6 Best Business Checking Accounts for LLCs for 2021

Editor’s note: This is a recurring post with regularly verified account details.

As a limited liability company (LLC) owner, you can open a checking account at most traditional and digital banks to help separate your business and personal finances. The best accounts have features that make LLC banking more convenient, including payroll services and accounting software integration. When you’re choosing an account, pick one that offers benefits and features that will be advantageous to your LLC.

The best business checking accounts for LLC owners are:

• Chase Bank: Best overall 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 growing LLCs
• Axos: Best for newly registered LLCs
• PNC: Best for LLCs with basic banking needs

Chase Bank: Overall Best Business Checking Account for LLCs

Chase tops our list of LLC business checking accounts because it offers nationwide locations with a variety of business products. Chase also offers one of the lowest balance requirements among traditional banks to waive the monthly fee, which is a minimum daily balance of $1,500. Chase is a great option if your LLC handles cash often because it has nearly 4,900 branch locations and more than 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.

Fees & Terms

• 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 prior to the last day of your bank account statement period
  • Maintain a linked Chase Private Client Checking℠ account
• Transaction fee: First 20 transactions free, and then 40 cents each transaction thereafter; no charge for electronic deposits and deposited items made via ATM, automated clearing house (ACH), and Chase QuickDeposit
• 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 and $2.50 for each non-Chase transaction
• Minimum deposit: None
• Minimum balance: None to maintain the account

Why We Like It

Chase has several branch locations and a large ATM network nationwide, which means it’s convenient to process cash transactions. It offers an introductory cash bonus and easy options to waive the monthly fees. Furthermore, Chase doesn’t charge for incoming and outgoing electronic transactions like ACH or mobile deposits, nor do these activities count against your free transactions.

Visit Chase

Bank of America: Best for Cash-based LLCs

Bank of America is an excellent option for LLC owners who handle loads of daily cash transactions because it allows up to $7,500 cash deposits every month without a fee. With more than 4,000 branch locations and nearly 17,000 ATMs, Bank of America is a good option for midsized to large cash-based LLCs. If you’re stuck between Bank of America and Chase, don’t worry because we have your back. Read our comparison article of the two banks, which will help you make a sound decision.

Who it’s best for: Midsized to large LLCs that make multiple cash deposits a month and can maintain a combined average monthly balance of $5,000 to earn free checking.

Fees & Terms

• Monthly fee: $16. To avoid the monthly fee, meet one of the following requirements during each banking statement cycle:
  • Maintain a $5,000 combined average monthly balance
  • Use a Bank of America business debit card to make at least $250 in new net qualified purchases
  • Become a member of Preferred Rewards for Business (first four checking accounts, per enrolled business)
• Transaction fee: First 200 transactions free and then 45 cents per transaction thereafter. The following types of transactions do not count against your transaction limit: ACH, debit card transactions, online bill pay electronic debits, and checks deposited through Remote Deposit Online.
• Cash deposit fee: $0 for the first $7,500 each month, and 30 cents per $100 thereafter
• ATM fee: $0 for in-network transactions and $2.50 for each non-Bank of America transaction
• Minimum deposit: $100
• Minimum balance: None

Why We Like It

We like Bank of America because it also allows you to earn an introductory bonus of up to $500 when you complete the qualifying account activities. This is a great bank of choice for LLCs that deal with cash frequently because of its 200 free monthly transactions and up to $7,500 cash deposits.

Visit Bank of America

Capital One: Best for LLCs With High-volume Transactions

LLCs that need to process a large number of monthly transactions will find Capital One as the best bank of choice. It offers unlimited transactions with no transaction fees. This bank has more than 39,000 in-network ATMs and approximately 750 branch locations in the United States. However, an online application is not available, and you must visit a branch to open an account.

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.

Fees & Terms

• 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, and $1 for every $1,000 thereafter
• ATM fee: $0 for in-network transactions, $2.50 for each non-Chase transaction, and $5 for certain ATMs owned and operated by Capital One Bank within gaming establishments
• Minimum deposit: $250
• Minimum balance: None to maintain the account

Why We Like It

Capital One made it to our list because it offers free unlimited transactions. This is a great option for LLCs who need to make a significant number of transactions per month. It also offers up to $5,000 free monthly cash deposits, a waivable monthly fee, and a large ATM network nationwide.

Visit Capital One

Wells Fargo: Best for Growing LLCs

It’s always a bonus when you can keep all your business banking in one financial institution. Wells Fargo allows you to do just that with the variety of business solutions available to LLC owners. This bank offers business banking services beyond checking accounts, including SBA and business lending, savings accounts, and other checking accounts you can utilize as you scale your LLC.

Who it’s best for: Growing LLCs that need to scale their checking account to meet their business’s changing needs.

Fees & Terms

• Monthly fee: $10 per month; waived if you maintain a $500 average daily balance
• Transaction fee: First 100 total transactions free, and 50 cents thereafter
• Cash deposit fee: 30 cents per $100 deposited after $5,000 in monthly deposits
• 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
• Minimum initial deposit: $25
• Minimum balance requirement: None

Businesses that process more than 100 transactions should consider the Wells Fargo Navigate Business Checking that allows for 250 fee-free transactions and up to $20,000 in free cash deposits. However, owners will need to keep an average balance of $10,000 to maintain that account.

