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4.25% APY for Premier customers, 2.0% APY for Bluevine Standard tier customers

  • Unlimited transactions, and no minimum balance required
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Earn up to 5.38% APY in Mercury Treasury1

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1. Rate as of 04/15/2024. Terms Apply.

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Business banking for scaling businesses

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Banking built for the self-employed

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No monthly fees

  • No minimum balance requirements
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Earn up to 1.01% APY with Small Business Interest

  • Business owners get up to $400 welcome bonus1

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If you run a limited liability company (LLC), a business bank account can help you keep your personal and business finances separate, make it easier to track your expenses and income, and establish credibility with vendors and clients.

Some recent turmoil in the banking industry in the spring of 2023 has led to some high-profile bank failures, notably Silicon Valley Bank, which was followed by Signature Bank and First Republic. The good news is that the crisis has renewed scrutiny over the industry and underscored the importance of regulators.

We compiled a list of the best business bank accounts for LLCs in 2023 based on a variety of factors, including limits, fees, reviews and features. Whether you're just starting out as a small-business owner or you’re a seasoned entrepreneur looking to streamline your finances, we've got you covered.

Our Top Picks for the Best Business Bank Accounts for LLCs

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Best Business Bank Accounts for LLCs Reviews

Pros
  • No minimum deposit
  • No minimum balance
  • No in-network ATM fees, and reimbursement for out-of-network ATM fees
Cons
  • Online only, with no cash deposits
HIGHLIGHTS
Monthly Fees
None
ATM Fees
None
Accounts Offered
Checking

Why we chose it: Because of its lack of a minimum deposit, minimum balance, monthly fees or ATM fees, Novo can be a great option for self-employed freelancers or entrepreneurs.

For small one-person businesses, the online bank Novo can be a great way to have a separate business checking account. Novo has no fees and no minimums — if you get charged an ATM fee by an out-of-network ATM, Novo will even reimburse you.

The downside is that, as an online bank, Novo has no physical locations and no easy way to make cash deposits. You will need to deposit cash at another bank or an ATM and then transfer the money to your Novo account. If cash is a large part of your business income, you may need to look at another bank. Because Novo only offers a business checking account, you’ll need to look elsewhere for a savings account. However, Novo can still be a great option if you’re setting up a multi-account business structure.

Pros
  • $300 bonus if you deposit more than $2,000 within 30 business days of account opening
  • $15 monthly maintenance fee can be waived if requirements are met
  • Large and reputable bank with physical branches
Cons
  • If balance dips below $2,000 in 60 days then bonus will be lost
  • 0.01 to 0.02% APY
  • $15 monthly fee if minimum balance is not maintained
HIGHLIGHTS
Monthly Fees
$15 for balances below $2,000
ATM Fees
$2.50 out of network
Accounts Offered
Checking, Savings, CDs

Why we chose it: Chase offers the best sign-up bonuses out of all the business bank accounts we've looked at.

If you deposit at least $2,000 within 30 business days of opening the account, maintain your balance so it does not dip below $2,000 for 60 days, and complete five transactions, you will get a $300 bonus.

Chase is a reputable bank with plenty of brick-and-mortar locations, making it a good option for business owners looking for a safe and solid business account and good customer service. The convenience of going to your local Chase branch and talking to a trained customer service representative or financial advisor often cannot be understated.

The downside is that Chase business checking accounts only offer 0.01% to 0.02% interest, and if customers do not maintain their $2,000 minimum balance requirement, they are charged $15 monthly for account maintenance.

Customers at Chase also have the option to open connected savings accounts. They also have access to certificates of deposit, which may allow them to earn higher interest based on the offer determined by Chase.

Pros
  • No monthly or ATM fees
  • High interest on both checking and savings accounts
Cons
  • Online-only banking for customers not in New Hampshire or Massachusetts
  • Higher than average number of customer complaints
HIGHLIGHTS
Monthly Fees
None
ATM Fees
None
Accounts Offered
Checking, Savings, Money Market, CDs

Why we chose it: Digital Federal Credit Union has no monthly fees for their business account customers. They also do not charge any ATM fees.

While Digital Federal Credit Union does have physical locations in New Hampshire and Massachusetts, for most of the U.S., the bank can only be accessed online. If you choose to use them as an online credit union, keep in mind that there are multiple reports of spotty customer service, and you cannot talk with a representative in person.

