Top-Rated Business Bank Accounts for an LLC in 2022
Finding the best business bank accounts for an LLC (limited liability company) is a critical part of running a successful company. They help you organize your expenses, perform business banking faster, and enjoy other services. In this article, we’ll help you find the best business bank accounts out there. Let’s dive right in!
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Last Updated: February 23, 2022
1. Chase Business Complete Banking
Chase Business Complete Banking is the right business banking account for owners looking for the essentials of business finances. It’s also perfect for those who want convenient online and mobile app tools. Full Review
- Unlimited electronic transactions
- $300 sign-up bonus
- QuickPay feature
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Chase Business Complete Banking is the right business banking account for owners looking for the essentials of business finances. It’s also perfect for those who want convenient online and mobile app tools. Full Review
4/5
5/5
5/5
3/5
2. Bank of America Business Advantage Fundamentals Banking
If you operate a cash-heavy business, BoA’s Business Advantage is the best small business checking account for your company. It offers a robust selection of online and electronic features, thanks to its Business Advantage 360 function. Full Review
- $7,500 fee-free deposits
- Business Advantage 360 for transactions
- Ease ways to apply for an account
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If you operate a cash-heavy business, BoA’s Business Advantage is the best small business checking account for your company. It offers a robust selection of online and electronic features, thanks to its Business Advantage 360 function. Full Review
5/5
3/5
4/5
3/5
3. Wells Fargo Initiate Business Checking
Wells Fargo’s Initiate Business Checking account is the top business checking account for LLC in terms of customer support and security. Its online and mobile banking features ensure easy and safe transactions for businesses. Full Review
- Customer support
- 24/7 fraud protection
- Online and mobile banking features
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Wells Fargo’s Initiate Business Checking account is the top business checking account for LLC in terms of customer support and security. Its online and mobile banking features ensure easy and safe transactions for businesses. Full Review
4/5
3/5
4/5
3/5
4. BBVA Business Connect
BBVA’s Business Connect business checking account offers a budget-friendly banking experience for sole proprietors and newer smaller businesses. Its online-focused features ensure smooth transactions, and it’s perfect for business owners who have limited check-writing needs. Full Review
- No monthly fee
- No non-BBVA ATM transaction fee
- Digital focus
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BBVA’s Business Connect business checking account offers a budget-friendly banking experience for sole proprietors and newer smaller businesses. Its online-focused features ensure smooth transactions, and it’s perfect for business owners who have limited check-writing needs. Full Review
4/5
3/5
4/5
5/5
5. Capital One Small Business Checking Account
Capital One is the best bank account for an LLC if you want great options and a robust set of small business features and services. It offers Spark Business Basic and Spark Unlimited accounts, which offer fantastic business-oriented features for small business owners. Full Review
- Unlimited free transactions
- Two fantastic account options
- Small business-oriented products and services
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Capital One is the best bank account for an LLC if you want great options and a robust set of small business features and services. It offers Spark Business Basic and Spark Unlimited accounts, which offer fantastic business-oriented features for small business owners. Full Review
4/5
3/5
3/5
3/5
6. Axos Small Business Checking Account
Axos provides two powerful LLC account options for business owners who want to earn interest and complete transactions online. Its Basic Business Checking and Business Interest accounts offer appealing reimbursements and monthly fees. Full Review
- Unlimited ATM fee reimbursements
- Two account options
- 0.81% APY (Business Interest Account)
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Axos provides two powerful LLC account options for business owners who want to earn interest and complete transactions online. Its Basic Business Checking and Business Interest accounts offer appealing reimbursements and monthly fees. Full Review
4/5
4/5
4/5
3/5
7. PNC Business Accounts
PNC offers multiple account types with various perks and benefits, including high sign-up bonuses and debit card rewards. You can also count on their top-notch customer support services. Full Review
- Multiple account options
- High sign-up bonus
- Debit card rewards
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PNC offers multiple account types with various perks and benefits, including high sign-up bonuses and debit card rewards. You can also count on their top-notch customer support services. Full Review
5/5
5/5
4/5
4/5
8. Novo Business Account
Novo’s LLC checking account offers a lot of free features that are geared toward online-oriented business owners. Its online and mobile banking offers include third-party integrations with QuickBooks, TransferWise, a powerful invoicing tool, and other financial tools geared towards users on the go. Full Review
