11 Best Business Bank Accounts for LLCs

The best business bank account for LLCs should be able to support your business as it continues to grow. 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 integration. Some of the financial companies on this list specialize in support for LLC organizations, e.g., tools to help your business become an LLC. Also, while some have limited product offerings, the account they offer is strong enough to earn a spot here.

Here are the 11 best business banking accounts for LLCs with links directly to the provider:

• Chase Member Federal Deposit Insurance Corp. (FDIC). : Best overall for full-service small business banking tools and premium checking
• 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
• 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
• U.S. Bank Member FDIC. : Best for businesses with low transaction volumes
• Mercury Provider is a fintech platform backed by and FDIC-insured through supporting bank partnerships with Choice Financial Group and Evolve Bank & Trust. : Best for tech companies, startups, and businesses needing additional FDIC insurance
• 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
• Live Oak Bank Member FDIC : Best business savings account with high APY
• U.S. Bank MMA Member FDIC. : Best traditional bank money market account with bonus introductory rate
• Grasshopper Member FDIC. : Best digital-only bank for earning interest on larger balances

Best Business Bank Accounts for LLCs at a Glance

Chase: Best Overall for Small Business Banking Tools & Premium Checking

When to Choose Chase

With excellent business checking products and great business support, Chase is our choice for the best bank for business account LLC. It 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. You can read our comparison of Chase’s business checking accounts to see which best fits the needs of your LLC.

The basic checking product, Business Complete Banking, allows for 20 free transactions and $5,000 in free cash deposits monthly. Some LLCs may consider upgrading to Performance Business Checking, which gives you 250 transactions and $20,000 in cash deposits free each month. The highest-tier account, Platinum Business Checking, is the best premium business checking account on the market, but it comes with a $95 monthly fee.

The company also offers a variety of other business services and access to 401(k) plans through J.P. Morgan. There is also information on its website discussing regulations in parts of the US requiring businesses to enroll employees in a state-run individual retirement account (IRA) and how Chase can help your business comply with those laws. You can visit Chase’s 401(k) solutions page to learn more.

For organizations needing merchant services, Chase offers those as well. You can even sign up for collection services, ACH payment services, and online account access through Chase’s access and security manager.

Before signing up for an account, visit Chase’s website for more specific information about which documents are required from LLCs.

Bluevine: Best for Earning Interest and Premium Digital Business Checking

When to Choose Bluevine

If you want to earn interest, Bluevine is an excellent option. You can earn 2.0% APY on balances of up to $250,000 with Bluevine Standard business checking if you meet one of the following criteria:

1. Spend $500 or more a month with a Bluevine Business Debit Mastercard issued by Coastal Community Bank
2. Receive $2,500 per month in customer payments into your account via ACH, wire transfer, mobile check deposit, or directly from a merchant payment processing provider

Bluevine also offers premium checking accounts, Bluevine Plus, and Bluevine Premier. They have higher APYs and reduced monthly fees for same-day ACH transfers and outgoing domestic and international wires. In addition, Bluevine provides extended FDIC insurance of up to $3 million using partner banks and a sweep network. Check out our Bluevine business checking review for more details.

The provider charges no transaction fees and has no minimum deposit or balance requirements. Its lack of fees makes it one of our best bank accounts for self-employed.

Further, it offers the ability to send international payments. 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 time, and can be received in as fast as 24 hours.

You will need to have your organization’s documents ready when you apply, which can be one of the following: articles of organization, certificate of formation, or assumed name certificate. You will also answer other questions about your business during the application process; for more details, see Bluevine’s help page on applying for a checking account.

Novo: Best Digital-only Provider for Rapid Access to Funds & Faster Payments

When to Choose Novo

For LLCs wanting faster access to funds and more rapid payment processing, Novo is a great choice for a business checking account.

Novo Boost allows you to receive payments from your Stripe account faster than other providers, whereas Novo’s Express ACH enables you to accept or send same-day ACH payments. The combination of Novo Boost and Express ACH gives you access to your money faster than other digital-only providers.

To further expedite the payment process, users can now connect Stripe, Square, or PayPal and get paid via card, Apple Pay, Google Pay, PayPal, or Venmo.

In addition, Novo refunds ATM fees up to $7 each month, making it a good choice for LLCs needing to make frequent ATM withdrawals. However, cash deposits must be made through money orders through the app. Novo doesn’t charge for this, but you will have to purchase money orders from US Postal Service (USPS) locations for up to $3 for money orders amounting to more than $500 to $1,000.

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. For instant access to financing, Novo also lets you apply online for merchant cash advances (MCAs) through Novo Funding, where you get up to $75,000.

While you cannot order checks through Novo, you can send paper checks directly from its app. You will also get access to a digital debit card through the app, which you can use while waiting for your physical debit card. It also lets you send an unlimited number of invoices for free.

Relay: Best for LLCs Needing Multiple Accounts & Debit Cards

When to Choose Relay

With no monthly account fees, up to 20 checking accounts, and 50 Mastercard debit cards, Relay is a great choice for LLCs looking to categorize their funds in multiple accounts and easily track company spending.