Digital Federal Credit Union does not charge monthly or ATM fees. They also offer an interest-yielding business checking account with no minimum amount required to open or earn interest. It's not at the level of a dedicated savings account, but it can still be a great perk for businesses that keep a larger balance in a main checking account.

Digital Federal Credit Union also offers businesses access to their savings options. These aren’t specifically for businesses but can be opened in your business’s name. These include a savings account, a money market account, and certificates with a low minimum balance ranging from 3 to 60 months. This can make them a great choice for businesses looking to set up a multi-account business structure to separate revenue, savings and expenses, but without using different banks.

Pros
  • No monthly maintenance fees
  • No minimum balance requirements
  • Large and reputable bank with physical branches
Cons
  • Only 125 fee-free transactions monthly
  • No interest on business checking accounts
HIGHLIGHTS
Monthly Fees
None
ATM Fees
$2.50-$3.00
Accounts Offered
Checking, Savings, Money Market, CDs

Why we chose it: New business owners may still be trying to find their bearings, and U.S. Bank offers them the best of both worlds. Their accounts have no fees like online banks, and they offer a traditional bank's cash deposits and customer service.

U.S. Bank’s business checking account offers new business owners many of the perks commonly found in online banks, such as no monthly fees and no minimum balance requirements, but it also provides the peace of mind that comes from doing business with an established and reputable bank.

If you think your business could make a good percentage of its revenue in cash, then it might be a good idea to open an account with a traditional bank like U.S. Bank that allows you to make ATM cash deposits. If you aren't sure, picking the safe option of a traditional bank may save you hassle in the future.

Customers can make 125 fee-free monthly transactions, so if your business is just starting out and processing fewer transactions, this account could be a good fit. After that, all transactions are charged 50 cents each. If your business processes a large number of transactions, another bank may be a better fit for you.

If you tend to keep a higher balance in the bank, you also might consider the bank’s business money market accounts. The Preferred Business Money Market account gives you easy access to your money, lets you earn interest, and doesn’t charge you any fees as long as you maintain the $1,000 minimum balance.

U.S. bank also offers savings accounts and CDs, which makes them a good option for business owners looking to have all their business accounts at one bank.

Pros
  • No monthly fees
  • Welcome bonuses available
  • No ATM fees, and unlimited reimbursement for out-of-network ATMs
Cons
  • No physical locations or in-person customer service
HIGHLIGHTS
Monthly Fees
None
ATM Fees
None
Accounts Offered
Checking, Savings, Money Markets, CDs

Why we chose it: There are already a couple of online banks on this list. However, we think AXOS may be most businesses' best choice for minimal fees and sign-up bonuses.

AXOS Bank business checking accounts carry no monthly fees, no minimums, no ATM fees and offer unlimited transactions. If an out-of-network ATM charges you a fee, then AXOS Bank will refund whatever you were charged.

The bank offers various sign-up bonuses for new businesses. As of May 2023, AXOS offered a $200 sign-up bonus for new business owners. Since offers may keep changing, check their website for current offers. AXOS also has plenty of account options available for business owners to pick from. They offer regular business checking, as well as interest checking for businesses with a 1% APY. If you're looking to save, AXOS has four different types of savings accounts on offer for businesses.

AXOS Bank also offers small-business CDs and CDARS (for larger deposits). The time frame for the CDs ranges from 3 months to 5 years.

Pros
  • High customer satisfaction rates
  • Good access to customer service representatives and small-business resources
  • No dollar limit on cash deposits
Cons
  • Limited to members of the military, department of defense employees and their families
  • Opening deposit of $250, higher than some of the competition
HIGHLIGHTS
Fees
None
Minimum Deposits
$1 out of network
Accounts Offered
Checking, Savings, Money Market, Jumbo Money Market, CDs

Why we chose it: Perhaps because of its limited target demographic, the Navy Federal Credit Union is able to consistently provide services that get good reviews and high customer satisfaction rates. They know their audience and what they need for banking.

If you are a former or current member of the U.S. military or Department of Defense (DOD) or are related to one, then the Navy Federal Credit union can be a great option. Membership is open to current or former service members, veterans, DOD retirees, and their families.

