10 Best LLC Business Bank Accounts Rated & Ranked for 2024

10 Best LLC Business Bank Accounts Rated & Ranked for 2024 

As a business owner with an LLC, it's crucial to maintain a clear distinction between your personal and business finances. 

By opening a dedicated bank account for your LLC, you can streamline your accounting processes, build trust with clients and suppliers and safeguard your assets from any potential risks associated with the business. 

This informative piece will delve into the best business bank accounts specifically tailored for LLCs and discuss the reasons behind their selection.

10 Best Business Bank Accounts for LLCs 

• Bluevine – Best LLC Bank Account Overall
• Lili – Best for One-Person Businesses 
• Novo – Best Low-Fee Business Bank Account for LLCs
• American Express – Best for Membership Rewards
• Capital One – Best for Unlimited Transactions
• Bank of America – Best for Traditional Banking 
• Axos – Best Full-Service Online Bank Account for LLCs
• US Bank – Best for Lending Options

• Oxygen – Best for Freelancers

• Chase Business – Best LLC Bank Account for Merchant Service

To assess the rankings of business bank accounts for LLCs, we utilized a method that considered various elements. Initially, we evaluated the available account options, including checking, savings, and merchant services. 

Furthermore, we scrutinized the charges associated with each account such as monthly upkeep fees, transaction fees, and ATM fees. 

In addition to this evaluation process, we also examined the bank's standing and level of customer service by considering factors such as online banking options and availability of in-person assistance.

Last but not least significant were any distinctive features or advantages a particular bank offers, like rewards programs or overdraft protection. Analyzing all these aspects together as part of our methodology allowed us to rank business bank accounts for LLCs exhaustively and unbiasedly.

Bluevine – Best LLC Bank Account Overall

Star rating: 4.9/5

Bluevine offers a comprehensive online business checking account option for small businesses. With this account, you can quickly pay bills, apply for small loans within minutes, and earn a competitive interest rate without monthly fees.

The application process is quick and straightforward, allowing your account to be up and running on the same day. These impressive features make Bluevine an excellent choice for startups and businesses.

Bluevine allows you to create up to five subaccounts, providing better management of your business finances. Each sub-account is assigned its unique account number. The best part is that you can earn interest on all your accounts, with a combined balance of up to $100k.

Overall, Bluevine's business checking account offers convenience and flexibility while helping your business grow financially.

Why we chose it: Every account comes with two complimentary checkbooks, which is quite uncommon as most business checking accounts don’t offer free checks. This feature mainly benefits conventional small companies that prefer paying vendors and employees in person.

Pros:

• No monthly fees or minimum opening deposit required
• Unlimited fee-free transactions; no overdraft fees
• No fees at MoneyPass ATMs; cash deposits via the Green Dot network (fees and limits apply)

Cons:

• Fee for using out-of-network ATMs
• No option for joint accounts
• Cash deposits limited to $500 per deposit, $2,000 per day; service fee of up to $4.95 per deposit on Green Dot

Fees

Bluevine goes above and beyond the industry norm by not charging maintenance, NSF, or deposit fees. You can conduct as many transactions as necessary without facing any additional charges. Bluevine also doesn't impose any minimum balance or deposit requirements.

Interest Rates

Bluevine's checking account provides users with a competitive APY and offers up to a 1.5% return on balances up to $100,000. I also offer up to 4.25% APY for premium customers.

This exclusive benefit is accessible to account holders who spend at least $500 per month using their debit card or receive a minimum of $2,500 in customer payments deposited into their checking account monthly.

Lending

You can access business lines of credit up to $250,000 with interest rates as low as 4.8%. The application process is quick and straightforward; you can often receive a decision in less than five minutes. Bluevine doesn't impose fees for opening, maintaining, prepaying, or closing your account.

>> Try Bluevine Bank Account Online >>

Lili – Best LLC Bank Account for One-Person Businesses

Star rating: 4.57/5

You might find Lili incredibly user-friendly if you have an essential single-member LLC. It offers a convenient all-in-one solution encompassing banking, accounting, and tax services. Initially tailored for freelancers and sole proprietors, Lili now welcomes LLCs too.

As an LLC owner, keeping your personal and business finances distinct is essential. With Lili, you can maintain just one bank account for both purposes while managing them separately within the application.

Why we chose it: It can generate expense reports automatically and even fill in your annual tax form beforehand.

