6 Best Business Checking Accounts for LLCs 2020

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 high-volume transactions
• Wells Fargo: Best for growing LLCs
• Azlo: Best for online-based, fee-free checking
• BlueVine: Best for earning an ongoing annual percentage yield (APY) at a fee-free, online bank

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. Plus, if you open an account with Chase, you’ll have one of the lowest balance requirements among traditional banks to waive the monthly fee—a minimum daily balance of $1,500; that’s $1,500 less than Bank of America. If your LLC handles cash often, you’re in luck because Chase 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.

Visit Chase Bank

Fees & Terms

• Monthly fee: $15 with ways to waive
• 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
• Minimum deposit: None
• Minimum balance: None

Chase doesn’t charge for incoming and outgoing electronic transactions like automated clearing house (ACH) or mobile deposits. These types of transactions are free with all Chase business accounts.

Additional Features

• Additional payroll and merchant services
• Other business accounts, including business savings accounts and two other business checking accounts:
  • Chase Performance Business Checking®
  • Chase Platinum Business Checking^SM
• Free online and mobile banking with bill pay services and 24/7 customer support.
• Small Business Administration (SBA) and business lending
• Offers some of the best business credit cards

Bank of America: Best for Cash-based LLCs

LLC owners who handle loads of daily cash transactions should look no further than Bank of America. You’ll be able to make $7,500 in cash deposits every month without ever being hit with a cash deposit 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, we have your back; read our comparison article of the two banks to help you make a sound decision.

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

Visit Bank of America

Fees & Terms

• Monthly fee: $13 to $18, depending on location; waived by maintaining a minimum daily balance of $3,000 or by meeting one of the following 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
• Minimum deposit: $100
• Minimum balance: None

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
• Integration with bookkeeping tools like QuickBooks
• Free online and mobile banking with bill pay services and 24/7 customer support
• SBA and business lending
• Additional business credit cards

Capital One: Best for High-volume Transactions

Do you process a large number of monthly transactions? Then Capital One is made for you. It offers unlimited transactions with no transaction fees. Plus, this bank has more than 39,000 in-network ATMs and approximately 750 branch locations in the United States. 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. that process more than 200 transactions each month.

Visit Capital One

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

Additional Features

• Online banking with bill pay and online deposits
• Merchant, and invoicing services
• Escrow services
• Business lending, including SBA
• Five business credit cards

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 it makes available to LLC owners. For example, 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 as their business needs change.

Visit Wells Fargo

Fees & Terms

• 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
• Minimum initial deposit: $25
• Minimum balance requirement: None

Businesses that process more than 200 transactions should consider the Wells Fargo Platinum Business Checking that 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.

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
• 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.

Azlo: Best for Online-based, Fee-free Checking

Most traditional banks aren’t fee-free, which is why some LLC owners would prefer an online-only bank like Azlo. You’ll never pay a monthly fee, and you won’t even need to meet a minimum balance requirement to do so. Although it is an online bank, it offers access to more than 55,000 in-network ATMs. Plus, it’s a great solution 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.

Visit Azlo

Fees & Terms

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

Additional Features

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

BlueVine: Best for Earning an Ongoing APY at an Online Bank

BlueVine’s recently launched business checking account is ideal for LLC owners who value online banking and earning an ongoing APY. While the ongoing APY is unique to the accounts on our list, it offers much more. For instance, you’ll get the customer support you’d expect from your local branch and have the ability to access business lending through its several financial products. Unfortunately, BlueVine does not offer any accounting software integrations at the moment, but it will in the near future.

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

Visit BlueVine

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 of at least $1,000

Additional Features

• Free debit card
• Live customer support from devoted professionals
• Business lending products, including business lines of credit and business loans

If you’re looking to earn interest on your deposits, this may be the account for you. However, BlueVine also boasts a ton of other valuable benefits.

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 is 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 like Capital One require an in-person visit.

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, benefits, and accessibility.