The best business checking accounts for limited liability companies (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, which include tools to help your business become an LLC. While some have limited product offerings, the checking account they offer is strong enough to earn a spot here.
Here are the ten best business checking accounts for LLCs with links directly to the provider:
- Chase: Best overall for full-service small business banking tools and premium checking
- Bank of America: Best for ongoing rewards and low cash deposit fees
- Bluevine*: Best for earning interest and international payments
- U.S. Bank: Best for businesses with low transaction volumes
- Novo*: Best digital-only bank for rapid access to funds and faster payments
- Mercury*: Best for tech companies, startups, and businesses that need additional Federal Deposit Insurance Corp. (FDIC) insurance
- Capital One†: Best traditional bank for free unlimited transactions
- Grasshopper: Best digital-only bank for integrated free payment software
- Relay*: Best for LLCs that need multiple accounts and debit cards
- Found*: Best digital-only provider for self-employed professionals with single-member LLCs
*Providers are financial technology (fintech) platforms backed by and FDIC-insured through a supporting bank partnership (Partnerships: Coastal Community Bank for Bluevine, Middlesex Federal Savings for Novo, Choice Financial Group and Evolve Bank & Trust for Mercury, Evolve Bank & Trust for Relay, and Piermont Bank for Found). All other banks listed are member-FDIC insured.
†The provider is geographically limited. See Capital One’s geographic limitations to see if your business is in an area served by it.
With Bluevine Business Checking, earn 4.25% annual percentage yield (APY) with Premier and 2.0% APY for Bluevine Standard on qualifying balances. | ||
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With Bluevine Business Checking, earn 4.25% APY with Premier and 2.0% APY for Bluevine Standard on qualifying balances |
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Best Business Checking Accounts for LLCs at a Glance
Product | Monthly Fee | Free Monthly Transactions | APY | Free Cash Deposit Limit | Learn More |
 Business Complete Banking | $15; waivable | 20 | N/A | $5,000 per month | |
 Fundamentals Business Checking | $16; waivable | 200 | N/A | $7,500 per month | |
 Business Checking | None | No limit | 2.0% on qualifying balances of $250k or less | $4.95 per deposit (Green Dot) | |
 Silver Business Checking | None | 125 | N/A | $2,500 per month | |
 Business Checking | None | No limit | N/A | No fee; cash deposited through money orders | |
 Business Checking | None | No limit | N/A | Cash deposits not accepted | |
 Basic Business Checking | $15; waivable | No limit | N/A | $5,000 per month | |
 Innovator Business Checking | None | No limit | Up to 2.25% | Cash deposits not accepted | |
 Relay Standard | None | No limit | N/A | Cash deposits accepted at Allpoint ATMs | |
 Business Checking | None | No limit | N/A | Available at 79,000+ locations |
Product | Monthly Fee | Free Monthly Transactions | APY | Free Cash Deposit Limit |
|---|---|---|---|---|
Business Complete Banking | $15; waivable | 20 | N/A | $5,000 per month |
Fundamentals Business Checking | $16; waivable | 200 | N/A | $7,500 per month |
Business Checking | None | No limit | 2.0% on qualifying balances of $250k or less | $4.95 per deposit (Green Dot) |
Silver Business Checking | None | 125 | N/A | $2,500 per month |
Business Checking | None | No limit | N/A | No fee; cash deposited through money orders |
Business Checking | None | No limit | N/A | Cash deposits not accepted |
Basic Business Checking | $15; waivable | No limit | N/A | $5,000 per month |
Innovator Business Checking | None | No limit | Up to 2.25% | Cash deposits not accepted |
Relay Standard | None | No limit | N/A | Cash deposits accepted at Allpoint ATMs |
 Business Checking | None | No limit | N/A | Available at 79,000+ locations |
Chase: Best Overall for Small Business Banking Tools & Premium Checking
What We Like
- $300 bonus when you open an account
- Easy-to-waive monthly fee
- Built-in card acceptance with QuickAccept℠ via the Chase MobileⓇ app
Drawbacks
- Limited number of free transactions
- ATM fees not reimbursed
- Fee for cash deposits of more than $5,000 per statement period
Features
- Manage debit, deposit, and ATM card settings for individual employees
- Deposit checks, view account balances, pay bills, and make transfers through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Free debit card, mailed within 10 business days of application approval
- Physical checks’ costs depending on type ordered
- Chase Merchant Services
- Live customer support online or in branch during business hours
- Other products include business savings, certificates of deposit (CDs), lending products, credit cards, merchant services, and collection services
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
ACH Fees | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Up to $35 for outgoing wires, up to $15 for incoming wires |
International Wire Transfer Fees | Up to $50 for outgoing wires, up to $15 for incoming wires |
ATM Fees | $3 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
APY | N/A |
When To Choose Chase
With excellent business checking products and great business support, Chase is our choice for the best overall business checking account for LLCs. 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 United States 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 may visit Chase’s 401(k) solutions page to learn more.