Pros:

• Provides a tax optimizer tool
• Facilitates the creation and sending of invoices
• Easily segregates business and personal transactions

Cons:

• Operates as a virtual bank (through Choice Financial Group)
• Lacks comprehensive lending or merchant services
• Not suitable for larger businesses

Fees

Lili offers free banking services without any monthly fees, overdraft fees, ATM fees, or minimum balance requirements. 

This is comparable to Bluevine, the best LLC business bank account. However, if you opt for Lili Pro, there’s a monthly cost of $4.99 to cover the extra services provided.

Interest Rates

Lili's standard offerings don’t provide an APY. However, by opting for Lili Pro, you have the opportunity to earn up to 1% APY with a savings account. The Automatic Savings feature allows you to establish a daily automatic transfer of at least $1 into your savings account.

Lending

Lili differentiates itself from conventional banks by offering only a few lending choices. The sole option available is a complimentary overdraft of a maximum of $200 for debit card transactions.

>> Try Lili Bank Account Online >>

Novo Business Banking – Best Low-Fee Business Bank Account for LLC 

Star rating: 4.8/5

Novo offers an excellent checking account option for small businesses due to its user-friendly platform, streamlined application process, and seamless digital payment capabilities. 

With Novo, you can quickly complete and submit your application in less than ten minutes, receiving a prompt response regarding any missing information. Once your account is approved and you make an initial deposit of at least $50, you can utilize your checking account.

One of the standout features of Novo is its high-tech functionality that allows for integration with popular business apps like Shopify, QuickBooks, and Slack. This integration enables you to conveniently manage all aspects of your business from a single location. 

You'll always have immediate access to your banking details and transactions, facilitating better financial organization. The app provides a comprehensive overview of both your income and expenses every month.

Why we chose it: Novo's business banking account offers unlimited integrated invoicing, making it an excellent choice for self-employed individuals such as freelancers, contractors, and single-member LLC owners. This feature enhances convenience and efficiency for these types of businesses.

Pros:

• Unlimited fee-free transactions
• Refunds on all ATM fees worldwide
• No monthly fees or minimum opening deposit

Cons:

• Unable to deposit cash
• No recurring payments available with bill pay
• Does not support domestic or international wire transfers

Fees

Novo's checking account service comes without any fees. To open an account, you must make an initial deposit of $50. Novo doesn't impose minimum balance requirements or charge fees for cash deposits, incoming wire transfers, or ACH transactions. 

Additionally, they refund all ATM fees. Rest assured that your funds are protected by FDIC insurance through Middlesex Federal Savings, F.A., providing you with peace of mind.

Interest Rates

Novo's business checking account comes with no fees, just like Bluevine. However, you won't earn any interest on your deposits in exchange for this perk. The bank does not provide any interest on funds held in your checking account.

Lending

Novo doesn’t provide any lending options. It solely focuses on providing checking account services and doesn’t offer loans, lines of credit, or even a business credit card.

>> Try Novo Bank Account Online >>

American Express – Best LLC Bank Account for Membership Rewards

Star rating: 4.8/5 

American Express Business Checking is embracing a recent trend in business banking by providing more fee-free services and eliminating the need for a minimum balance in their primary business checking account.

They offer unlimited transactions through their payment services. Interestingly enough, American Express acquired Kabbage, so if you were considering Kabbage business checking, it's now part of American Express.

American Express Business Checking presents an excellent choice for entrepreneurs seeking a line of credit and a bank account. 

They make it simple for small businesses to obtain loan approval with lines of credit reaching up to $250,000 through Kabbage Funding by American Express.

Why we chose it: American Express offers customizable account options tailored to suit the specific needs of individual businesses. American Express provides advanced fraud protection measures to help prevent fraudulent activity and protect their clients' financial interests.

Pros:

• Easy line of credit with no prepayment charges
• No minimum balance requirement
• Simple application process

Cons:

• Doesn’t support cash deposits
• Exclusive to American Express customers
• Mobile check deposits are limited to iOS users

Fees

American Express Business Checking doesn’t charge any monthly fees. There’s no requirement for a minimum deposit when opening an account and no fees for online transactions. 

You have the freedom to use all MoneyPass ATMs without incurring any charges. However, if you choose to use an ATM that’s not within the network, each transaction will cost approximately $3. It's important to note that American Express doesn’t accept cash deposits.

