Best Business Bank Accounts For LLC

The real metric of success isn’t the size of your bank account. It’s the number of lives in whom you might be able to make a positive difference.

- Naveen Jain

 

That might be true, Naveen, and we appreciate the sentiment. But while you’re busy making a difference with your business, you still need a good bank account.

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The question is, how are you supposed to know where to start?

 

Running a business is hard work, but in order for it to be legit, you need a bank account with a financial institution you can trust.

There are lots of things you should look for when shopping for business bank accounts. We’ll get into all that in a minute.

 

For now, let’s jump right into our top picks for the best business bank accounts for LLCs.

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The Best Business Bank Accounts for an LLC

Congratulations! And cheers!

You had a stellar idea for a business, you’re all fired up to get started, and it’s time to get your finances in order.

 

Here are our picks for the best business bank accounts if you have an LLC.

 

Novo Business Checking

Monthly Fee: $0

APY: N/A

Bonuses Available: N/A

Features: Novo business banking is a great option for people whether their businesses are new or if they’ve been around a while. They’re FDIC insured, you won’t get slapped with any hidden fees, and they offer online banking, which is a big plus. You can apply online for your account in as little as 10 minutes and keep track of your account at all times through their mobile app.

Website Link: https://merchantalternatives.com/go/novo/

 

Lending Club Tailored Checking

Monthly Fee: $10 unless you keep a minimum $5,000 balance. In that case, it’s free.

APY: 0.10% as long as you have a minimum $5,000 balance.

Bonuses Available: 1% cash bank on all purchases as long as you maintain that $5,000 minimum balance.

Features: Lending Club makes it easy to open your LLC’s checking account right online. They offer lots of great benefits, like unlimited cash bank (see the bonuses section above), unlimited transactions, interest and FREE ATM usage. If you use Mint, Quickbooks or Quicken to keep your books, you can connect your LendingClub account to make keeping your ledger a lot easier.

Website Link: https://merchantalternatives.com/go/lendingclub/

Chase Business Complete Banking

Monthly Fee: $15 unless you maintain a balance of $2,000 or more.

APY: N/A

Bonuses Available: You can get a bonus of up to $300 when you open your account as long as you meet their requirements.

Features: This account is one of our favorites because it has some great features many of the other banks don’t. They offer several ways to waive the monthly maintenance fee. They’re also set up so you can take credit card payments anywhere. This is perfect if you plan on attending vendor events. Also, your business deposits will be available on the same day at no additional cost to you.

Website Link: https://merchantalternatives.com/go/chase/

Oxygen Business Account

Monthly Fee: $0

APY: N/A

Bonuses Available: N/A

Features: If mobile banking is what you’re interested in most, opening up an Oxygen Business Account might be just right for you. There are no minimum requirements for opening deposits or balances. Your transactions are unlimited and free of those pesky fees, and the same is true for your ATM use. They even offer cash back when you use your business debit card. Also, if you still have to set up your LLC, you can do that right through their Oxygen app before you sign up for your account.

Website Link: https://merchantalternatives.com/go/oxygen/

Bank of America Business Advantage Fundamentals Banking

Monthly Fee: $16 unless you maintain a balance of $5,000 or more.

APY: N/A

Bonuses Available: N/A

Features: Some folks like a mix of online and in-person banking. If that’s you, Bank of America might be right up your alley. With this account, you get unlimited fee-free electronic transactions, high cash deposit limits and access to their Business Advantage 360 online banking platform that includes mobile banking and lots of great tools to help you run your business.

Website Link: https://merchantalternatives.com/go/bank-of-america/

Capital One Spark Business Basic Checking

Monthly Fee: $15 unless you have a minimum balance of $2,000.

APY: N/A

Bonuses Available: N/A

Features: Here’s another option for those who are looking for a brick-and-mortar option for business banking. Capital One offers unlimited transactions without fees and they have more than 70,000 ATMs for their customers all over the U.S. You can get free online bill pay and mobile check deposit through them as well. They do require a minimum deposit to open your account, but it’s only $250.