- No monthly and transaction fees
- Unlimited ATM access
- Tools integration
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Novo’s LLC checking account offers a lot of free features that are geared toward online-oriented business owners. Its online and mobile banking offers include third-party integrations with QuickBooks, TransferWise, a powerful invoicing tool, and other financial tools geared towards users on the go. Full Review
4/5
3/5
4/5
3/5
9. BlueVine Small Business Banking
BlueVine is an excellent choice for business owners who want to earn interest through their online business banking transactions. It earned 1% APY on balances of over $100,000 and offers all the essential features you may want from an online bank. Full Review
- No monthly fees or transaction charges
- Earns 1% APY
- Robust mobile banking integrations
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BlueVine is an excellent choice for business owners who want to earn interest through their online business banking transactions. It earned 1% APY on balances of over $100,000 and offers all the essential features you may want from an online bank. Full Review
4/5
3/5
5/5
5/5
10. NorthOne Business Banking
NorthOne is the best bank for LLC checking account options if you want to effectively separate your business and personal finances, thanks to its Envelopes feature. All deposits, payments, and transactions are free. Full Review
- No transactions fees or ATM limits
- Envelopes feature
- Robust customer support
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NorthOne is the best bank for LLC checking account options if you want to effectively separate your business and personal finances, thanks to its Envelopes feature. All deposits, payments, and transactions are free. Full Review
4/5
3/5
4/5
4/5
11. NBKC Bank Business Accounts
NBKC stands out as a great business banking partner for budget-conscious users. It charges no hefty fees for transactions, and provides essential online and mobile banking tools that small business owners need. Full Review
- No maintenance fee or other transaction fees
- Earn 0.05% APY on Money Market Savings Account
- $12 ATM refund
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NBKC stands out as a great business banking partner for budget-conscious users. It charges no hefty fees for transactions, and provides essential online and mobile banking tools that small business owners need. Full Review
4/5
3/5
3/5
2/5
12. SunTrust Business Account
SunTrust offers the most demanded business bank accounts for LLC if you want rich bonuses and discounts as a new user. You earn a $200 sign-up bonus and 50% discount on your first check order, on top of various other rewards and discounts. Full Review
- $200 sign-up bonus
- 50% discount on the first check order
- Loyalty cash bonus
Show More
SunTrust offers the most demanded business bank accounts for LLC if you want rich bonuses and discounts as a new user. You earn a $200 sign-up bonus and 50% discount on your first check order, on top of various other rewards and discounts. Full Review
4/5
5/5
3/5
3/5
Our Methodology
To ensure we list only the best business checking account options for an LLC, we utilized the following factors:
- Features: We checked account features such as deposit limits, branch availability, and account options.
- Ease of Application: Some banks require a combination of online and in-person applications, so we checked which ones offer the easiest application processes.
- Integrations: We also examined what integrations are available per account. This includes accounting functions, mobile access, and the incorporation of financial tools.
- ATM Availability: The best banks offer easy access to ATMs, so we evaluated each one based on how many free transactions you can make with their in-network machines.
- Fees and Bonuses: The reputable business accounts for LLC charge reasonable costs for the services they provide. We checked which ones have little to no fees, and which ones offer the best rewards, discounts, and deals for new and loyal customers.
- Customer Support: Emergencies happen, and they’re always critical when it comes to business banking. We check which banks provide the most trustworthy customer services.
- Customer Reviews: Finally, we reviewed customers’ perceptions of the bank’s services through reviews and testimonials
Detailed Reviews
- QuickPay feature
- Unlimited electronic transactions
- $300 sign-up bonus
- Online and mobile apps
- $2,000 maintaining
- $15 monthly fee
Chase Business Complete Banking is the best business bank account for an LLC if you’re looking for great perks and more hands-on business banking. You have unlimited electronic deposits, access to 16,000 ATMs, and integrated mobile banking features.
| Feature | Details |
| Accounts | Checking account |
| Introductory Cash Bonus | $300 |
| Monthly Fees | $15 |
| Opening Deposit | $0 |
| Minimum Balance | $2,000 |
| Transaction Fees | 20 free physical transactions per month, 40 cents each after that |
| ATM (number, fees, and reimbursements) | Unlimited access |
Chase offers a $300 signup bonus for new account holders, provided you deposit $2,000 within 20 days. Chase’s Complete Banking Account allows access to Chase QuickAccept, which lets you accept credit card payments with the Chase mobile app. Thanks to its integrated credit card features, Chase provides convenience to customers.