Interest Rates

With its APY of 1.30%, this bank account stands out for offering one of the highest returns on balances up to $500,000. 

However, it falls slightly below Bluevine's impressive 1.5% return rate. Despite not surpassing Bluevine's APY, American Express Business Checking still claims the second-highest spot.

Lending

One of the most significant advantages of signing up for an account with American Express is the inclusion of Kabbage Funding. This service provides effortless approval for lines of credit amounting to a maximum sum of $250,000. 

What's noteworthy about this option is that it remains viable even if your credit score could be a lot higher. You can approve your application with a FICO score as low as 640.

>> Try American Express Bank Account Online >>

Capital One – Best LLC Bank Account for Unlimited Transactions

Star rating: 4.7/5

Capital One provides a selection of business checking account options. The Basic account is straightforward, offering unlimited electronic deposits, online and mobile banking, and a relatively low minimum balance to avoid fees. 

The Unlimited business bank account includes two Basic accounts for businesses with complex financial needs.

In addition to their checking accounts, Capital One offers a range of business credit cards that provide cashback or travel rewards. What sets their credit cards apart is that they have no foreign transaction fees, making them ideal for international business travelers.

One of the standout features of Capital One is its experienced and highly responsive customer service. However, it's important to note that their business checking accounts are only available in select states. 

If you're interested in opening a business checking account with Capital One, visit one of their branches in person. Capital One caters well to businesses by offering flexible banking options and excellent customer support. 

Whether you're looking for essential banking services or prefer the added benefits of multiple accounts or credit cards with rewards programs for your company's local and international expenses.

Why we chose it: Capital One offers similar services to other large banks with similar pricing. It’s a great option if you prefer to do your banking through physical branches. Capital One has a vast ATM network. You get fee-free ATM access to over 70,000 ATMs in the Allpoint and MoneyPass networks.

Pros:

• Experienced support from a large bank
• Self-service escrow services
• Unlimited checking includes two Basic accounts

Cons:

• High balances are required to waive fees
• Limited availability, only offered in some states
• The application process requires a visit to a branch

Fees

Capital One offers the Basic Checking account with a monthly charge of $15, which is quite high compared to American Express's no maintenance fee. 

Nevertheless, you can avoid this fee if your balance exceeds $2,000. Depositing cash is free for up to $5,000 in deposits per month. This product does incur standard wire transfer fees.

On the other hand, the Unlimited Checking account has a monthly fee of $35 that can be waived by maintaining a minimum balance of $25,000. 

With this account, you can enjoy free cash deposits without any limits. All incoming wires are free of charge. Furthermore, you’re entitled to five outgoing wire transfers at no monthly cost.

Interest Rates

Capital One's checking account doesn’t provide any APY, but they offer a savings account where you can earn interest at a rate of 0.2%.

Lending

If you have a checking account with Capital One, you can take advantage of their small business loans and lines of credit. 

They provide one of the most extensive lines of credit available, up to $5 million. Additionally, if you need a longer repayment term, fixed rates, and lower equity requirements, they offer SBA 504 and SBA7(a) loans.

>> Try Capital One Bank Account Online >>

Bank of America – Best LLC Business Bank Account for Traditional Banking

Star rating: 4.67/5

Bank of America represents the quintessential traditional bank. Within the Business Advantage Banking account, two customizable options can be easily toggled between, allowing optimal flexibility to meet your ever-changing business needs.

You gain valuable insights into your financial performance by integrating your checking account with various apps such as QuickBooks, Google Analytics, and Expensify. 

With this clarity and understanding, you can make more informed and intelligent decisions regarding your business operations.

In addition to these innovative features, Bank of America boasts a dedicated team of Small Business Specialists fully equipped to support entrepreneurs at every stage of their journey. 

Whether you run a large corporation or a small-scale enterprise, their expertise is readily available to assist and guide you along the way.

Why we chose it: Bank of America provides a range of reliable business banking solutions that are particularly beneficial for businesses with significant cash flow requirements.

Fees

Bank of America provides two options for business checking accounts: Business Advantage Fundamentals and Business Advantage Relationship banking. 

The Fundamentals account incurs a $16 monthly fee, but this can be avoided by maintaining an average monthly balance of $5,000, spending at least $250 in new qualified debit card purchases each statement cycle, or joining the Preferred Rewards for Business program.