Website Link: https://merchantalternatives.com/go/capital-one/

Wells Fargo Initiate Business Checking Account

Monthly Fee: $10 unless you have a $500 minimum balance.

APY: N/A

Bonuses Available: N/A

Features: Wells Fargo has a long history of helping business owners be successful. This account is great for businesses that anticipate between 100 and 250 account transactions every month. They have 13,000 ATMs and 5,200 branches in the United States. You can open your account in person, online or even over the phone. They also have extended customer service hours and 24/7 customer service for online banking and help with your bill pay.

Website Link: https://merchantalternatives.com/go/wells-fargo/

Blue Vine Business Checking

Monthly Fee: $0

APY: 1.00%

Bonuses Available: N/A

Features: We love FREE business banking, but to find a bank with accounts that also earn interest is like finding a needle in a haystack. This account is great for people who prefer to do the majority of managing their business finances online. You get one business debit card, unlimited fee-free transactions and access to fee-free ATMs through the MoneyPass network. You can also deposit cash into your account through the Green Dot network.

Website Link: https://merchantalternatives.com/go/bluevine/

 

Axos Bank

Monthly Fee: $0 if you have Basic Business Checking. $10 if you have Business Interest Checking. But that fee can be waived if your balance is $5,000 or higher.

APY: None for their Basic Business Checking, but up to 0.81% for Business Interest Checking.

Bonuses Available: $100 welcome bonus available.

Features: With Axos Bank, you get unlimited domestic ATM reimbursements, so you can use any ATM you choose. You’ll also have access to dedicated relationship managers and customer service reps, and they’re there to help you if you have any questions. Their accounts are compatible with QuickBooks to make for easy bookkeeping, and their transaction fees are decent too, with up to 200 free items for the Basic account and up to 50 free items for the Interest account.

Website Link: https://merchantalternatives.com/go/axos-bank/

PNC Bank

Monthly Fee: $0 for the first 3 months, and then $10 per month if you meet their requirements.

APY: N/A

Bonuses Available: N/A

Features: PNC Bank offers up to $5,000 fee-free cash deposits per month. If you go over that amount, you pay just 0.25 for every $100 deposited after that. You get your first 150 transactions free and then each one is 0.50 after. Just $100 is enough to open your account. One of the things we like best about PNC Bank is their free overdraft protection. For $10 a month, you can gain access to their Cash Flow Insight tool, which helps you monitor your business finances.

Website Link: https://merchantalternatives.com/go/pnc-bank/

Navy Federal Credit Union

Monthly Fee: $0

APY: 0.05%

Bonuses Available: N/A

Features: The biggest drawback of Navy Federal Credit Union is that you have to have a personal checking account through them first, and you also have to have some type of military affiliation. But because credit unions often offer higher interest rates and lower fees than banks, they deserve a spot on our list. They have more than 30,000 fee-free ATMs and can offer you a lot of other great business products, such as loans and debit cards, once you’re a customer.

Website Link: https://merchantalternatives.com/go/navy-federal/

US Bank Silver Business Checking

Monthly Fee: $0

APY: N/A

Bonuses Available: N/A

Features: US Bank is an excellent choice if your business expects few monthly transactions. They offer mobile banking with bill pay, services that allow you to accept credit cards, and remote check deposits. They also provide overdraft protection and a 50% discount on your first check order (up to $50). You get 125 free transactions and 25 free cash deposits for each statement cycle too. If you live in the midwest or western part of the United States, you can walk into one of their many branches and talk to their customer service reps too.