It offers both basic and pro-level accounts. Relay Pro, which starts at $30 a month, provides faster ACH transfers, free wires, auto-imported bills from QuickBooks Online or Xero, and other advanced payment dashboard features.

Relay’s Standard account charges no monthly fees, has no minimum balance or opening deposit requirements, and has no overdraft or bounced check fees. Outgoing wires are one of the few fees charged in basic checking, but at $5 for domestic and $10 for international, those fees are still among the lowest wire fees on this list.

With Relay, you can assign role-based permissions to allow different access levels to the Relay account. Each user will have their own login and two-factor authentication. Also, Relay now allows you to make cash deposits at Allpoint ATMs, though you are limited to $1,000 per transaction and $2,000 per day. You can also deposit at Green Dot retail locations but a fee of $4.95 is charged per deposit.

There are a few other drawbacks to Relay. It is digital-only, so there are no physical locations to visit. It also currently does not offer lending products. However, customers are allowed to open two savings accounts per business, which earn up to 3% APY depending on their balances.

U.S. Bank: Best for Businesses with Low Transaction Volumes

When to Choose U.S. Bank

For LLCs with limited monthly transactions, U.S. Bank is an excellent choice for a business checking account. There is no monthly fee for its basic business checking, known as Silver Business Checking. If you don’t exceed 125 business transactions or $2,500 in cash deposits monthly, this account should meet your business needs.

U.S. Bank business accounts are now available nationwide. Previously, they were only available to businesses organized in the 27 states where U.S. Bank has a branch.

If you’re looking to incorporate your business as an LLC, U.S. Bank has you covered there as well. U.S. Bank partners with MyCorporation to allow you to form a corporation or an LLC for as little as $99.

If you need a higher free transaction limit or deposit larger amounts of cash monthly, U.S. Bank offers two higher-tier accounts. There are waivable monthly fees for the Gold and Platinum Business Checking accounts, but both allow more free transactions and other perks.

Additionally, you can earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account (promo code: Q3AFL24) and complete qualifying activities, subject to certain terms and limitations—offer valid through September 30, 2024. Member FDIC.

Check out our U.S. Bank business checking review for details on all the available business checking products offered by the company, including a great nonprofit checking account, which offers up to 1,800 free transactions yearly with no maintenance fees or minimum balance requirements. Because of these factors, U.S. Bank is one of our best banks for nonprofits.

Mercury: Best for Tech Companies, Startups & Businesses Needing Additional FDIC Insurance

When to Choose Mercury

For LLCs focused on technology or in the startup stage, Mercury is a good choice. It is one of our top-recommended banks for startups, and its business checking and savings accounts are free, with no minimum deposit or balance requirements.

In addition, you can get a $300 cashback bonus if you spend $2,000 on your debit or credit card within the first 90 days of account opening. Mercury also added a credit card product that offers 1.5% cash back and unlimited virtual cards.

One of the company’s best perks is its Mercury Vault product. With Vault, Mercury will use sweep accounts to help you insure your business funds for up to $5 million with the FDIC.

It also offers a Treasury account, which you can request once you have over $500,000 in your Mercury accounts. Money in the Treasury account can earn up to 5.36% APY, with rates changing weekly.

Another benefit offered by Mercury is it allows LLCs to create up to 14 sub-accounts to help categorize expenses per vendor. LLC account holders can also save on fees when withdrawing at over 55,000 Allpoint ATMs. Mercury does not charge nonnetwork ATM fees as well, although third-party operator fees may apply.

Mercury has great software integration with QuickBooks and Xero and other integrations with Shopify, Stripe, Zapier, Amazon, and PayPal. It also has a great perks page that allows you to advertise deals for your business through the Mercury homepage—visit Mercury’s perks page for the list of deals.

One drawback is its inability to deposit cash. Outside of its credit card product and venture capital term loan program, no standard lending products are available.

Found: Best Digital-only Provider for Self-employed Professionals with Single-member LLCs

When to Choose Found

For self-employed business owners organized as a single-member LLC, or those planning to organize as such in the future, Found is a great option. It is a great all-in-one product that allows you to use bookkeeping, which is integrated into the app, to manage your finances.

The integration allows you to categorize expenses, capture receipts, and set custom rules with its app. You also get unlimited free invoicing, which can be customized with your company’s logo and colors. Your customers can pay those invoices directly through payment apps.

The provider doesn’t charge for any ATM withdrawals; however, Found doesn’t list its ATM network on its website. You can deposit cash at over 79,000 retail locations, and eligible customers can deposit checks directly through the app.

Found offers fee-free business checking options without transaction limits, has robust tax tracking and preparation software, allows you to complete and send your Schedule C directly from the app, and lets you pay your tax bill directly. One drawback is only incoming domestic wires are available.

For advanced business tools, you can subscribe to Found Plus for $19.99 monthly (or $149.99 yearly) to earn an APY, access priority customer support, customize more bookkeeping categories, pay taxes through the app, and more.