On the other hand, the Relationship checking account has a higher monthly fee of $29.95; however, it can be waived by maintaining an average monthly balance of $15,000. 

If you decide to open a savings account with Bank of America, there will be an additional fee of $10 per month. This fee can also be waived if you maintain a minimum daily balance of $2,500 in your savings account.

In summary, Bank of America offers different types of business checking accounts with varying fees and requirements for waiving those fees. It's essential to carefully consider these options based on your financial needs and preferences before deciding.

Interest Rates

Bank of America's checking account doesn’t provide any interest earnings. However, the business savings account offers a very minimal interest rate of 0.01% APY, which is significantly lower than the 1.5% return offered by Bluevine.

Lending

Bank of America provides various lending solutions, including a business credit card, secured business loans ranging from $25,000 to $250,000, and secured lines of credit starting at $25,000. 

They have many options available. However, a minimum credit score of 700 is required to qualify for these lending products.

>> Try Bank of America LLC Account Online >>

Axos – Best Full-service Online Bank Account for LLCs

Star rating: 4.61/5

Axos is a pioneering virtual bank that exclusively offers online business banking services, without any physical branch network. What sets Axos apart from its competitors is that it operates independently as a full-fledged bank, without relying on another financial institution. 

Recognized for its exceptional terms and extensive range of services, Axos consistently secures a place on various esteemed lists of 'Best Business Checking Accounts' across the internet.

Axos emphasizes an intuitive user experience and seamless navigation through its online platform, distinguishing itself from traditional banking options. 

With a solid commitment to building an outstanding online presence, Axos is an excellent choice for small businesses and digitally-focused enterprises.

It should be noted that while the basic checking account yields an annual percentage yield (APY) of up to 0.20%, opting for interest checking with a minimum balance of $5,000 can earn you an APY of 1.01%.

Why we chose it: Axos Bank's Basic Business Checking account comes with various benefits. There’s no monthly fee or requirement for a minimum opening deposit, making it accessible to all businesses. 

This account allows unlimited transactions and cash deposits through AllPoint and MoneyPass ATMs. Additionally, Axos Bank provides 24/7 customer support and free ATM access nationwide. 

The best part is that you won't have to worry about fees charged by other banks or ATM operators in the U.S., as Axos Bank offers unlimited refunds.

Pros:

• Unlimited fee-free transactions
• Automatic refunds of all domestic ATM fees
• 24/7 customer support
• Welcome bonus for new customers (terms apply)
• No monthly fees or minimum opening deposit
• Cash deposits are available via MoneyPass and AllPoint ATMs

Cons:

• Limited integrations
• No physical locations
• Doesn’t offer the highest APY

Fees

Axos provides a range of best business bank account options, including Basic Business Checking, Business Interest Checking, Business Savings Accounts, and Business Premium Savings. 

The Basic Business Checking account is fee-free every month, whereas the Business Interest Checking account incurs a $10 monthly fee. Additionally, the Basic Savings Account carries a $5 monthly fee, while the Premium version of this account doesn’t have any associated fees.

Interest Rates

Although various interest-bearing choices are available to Axos' customers, the rates of return are less competitive than those offered by other banks. The standard checking account provides no annual percentage yield (APY). 

On the other hand, the interest-bearing checking account offers an APY of 1.01%. Opting for Axos' savings options would grant a yield of 0.20% on both the Basic and Premium Business Savings accounts.

Lending

Axos Bank has joined forces with Centerstone SBA Lending to assist businesses in obtaining SBA loans. They extend a guarantee backed by the federal government and present adaptable terms.

Additionally, they offer commercial lines of credit and term loans, although these options are more suitable for giant corporations.

>> Try Axos Bank LLC Account Online >>

US Bank – Best LLC Business Bank Account for Lending Options

Star rating: 4.5/5

US Bank is one of the few central traditional banks offering a complimentary business checking option. The Silver Business Checking account is attractive without monthly maintenance fees and minimum balance requirements. 

This particular account is particularly suitable for businesses that don’t engage in a high volume of transactions every month, such as independent contractors who mainly serve one major client.

With over 2,000 branches primarily located along the West Coast, US Bank caters well to small local businesses seeking face-to-face banking services and personalized assistance.

Furthermore, when expanding your LLC, US Bank provides additional resources such as small business loans (including SBA loans), payment processing solutions, cash management services, and payroll assistance.

