6 Best Business Checking Accounts for LLCs in 2022

In our evaluation of the best business checking accounts for limited liability companies (LLCs), we selected accounts that avoid high fees and unnecessary charges, keep expenditures organized, and provide access to support if and when you need it. Daily transaction amount was also a factor since many accounts charge fees for high transaction volume.

Here are the six best business checking accounts for LLCs:

• BlueVine: Best overall business checking account for LLCs
• Axos Bank: Best for interest-earning checking and $200 welcome bonus
• Chase: Best traditional bank for LLCs, with a $300 welcome bonus
• Novo: Best for LLCs that want to avoid everyday fees
• Capital One Bank: Best for LLCs that want unlimited transactions
• First Internet Bank: Best for LLCs that want full-service digital banking

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BlueVine: Best Overall Business Checking Account for LLCs

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When to Choose BlueVine

• You want a high-yield business checking account
• You prefer to bank online and don’t need physical branches
• You don’t need any other deposit products

Fees & Terms

• Monthly fee: None
• Transaction fee: None
• APY: 1.50% on balances up to $100,000—to qualify for APY you must spend $500 a month with your BlueVine Business Debit card or receive $2,500 in customer payments via ACH, wire transfer, mobile deposit, or from your merchant payment processor
• Cash deposit fee: $4.95 fee at Green Dot ATMs
• ATM fee: No ATM fees at over 37,000 MoneyPass ATMs nationwide—$2.50 for out-of-network ATMs
• Minimum deposit: None
• Minimum balance: None

Why We Like It

We’ve selected BlueVine as our best LLC checking account thanks to its high-yield account at 1.50% APY up to $100,000. You can withdraw cash without fees at 37,000 ATMs through the MoneyPass network, and deposit checks and cash at 90,000 retail locations through Green Dot.

Business lines of credit up to $250,000 are available to all states except Nevada, North Dakota, South Dakota, and Vermont. To be eligible for a line of credit, you must have an excellent FICO score, at least $10,000 in monthly revenue, and have been in business for at least six months. If your LLC only needs a checking account and line of credit, BlueVine may be the perfect fit.

Axos Bank: Best for Interest-earning Checking & $200 Welcome Bonus

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When to Choose Axos Bank

• You want an interest-earning checking account
• You won’t be making cash deposits
• You prefer an online-only bank

Fees & Terms

• Monthly fee: None for Basic Business Checking, $10 for Business Interest Checking—can be waived if you maintain a balance of at least $5,000
• Transaction fee: Up to 200 free items—debits, credits, or deposited items—per month, 30 cents per item thereafter for the Basic Business Checking account—up to 100 free items per month for Business Interest Checking, 50 cents per item thereafter
• APY: None for Basic Business Checking and up to 0.81% APY for Business Interest Checking
• Outgoing wire fee (domestic): $15
• Outgoing wire fee (foreign): $50
• ATM fee: Refunds all ATM fees
• Minimum initial deposit: $100
• Minimum balance: None

Why We Like It

Axos Bank offers a high-yield checking account at 0.81% APY up to $49,999 as well as savings and money market accounts at competitive rates. If you’re a new LLC incorporated after June 1, 2020, you can earn a $200 bonus. Merchant services include hardware and software for debit and credit card processing as well as automated clearing house (ACH) and check services. If you occasionally need to deposit cash, you can purchase a money order and use the mobile app to deposit it.

Chase Bank: Best Traditional Bank for LLCs & $300 Welcome Bonus

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When to Choose Chase Bank

• You want the convenience of both branch and online banking
• You want to take advantage of merchant services

Fees & Terms

Note: These are the fees & terms for the Chase Business Complete Checking℠ account only.