One thing to consider for LLCs is that Found accounts are opened in your name as opposed to your business’ name—so the structure of your business doesn’t matter when opening an account. You can open an account with your social security number instead of an employer identification number (EIN). You can later add an EIN to your account.

Found is one of the best business bank accounts for single-member LLCs because the account is opened in your name and can be opened with a social security number. If your LLC has more than one member, you should consider the other providers above.

Capital One: Best Traditional Bank for Free Unlimited Transactions

When to Choose Capital One

Capital One is an excellent choice for a business checking account. You can open a business checking account online with a representative, or at a local branch. Your account provides free unlimited deposits, withdrawals, and transfers, excluding international wires, cashier’s checks, and other services.

The company has two business checking products. For Basic Checking, the $15 monthly fee is waived with just a $2,000 average daily balance over either the last 30 or 90 days.

LLCs seeking fee-free ATM withdrawals can maximize Capital One’s robust ATM network, which includes 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.

Businesses with higher balances can opt for Enhanced Checking, which costs $35 per month but offers free incoming domestic wires and five monthly outgoing domestic wires. Capital One also has lending products and business credit cards.

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

Live Oak Bank: Best Business Savings Account with High APY

When to Choose Live Oak Bank

Live Oak Bank, a fully digital bank, offers businesses one of the most solid interest yields in the market. You get an APY of 4.0% by opening a business savings account with no required opening deposit, maintaining balance, and monthly fee. A one-cent balance is all that’s needed to start earning interest.

LLCs with excess cash reserves and planning future projects can safely keep their funds in Live Oak Bank’s business savings account for ready access while simultaneously accumulating top-tier interest. Given the considerably high APY, Live Oak Bank tops our list of the best business savings accounts.

It also offers other business banking products, such as CDs, checking accounts, SBA loans, and USDA loans. Additionally, LLCs with at least $350,000 balances can participate in the bank’s insured cash sweep program to access an FDIC insurance coverage of up to $10 million for maximum protection.

One drawback is that the bank does not have physical branches, so cash-reliant LLCs should consider opening an account at a traditional bank.

U.S. Bank MMA: Best Traditional Bank Money Market Account With Bonus Introductory Rate

When to Choose U.S. Bank MMA

For LLCs seeking a savings product with high interest, U.S. Bank’s Platinum Business Money Market account offers a bonus rate to new users. You can earn up to 4.34% APY depending on your tiered balance.

Here is the tier structure for interest earnings, including the bonus rate:

• Below $25,000: 0.05%
• $25,000 to $49,999.99: 0.05% (up to +4.34% bonus APY)
• $50,000 to $249,999.99: 0.25% (up to +4.34% bonus APY)
• $250,000 to below $1 million: 0.60% (up to +4.34% bonus APY)
• $1 million to below $3 million: 1.15% (up to +4.34% bonus APY)
• $3 million and above: 1.15%

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. LLCs that open a new Platinum Business Money Market account before August 7, 2024, will get an additional bonus APY rate of up to 4.34%. Note that rates are subject to change at any time and may vary based on your business location.

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 $15 monthly fee can be waived when you keep at least a $10,000 daily balance. The first 25 deposits are free, but 25 cents will be charged per additional transaction.

The business money market accounts earn daily compounded interest that is paid monthly. Additionally, the accounts are FDIC insured up to $250,000. However, balances below $25,000 and $3 million and above don’t qualify for a bonus rate.

U.S. Bank requires LLCs to present a business’ EIN or tax ID number, legal documents that indicate when the company was formed, and government-issued IDs of the authorized signers.

Grasshopper: Best Digital-only Bank for Earning Interest on Larger Balances

When to Choose Grasshopper

LLCs looking for a digital bank account with high yields for large reserves can open a Grasshopper Accelerator Checking account. It has no monthly service fee and offers tiered interest of up to 2.25% 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. .

If you pair your Accelerator Checking account with an Accelerator Money Market Savings account, your APY further increases to 4.0%, as long as you maintain a balance of $50,000 and above. In addition, you also earn 1% cash-back rewards from your online and in-store purchases when you use your debit card.

With a Grasshopper business checking account, you can access free bill pay, domestic wire transfers, and ACH—provided you meet the account balance requirement of $25,000 or greater. LLCs with large balances can also get more fund protection with FDIC insurance coverage of up to $125 million.

Another benefit Grasshopper Bank provides is 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 integrates seamlessly with QuickBooks.

As a Preferred SBA lender, Grasshopper also helps small businesses access needed financing through SBA loans for additional working capital and acquisitions. Generally, SBA loans have low down payments and competitive terms. The bank also offers commercial real estate loans starting at $1 million.

If you have a cash-reliant LLC, your business needs may not be served by Grasshopper since the bank does not accept cash deposits. You can choose traditional banks with brick-and-mortar branches.

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:

1. Can you meet the criteria to get the monthly fee waived?
2. Does the account offer enough free cash deposits or transactions to meet your business needs?
3. 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

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)

Do you need a business bank account for LLC?

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Do I need an EIN to open a business bank account?

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What kind of bank account should I open as an LLC?

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Should my LLC use a personal bank account for business?

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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.