Why we chose it: US Bank offers a variety of excellent products and services. Its lending solutions are the standout feature. It's an ideal option for businesses with minimal transaction activity. Enroll now and experience the benefits firsthand.

Pros:

• No monthly service fee for the Silver Business Checking account
• Entirely online business account opening
• Welcome bonus for new customers (terms apply)
• Optional payment processing services, from mobile apps to in-store payment terminals (additional fees apply)

Cons:

• Transaction fees are charged
• High early withdrawal penalties on CDs
• No APY on checking accounts, very low APY on savings accounts

Fees

US Bank provides a selection of three checking account options. The Silver Business Checking Account package doesn’t have a monthly fee and includes 125 free transactions. Any transactions exceeding this amount will incur a charge of $0.50 per transaction.

The Gold package requires a monthly fee of $20 and charges $0.45 for each transaction once the limit of 300 transactions is surpassed.

The Platinum package comes with a monthly fee of $30 and applies an additional cost of $0.40 per transaction after surpassing 500 monthly transactions. Compared to top-ranked Bluevine, which offers zero fees, these fees from US Bank appear expensive.

Interest Rates

US Bank does not provide any returns on deposits made to checking accounts. Regarding their savings account, a minimum deposit of $25 can earn you an annual percentage yield (APY) of 0.01%.

Lending

This establishment provides a selection of borrowing choices, such as corporate credit cards, lines of credit, and loans. US Bank presents an array of corporate credit cards with distinct attributes like cash rewards, absence of yearly fees, reduced interest rates, and incentive programs.

Moreover, it extends a diverse range of small business loans tailored to your requirements. The loan amounts can reach up to $250,000 through Quick Online loans and $12.375 million through government-backed loans.

>> Try US Bank LLC Bank Account Online >>

Oxygen – Best LLC Bank Account for Freelancers

Star rating: 4/5

When you visit Oxygen's website, it may give off the impression of a trendy fashion magazine or boutique. However, it offers a business checking account as part of its online-only banking services. 

What sets Oxygen apart is that it provides both fee-free options and options with an annual fee. This makes it an ideal choice for freelancers who want to separate their personal and business finances.

Oxygen offers four different tiers for their business checking accounts based on your monthly spending and deposit activity. The basic tier has no fees and does not require a minimum balance. As you move up to higher tiers, there are ways to waive the annual fee after the first year.

One of the standout features of Oxygen's accounts is the range of benefits they offer. Not only can you earn cashback at partner merchants for various expenses like food, gas, rideshare services, and shipping, but you also have the opportunity to earn competitive interest rates on your savings goals.

Furthermore, these accounts come with additional perks, such as cell phone protection, lost or delayed luggage coverage, and even car rental waivers.

Customers with higher-tier accounts at Oxygen Bank enjoy even more rewards in cashback incentives, savings APY (Annual Percentage Yield), and other exclusive benefits like airport lounge passes and reimbursement for Netflix subscriptions!

Why we chose it: Oxygen is revolutionizing the financial industry with its stylish and innovative approach, providing a wide range of lucrative options for individuals and businesses alike. With abundant features, Oxygen sets itself apart from traditional banking services.

Pros:

• 5% Cashback rewards
• Business savings with 1% APY
• Generate virtual, single-use debit cards

Cons:

• No lending options
• Virtual bank, no cash deposits
• Enrollment fee for higher-tier accounts

Fees

Interestingly, Oxygen has categorized its services into four elements: Earth, Water, Air, and Fire. These loyalty tiers have been designed to assist business owners in achieving success in their unique way.

The Earth tier is the most basic option and does not incur any fees. Within this tier, customers can benefit from a savings option with an annual percentage yield (APY) of up to 0.50%. 

Moving up to the Water tier requires a yearly payment of $19.99 and provides access to a range of additional features and a higher APY on savings at 1.00%. 

The Air and Fire tiers come with an annual cost of $49.99 and $199.99, respectively, offering even more benefits such as increased APY rates on savings at 2.00% and 3.00%.

Interest Rates

Oxygen offers attractive interest rates for its savings option across different tiers. Depending on the tier, you can earn an Annual Percentage Yield (APY) of 0.50% for Earth, 1.00% for Water, 2.00% for Air, and 3.00% for Fire.

