6 Best Business Checking Bank Accounts for LLCs 2020

The best business checking bank accounts for LLCs include a mix of traditional and online bank accounts. LLCs are companies that have limited protection over personal assets. An LLC bank account also helps to protect your personal assets by separating personal and business expenses, while offering features that make LLC banking easier, including payroll services and accounting software integration.

The best business checking bank accounts for LLC owners of 2020 are:

• Chase Bank: (Best overall) Best for free checking with low account balances
• Bank of America: Best for cash-based LLCs
• Capital One: Best for LLCs with high-volume transactions
• Wells Fargo: Best for flexibility for growing LLCs
• Axos: Best for multiple LLC accounts
• Azlo: Best for online-based fee-free Checking

For more details on how we evaluate small business checking accounts for LLC owners on this list, see our methodology.

Chase Bank: Overall Best Business Checking Bank Account for LLCs

The Chase Total Business Checking account is the best business checking bank account for LLCs because it offers nationwide locations along with a variety of business products. It also offers the lowest balance requirements for a traditional bank—a minimum daily balance of $1,500 to waive the monthly fee. It’s a solid pick for LLCs that need to make cash deposits because it has nearly 4,900 branch locations and over 16,000 ATMs nationwide.

Who it’s best for: LLCs that don’t have the revenue to keep a minimum average monthly balance higher than $1,500. Startups can process their business transactions without a steep minimum balance.

Chase Bank Introductory Offer

Chase Bank offers new business Chase members a $300 bonus after meeting deposit qualifications. To qualify for the introductory bonus, deposit $1,000 within 20 business days of account opening. Maintain that balance for 60 days and make five qualifying transactions. Qualifying purchases include debit card purchases and ACH and wire transactions.

Compare this introductory reward to Bank of America.

Chase Bank Fees

• Monthly fee: $15, or $12 with paperless statements; waived with an average monthly balance of $1,500, or by meeting other criteria
• Transaction fee: $0 for the first 100 transactions, 40 cents each transaction thereafter
• Cash deposit fees: $0 for the first $5,000 per statement cycle, $2.50 per $1,000 thereafter
• ATM fee: $0 for in-network transactions, $2.50 for each non-Chase transaction

Owners can also avoid the monthly maintenance fee by having a linked Chase Private Client Checking℠ or Chase Sapphire® Checking personal account. Chase doesn’t charge for incoming and outgoing electronic transactions like Automatic Clearing House (ACHs) or mobile deposits. These types of transactions are free with all Chase business accounts.

Chase Bank Additional Features

• Additional payroll and merchant services
• Other business accounts, including business savings accounts and two other business checking accounts—Chase Performance Business Checking® (for and when your monthly cash deposits exceed $5,000) and Chase Platinum Business Checking℠ (for when your monthly cash deposits exceed $20,000).
• Free online and mobile banking with bill pay services and 24/7 customer support.
• Chase also offers some of the best business credit cards available

 

Bank of America: Best for Cash-based LLCs

The Bank of America Business Fundamentals checking account offers LLC bank account services online and at physical branch locations. This account has free cash deposits up to $7,500 each statement period along with multiple options to avoid the monthly service fee. With 4,300 branch locations and over 16,000 ATMs, Bank of America is a good option for mid to large cash-based LLCs.

Who it’s best for: Mid to large LLCs that make multiple cash deposits a month and can maintain a minimum balance of $3,000 to earn free checking.

Bank of America Introductory Offer

• $100 if you open a new small business checking account and make deposits of $1,000 or more within the first 60 days
• $50 if you set up and process at least two bill payments within the first 60 days
• $300 credit card statement credit when you apply for and are approved for a new small business credit card, and spend $3,000 in purchases within the first 90 days

Bank of America Bank Fees

• Monthly fee: $14 to $18, depending on location; waived by maintaining a minimum daily balance of $3,000 or by meeting other criteria:
  • Spend $250 in net purchases on a small business debit or credit card
  • Maintain an average monthly balance of $5,000 or more
  • Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America business accounts
• Transaction fee: $0 for the first 200 transactions each month, 45 cents per transaction thereafter
• Cash deposit fee: $0 for the first $7,500 each month, 30 cents per $100 thereafter
• ATM fee: $0 for in-network transactions, $2.50 for each non-Bank of America transaction

Compare these fees with Chase Bank.