For organizations that need 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.
Bank of America: Best for Ongoing Rewards & Low Cash Deposit Fees
What We Like
- 200 free transactions per month
- Free digital tools to track business performance
- Ongoing rewards
Drawbacks
- Cash deposit fees charged per $100 over monthly allowance
- Doesn’t offer ATM fee reimbursements
- Requires a $100 opening deposit
Features
- Deposit checks, view accounts, make transfers, and pay bills with the mobile app
- Credit card processing and payroll services through ADP
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
- Check your business credit score through a partnership with Dun & Bradstreet
- Free debit card
- Physical checks’ cost varies depending on type ordered
- Integrations with QuickBooks, TurboTax, and Zelle
- Customer service during business hours in branch and via phone, or via social media messages
- Merchant services available through Expensify
- Other products include business savings, CDs, lending products, and financial analysis through Merrill Financial Advisor
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 200, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees | Fees vary |
International Wire Transfer Fees | Fees vary |
ATM Fees | Free access to approximately 15,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $7,500 per month free, then 30 cents per $100 per statement cycle |
APY | N/A |
When To Choose Bank of America
As another full-service bank with great checking account options and business support products, Bank of America is an excellent choice for a business checking account for an LLC. It also has ongoing rewards and a great entry-level checking product that has a slight edge over Chase, as showcased in our Bank of America vs Chase business checking accounts comparison.
Bank of America offers two different business checking accounts with monthly fees that can be waived easily—you can read our review of Bank of America’s business checking to learn more about both accounts. As your business needs change, you can go back and forth between the two account types. With Bank of America’s lowest-tier checking, you get up to $7,500 in cash deposits for free each month—compared to Chase’s lowest-tier account, where you only get $5,000 free each month.
Additionally, Bank of America offers signup bonuses ranging from $100 to $500, if specific qualifications are met—the highest of any provider on this list. For specific qualifications, see our guide to the best business bank account promos.
With its Preferred Rewards for business, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on business advantage savings accounts.
It also offers various business products, including savings, CDs, and lending products, and lets you access financial analysis through Merrill financial advisors. It even provides payroll services, remote deposit, account management, and other flexible banking solutions to cover the needs of your growing LLC.
In addition, you can check your Dun & Bradstreet business credit score for free within the Bank of America app. This is one of the reasons why Bank of America was our choice as the best bank for small business loans.
Bluevine: Best Business Checking for Earning Interest and International Payments
What We Like
- Interest-earning checking on balances of $250,000 or less
- Integrates with QuickBooks
- Excellent line of credit product
Drawbacks
- No savings, money market, and CD accounts
- No physical branch locations
- Fee for depositing cash
Features
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Has live customer support from dedicated professionals
- Offers line of credit
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|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | $15 for outgoing, incoming are free |
International Wire Transfer Fees | $15 for outgoing, incoming are free |
ATM Fees | Free at MoneyPass locations nationally; $2.50 plus operator fees for non-network ATM use |
Cash Deposited | $4.95 fee per transaction, available through GreenDot retail locations |
APY | 2% on balances of up to $250,000, once qualifications are met |
Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank. | |
When To Choose Bluevine
If you want to earn interest on your business checking account for your LLC, Bluevine is an excellent option. You can earn 2.0% APY on balances of $250,000 or less if you meet one of the following criteria:
- Spend $500 or more a month with Bluevine Business Debit Mastercard issued by Coastal Community Bank.
- 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.
In addition, Bluevine charges no monthly fees or 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 and freelance professionals.
Also, it now offers the ability to send international payments. You can send payments to 26 countries in eight 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.