According to J.D. Power, the Navy Federal Credit Union has the highest customer loyalty and satisfaction rates of all regional banks nationwide. Their business checking accounts offer a 0.01% annual percentage yield (APY) and no monthly service fee. You will pay fees for electronic transactions. If you opt for the Business Plus Checking, you receive the same APY but pay a monthly service fee of $8 and can have multiple names on the account. The Business Premium Checking account offers varying tiers of APY depending on your balance. The $20 monthly fee can be waived if you maintain a balance of $5,000 or more. Navy Federal Credit union also offers connected savings, money market, and CD accounts to its business customers. Customers must deposit at least $250 to open an account.

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Other banks we considered

Bank of the West

Pros
  • No minimum balance
Cons
  • No interest on business checking accounts
  • Negative customer reviews
  • Not available nationwide

Bank of the West is a brick-and-mortar bank with no minimum balance requirements for its business checking accounts. Unfortunately, it is only available in the western half of the U.S. and has a less-than-stellar reputation in online reviews.

First Citizens Bank

Pros
  • No monthly maintenance fees
Cons
  • $100 opening deposit
  • Negative customer reviews
  • Only 175 fee-free transactions monthly

First Citizens Bank has more than 500 physical branches nationwide, but many of them are concentrated in the Carolinas, Georgia and Virginia. While the bank has no monthly maintenance fees for its business checking accounts, there is a low free transaction limit and a $100 opening deposit. Customer reviews online are often negative, citing bad customer service.

Best Business Bank Accounts for LLCs Guide

A business bank account is a financial account specifically designed for the needs of businesses. These accounts are separate from personal accounts, offering a range of features and benefits that can help businesses manage their finances more efficiently.

What is a business bank account for an LLC?

A business bank account for an LLC is a type of financial account used exclusively for managing business revenue. Some key features of business bank accounts for LLCs include the ability to accept and make payments as the LLC, earn interest on deposits and access credit and loans reserved for businesses.

One of the main benefits of using a business bank account is that it can help business owners keep their personal and business finances separate. This can be especially important for tax purposes and help business owners protect their personal assets if they incur legal liabilities or debts. Using a business bank account can also help small-business owners establish credibility and professionalism with their customers and vendors.

How do business bank accounts for LLCs work?

Business bank accounts for LLCs work the same way as regular business bank accounts. They allow businesses to deposit and withdraw funds, make payments to vendors and employees and manage their finances in a secure and organized manner. These types of bank accounts also offer services that banks only give to business clients, such as access to business credit and loans.

Banks and credit unions typically offer business bank accounts, which can be opened in person or online. To open an account, business owners need to provide proof of their LLC status, identification, and address. Some financial institutions may also require a minimum deposit or monthly maintenance fee to open and maintain an account.

How to pick a business bank account for an LLC

If you own an LLC, choosing the right business bank account to manage your company's finances is important. Many options are available, and the right one for you depends on your needs and goals. Here are some tips for how to pick a bank for your LLC.

Compare your options

Several types of business bank accounts are available, including checking accounts and savings accounts. Each has its benefits, and every bank that offers them may have different fees and features, so it's important to compare your options and choose the bank and account type that best meets your needs.

Consider factors such as the interest rate, fees and account minimums. Look for an account with a competitive interest rate between 1% and 4% if you plan to keep a high balance in your account.

Consider fees

Fees can vary significantly from one bank to another. Look for an account with low or no fees or one that waives fees if you meet specific requirements, such as maintaining a particular minimum balance. Be sure to review the fees associated with any additional services you may need, such as online bill pay, deposits, ATM withdrawals or mobile banking.

Know the limits

Business bank accounts may have different limits on the number of transactions you can make each month or the amount of money you can withdraw or transfer. Understand these limits and choose an account that meets your needs. For example, if you plan to make a large number of transactions each month, look for an account with a higher transaction limit or one that does not charge a fee for each transaction.

Business savings accounts may also limit the amount of money you can withdraw or transfer each day or month. These limits can be essential to consider if you need to access a large amount of cash for business expenses or emergencies.

Check reviews

Research reviews and ratings from other customers to get an idea of the level of service and overall experience you can expect from a particular bank. Look for discussions about the bank's customer service, online and mobile banking capabilities, and any fees or issues customers have experienced. You can find reviews on consumer review websites or by asking other business owners in your network.

Consider their customer service

Good customer service is especially important when it comes to your bank. Look for a bank with a reputation for excellent customer service, and make sure they have multiple channels for you to reach out to them if you have any issues or questions. This might include phone, email and in-person support at a local branch.