Chase has thousands of ATMs and branches across the country. As a business bank accounts for an LLC, its mobile and online banking features offer fraud protection, account alerts, and Chase QuickPay with Zelle.
Customers are also sold with Chase’s offerings. While many of them dislike the $15 monthly fee, that can be waived in various ways, such as maintaining $2,000 in your account.
Where Chase Business Complete Banking dominates:
Sign-up bonus, electronic features
Where Chase Business Complete Banking falls short:
Monthly fee, maintaining balance
Bank of America Business Advantage Fundamentals Banking
Best for Cash-Heavy Business Transactions
Visit Website- $7,500 fee-free deposits
- Unlimited fee-free electronic transactions
- Business Advantage 360 for transactions
- Ease ways to apply for an account
- High withdrawal fees for non-BoA ATMs
- No free checking account
Bank of America’s Business Advantage Fundamentals account is a perfect choice if you handle a lot of cash. It’s a great jumping-off point if you plan to use BoA’s other services in the future as well.
| Feature | Details |
| Accounts | Checking account |
| Introductory Cash Bonus | None |
| Monthly Fees | $16 |
| Opening Deposit | $100 |
| Minimum Balance | $2,500 |
| Transaction Fees | Unlimited electronic transactions |
| ATM (number, fees, and reimbursements) | $2.50 fee for non-BoA ATM |
This account has a high deposit threshold of $7,500 in fee-free cash deposits, which is higher than most competitors. It offers a suite of business checking features like Business Advantage 360, which lets you manage statements and transactions. You can pay bills, do bookkeeping tasks, and more.
To sign up for this business checking account, provide the basic information of your business owners with a 25% or higher stake. You can apply for an account online. Within 11 days, you must submit the required documents to avoid application rejection.
BoA’s Business Advantage Fundamental is rated A+ by BBB. While the fees and maintaining balance for this account are higher than others, customers are generally happy with the mobile banking and business account services they receive.
Where Business Advantage Fundamentals dominates:
Deposit threshold, Business Advantage 360
Where Business Advantage Fundamentals falls short:
Fees, maintaining balance
- Customer support
- Online and mobile banking features
- 24/7 fraud protection
- Incidental fees (overdraft, returned items, wire fees, etc.)
- Only 100 free transactions per month
Wells Fargo’s Initiate Business Checking account is best for small businesses needing robust customer support and extra security.
| Feature | Details |
| Accounts | Checking account |
| Introductory Cash Bonus | None |
| Monthly Fees | $10 |
| Opening Deposit | $25 |
| Minimum Balance | $500 |
| Transaction Fees | 100 fee-free transactions, 50 cents after that |
| ATM (number, fees, and reimbursements) | $2.50 for non-Wells Fargo ATM transactions |
This business checking account is a great bank account for an LLC or company that wants access to a brick-and-mortar service provider. Wells Fargo’s online and mobile banking features offer access to mobile deposits, bill pay services, and text banking. Its 24/7 fraud monitoring integrations and liability protection keep your transactions safe.
You can open an account online, over the phone, or by visiting a branch in person. It doesn’t limit your application to your location; you can open an account anywhere your business is. You can access 5,200 branches across 37 states and Washington, DC.
Customers highlight Wells Fargo’s customer service quality as its claim to being the best bank to open a business account. They offer longer hours to assist customers, and support is available at any time for online business banking.
Where Initiate Business Checking dominates:
Support, security
Where Initiate Business Checking falls short:
Transaction limitations, fees
- No non-BBVA ATM transaction fee
- No monthly fee
- Digital focus
- Overdraft and returned item fees
- Only $5,000 fee-free cash processing
The BBVA Business Connect California checking account is perfect if you’re looking for zero monthly fees and no minimum balance requirements. It’s also best for businesses that don’t handle a lot of cash.
| Feature | Details |
| Accounts | Checking account |
| Introductory Cash Bonus | None |
| Monthly Fees | None |
| Opening Deposit | $100 |
| Minimum Balance | None |
| Transaction Fees | 5 in-branch withdrawals/checks processing, $1 per transaction after |
| ATM (number, fees, and reimbursements) | Unlimited access |
Business Connect offers unlimited fee-free digital transactions, including non-BBVA ATM transactions. On the flip side, you’re only allowed five in-branch withdrawals and two in-branch deposits. As a truly free business checking account, Business Connect provides essential online and mobile banking features.