Compared to Bluevine and American Express Business Checking, Oxygen's interest rates are significantly higher. Bluevine offers up to 1.5%, while American Express Business Checking offers up to 1.3%.

Lending

Due to its nature as a mobile banking application rather than a complete bank, Oxygen does not provide any borrowing opportunities.

>> Try Oxygen LLC Bank Account Online >>

Chase Business – Best LLC Bank Account for Merchant Service

Star rating: 3.8/5 

Chase stands out as one of the top banks in the United States for its extensive branch network, diverse range of products, and exceptional customer service. It offers a unique banking solution called Chase Business Complete Banking, which combines checking and payment processing services.

This particular account is particularly beneficial for limited liability companies (LLCs) that accept credit card payments. The advantage is that you don't have to go through the hassle of opening a separate merchant account, saving you valuable time.

While it's worth noting that Chase ranks lower on our list due to potential fees and app functionality, it still has solid potential. Those who prioritize an enhanced online experience may find other options more enticing.

However, individuals who prefer traditional banking methods and frequently handle cash transactions will discover that Chase is worth considering. 

This bank caters to their needs by allowing them to quickly deposit cash into their accounts while providing all the conveniences associated with a well-established financial institution.

Why we chose it: The Chase Business Complete Checking account provides unlimited electronic deposits, presents the chance to receive a $300 sign-up bonus, and maintains an affordable monthly fee of $15. 

Additionally, it grants users the capability to accept credit card payments through the Chase mobile app using Chase QuickAccept℠.

Furthermore, if your LLC surpasses the limits of the Chase Business Complete Checking account, you can choose to upgrade to either the Performance or Platinum Checking accounts.

Pros:

• International presence with locations worldwide
• Robust fraud protection measures
• Accept payments through the Chase mobile app

Cons:

• Higher fees
• High minimum balance required to waive fees
• Unclear APY on savings accounts

Fees

Chase provides three options for business checking accounts:

Chase Business Complete Checking: The monthly fee of $15 can be waived if you maintain a minimum daily balance of $2,000.

Chase Performance Business Checking: The monthly fee of $30 can be waived if you have a combined average beginning-day balance of $35,000.

Chase Platinum Business Checking: The monthly fee of $95 can be waived if you maintain a combined average beginning-day balance of $100,000.

These options include features such as a business debit card and the ability to deposit cash at their physical locations. However, unlike Bluevine, a monthly maintenance fee needs to be paid.

Interest Rates

Chase Business Checking accounts don’t provide any APY on deposits. Nevertheless, businesses can earn interest by using Chase Business Savings. However, you must inquire about the specific APY it offers.

Lending

Chase for Business provides a variety of lending choices, including business credit cards, small business loans, and lines of credit. The available business lines of credit range from $10,000 to $500,000, while loan options begin at $5,000.

>> Try Chase LLC Bank Account Online >>

Ranking Methodology for the Best Business Bank Accounts for LLCs

To determine the best business bank account for LLCs, it’s crucial to consider various important factors. Below is a comprehensive explanation of how business bank accounts for LLCs are ranked using a specific methodology.

• Fees—Transaction, Minimum Balance, Early Termination, Daily Batch: One of the primary concerns often revolves around fees, including transaction fees, minimum balance requirements, early termination charges, and daily batch fees. 

Many banks catering to LLCs aim to attract small business owners by either waiving monthly fees under specific conditions or eliminating them entirely. The optimal business checking account should align with your needs, avoiding fees in crucial areas such as unlimited transactions or free monthly cash deposits.

• Interest Rate—APY on Checking and Savings Accounts: Several banks in our selection provide an Annual Percentage Yield (APY) on their checking accounts. The top-ranking banks may offer an attractive yield, sometimes reaching up to 1.5%, making them enticing for business owners. 

A higher APY is advantageous for your business, but it's essential to note that some banks might offset interest earnings with monthly maintenance or transaction fees. Many of the best business bank accounts online also offer interest on savings accounts. Once again, a higher interest rate is preferable.

• Account Features—Online Banking, Mobile Banking, Bill Pay: Various accounts come with distinct features, and LLCS must evaluate which features are paramount for their business. This encompasses online and mobile banking, bill pay, remote deposit, overdraft protection, and other functionalities contributing to more efficient financial management.
• Lending—Lines of Credit, Credit History: Establishing a credit history for your small business is imperative. The business may require loans for various purposes, from covering payroll to acquiring new equipment or expanding into a larger space. 