Bank of America Additional Features

• A variety of other business accounts built for LLCs and small businesses
• Payroll and merchant services with ADP and Intuit for larger businesses
• Integrates with bookkeeping tools like QuickBooks
• Free online and mobile banking with bill pay services and 24/7 customer support
• Bank of America also offers business credit cards

Capital One: Best for LLCs With High-volume Transactions

The Capital One Spark Business Basic Checking is one of the best business checking bank accounts for LLC owners who process a large number of monthly transactions. Capital One offers unlimited transactions and no transaction fees. There’s also no service fee when you keep a minimum of $2,000 in your account. Capital One has more than 39,000 in-network ATMs and approximately 750 branch locations in the US but you must visit a branch to apply.

Who it’s best for: LLCs located in Connecticut, Delaware, Louisiana, Maryland, New Jersey, New York, Texas, Virginia, and Washington, D.C., that process more than 200 transactions each month. Capital one is only one of two banks on our list that offers unlimited free transactions.

Capital One Introductory Offer

Like Chase and Bank of America, it’s common for Capital One to offer introductory bonuses to new business customers. Although there aren’t any current promotions available, offers are typically based on market and region. Check with your local Capital One branch location to see if there are any bonuses available for opening a new LLC bank account.

Capital One Bank Fees

• Monthly fee: $15; waived if you maintain a $2,000 minimum 30 or 90-day average balance or if you have two other Capital One accounts
• Transaction fee: None
• Cash deposit fee: $0 for the first $5,000 per month; $1 for every $1,000 thereafter
• ATM fee: $0 for in-network transactions, $2.50 for each non-Chase transaction, $5 for Certain ATMs owned and operated by Capital One Bank within gaming establishments

The Capital One Spark Business Basic Checking charges the lowest fee for cash deposits than any other bank account on our list. Compare these fees to Chase.

Capital One Additional Features

• Online banking with bill pay and online deposits
• Merchant, and invoicing services
• Escrow services
• Other LLC bank accounts including business savings and loans
• Capital One also offers five business credit cards

 

Wells Fargo: Best for Flexibility for Growing LLCs

The Wells Fargo Business Choice Checking account is one of the best business checking bank accounts for LLC owners because it offers a variety of business solutions. It offers multiple business banking services beyond checking accounts, so you can keep all your banking within one bank. Business owners get up to 200 free transactions and up to $7,500 a month in free cash deposits. LLC owners will also have access to over 5,600 locations and 13,000 ATMs.

Who it’s best for: Growing LLCs who may need to scale their checking account as their business needs change.

Wells Fargo Introductory Offer

Wells Fargo sometimes offers introductory rates and bonuses for new LLCs and account holders, which includes cash bonuses once you meet certain balance qualifications. Wells Fargo doesn’t currently offer a signup bonus for its business checking accounts. Promotions are often regional and you should check with your local Wells Fargo branch for any current promotional details.

If you want to earn an introductory reward, consider Bank of America.

Wells Fargo Bank Fees

• Monthly fee: $14 per month; waived if you maintain a $7,500 average daily balance, or by meeting another one of the following criteria:
  • $10,000 in combined balances
  • 10 or more posted business debit card purchases/payments
  • A linked Direct Pay service
  • Qualifying transactions from a linked Wells Fargo Merchant Services account
  • Qualifying transactions from a linked Wells Fargo Business Payroll Services
• Transaction fee: First 200 total transactions free, 50 cents thereafter
• Cash deposit fee: Up to $7,500 free, 30 cents per $100 thereafter
• ATM fee: $2.50 per withdrawal at out-of-network ATMs in addition to ATM operator fees; however, there is no charge for using any of the 13,000-plus ATMs in the Wells Fargo network

Businesses that process more than 200 transactions should consider the Wells Fargo Platinum Business Checking, which allows for 500 fee-free transactions and up to $20,000 in free cash deposits. However, owners will need to keep an average balance of $25,000 with that account.

