Applying for a bank account can bring many benefits to your business, but it often feels like a daunting task. This is especially true if you're managing a newly formed LLC and trying to balance the competing demands a new company will place on you.
It isBusiness checking account optionsseem endless and it can be hard to decipher which account is best for your LLC.
Luckily, we've compiled a list of the best business bank accounts for LLC owners. We compare the different requirements, advantages of each andFees for opening a business account🇧🇷 Let's start.
Best Business Current Accounts for LLCs
Let's review our top 7 picks for LLC business owners.
- Wells Fargo
- Bank of America
We start with what we know best - ours.
Bonsai Cash offers a convenient business checking account
Opening an account with old and traditional banks can often be time consuming and involves a lot of complexities. Bonsai Cash is aguaranteed business checking accountthis is easy to configure. Even worse, you may have to charge some additional fees, which isn't ideal for LLC owners just starting their businesses.
Bonsai-Cashis a better alternative: a convenient, easy-to-use and intuitive business checking account for managing funds, sending money, simplifying spending and building an emergency fund. Bonsai Cash lets you manage everything from one simple platform, saving you the hassle of juggling different accounts.
And the best? You don't have to pay these fees:
- No minimum balance fees
- transaction costs
- Monthly service fees
Bonsai Cash has also integrated a feature called Envelopes that allows you to create sub-accounts. This allows you to have separate savings accounts for vacations, emergency money, tax obligations, etc. Bonsai Cash is great for LLC owners who want to set up quickly, send payments instantly, and easily manage their business checking account.
Recordfor an account today.
BlueVine Business Review
It isBlueVine Business Girokontoearns 1.20% APY on all balances up to $100,000, which is higher than you'll find at most brick-and-mortar banks. And unlike other interest-bearing accounts, you don't have to maintain a daily or monthly minimum balance.
There are no monthly fees, insufficient funds penalties, ACH payment costs or minimum deposit required to open BlueVine business bank account. This account also includes unlimited transactions and free ATM access.
The account offers all the tools you need to manage your money, including mobile check deposits, as well as recurring and one-off payments. You can also link transactions to accounting programs such as QuickBooks Online, Wave or FreshBooks. Also, you can connect your accounts to third-party services like PayPal and Expensify.
BlueVine does not offer personal services through affiliates. However, customers can still take advantage of a variety of transaction options as BlueVine has partnered with several other financial networks. For example, the MoneyPass ATM network gives BlueVine users access to over 38,000 free ATMs across the United States.
Although BlueVine does not have physical stores, you can still make cash deposits at BlueVine. Green Dot, a bank holding company, has partnered with BlueVine to bring cash deposits to online banking customers. You can currently deposit money at over 90,000 retail locations across the US.
Unfortunately, cash deposits come with a fee - one of the few BlueVine services you have to pay for. Green Dot charges up to $4.95 for each cash deposit, which may be subject to daily limits.
Axos Business Verification
Axosoffers two main trading accounts:
- Basic Business Check
- Screening of Commercial Interests
The Axos Basic Business Checking Account is ideal for LLC holders who don't want to pay monthly fees or want to have a minimum balance.
With this account, you don't pay any monthly maintenance fees - so you don't have to worry about waiving the monthly fee charged by most old banks.
And although the account has a minimum deposit requirement, you don't have to hold the funds to avoid additional fees or account closure. Most physical businesses, on the other hand, require you to meet a minimum amount, which can be difficult for newly incorporated LLCs and start-up business owners.
The Business Interest Checking Account may be best suited if you want to earn interest on your money, have a balance of at least $5,000, and want to make a few transactions each month.
With this account, customers can earn interest of up to 0.81% depending on the account balance. To open a business interest checking account, you must first deposit at least $100. In addition, you must maintain a minimum daily balance of $5,000 to waive the $10 maintenance fee.
Similar to the Basic Business Checking Account, the Business Interest Checking Account offers unlimited cashbacks on domestic ATM fees. Your first 50 transactions per month are free, and each additional transaction costs $0.50. Please note that you are limited to 60 deposit attempts via Remote Deposit Anywhere, which allows you to deposit checks remotely via the Axos Bank mobile app.
Another advantage? If you are the owner of a newly incorporated LLC, you can earn a $200 bonus for opening an account. You can use promo code NEWBIZ100 to claim the bonus. Please note that you must maintain a minimum daily balance of at least $2,500 for the first two months to claim the $200 bonus.
In summary, Axos Business Checking may be perfect for your LLC if:
- Are you looking for a free online bank account
- They want free access to ATMs in the US
- You operate a newly formed LLC and may qualify for the bonus
Wells Fargo Business Choice Review
Wells Fargo is the fourth largest bank by assets and has nearly 5,000 branches in 37 states, making it a good choice for businesses with multiple locations or those who prefer personal banking. The Business Choice checking account includes a debit card, online and mobile banking, and access to 16,000 ATMs across the country.