Payments sent in US dollars (USD) cost $25 per payment, while payments sent in other currencies cost $25 plus 1.5% of the payment amount. See Bluevine’s full list of countries available for international payments.
Bluevine provides subaccounts to help customers manage their funds. It offers five subaccounts, giving you a total of six accounts. Funds held across all accounts are eligible to earn interest if criteria are met.
One drawback is it costs $4.95 per cash deposit, which can only be made at Green Dot retail locations.
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.
U.S. Bank: Best for Businesses With Low Transaction Volumes
What We Like
- No monthly fee
- Free mobile check deposits
- Apply in person, online, or by phone
Drawbacks
- Expensive wire fees
- Limited free transaction
Features
- Send and receive money through app
- Digital invoicing and payment systems integrated into your online dashboard
- Mobile app to monitor all of your accounts, transfer funds between accounts, and deposit checks online
- Easy integration with overdraft protection or credit card processing services for your business
- Free debit card and 50% discount on first check order up to $50
- Integrations with QuickBooks and U.S. Bank Payment Processing
- Customer service online, by phone, or in-branch during business hours
- Other products include lending and cash flow products, other checking options, and point-of-sale (POS) services
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | 125 in a month, then 50 cents per transaction |
Automated Clearing House (ACH) Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $40 for outgoing, $14 for incoming |
International Wire Fees | $75 for outgoing, $15 for incoming |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply |
Cash Deposited | $2,500 in cash deposits or 25 free cash deposits per cycle, whichever comes first |
APY | N/A |
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 26 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: Q3AFL23) and complete qualifying activities, subject to certain terms and limitations—offer valid through January 8, 2024.
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.
Novo: Best Digital-only Bank for Rapid Access to Funds & Faster Payments
What We Like
- Refunds all ATM fees at month’s end
- No maintenance fees
- Novo Boost and Express ACH allow faster access to your funds
Drawbacks
- Unable to deposit cash directly
- Lack of savings accounts and lending products
- Noninterest drawing account
Features
- Integrates with other business tools, such as QuickBooks, Slack, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
- Novo Boost in coordination with Stripe allows you to access funds faster
- Express ACH lets you accept or receive same-day ACH payments
- Virtual debit card available immediately, one free physical debit card per user
- Paper checks can be sent straight from the app
- Live customer support from dedicated professionals
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Transfer Fees | Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | All fees refunded at the end of the month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings. | |
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 all ATM fees at the end of each month, making it an ideal choice for LLCs that need to make frequent ATM withdrawals. However, cash deposits must be made through money orders through the app. It doesn’t charge for this, but you will have to purchase money orders from US Postal Service (USPS) locations for up to $2.40 for up to $1,000 money orders.
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.
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.
Mercury: Best for Tech Companies, Startups & Businesses That Need Additional FDIC Insurance
What We Like
- No monthly maintenance fees
- Physical and virtual debit cards
- Treasury product offers outstanding yield on balances over $500,000
Drawbacks
- Accounts unavailable to sole proprietorships and trusts
- Physical checkbooks unavailable
- Limited lending options and no cash deposits
Features
- Earn interest with Mercury Treasury product if you have more than $500,000 in Mercury accounts and request Treasury
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrate accounts with QuickBooks and Xero accounting software
- Virtual debit cards available right away, with physical debit cards arriving in the mail in a few days
- Physical checkbooks unavailable
- Business payment integrations with Shopify, Stripe, Zapier, Amazon, and PayPal
- Email customer service available
- Savings account provided when you open checking account
- Other products include Mercury Treasury, capital and venture debt, and credit card
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
Monthly Fees | None |
Domestic Wire Transfer Fees | None |
International Wire Transfer Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | Cash deposits not accepted |
APY | N/A |
Mercury is a business fintech platform backed by FDIC-insured Choice Financial Group and Evolve Bank & Trust. | |
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 recently 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 $500,000 in your Mercury accounts. Money in the Treasury account can earn up to 5.43% APY, with rates changing weekly.
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.