Wells Fargo Additional Features

• Other business accounts, including two other business checking accounts
• Online banking with bill pay and mobile deposits
• Payroll services
• Card Design Studio which allows owners to put their business tagline and logo directly on their business debit and credit card
• Management tools that allow you to review employees that have access to your LLC
• Wells Fargo also offers three business credit cards

Learn more: Wells Fargo reviews

Axos: Best for Opening Multiple LLC Accounts

Axos Bank’s Basic Business Checking is best for real estate LLCs that need to operate multiple LLC bank accounts under one main business account. It’s an online bank, so there aren’t physical locations. However, Axos has no monthly maintenance fees and offers unlimited ATM reimbursements for all out of network ATM charges. This account requires a minimum $1,000 opening deposit.

Who it’s best for: LLC owners who own multiple real estate properties and don’t need to process cash deposits or visit a branch. You can open multiple Basic Business Checking accounts and link all of them under one main account.

Axos Bank Introductory Offer

Axos Bank sometimes has incentives for newly formed businesses that open accounts, however, Axos Bank does not currently have any introductory offers. If you’re looking for a bank that does offer an introductory reward, consider Chase Bank.

Axos Bank Fees

• Monthly fee: $0
• Transaction fee: 200 free transactions per month, 30 cents per item thereafter
• Cash deposit fees: Cash deposits aren’t accepted
• ATM fees: None; unlimited ATM reimbursements for all out of network ATM charges

Axos Bank’s incoming wire transfer fees are lower than any other account on our list. International and domestic outgoing wires are also free for LLC bank account owners that request them online. Compare these costs to Bank of America.

Axos Bank Additional Features

• First set of 50 checks for free
• Integrates well with QuickBooks
• Online banking with mobile deposits and bill pay services
• Additional LLC bank accounts, including CDs, business savings, and money market accounts

 

Azlo: Best for Online-Based Fee-Free Checking

Azlo Bank is one of the best business checking accounts for LLC owners because it offers completely fee-free checking. Although Azlo is an online bank like Axos, it offers access to over 55,000 in-network ATMs. This LLC bank account is best for businesses that use payment services because it integrates well with Stripe, Square, and PayPal.

Who it’s best for: LLCs that make most of their business transactions online without the need for cash deposits. This is also a good fit for LLC owners who want a fee-free, online-only business checking account.

Azlo Bank Introductory Offer

Azlo doesn’t offer any introductory bonuses or incentives for opening an LLC bank account. If you want to earn an introductory reward, consider Chase Bank.

Azlo Bank Fees

• Monthly fee: None
• Transaction fee: None
• Cash deposit fee: Cash deposits aren’t accepted
• ATM fee: None

Azlo is a completely fee-free LLC bank account, but with its a large network of 55,000 ATMs, LLC owners can process check deposits and withdrawals at any one of these ATMs without incurring a fee. However, it doesn’t offer ATM reimbursements like other online banks. Compare these fees to Axos.

Azlo Bank Additional Features

• Stripe, Square, and PayPal integration
• Online banking and mobile deposit access
• Access to short-term business loans through Kabbage

Learn more: Azlo Bank Reviews

How to Open an LLC Bank Account

Opening a business bank account for an LLC starts with deciding what bank account is right for you. LLC owners should compare each bank account’s fee structure and available services to decide if it’s compatible with your LLC activities. For example, small LLCs, startups, and new freelancers may have low activity that doesn’t require a high traffic-account—which will help them save money on unnecessary service fees.

Each LLC bank account has different pricing, products, and features that cater to a range of business needs. Once you identify your LLC needs, you can decide which account and bank will be the right fit. You’ll need to provide business documents showing your LLC registration along with your EIN number. Most banks allow you to open an account online, however, some, like Capital One, require an in-person visit.

How We Evaluated the Best Business Checking Bank Accounts for LLC

The best business checking bank accounts for LLC owners include low to no monthly and transaction fees. The best LLC bank accounts also offer ATM access and business services like app integration and mobile deposits that will benefit LLC owners. See methodology in detail.

Bottom Line

Choosing an LLC Bank account for your business doesn’t have to be a difficult process. If you’re looking for the best business checking bank accounts for LLC owners, you’ll need to compare each account’s fee structure, benefits, and accessibility. The best LLC bank accounts have business products that can cater to all three of these elements in a manner that fits the size and activity of your LLC.