Business owners can use services such as business services, payroll services and business credit cards through Wells Fargo. The Business Choice checking account has a monthly service fee of $15, which can be waived if you have an average balance of $7,500.
They also have a $7,500 monthly limit on how much money you can deposit without paying a fee, which is better than many other banks. Every time you deposit more than $100 in cash after your monthly balance runs out, you will be charged 30 cents.
However, this account is ideal for LLC owners who:
- Prefer personal banking services at physical branches
- Eligible to waive the Wells Fargo monthly service fee
- Expect between 100 and 250 monthly transactions
Bank of America fundamentals review
Bank of America is the second largest bank in the United States by assets and offers a wide range of corporate banking products and services, from loans and lines of credit to business services and international business solutions.
Business Fundamentals checking account is best suited for LLC owners who have enough funds in their account to avoid the monthly fee, prefer visiting banks and ATMs over online banking, and don't transact many times a month.
You can avoid the $16 monthly maintenance fee by maintaining a minimum daily balance of $3,000, making at least one qualifying deposit of $250 or more per billing cycle, or linking your Business Fundamentals checking account to a Bank of America account Merchant Services. Doing any of these things will give you unlimited monthly transactions.
A benefit of opening this account is that Bank of America will not charge you for the first 200 transactions, including checks paid or deposited. After that, the bank will charge $0.45 per item. For cash deposits, there are no fees for the first $7,500. Once you exceed your $7,500 limit, the bank will charge you a fee of $0.30 for every $100 you deposit.
Another reason we included Bank of America on this list is that the bank loves giving sign-up bonuses to new customers. It currently offers a $750 Core Business Current Account Signup Bonus – but you must deposit at least $50,000 to claim this bonus.
If you deposit at least $5,000 within 15 days of opening your account, you will receive a $200 bonus. This number increases to $500 if you deposit at least $20,000.
Chase Bank's complete business database
Designed for small businesses, the Chase Business Complete Banking Account offers a number of features to help you manage your finances, including online and mobile banking, access to 16,000 ATMs and a dedicated commercial bank.
There are no transaction fees for the first 20 transactions made at a bank teller or paper checks drawn on the account. After that point, users will be charged 40 cents for each purchase.
The Chase Business Complete Bank Account requires no deposit and allows unlimited electronic payments. Customers can also use Chase QuickDeposit, wire transfers and Chase Online Bill Pay to send and receive money, saving them the hassle of having to visit a physical bank branch.
To avoid the $15 monthly service fee, you must meet one of the following conditions during your monthly billing cycle:
- Spend at least $2,000 on purchases with your Chase Ink business card
- Maintain a minimum daily balance of $2,000
- Deposit at least $2,000 of Chase QuickAccept transactions or other eligible Chase Merchant Services transactions
- Have a linked Chase Private Client bank account
Chase Business Full Checking Account gives you a $300 sign-up bonus if you deposit $2000 within the first 20 days. Keep that balance for 60 days and complete five of the qualifying activities — including debit card purchases or mobile check deposits — and you'll earn $300.
U.S. Bank Silver Business Checking
US Bank is the fifth largest bank in the United States, with offices in 26 states. It's a good choice for LLC owners who want the convenience of mobile and online banking without sacrificing personal customer service.
The USA Bank Silver Business Current Account includes a free debit card, online and mobile banking, and access to 4,700 ATMs nationwide through the Allpoint ATM network.
You can also open a Silver Business Savings account to manage expenses and set aside funds for tax or other business purposes.
With the Silver Business checking account, there are no monthly fees and you get 125 free transactions and 25 free cash deposits every month. You don't get a sign-up bonus for this account, but the lack of fees and minimums makes it a fantastic choice for LLCs that don't need a lot of fancy features.
How to Choose a Business Checking Account for Your LLC
Choosing the right business checking account can mean the difference between a thriving business and one that is struggling to survive. The wrong account can cost you time, money and peace of mind.
The good news is that there are some key factors you can look out for to help you.Choose the right account for your business🇧🇷 They include:
Account features and services
When looking for the best business checking account, you should consider the features and services offered by the account. Need an account that offers online bill payment? Does your business need a merchant account to accept credit card payments?
Some companies may also require special accounts, such as payroll accounts or inventory management accounts. Make sure the account you choose has the right features and services for your business.
For example, if you operate a sole proprietorship LLC, you might not need an account full of bells and whistles. However, if you run a small business with employees, you'll want to make sure the account you choose offers features like direct deposit and online payroll.