Having a business checking account with a specific institution can enhance the likelihood of securing loans. Building a history with a bank also improves the chances of approval for a bad credit business loan. 

While our focus has primarily been on national and online banks, local community banks or credit unions could be a viable option, especially if anticipating the need for a loan. Local banks often foster personal relationships that can be advantageous, particularly for specialized businesses.

• Security—Multi-factor Authentication, Encryption, Fraud Detection: Security is critical in selecting an account. LLCs should seek banks offering robust security features, including multi-factor authentication, encryption, and fraud detection and prevention tools. The bank's reputation for security and adherence to regulatory standards should also be considered.

>> Best LLC Bank Account - Bluevine >>

Best Business Banking Account for LLCs – Buying Guide

If you need more details, here’s a section to help you with your queries.

Why LLCS Need a Business Bank Account

In order to comply with legal requirements, LLC owners must possess a distinct business bank account that’s separate from their personal checking account. 

From a legal standpoint, LLCs are considered separate entities from their owners, which offers protection against personal liability for any business-related debts or legal claims. 

If this separation isn’t maintained and you end up being sued, the court may have the authority to pursue your personal assets. To ensure the preservation of this legal distinction, it’s imperative that you adhere to the mandatory separation of your business and personal finances. 

Should you combine these financial aspects together, there’s a risk that the court might perceive your LLC as merely a facade and hold you personally accountable for any liabilities incurred.

How To Open a Bank Account As An LLC

Creating an LLC can be done either as a sole owner or with multiple individuals involved. If you opt for multiple owners, finding a financial institution that permits joint accounts is crucial.

The following information will be required:

• Business name and address
• EIN (Employer Identification Number) or SSN if you’re a single-member LLC
• Date of LLC registration
• State where your LLC is registered
• Primary business location
• Personal information of the business owner (SSN, DOB)

What Other Documents Does the Bank Need to Open My LLC Bank Account?

Each bank has its own specific documentation requirements, but here’s an idea of what you can anticipate the bank requesting.

• LLC Operating Agreement
• LLC Articles of Organization or Certificate of Formation

To ensure you're well-prepared to open a business bank account, it's advisable to contact the bank or check their website. This precautionary step will help you avoid any potential inconvenience. 

While certain banks allow online applications for a business checking account as an LLC, others may require all owners to meet with a banker in person. Taking these measures will ensure that you have all the necessary information and can smoothly proceed with opening your account.

>> Consider Bluevine >>

Best Business Bank Accounts for LLCs – Frequently Asked Questions (FAQs) 

Can I Use My Personal Bank Account For My LLC?

While using your personal bank account for your LLC is technically possible, we strongly discourage it. Creating a Limited Liability Company is meant to safeguard your personal assets in the event that something goes awry with your business. 

However, if you continue to commingle funds by using your personal bank account for your LLC, there’s a greater risk of the authorities seizing your personal assets.

Do I Need a Separate Bank Account For My LLC?

When forming an LLC, the main purpose is to establish a clear distinction between personal and business finances. Once the LLC is established, it becomes an independent legal entity separate from its owner. That's why we highly recommend setting up a dedicated bank account exclusively for your LLC.

Although state and federal laws don’t mandate the creation of a separate bank account for an LLC, it’s still advisable to have one in order to streamline financial management and prevent potential issues in the future.

Additionally, you can take advantage of the convenience by easily opening a business account with online banks such as Bluevine without any fees, allowing you to enjoy immediate benefits.

How Much Does It Cost to Open a Business Account?

The expenses can differ based on the bank you choose. There might not be a specific fee for establishing multiple business checking accounts. 

You could face annual or monthly charges. Furthermore, certain accounts may necessitate maintaining a minimum balance, which isn’t considered a direct fee.

Bottom Line on Best Business Bank Accounts for LLCs 

While banks may seem daunting and carry a hefty responsibility in influencing the success or failure of a business, it’s possible to regain a significant level of control by exploring various options and finding terms that align with your specific needs. 

As a small business owner, you’re considered the bank's customer, and as the saying goes, the customer is always right.

When it comes to LLCs, the best business bank accounts can vary depending on individual requirements. However, there are certain accounts that stand out due to their competitive fees, interest rates, and notable features. Examples include Bluevine, Novo, and American Express.

>> Best LLC Bank Account - Bluevine >>