Capital One: Best Traditional Bank for Free Unlimited Transactions
What We Like
- Unlimited transactions
- Easy ATM access
- Low or no monthly fee
Drawbacks
- Requires $250 opening deposit
- Account opening cannot be done online
- Account doesn’t earn interest
Features
- Pay bills, track accounts, transfer funds, and deposit checks with the mobile app
- Integrates with Xero and other top accounting software
- Free overdraft protection when linked to another small business deposit account
- Free debit card
- Physical checks (cost based on type ordered)
- Connect with business payment solutions
- 24/7 support by phone, or in-branch support during business hours
- Other products include lending products, credit cards, Unlimited Business Checking
| |
|---|---|
Required Opening Deposit | $250 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | Undisclosed |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | $25 per outgoing wire, $15 for incoming wire |
International Wire Fees | $40 per outgoing wire, $15 for incoming wire |
ATM Fees | Free at more than 70,000 Capital One, MoneyPass, and Allpoint ATMs nationwide |
Cash Deposited | Up to $5,000 per month free, $1 for every $1,000 after that |
APY | N/A |
Capital One geographic limitations: Capital One currently requires that you visit a branch to complete an application to open a business checking account. There are branch locations in Virginia, Texas, New York, New Jersey, Maryland, Louisiana, and Washington, D.C.
When To Choose Capital One
If your LLC is located near a Capital One branch, it is an excellent choice for a business checking account. You must visit a branch to open a Capital One account, which has 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.
Businesses with higher balances can opt for Unlimited Business Checking. 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 and dated operating agreement
- One of the following: IRS Form SS-4/CP 575A or IRS Letter 147C
Grasshopper: Best Digital-only Bank for Integrated Free Payment Software
What We Like
- Cash back on debit card purchases
- Interest-bearing account
- No monthly fees or transaction fees
Drawbacks
- No physical locations
- Minimum deposit required to open
- Cash deposits not accepted
Features
- Free physical and virtual Visa® rewards debit cards
- Unlimited 1% cash back on online and signature-based purchases
- Free bill pay, check deposit services, and digital invoicing tools
- Free domestic ACH and wire transfers when a balance greater than or equal to $25,000 is maintained
- International US dollars (USD) and foreign exchange (FX) wire transfers also available
- Autobooks, QuickBooks, and Plaid integrations with additional financial data management tools available
- Access to multimillion-dollar FDIC insurance up to $125 million
- Earn up to 4.0% APY on balances greater than $50,000 when bundled with an Accelerator Savings Account
- Personalized support from a US-based Client Services team available by phone, email, chat, and secure message
- Other products include business savings, CDs, lending products, credit cards, merchant services, and collection services
 | |
|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free if account balance is $25,000 or greater; no incoming wire fees; $10 for outgoing |
International Wire Transfer Fees | $5 for incoming, $25 for outgoing |
ATM Fees | Free at 45,000 MoneyPass & Sum network ATMs |
Cash Deposited | Cash deposits not accepted |
APY |
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When To Choose Grasshopper
For LLCs looking for a digital checking product with built-in payment software, Grasshopper is a great choice. With the inclusion of Autobooks for free with each account, Grasshopper combines its interest-earning checking with an outstanding integrated invoice and payment software.
Grasshopper has tiered interest earnings on its business checking, with accounts earning as much as 2.25% APY. Here is the tier structure for interest earnings:
- Balances up to $24,999.99: 1.51% APY
- $25,000 to $249,999.99: 2.25% APY
- $250,000 or greater: 1.51% APY
While there is no minimum or 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.
In addition, Grasshopper’s debit card earns 1% cash back on all online and in-store debit card purchases. Its account is fee-free with no minimum balance requirements, though you are required to deposit $100 to open the account. One drawback is that cash deposits are not permitted.
Grasshopper doesn’t require special information for LLCs to open an account as compared to any other business type. It should be noted that beneficial owner information will be required of any individual who owns 25% or more of the company, either directly or indirectly.
Relay: Best for LLCs That Need Multiple Accounts & Debit Cards
What We Like
- No minimum balance or opening deposit required
- Wire transfers are very inexpensive and are free with Relay Pro
- No ATM fees charged by Relay, although third-party fees may apply out of network
Drawbacks
- No physical locations
- No interest-bearing checking
- No lending products
Features
- Fee-free online banking and money management platform
- Open up to 20 individual business checking accounts
- Issue up to 50 Visa debit cards
- Send and receive ACH transfers, checks, and wires
- Collect payments from PayPal, Stripe, Square, and more
- Relay Pro account available, which offers same-day ACH delivery, free wire transfers, and accounts payable support
- Customer service via email, mail, and web contact form, and the app
- Checks can be sent on users’ behalf for free; third-party checks unavailable
- Accounting software integrations with QuickBooks, Xero, and Plaid
- No lending product
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free for incoming; $5 for outgoing |
International Wire Transfer Fees | Free for incoming, $10 for outgoing |
ATM Fees | None at Allpoint ATMs; Relay doesn’t charge out-of-network ATM fees, although third-party fees will apply |
Cash Deposited | Accepted at Allpoint ATMs |
APY | N/A |
Relay is a business fintech platform backed by FDIC-insured Evolve Bank & Trust and Thread Bank. | |
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.