Website Link: https://merchantalternatives.com/go/us-bank/

Brex Cash

Monthly Fee: $0

APY: N/A

Bonuses Available: N/A

Features: Brex Cash is not a traditional bank account. They prefer you to think of them as more of a cash management account. There are no deposit minimums to worry about and your money is FDIC insured. You can send unlimited ACH and wire payments without having to worry about paying a lot of fees. You’ll have quick access to your cash as well as a credit card (not a debit card) that gets paid daily just like a debit card. But you get to earn points on your spending as a result. Points can be redeemed for cash, miles, or gift cards. When you make your deposits, you can use the money as cash or invest it into a Money Market fund.

Website Link: https://merchantalternatives.com/go/brex/

Lili

Monthly Fee: $0

APY: 1%

Bonuses Available: N/A

Features: If you’re a freelancer, hold off before you open a bank account anywhere other than Lili. It was designed for people just like you. They offer a ton of great features, like no-fee overdraft protection, cashback rewards and a Visa business debit card. Their app makes it easy for you to manage your finances on the go. Even though they’re not a traditional bank, your money will be FDIC insured.

Website Link: https://merchantalternatives.com/go/lili/

NorthOne Business Banking

Monthly Fee: $10

APY: N/A

Bonuses Available: N/A

Features: NorthOne Business Banking has unlimited transactions and ACH payments every month. So if your business is booming (or you expect it will be), this might be a great option for you. They use a handy online Envelopes system that can help you plan and budget within your business. Their mobile app lets you make check deposits on the go, and your account connects seamlessly to many of your favorite business apps, such as PayPal, Square and Quickbooks. You can open your account in as little as three minutes online.

Website Link: https://merchantalternatives.com/go/northone/

NBKC Everything Business Checking

Monthly Fee: $0

APY: 0.50%

Bonuses Available: N/A

Features: NBKC is one of the few banks that actually offers high yield checking accounts for businesses. You can withdraw money from more than 32,000 MoneyPass ATMs, and they’ll even refund up to $12 per month if you use other ATMs to access your cash. You won’t see any fees for overdrafts or nonsufficient funds either. They’re based in the Mid-West, but you don’t have to live there to bank with them. All you need is a $5 deposit and you can open your account right online.

Website Link: https://merchantalternatives.com/go/nbkc-bank/

TIAA Small Business Checking

Monthly Fee: $0 with a $5,000 minimum balance.

APY: 1.01% for the first year and then tiered interest based on your account balance, from 0.20% to 0.55%.

Bonuses Available: N/A

Features: TIAA Bank is an online-only bank, so if most of your business is done by credit or debit card, you might want to consider them. They offer special accounts for sole proprietors and single-member LLCs too. Their online banking platform is great and they also offer mobile banking. To open an account, you need to deposit $1,500 and your first 200 items are processed for free every month. If you choose, you can also have overdraft protection added to your account.

Website Link: https://merchantalternatives.com/go/tiaa-bank/

Radius Bank

Monthly Fee: $10 unless your balance is $5,000 or higher.

APY: 0.10% on balances $5,000 and up.

Bonuses Available: N/A

Features: Radius Bank is an online-only bank. Their Tailored Checking Account offers unlimited transactions with no fees, and that includes free ATM withdrawals and bill pay services. You only need $100 to open an account with them, and you can be assured that your money is FDIC insured. They also offer unlimited cash back (1%) each time you use your debit card as a credit card. They offer 24/7 online and mobile banking too, and by now, you know how important that is.

Website Link: https://merchantalternatives.com/go/radius-bank/

Hatch Business Checking Account

Monthly Fee: $10

APY: N/A

Bonuses Available: Hatch Perks include discounts on tools and services like Square and QuickBooks.

Features: Hatch offers some of the best benefits of business checking accounts that we’ve seen. They offer cash back on car rentals (5%), hotels and restaurants (4%) and even gas (1%). The monthly fee is pretty much the only fee you’ll encounter. There are no fees for insufficient funds, debit card replacements or minimum balances. Their ACH transfers are free too. Your account will seamlessly integrate with Google Pay and Apple Pay.

Website Link: https://merchantalternatives.com/go/hatch/

 

 

Frequently Asked Questions About Opening a Business Bank Account for an LLC

 

If this is your first time opening a business bank account for your LLC, you probably have lots of probing questions.