To apply for an account, visit a branch or contact a customer representative. Provide all necessary information, including the personal information of your business’ co-owners who have a 25% or higher stake.
NB: The business checking accounts are limited to the following states: Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas. Our review is focused on California business checking account.
On top of its free features and focus on online banking, this account is touted as a great single-member LLC bank account among sole proprietors. Overall, it’s geared towards smaller businesses and new entrepreneurs that have minimal check-writing needs and want business banking account options.
Where Business Connect dominates:
Free features
Where Business Connect falls short:
Limited accessibility, low cash processing limit
- Unlimited free transactions
- Two fantastic account options
- Small business-oriented products and services
- Monthly fees
- Limited state availability
Capital One offers the most convenient business bank accounts for LLC and small business owners who want a comprehensive service. You can choose between Spark Business Basic Checking and Spark Business Unlimited Checking.
| Feature | Details |
| Accounts | Spark Business Basic and Spark Unlimited |
| Introductory Cash Bonus | None |
| Monthly Fees | $15 for Spark Basic, $35 for Spark Unlimited |
| Opening Deposit | $250 |
| Minimum Balance | $250 |
| Transaction Fees | Free |
| ATM (number, fees, and reimbursements) | Free |
Both checking accounts offer unlimited free transactions, including deposits and withdrawals. You can access over 70,0000 fee-free ATMs. For Spark Basic, you can only deposit $5,000 a month for free. Any subsequent deposits cost $1 for every $1,000. The Spark Unlimited account doesn’t have this limitation.
These LLC bank accounts have limited accessibility: you must visit a branch in person to open an account. Remember that these are available only in Louisiana, Connecticut, Delaware, Maryland, New Jersey, New York, Texas, Virginia, and Washington DC.
Customer reviews offer highly positive feedback, though. With a BBB rating of A, the bank’s suite of small business products and services work to raise Capital One’s name among the best providers.
Where Capital One dominates:
Unlimited free transactions, account options
Where Capital One falls short:
Fees, restricted availability
- Two account options
- Unlimited ATM fee reimbursements
- 0.81% APY (Business Interest Account)
- Can’t deposit cash
- Limited free transactions
Axos’ small business checking accounts are perfect if you mostly do transactions online, and you want to earn interest while your money is in the bank. You can choose between Axos’ Basic Business Checking and Business Interest Checking accounts.
| Feature | Details |
| Accounts | Basic Business Checking, Business Interest Checking |
| Introductory Cash Bonus | $100 |
| Monthly Fees | $0 for Basic, $10 for Business Interest |
| Opening Deposit | $1,000 for Basic, $100 for Business Interest |
| Minimum Balance | $5,000 |
| Transaction Fees | 50-200 free transactions per month, 30-50 cents per transaction after |
| ATM (number, fees, and reimbursements) | Unlimited access |
With these LLC business account options, you can withdraw cash from any ATM across the US without fees. If you incur fees from the ATM owner, Axos provides unlimited ATM fee reimbursements. The Business Interest account earns 0.81% APY.
In terms of usage, Axos provides useful online and mobile banking tools for accounts. You can access bill pay services and automate them; Axos is primarily an online bank, so most transactions are done online.
Axos has an A+ rating on BBB and boasts positive consumer feedback for its account options. As one of the best banks for small businesses, Axos stands out for its fantastic account options and reimbursement rules.
Where Axos dominates:
ATM reimbursements, account options
Where Axos falls short:
Limited fee-free transactions
- High sign-up bonus
- Multiple account options
- Unlimited ATM access
- Debit card rewards
- High monthly fees
- In-branch application required
PNC offers four core account options to business owners: Business Checking, Business Checking Plus, Treasury Enterprise Plan, and Analysis Business Checking. If you have specialized needs, other business checking solutions are available.
| Feature | Details |
| Accounts | Business Checking, Business Checking Plus, Treasury Enterprise Plan, Analysis Business Checking |
| Introductory Cash Bonus | $200-$500 |
| Monthly Fees | $10-$50 |
| Opening Deposit | $100 |
| Minimum Balance | $500-$30,000 |
| Transaction Fees | 150-2,500 free transactions per month |
| ATM (number, fees, and reimbursements) | Unlimited access |
Apart from many LLC banking options, you can also reward yourself with plenty of new user perks, including a sign-up bonus of up to $500. Three of its core account types also waive fees for your first three months. Using a PNC business debit card gives you access to the PNC Purchase Payback Program as well, which offers cash bonus rewards for everyday spending.