Why We Like It

Wells Fargo is an excellent choice if your LLC needs checking account options that can scale with your business’s growth. Another great thing about Wells Fargo is that this bank makes it easy to avoid its monthly fee by only requiring a $500 average daily balance.

Visit Wells Fargo

Axos: Best for Newly Registered LLCs

If you registered your LLC after June 1, 2020, you can earn a $100 welcome bonus when you open an account with Axos Bank. Axos is an online-only bank that offers fee-free banking with no minimum balance requirements. It also offers free online bill pay, your first set of 50 checks for free, and unlimited domestic ATM fee reimbursements. If you have employees, you may find banking with Axos advantageous as it offers workplace banking which allows employees to open low-fee accounts.

Who it’s best for: Newly registered businesses that want to earn a welcome bonus and those with employees.

Fees & Terms

• Monthly fee: None for Basic Business Checking; $10 for Business Interest Checking, which can be waived if you maintain at least a $5,000 balance
• Transaction fee: 30 cents per item in excess of 200 free items per month for Axos Basic Business Checking account; 50 cents per item in excess of 50 free items per month for Business Interest Checking
• Outgoing wire fee (domestic): $15
• Outgoing wire fee (foreign): $50
• ATM fee: Refunds all ATM fees
• Minimum initial deposit: $1,000
• Minimum balance: None
• APY: None for Basic Business Checking and up to 0.81% APY for Business Interest Checking

Why We Like It

Axos Bank made it to our list of best checking accounts for LLC because it rewards newly incorporated businesses with a welcome bonus of $100 upon account opening. Additionally, Axos can also help your employees improve their financial wellness through its Workplace Banking program. This program allows employees access to financial literacy tools as well as personal account perks.

Visit Axos

PNC: Best for LLCs with Basic Banking Needs

PNC Bank’s basic checking account is a good option for LLCs that have basic banking needs and want a free setup for overdraft protection. PNC offers cash rewards when you open and use a qualifying PNC business checking account within the promotional period. You can earn up to $200 when you open a qualifying account, maintain a minimum average balance of $5,000 every month for the first three months, and make at least 20 total eligible debit card transactions within the first three statement cycles. Moreover, PNC also offers other business checking account options to cater to a growing business’s needs.

Who it’s best for: LLCs that only need a basic checking account with free overdraft protection setup.

Fees & Terms

• Monthly fee: Free for the first three months, then $10 per month; waived if you:
  • Maintain a $500 average monthly balance
  • Make a minimum of $500 eligible purchases using a linked PNC business credit card
  • Maintain a linked PNC Merchant Services® account and generate a minimum of $500 in qualifying monthly processing deposits
• Transaction fee: First 150 total transactions free, and 50 cents thereafter
• Cash deposit fee: 25 cents per $100 deposited after $5,000 in monthly deposits
• ATM fee: $3 to $5 at non-PNC Bank ATMs
• Minimum initial deposit: $100
• Minimum balance requirement: None

Why We Like It

What we like about PNC Bank is that it provides a free setup for overdraft protection and an easy-to-waive monthly fee. It is also one of the few banks that offer cash rewards when qualifying conditions are met.

Visit PNC

Honorable Mention: BlueVine Business Checking

BlueVine’s business checking account is ideal for LLC owners who value online banking and want to earn an ongoing APY. Aside from offering an ongoing APY, BlueVine also provides the customer support you’d expect from your traditional bank, and you can access business lending through its several financial products.

Who it’s best for: LLC owners who don’t have cash deposit needs and want to earn an ongoing APY.

Fees & Terms

• Monthly fee: None
• Transaction fee: None; offers unlimited transactions
• ATM fee: None; free access to more than 38,000 ATM locations nationwide
• Minimum initial deposit: None
• Minimum balance: None to maintain the account; $1,000 to earn the APY
• Ongoing APY: 1% on balances up $100,000 (no interest earned on balances over $100,000)

Why We Like It

BlueVine is an online-only bank that offers free banking with unlimited transactions. What we like about BlueVine is that it offers 1% APY on balances up to $100,000. This bank is an excellent option for LLC owners who need to access unlimited free transactions and want to earn interest from their deposits.

Visit BlueVine

How to Open an LLC checking account

Opening a business bank account starts with deciding what bank account is right for you. Each checking account has different costs, products, and features that cater to a range of business needs. For example, small LLCs, startups, and new freelancers may have a low activity that doesn’t require a high-traffic account, which will help them save money on unnecessary service fees.

Once you identify your LLC needs, you can decide which account and bank are the right fit. You’ll need to provide business documents showing your LLC registration, along with your employer identification number (EIN). Most banks allow you to open an account online. However, some banks, such as Capital One, require an in-person visit.

How We Evaluated the Best Business Checking Bank Accounts for LLC

We reviewed several business checking account features to list the best for LLC owners. These factors include account fees, transaction costs, ATM network size, and branch locations. We also considered business accounts that offer great welcome bonuses as well as a variety of business products and tools that are useful for LLCs. These factors are important to LLC businesses that need solid business checking with easy access and low costs.

Bottom Line

Choosing an LLC checking account for your business doesn’t have to be a difficult process. The best accounts have business products that cater to the size and activity of your LLC. If you’re looking for the top account, you’ll need to compare each account’s fee structure, features, and accessibility.