• Monthly fee: $15—waived if you meet one of the following criteria:
  • Maintain a minimum daily balance of $2,000
  • Spend at least $2,000 in purchases—minus returns or refunds—using your Chase Ink® Business Card(s)
  • Deposit $2,000 into your Chase checking account from your QuickAccept℠ and/or other eligible Chase Merchant Services transactions at least one business day before the last day of your bank account statement period
  • Maintain a linked Chase Private Client Checking℠ account
• Transaction fee: First 20 free, then 40 cents per transaction
• APY: N/A
• Cash deposit fee: $2.50 per $1,000 after you deposit $5,000 in a billing cycle
• ATM fee: $2.50 per transaction at any non-Chase ATM, plus ATM operator fees
• Minimum deposit: None
• Minimum balance: None

Why We Like It

The Chase Business Complete Checking℠ account is a good choice for LLCs, thanks to its easy-to-waive monthly fee and $300 sign-up bonus. When you’re ready to add more products and services, you can meet with a financial relationship manager at Chase who can work with you to set goals and find the best solutions. Chase is one of the most convenient national banks, with thousands of branches and ATMs across the country. It’s our choice for best small business checking account.

Novo: Best for LLCs Who Want To Avoid Everyday Fees

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When to Choose Novo

• You frequently use ATMs
• You want to integrate your digital banking with other small business tools
• You want to bank with a company known for innovation

Fees & Terms

• Monthly fee: None
• Transaction fee: None
• APY: N/A
• Cash deposit fee: No cash deposits accepted
• ATM fee: Refunds all ATM fees
• Minimum deposit: None
• Minimum balance: None

Why We Like It

Thanks to its direct integration with Stripe, you can create and send invoices, view Stripe balances in your Novo account and get fee-free processing for your first $20,000. Novo allows easy integration with multiple third-party apps for accounting and ecommerce payments, such as Wise, Slack, Xero, QuickBooks, and Shopify. You also get discounts on licenses and packages for business services, including Gusto, Zendesk, HubSpot, Salesforce, and more.

Novo charges no fees for monthly maintenance and everyday transactions, such as debits, credits, deposits, ACH, incoming wire transfers, and stop payments.

Capital One Bank: Best for LLCs That Want Unlimited Transactions

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Note: Capital One currently requires that you visit a branch to complete an application to open a business savings account. There are branch locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C.

When To Choose Capital One Bank

• You live near a Capital One branch
• You need to make large cash deposits
• You don’t want to keep track of how many transactions you can make before being charged a fee

Fees & Terms

Note: These are the fees & terms for the Spark Business Basic Checking account only:

• Monthly service fee: $15—waived if you maintain a $2,000 minimum 30- or 90-day average balance or have two other Capital One accounts
• Transaction fee: Unlimited free transactions
• APY: N/A
• Cash deposit fee: Up to $5,000 per month free—$1 for every $1,000 after that
• ATM fee: $2 fee at non-Capital One ATMs
• Minimum deposit: $250
• Minimum balance: None to maintain the account

Why We Like It

The Spark Business Basic Checking account from Capital One has no limits on everyday banking transactions. Deposits, withdrawals, and transfers are all unlimited, not including cashier’s checks, international wires, and other services. However, cash deposits are charged $1 for every $1,000 after depositing $5,000 in a single month, so it may not be the best fit for cash-heavy LLCs. We chose it as one of our best banks for small businesses.

First Internet Bank: Best for LLCs Who Want Full-service Digital Banking

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When to Choose First Internet Bank

• You want interest-earning checking
• You want to have your business accounts and personal accounts at the same bank
• You prefer to bank online and don’t need physical branches

Fees & Terms

• Monthly fee: None
• Transaction Fee: None—offers unlimited transactions
• APY: 0.30% on balances of $10,000 or more
• Cash deposit fee: None
• ATM fee: None—reimburses up to $10 per month in ATM fees
• Minimum deposit: $100
• Minimum balance: None

Why We Like It

First Internet Bank offers a business checking account that yields a competitive interest rate for LLCs: a 0.30% APY if you maintain an average daily balance of $10,000 or more. In addition, even though it’s an online-only bank, it provides all the products and services available at a brick-and-mortar bank: business savings, money market savings, and eight business certificate of deposit (CD) term options. It also offers an extensive list of lending products, including mortgages, auto loans, student and United States Department of Veterans Affairs (VA) loans, home equity lines of credit (HELOCs), and more.

Bottom Line

When you’re deciding on a checking account for your LLC, consider if your business will need other products and services. Customer service is also a factor: do you prefer in-person, phone, email, or live chat? Selecting a business checking account is a good starting point for partnering with a bank that can help you reach your financial goals. For more information, check out our article on opening a business bank account.