Opening a PNC account requires an in-person visit. Provide necessary documents and start funding your account once PNC approves it. From there, you can enjoy many online banking features and add-ons that let you customize your account.
As a company that provides some of the most demanded business bank accounts for an LLC, PNC also boasts a highly positive customer service reputation. On ConsumerAffairs, they hold a solid 3.7 stars out of 5.
Where PNC dominates:
Account types, new user perks
Where PNC falls short:
Fees, application
- Tools integration
- No monthly and transaction fees
- Unlimited ATM access
- No recurring payments feature
- No cash deposits
Novo’s LLC business bank account offers a great choice for small business owners who want zero monthly fees and a focus on digital banking. As such, it’s perfect for business owners on the go.
| Feature | Details |
| Accounts | Checking account |
| Introductory Cash Bonus | None |
| Monthly Fees | $0 |
| Opening Deposit | $50 |
| Minimum Balance | None |
| Transaction Fees | None |
| ATM (number, fees, and reimbursements) | Unlimited ATM access |
Novo has zero minimum balance requirements and no transaction fees. As an online-focused bank, it offers fantastic online and mobile banking features, including a budgeting tool for accounting. An invoicing tool is also available alongside third-party integrations with Slack, QuickBooks, TransferWise, and Zapier.
To get Novo’s LLC banking services, start your application online. They will then review it, which typically takes two to three business days. During this process, you can opt for a Novo debit business card.
Novo holds a solid 4.2 stars out of 5 on Trustpilot, indicating largely positive reception from customers. They highlight the business account’s ease of use and free features, but Novo doesn’t accommodate traditional cash deposits, which is a dealbreaker for some business owners.
Where Novo dominates:
Free features, financial tools
Where Novo falls short:
Deposit features, recurring payments
- Accepts cash deposits
- No monthly fees or transaction charges
- Robust mobile banking integrations
- Earns 1% APY
- $4.95 deposit fee
- No branch access
BlueVine’s small business banking offers are perfect if you mainly do transactions online, and want to earn interest as you do. It’s a free business checking account with no minimum opening deposit or balance requirements.
| Feature | Details |
| Accounts | Checking account |
| Introductory Cash Bonus | None |
| Monthly Fees | $0 |
| Opening Deposit | None |
| Minimum Balance | None |
| Transaction Fees | None |
| ATM (number, fees, and reimbursements) | Unlimited access |
BlueVine stands out as the best checking account for small business with its 1% APY earned on all balances above $100,000. Unlike many online banks, you can make cash deposits with BlueVine using a debit card. You can deposit up to $7,500 in cash per month.
BlueVine offers essential online banking features like mobile check deposits. Recurring and one-time payments are available as well. QuickBooks, Wave, PayPal, and Stripe can be connected.
As the best LLC bank account for small businesses, BlueVine holds a stellar 4.5 rating out of 5 on Trustpilot. Customers support both its support services and interest rates. The only downsides cited are the lack of joint account options and branch access.
Where BlueVine dominates:
Deposit options, free features
Where BlueVine falls short:
Branch access, deposit fees
- Robust customer support
- No transactions fees or ATM limits
- Envelopes feature
- Issues with SBA deposits
- 10-day holding period on deposits
NorthOne offers the most convenient business checking account for LLC owners that want to properly separate their personal and business finances. It’s also perfect if you want unlimited free transactions and robust digital banking tools.
| Feature | Details |
| Accounts | Checking account |
| Introductory Cash Bonus | None |
| Monthly Fees | $10 |
| Opening Deposit | $50 |
| Minimum Balance | $50 |
| Transaction Fees | None |
| ATM (number, fees, and reimbursements) | Unlimited access |
Deposits, payments, transfers, and debit card transactions are free. Digital tools let you make deposits and pay bills. Its Envelopes feature lets you create sub-accounts for budgeting, tax payments, payrolls, and other expenses. You also have access to two invoicing tools and integrations with powerful finance apps like QuickBooks, PayPal, Shopify, and Stripe.
When you open a bank account for an LLC online with NorthOne, the process is done online. Submit required information and documentation, and expect to be approved within 48 hours. Once approved, you need to fund your account with at least $50 using an external debit card.