 

You’re in luck because we’ve got the answers!

Who Should Get a Business Bank Account?

 

You should definitely get a business bank account if you have an LLC.

But even if you just have a side hustle, there are a lot of benefits to it, and you can qualify.

You can track your revenue and expenses much more easily than if everything is lumped in with your personal accounts.

 

You also don’t need to have a business tax ID to open an account. You can do it with just your social security number.

How do You Open a Business Bank Account for an LLC?

 

All you need to do is follow these simple steps:

  1. Scroll back up and choose the right bank/account to meet your needs.
  2. Gather together all your paperwork. You’ll need:
    1. Your articles of organization.
    2. Your LLC operating agreement.
    3. Your DBA certificate if you have one.
    4. Your business license.
    5. Your business tax ID or employer identification number.
  3. Submit your application.

 

We know, that sounds pretty easy, and it is.

 

If you’re well-organized, you can open your account in just a few minutes.

What Should You Look for in a Business Bank Account?

 

Everyone’s business is different, and what meets your needs might not work for another business owner.

 

That said, there are a few things we think you should look for before you make your decision.

  • No Monthly Fees - There are a lot of banks on this list that have accounts that are monthly fee-free. But many of them offer a way to waive those annoying fees because, let’s be honest, they do add up over time.
  • The Right Features - If your business brings in a lot of cash payments, choosing an online-only option might not be the best way to go. Take a long, hard look at what you need based on the money coming in. Then look for accounts that will meet those needs.
  • Scalability and Growth - If you’re a smaller business and you plan to stay small, you might do well with just a basic account. But if you have big dreams and a plan to grow, you could outgrow your business bank account quickly. Choose a bank that will “grow” with you by offering accounts that meet your needs at every stage.
  • Online Access - Let’s face it - any bank that doesn’t offer online access is pretty much stuck in the stone age. Still, make sure you can access your accounts anywhere from your computer or mobile device.
  • No or Low ATM Fees - Fortunately, the majority of business accounts will cover most of your ATM fees if you use ATMs that are outside of their network. But not all of them do, so this is something to pay close attention to.

Is it OK to Use a Personal Checking Account Instead?

 

We get it. It’s tempting to just use your personal checking account for your business.

 

But that’s not a good idea for a lot of reasons.

 

If you’re just getting started with your LLC, you’ll soon see the importance of simplicity.

 

Keeping all your business transactions in one place will tell you how much you made, what you spent (or need to spend), and what’s left.

 

Running a successful business is hard enough without all the headaches that can go along with trying to separate everything come tax time.

 

 

Also, if you run into some type of liability issue, you need the protections that an LLC offers you.

 

And finally, God forbid your business ever has to declare bankruptcy, but if it does, you can protect your personal assets by keeping everything separate.

What’s Better - Online Banking or Brick-and-Mortar Banks?

 

Again, this is a matter of personal preference, and it really depends on your business.

 

Today, just about everything is available online. But if you get cash payments from customers, you need to be able to drive to the bank and make deposits.

 

Still, finding a banking solution that offers a robust online option is pretty important too. This will allow you to:

 

  • Send mobile bank deposits.
  • Sync with QuickBooks, PayPal, or other apps or websites.
  • Connect with Stripe so you can accept credit card payments.

 

Online-only banks do have another advantage. Their fees are often a lot lower than those brick-and-mortar guys.

 

Still, it’s up to you! Figure out what you need and what will work best for you and open your account.

Best of Luck with Your Business!

 

Running a successful business is not for the faint of heart.

We hope we’ve helped to simplify the financial aspect of business ownership for you as far as opening your bank account goes.

Once you have your business bank account open, you’re ready to succeed. We wish you the best of luck in all your ventures!

 

P.S. Once you’re up and running, check back to get help with your digital marketing efforts. We’re the best in the biz.