It can also be helpful to consider the convenience of the bank's location and hours. If you need to visit a branch in person, choose a bank that has branches near your business or is open during hours that are convenient for you. Online-only banks can offer competitive interest rates and lower fees, but they may lack the convenience of a local branch or the ability to deposit cash. Review their customer service options carefully and ensure you feel comfortable managing your account online.

How should you structure your business bank accounts?

The structure of your business bank accounts will depend on the size and complexity of your business, as well as your specific financial needs. A simple structure may consist of only a business checking and savings accounts.

Adopting a more complex bank account structure may be a good idea as your business grows. You can easily create separate business bank accounts to set aside money for your business’s expenses. An example of a business account structure could look like this:

  1. Revenue. This is your business's main account and where all your deposits go. From here, money that needs to be set aside can be sent to your other accounts.
  2. Taxes. If your business has a separate account just to set money aside for taxes, you know you won’t accidentally spend any tax money on other expenses. For more tax help, consider our picks for the best accounting software for small-business owners.
  3. Expenses. Setting aside a set percentage of revenue in an expense account can also be a good way to limit and monitor business expenses and ensure you stay profitable.
  4. Savings. This can be your business’s emergency fund and a way to earn interest on your business’s cash assets. If you set aside enough money to maintain your business for a few months or weeks in an emergency, you won’t have to use your own personal savings to keep your business afloat if something happens. If you don't anticipate needing to access your savings, consider Money Market accounts or CDs for higher interest yields.
  5. Payroll. Making sure you can always pay your employees is one of the most important aspects of running a business. This money can be kept in your expense account, but it may make things easier to have a separate account. This can also be a good place to set aside the money you pay yourself monthly for running the business.
  6. Profit. If your business has multiple owners or shareholders, profit must be distributed after all expenses are paid. This is the account where you can transfer what’s left in your revenue account after setting aside money for savings and expenses.

Best business bank accounts for LLCs FAQ

How many business bank accounts should you have?

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The number of business bank accounts you should have will depend on the size and complexity of your business and your specific financial needs. A small business may only need one or two accounts, such as a checking account for day-to-day transactions and a savings account to set aside funds. A larger business with multiple streams of income and expenses may benefit from having more specialized accounts.

The Federal Deposit Insurance Corporation (FDIC) insures personal and business bank accounts in the event that a bank is unable to pay out deposits. The FDIC insures $250,000 per bank per person. Every business account you create at a new bank gives you an extra $250,000 of FDIC insurance so that you can open a new business savings account for each $250,000 in savings your business has.

Why should you separate your personal and business bank accounts?

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Separating your personal and business bank accounts is important for several reasons. It helps keep your personal and business finances separate, making it easier to track your expenses and income and identify any areas where you may be overspending. This can also make it easier to prepare financial statements and tax returns. Separating your personal and business bank accounts can also protect your personal assets if your business is sued or faces financial difficulties. Business banking accounts establish credibility with vendors and clients.

How do you operate business bank accounts?

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Operating a business bank account is similar to operating a personal account, but there are a few key differences to keep in mind. You will want to make regular deposits and keep track of all transactions. By keeping all your income in one place, you can easily calculate how much you owe in taxes. Monitoring your deposits and withdrawals will also help you identify areas where your business might be overspending. To avoid possible fees, you may want to set up alerts to notify you if your balance falls below a certain level or if you reach a certain number of transactions.

How we chose the best business bank accounts for LLCs

When choosing the best business bank accounts for LLCs, we considered various factors to ensure that we recommended the most suitable options for business owners. Here are the key factors we considered:

  • Features: We looked for business bank accounts that offer features such as online and mobile banking, online bill pay and the ability to accept electronic payments.
  • Limits: We considered any limits on the number of transactions or the amount of money that can be withdrawn or transferred each month.
  • Minimums: We looked for less stringent minimum balance requirements so that businesses of all sizes could take advantage of the benefits of a business bank account.
  • Reviews: We considered reviews and ratings from other customers to get an idea of the level of service and overall experience you can expect from a particular bank.
  • Fees: We evaluated the fees associated with each account, including monthly maintenance fees, transaction fees and ATM fees. We looked for accounts with low or no fees or ones that waive fees if you meet certain requirements, such as maintaining a minimum balance.

Summary of Money's 6 Best Business Bank Accounts for LLCs of 2023

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