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.
Found: Best Digital-only Provider for Self-employed Professionals With Single-Member LLCs
What We Like
- No monthly fees, minimum balances, account fees, and sign-up fees
- Excellent expense tracking on both its desktop and mobile apps
- Helps you track tax write-offs and gives you real-time tax estimates
Drawbacks
- No free cash deposits
- Interest earning only through paid-tier Found Plus
- Cannot purchase checks or issue them from the app
Features
- Provides a business debit Mastercard, which allows you to track expenses and receive purchase alerts
- Debit cards can be frozen in the Found app
- Desktop and mobile apps
- Connect to accounting software and payment apps, such as Cash App, PayPal, Square, Venmo, and eBay
- Integrated bookkeeping allows you to categorize expenses, customize invoices, capture receipts, and set custom rules
- Track tax write-offs in the app
- View your tax estimate update in real-time
- Pay your taxes directly from the app
- Send your Schedule C directly from the app
- Customer service via email, online form, and support guides on the website
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | Free incoming wires; outgoing wires only sent to Found customers |
International Wire Fees | Unavailable |
ATM Fees | Found doesn’t charge for ATM usage; third-party ATM fees will likely apply |
Cash Deposited | Accepted at more than 79,000 retail locations; list available in the Found app |
APY | N/A |
*Found is a business fintech platform backed by FDIC-insured Piermont Bank. | |
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 more than 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.
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.
Because the account is opened in your name and can be opened with a social security number, it isn’t best for multimember LLCs. If your LLC has more than one member, you should consider the other providers above.
Found is a financial technology company, not a bank. Banking services are provided by Piermont Bank, Member FDIC.
How We Evaluated the Best LLC Checking Accounts
We evaluated over 95 business banks when compiling this buyer’s guide. In our evaluation of the best LLC checking 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 Checking Account for Your LLC
While we used our own criteria to select the best LLC checking accounts 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:
- Can you meet the criteria to get the monthly fee waived?
- Does the account offer enough free cash deposits or transactions to meet your business needs?
- 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 who needs 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.
Keep in mind that customer reviews often include both business and personal accounts, so some might not apply to your potential business account.
For more information, see our guide on how to choose a bank for your small business.
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 Social Security number 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
Our guide on how to open a business bank account includes a convenient checklist that you can download to help you through the process.
If you have other business types besides an LLC, check out our list of the best small business checking accounts.
Frequently Asked Questions (FAQs)
While small businesses organized as sole proprietorships might be able to operate without a business bank account, an LLC should never operate without one. It allows you to keep your business and personal finances separate, helps you build business credit, simplifies tax season, and lends credibility to your business.
If your business is organized as an LLC, then you will need an EIN to open a business bank account. The good news is that obtaining an EIN is very easy.
The easiest and fastest way to apply for an EIN is through the IRS website. You’ll answer a series of questions and receive your EIN online after completing the questionnaire. The process takes about 10 minutes, and you’ll be able to file taxes on that new EIN about two weeks later. You can also fax or mail in IRS form SS-4 to apply for an EIN.
As an LLC, you should first open a small business checking account. This will allow you to conduct financial business between you and other businesses or customers. You may also consider a business savings account to draw interest on your reserve funds. Consider opening both accounts at the same financial provider, making moving funds from one account to the other easier.
No, your LLC should not use a personal bank account for business. Once you decide to incorporate your business, you need to obtain an EIN and open a business bank account. This prevents future tax problems and makes it clear to all business partners which funds are business-specific.
Bottom Line
All the banks on this list can provide your LLC with an excellent business checking account combined with other essential business support products and services. Before choosing a bank, decide what features are most important for your business, and select the bank that best meets your company’s needs.