NorthOne holds 3.4 stars out of 5 on Trustpilot, with customers loving its easy account setup and robust customer support. On the other hand, some customers claim to have experienced issues with SBA deposits processing.
Where NorthOne dominates:
Envelopes, free features
Where NorthOne falls short:
Deposit issues
- $12 ATM refund
- No maintenance fee or other transaction fees
- Earn 0.05% APY on Money Market Savings Account
- Poor customer service reputation
If you’re budget-conscious and looking for free features, NBKC is the perfect company bank account for you. Apart from a business checking account, you can open a business savings account as an add-on service.
| Feature | Details |
| Accounts | Checking and Savings account |
| Introductory Cash Bonus | None |
| Monthly Fees | $0 |
| Opening Deposit | None |
| Minimum Balance | None |
| Transaction Fees | None |
| ATM (number, fees, and reimbursements) | Unlimited |
NBKC’s business checking account charges no fees at all, making it the perfect choice for small business owners who want to open a free business checking account online with no deposit. Transactions are unlimited, and there’s a $12 monthly ATM refund.
Apart from essential mobile and digital banking solutions, NBKC lets you customize your account by adding desktop deposit, ACH credits and debits, and other features. It also allows you to open a Money Market business savings account, which only requires a 1 cent minimum balance to earn a 0.05% APY.
As one of the best banks for a small business, NBKC holds largely positive reviews from budget-conscious users. On the flip side, a number of customers are critical about the bank’s onboarding process. Others have had difficulties initiating the application process.
Where NBKC dominates:
Free features, digital add-ons, APY
Where NBKC falls short:
Customer service
- Loyalty cash bonus
- $200 sign-up bonus
- 50% discount on the first check order
- Hidden fees (overdraft, wire transfers, etc.)
- Poor customer support services
Providing the best business checking account for an LLC, SunTrust stands out with its perks and rewards for customers who bundle financial services. It has three core small business checking accounts: Simple Business Checking, Primary Business Checking, and Business Advantage Plus.
| Feature | Details |
| Accounts | Simple, Primary, Business Advantage Plus |
| Introductory Cash Bonus | $200 |
| Monthly Fees | $5-$25 |
| Opening Deposit | $100 |
| Minimum Balance | $100 |
| Transaction Fees | 50-500 free transactions, 50 cents per transaction after that |
| ATM (number, fees, and reimbursements) | $3 for out-of-network ATMs |
SunTrust offers a number of benefits for new customers, including a $200 sign-up bonus. They waive monthly fees for new customers across its core business accounts. For Business Advantage Plus, you earn a 50% discount off your first check order and $75 off upon online check deposit setup.
In terms of LLC bank account requirements, you must provide the mandatory business and personal information. Enroll in the sign-up bonus offer to make use of it, whether online or at a branch. If you bundle business banking services (such as signing up for a business account and opening a SunTrust Credit Card), you gain additional discounts, such as a 25% loyalty cash bonus.
While reviewers are enthusiastic about SunTrust’s offers to new customers, some users point out hardships for existing account holders. A number of them are critical about the bank’s policy for loan payments, as well as fees.
Where SunTrust dominates:
New customer perks
Where SunTrust falls short:
Poor customer service reputation, additional fees
Best Business Bank Accounts for LLC – Buyer’s Guide
This next section talks about the best ways to find the right business checking account with the best LLC service. We’ll cover all the factors you should consider, and walk you through the steps of opening a business banking account.
How to Choose the Right Business Bank Account for an LLC
Take the following into consideration when searching for a business banking provider:
- Business Activity: How often do you record transactions? Do you do plenty of in-person transactions? Does your business operate online? These things will determine whether you’ll work with an online-oriented or brick-and-mortar bank.
- Features: See what attributes the provider offers. Essential banking features include easy deposit methods, mobile and online transactions, and ATM transactions.
- Integrations and Tools: Bookkeeping, invoicing, and other financial tools are crucial for a seamless and stress-free business banking experience. Make sure the provider offers these tools. Check if they also provide powerful small business credit cards.
- Ease of Application: Check the provider’s LLC bank account rules to ensure a bump-free application process. You must easily access the bank either online or in person at a branch.
- Minimum Requirements: Vet multiple providers and compare their minimum account requirements and if there are conditions you need to meet before signing a contract.