Take some time to review the features and services offered by each account and compare them to your business needs.
Next, look closely at the service fees charged on business checking accounts. Many banks waive monthly account maintenance fees if you meet certain requirements, such as B. Maintain a minimum account balance or make a certain number of transactions per month.
Other common service fees to note are:
- Minimum balance fees
- Transaction fees (e.g. for each check issued)
- ATM fees (if you use an out-of-network ATM)
- overdraft fees
- ransom fee
- transfer rate
- Deposit slip fee
There may also be other miscellaneous fees on commercial checking accounts, so it's important to read the fine print.
Ideally, you want to find a business checking account that doesn't charge any service fees. But if that's not possible, look for a fee-free account or one with a low monthly maintenance fee.
You should also consider whether the fees charged are worth the features and benefits you receive in return. For example, the best business checking accounts for LLCs come with valuable extras like free checks or a free debit card.
Other business checking accounts may offer interest on your deposited funds, which may offset any fees charged to you.
Interest rates on current accounts
The next thing to consider when comparing business checking accounts is the interest rate you are earning on your deposited funds.
This might not be a priority if you don't have a lot of money in your account, but if you do, it can add up to real gains over time. Many banks offer tiered interest rates, which means that the interest rate you earn increases as your account balance grows.
Some banks also offer commercial checking accounts with an annual percentage return, or APY. This is the actual interest rate you will earn on your deposited funds over a 12 month period.
When looking at the interest rates offered on commercial checking accounts, compare the APYs to see which bank actually offers the best deal.
You can also consider having easy access to your deposited funds. For example, if you need to make regular withdrawals, stay away from commercial checking accounts, which come with high prepayment penalties.
Bank branches and ATM access
If you prefer to do your banking in person, it is important to choose a bank with branches close to you. It is also important to consider ATM access as you may need to withdraw money from time to time.
Some banks charge a fee for using off-network ATMs, so it's important to find a bank with ATMs that are convenient for you. You should also consider whether your bank offers mobile deposit, which can be a useful feature if you travel a lot.
When comparing commercial checking accounts, pay attention to applicable transaction limits. These limits can vary from bank to bank and can also change depending on the type of account you have.
For example, some banks may limit the number of checks you can write per day or per week. Others may limit the amount of money you can withdraw from an ATM.
If you regularly exceed transaction limits on your account, you may be charged or your account may even be terminated. Therefore, it is important to find a business checking account that meets your needs in this regard.
Welcome Bonus Offers
Many banks offer introductory bonuses to new checking account holders. These offers can vary, but may include things like an interest percentage on your deposited funds or even cashback on certain transactions.
If you are considering opening a business checking account, ask about possible introductory bonus offers. You can take advantage of a great offer and earn extra money for your business.
What do you need to open a business account for an LLC?
Applying for a company is almost like opening a personal checking account. The difference, however, is that opening a trading account requires you to provide additional documentation. Here's what you need to open one for your LLC:
- A valid government-issued ID, such as a driver's license or passport
- Your Social Security Number or Individual Tax Identification Number (ITIN)
- Your LLC's Articles of Incorporation
- ONEemployee identification number(ONE)
- A business license or permit (if required in your state)
You will also need to have the following ready when you apply for your LLC:
- A completed application form
- The minimum deposit required to open an account
Once you have all of the above documents and information ready, you can apply for your LLC with the bank of your choice. Make sure you bring all necessary documents to avoid any delays in the process. Once your LLC is approved, you can start using your new business bank account and enjoy its benefits.
LLC Business Bank Account FAQ
Now that you know more about choosing a business checking account for your LLC, you may still have some questions. Here are answers to some frequently asked questions about LLC business bank accounts.
Do I need to have a business checking account if I have an LLC?
While not required, it is generally recommended. A business checking account can help you keep your personal and business finances separate, which can make things easier during tax season.
How much does it cost to open a business checking account?
The cost of opening a corporate checking account may vary according to the chosen bank. Some banks may charge a monthly fee, while others charge per transaction. Be sure to research the fees that may be associated with opening and maintaining a business checking account before choosing a bank.
Do all banks offer business checking accounts?
No, not all banks offer business checking accounts. However, many large banks offer commercial checking accounts, and there are also a number of smaller banks and credit unions that offer commercial checking accounts.
Do I need a minimum balance to open a business checking account?
Some banks may require you to maintain a minimum balance in your account, while others may not. Be sure to ask about minimum balance requirements before choosing a bank.
Choosing a business checking account is a big decision. There are many factors to consider in finding the best account for your specific needs. But by taking the time to compare your options, you can find an account that will help you run your business more efficiently.