prefer to open an account online: U.S. Bank allows account opening online, which makes it one of the leading providers of the best business accounts for LLCs. The Platinum Business Money Market account’s monthly fee can be waived when you keep at least a $10,000 daily balance.
- You prefer a business MMA that earns daily compounded interest: U.S. Bank’s MMAs generate compounded interest daily with monthly payouts. Additionally, the accounts are FDIC insured up to $250,000. However, balances of $3 million and above don’t qualify for a bonus interest.
How We Evaluated the Best LLC Business Bank Accounts
We evaluated over 100 business banks when compiling this buyer’s guide. In our evaluation of the best LLC business bank accounts, we considered the following terms and features:
- Monthly fees, and how easy they are to waive
- Minimum opening deposit and balance requirements
- ATM fees and withdrawal limits/availability
- Interest earned, if available
- Customer service availability
- Cash deposit availability and limits
- Other business products provided by the bank
- Wire transfer fees and transaction fees
- Geographic availability
- If accounts were available for businesses incorporated as an LLC
What to Consider When Choosing a Business Bank Account for Your LLC
While we used our own criteria to select the best business bank account for LLCs for this list, here are some things you should review before making a selection:
1. Determine Eligibility for an Account With a Particular Bank
Some banks limit the types of businesses that can open bank accounts. Check with the financial provider to see if your business organization type allows you to open an account. In addition, even if a bank will allow you to open an account, it might require you to visit a branch to complete the application.
All financial technology (fintech) companies and some traditional banks will let you complete your application entirely online, but it’s best to check with the bank you are considering to see if you will need to visit a branch.
2. Understand the Fee Structure and How It Will Apply to Your Business
Some providers listed in this guide are fee-free, whereas others offer waivable monthly fees and limited free transactions each month. Consider these three factors before signing up for an account with waivable fees or limited free transactions:
- Can you meet the criteria to get the monthly fee waived?
- Does the account offer enough free cash deposits or transactions to meet your business needs?
- If you end up paying monthly fees, is it worth it because of other features the bank provides that competitors do not? If that bank offers features that fee-free accounts don’t, it might be worth a small monthly fee.
3. Determine Who Will Need to Sign Off On a New Account
If your business is a single-member LLC, the process of opening an account will be straightforward. You will handle all the paperwork and be the lone person responsible for the account.
However, this can be more complicated if you are a multi-member LLC. You will need to check with the financial institution, as well as your financial advisor, to see who needs to sign off on the new account. You will also need to determine who will have access to the account, as anyone needing that access will almost certainly have to be on record with the bank.
4. Read Customer Reviews
Before opening a new business bank account for your LLC, it is a good idea to see what other business customers have said about a provider. Each provider section in this buyer’s guide includes a link to the bank’s individual review. Near the end of those, there is a customer review section.
Remember that customer reviews often include both business and personal accounts, so some might not apply to your potential business account.
What You Need to Open a Small Business Checking Account
In addition to documents listed or linked in the sections above, there are general documents you could be required to have to open a business bank account. Here is a general list of what you will need:
- EIN or SSN if you’re a sole proprietor
- Fictitious business name certificate or doing-business-as (DBA) certificate
- Business formation documents
- Organization documents, including your ownership agreements
- Business licenses
- Government-issued photo ID, such as a passport or driver’s license
Additionally, to open an LLC account, you need to submit the following:
- Personal identification and information
- EIN
- Business information and license
- Business formation documents
- LLC operating agreement
Our related resources:
- How to open a business bank account: This includes a convenient downloadable checklist to help you through the process.
- Best small business checking accounts: See this roundup in case you have other business types besides an LLC.
What Is an LLC Account?
An LLC account is a separate bank account that limits the liability of its members when it comes to the company’s liabilities and debts. This account increases the financial protection of small businesses.
Types of LLC Accounts
The different types of LLC accounts are
- Domestic LLC is an LLC formed and operating in a single state.
- Foreign LLC is an LLC operating in multiple states and used when registering an existing LLC in another state.
- Series LLC has a parent LLC with one or more sub-LLCs operating under it.
- Nonprofit LLC is formed to support charities and social causes.
- Low-profit LLC (L3C) allows the distribution of profits to its members and offers tax benefits.
- Anonymous LLC is an LLC hiding the owners’ identities for privacy protection and is allowed only in Delaware, New Mexico, and Wyoming.
- Restricted LLC is a specialized Nevada LLC that is non-taxable and restricted to distribute profits for a decade after formation.
- Professional LLC (PLLC) is formed by licensed professionals, such as doctors, lawyers, and accountants.
Frequently Asked Questions (FAQs)
LLCs that exclusively transact online can choose to open a business bank account with Bluevine. It provides high yields and no monthly fees for its basic tier. Bluevine also provides invaluable business support for LLCs, such as international payments, accounting and business payment software integrations, subaccounts with unique account numbers, and high FDIC insurance.
Those who prefer a traditional bank will find Chase an excellent choice for its full suite of business banking products and services.
We recommend Mercury for startups looking for robust resources because it extends a fee-free checking account, investor network access, simple agreements for future equity (SAFEs), automated accounting, and high FDIC insurance Mercury is a fintech company, not an FDIC-insured bank. Deposits in checking and savings accounts are held by our banking services partners, Choice Financial Group and Evolve Bank & Trust ®; Members FDIC. Deposit insurance covers the failure of an insured bank. Certain conditions must be satisfied for pass-through insurance to apply. coverage.
The best bank for small businesses should offer minimal to no fees, interest earnings, and more business support products and services. It should provide physical locations for those seeking in-person banking and a seamless online experience for those preferring digital transactions.
Yes. While small businesses organized as sole proprietorships might be able to operate without a business bank account, an LLC should never operate without one. It allows you to keep your business and personal finances separate, helps you build business credit, simplifies tax payments, and lends credibility to your business.
According to the U.S. Chamber of Commerce[1], it is recommended for businesses to keep a minimum of three to six months’ worth of cash on hand. You should be able to access the money readily from your LLC bank account for any planned business investment or operating expense.
If your business is organized as an LLC, an EIN is needed to open a business bank account. The good news is that obtaining an EIN is very easy.
The easiest and fastest way to apply for an EIN is through the IRS website. You’ll answer a series of questions and receive your EIN online after you complete the questionnaire. The process takes about 10 minutes, and you can use the new EIN to file taxes around two weeks later. You can also fax or mail in IRS form SS-4 to apply for an EIN.
As an LLC, you should first open a small business checking account. This will allow you to conduct financial business with customers or other companies. You may also consider a business savings account to draw interest on your reserve funds. Consider opening both accounts with the same financial provider to move funds easily from one account to another.
Bottom Line
All the banks on this list can provide your LLC with an excellent business account combined with other essential business support products and services. Before choosing the best business account for LLCs, decide what features are most important for your business, and then select the account that best meets your company’s needs.
Reference:
[1]Cash on Hand: How Much Does Your Business Need? | CO- by US Chamber of Commerce