- Bonuses and Fees: Be on the lookout for bonuses and fees. To waive monthly fees and earn rich bonuses, you typically need to meet certain conditions, such as hitting a monthly minimum limit.
- Mobile App: Especially for online banks, mobile banking apps should be robust, user-friendly, and easy to navigate. Free accounting software and online bookkeeping services are also a great addition.
- Customer Support: Gauge the bank’s customer support by calling them and asking plenty of questions. This gives you an idea of what you can expect upon pushing through with their services.
Opening a Bank Account for an LLC
Take the following steps when opening a business bank account for your company:
- Choose a Bank: Compare different banks and choose one that meets your business needs, personal preferences, and operational goals. Remember to engage their customer service team to ensure their reliability, especially in times of emergency.
- LLC Registration and Operation Documents: Most banks require you to submit your personal information and information of your co-owners, especially those with a 25% or higher stake at the company. Your chosen LLC Service should have prepared all required legal documents ahead of time, including your Employer Identification Number (EIN) and Article of Organization.
- Be Present at the Opening: When opening a bank account for an LLC, brick-and-mortar banks require the owner to be there. Co-owners aren’t necessarily required to be present, but they must be there if they’re signing checks.
- Fund the Account: The approval process typically lasts a couple of business days. After receiving approval, it’s time to put money in the account. It’s necessary to meet any required minimum balance to use the account.
Benefits of an LLC Bank Account
Opening a business banking account for your company offers great benefits, including:
- Keeping your personal and business finances separate: business bank accounts are created specifically for business transactions. Many banks also offer management tools that help you avoid mixing up your personal and business finances. Even if your chosen bank doesn’t, there are other free invoicing options you can find practical.
- Easier tax calculation: since your personal and business statements are separate, it’s easier to track any tax-deductible business expenses. You save time and money when filing returns.
- Rewards and bonuses: many banks offer discounts, bonuses, and rewards to small business owners, especially new customers. They may be sign-up bonuses or loyalty rewards and discounts.
LLC Business Bank Accounts at a Glance
| Bank | Accounts | Introductory Bonus | Best For |
| Chase Business | Business Complete Banking | $300 | Quick credit card payments |
| Bank of America | Business Advantage Fundamentals Checking | None | Cash-heavy business transactions |
| Wells Fargo | Initiate Business Checking | None | 24/7 security and fraud protection |
| BBVA | Business Connect Checking | None | Single-member LLCs |
| Capital One | Spark Business Basic Checking; Spark Business Unlimited Checking. | None | Small business-oriented features |
| Axos | Basic Business Checking; Business Interest Checking accounts. | $100 | Robust online transactions |
| PNC | Business Checking; Business Checking Plus; Treasury Enterprise Plan; Analysis Business Checking | $200-$500 | Multiple account types to choose from |
| Novo | Novo Business Banking Account | None | Free features for online-heavy business banking |
| BlueVine | BlueVine Small Business Banking | None | Highest APY; debit card-based deposits |
| NorthOne | NorthOne Business Banking | None | Personal and business finance separation |
| NBKC Bank | NBKC Bank Business Accounts | None | ATM refund and savings account option |
| SunTrust | Simple Business Checking; Primary Business Checking; Business Advantage Plus | $200 | New user perks and rewards |
Wrap Up
Choosing the best business bank accounts for your LLC requires an in-depth evaluation of your company’s needs. Consider the fees you need to pay and the rewards you can earn as you make transactions. On top of that, take a look at what tools are necessary to streamline your business processes, and how those relate to your banking habits.
FAQ
Prepare all necessary information about you and your business. This includes information about the owners and (if applicable) co-owners, which should be present to open the account if they’re signing checks. Gather other legal documents such as your business registration and EIN, which are required to verify your company and identity.
Yes. A professional bank account keeps your business and personal finances separate to avoid any confusion. It keeps your business finances and statements organized as well, making information easy to track. You can also track tax deductibles more easily, and the mobile and online banking tools it offers are invaluable.
Absolutely! You can have a personal or business account — or a combination of both. On top of that, these accounts can be joint or individual. This is possible at many banks since each account has a separate account number. However, you’ll pay additional fees.
Technically, yes. However, since you’re legally required to separate your company’s finances from personal ones — especially if you’re operating as an LLC — opening a checking account is the right way to go. This is why many small business owners search for the best business bank accounts for their LLC.
