Editor’s note: This is a recurring post with regularly verified account details. Last verified on July 2, 2020
As a limited liability company (LLC) owner, you can open a checking account 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. You can open an LLC checking account at most traditional and digital banks.
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 high-volume transactions
- Wells Fargo: Best for growing LLCs
- Axos: Best for multiple accounts
- Azlo: Best for online-based, fee-free checking
Chase Bank: Overall Best Business Checking Account for LLCs
The Chase Total Business Checking account is the best LLC checking account because it offers nationwide locations with a variety of business products. It also offers the lowest balance requirements among traditional banks to waive the monthly fee—a minimum daily balance of $1,500. It’s also a solid pick for LLCs that need to make cash deposits because it has nearly 4,900 branch locations and more than 16,000 ATMs nationwide.
Note: Chase is currently not accepting online applications.
Who it’s best for: LLCs that don’t have the revenue to keep a minimum average monthly balance higher than $1,500.
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 automated clearing house (ACH) and wire transactions.
Chase Bank Fees
- Monthly fee: $15, or $12 with paperless statements; monthly fee waived when:
- You maintain an average monthly balance of $1,500, or
- You have a linked Chase Private Client CheckingSM or Chase Sapphire® Checking personal account
- Transaction fee: First 100 transactions free, and then 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, and $2.50 for each non-Chase transaction
Chase doesn’t charge for incoming and outgoing electronic transactions like ACH 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:
- Free online and mobile banking with bill pay services and 24/7 customer support.
- Small Business Administration (SBA) and business lending
- Chase also offers some of the best business credit cards available
If you want to learn more about this account, including the collection of additional features, go through our Chase Bank review.
Bank of America: Best for Cash-based LLCs
The Bank of America Business Fundamentals checking account offers banking services online and at physical branch locations. This account has free cash deposits up to $7,500 each statement period, along with several options to avoid the monthly service 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.
Who it’s best for: Midsized 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
Bank of America offers a sign-up bonus of up to $450:
- Earn $100 when you open a new eligible Bank of America small business checking account with a Small Business Specialist and make qualifying deposits of $1,000 or more within the first 60 days of new account opening.
- Earn an additional $50 when you pay at least two bills through bill pay within the first 60 days of account opening.
- Earn an additional $300 statement credit when you are approved for and open an eligible Bank of America small business credit card and make at least $3,000 in new net purchases within 90 days of card account opening.
Bank of America Bank Fees
- Monthly fee: $13 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: 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
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
- SBA and business lending
- Bank of America also offers business credit cards
Cash-based businesses that want to learn more about this account’s free monthly cash deposits and banking perks should consider reading our Bank of America review to help make a sound decision.
Capital One: Best for High-volume Transactions
The Capital One Spark Business Basic Checking is the best for processing a large number of monthly transactions. It offers unlimited transactions with no transaction fees. In addition, the monthly service fee is waived if you keep a minimum of $2,000 in your account. Plus, this bank has more than 39,000 in-network ATMs and approximately 750 branch locations in the US. However, 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., and that process more than 200 transactions each month.
Capital One Introductory Offer
Like 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 typically are 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 checking 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, 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
Capital One Additional Features
- Online banking with bill pay and online deposits
- Merchant, and invoicing services
- Escrow services
- Other LLC checking accounts including business savings and loans
- Business lending, including SBA
- Capital One also offers five business credit cards
Capital One offers much more than just unlimited transactions. You can learn about this account’s extras, such as additional perks and alternative account options, in our Capital One review.
Wells Fargo: Best for Growing LLCs
The Wells Fargo Business Choice Checking account offers a variety of business solutions to LLC owners, allowing them to keep your business banking in one financial institution. For example, this bank offers business banking services beyond checking accounts. Business owners get up to 200 free transactions and up to $7,500 a month in free cash deposits through its checking account. LLC owners will have access to more than 5,600 locations and 13,000 ATMs.
Who it’s best for: Growing LLCs that need to scale their checking account as their business needs change.
Wells Fargo Introductory Offer
Wells Fargo doesn’t currently offer a sign-up bonus for its business checking accounts. However, this bank sometimes offers introductory rates and bonuses for new LLCs and account holders. Promotions are often regional, so you should check with your local Wells Fargo branch for any current offers.
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, and 50 cents thereafter
- Cash deposit fee: Up to $7,500 free, and 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 to maintain 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
- SBA and business lending
- Wells Fargo also offers three business credit cards
Growing LLCs that want to learn more about the details of this bank, including the other accounts you’re able to open as your business grows, should consider diving into our in-depth Wells Fargo review.
Axos: Best for Opening Multiple LLC Accounts
Axos Bank’s Basic Business Checking is best for business owners who need to operate multiple LLC checking accounts under one main business account. Axos Bank has no monthly maintenance fees and offers unlimited ATM reimbursements for all out of network ATM charges. However, it requires a minimum $1,000 opening deposit. This bank is an online bank, so there aren’t physical locations.
Who it’s best for: LLC owners who need multiple accounts and don’t need to process cash deposits or visit a branch.
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.
Axos Bank Fees
- Monthly fee: $0
- Transaction fee: 200 free transactions per month, and 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 checking account owners that request them online.
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 checking accounts, including CDs, business savings, and money market accounts
- Small business lending
Our detailed Axos Bank review can help you understand why an online-only bank may be a better choice for your LLC if you don’t handle daily cash transactions.
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 it is an online bank, it offers access to more than 55,000 in-network ATMs. Plus, it’s a great option for LLCs that use payment services apps 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.
Azlo Bank Introductory Offer
Azlo doesn’t offer any introductory bonuses or incentives for opening an LLC checking account.
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 checking account but, with its large network of 55,000 ATMs, LLC owners can process check deposits and withdrawals at any one of these ATMs without a fee. However, it doesn’t offer ATM reimbursements for out-of-network ATMs like other online banks.
Azlo Bank Additional Features
- Stripe, Square, and PayPal integration
- Online banking and mobile deposit access
- Access to short-term business loans through Kabbage
While a bank with no physical branch locations may seem difficult to use, our Azlo Bank review shows you how an account like this can be beneficial in more ways than one.
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, and ATM and branch locations. We also considered business accounts that offer great welcome bonuses as well as a variety of business products. These factors are important to LLC businesses that need solid business checking with easy access and low costs.
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 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 will be 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, such as Capital One, require an in-person visit.
Choosing an LLC checking account for your business doesn’t have to be a difficult process. The best accounts have business products that can 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, benefits, and accessibility.