Top 10 Business Bank Accounts for LLCs to Manage Finances

8:03 AM, Mar 13, 2023
8:03 AM, Mar 13, 2023

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Creating LLC Bank Accounts for your company will help you organize your bookkeeping records, improve your reputation with clients and vendors, and protect your personal assets from potential corporate obligations. In this review, we will look at the best business bank accounts for LLCs and their benefits.



10 Best Business Bank Accounts for LLCs 

  • Bluevine – Best LLC Bank Account Overall
  • Novo – Best Low-Fee Business Bank Accounts for LLCs 
  • American Express – Best Banks for LLC Accounts for Membership Rewards
  • Capital One – Best LLC Bank Accounts for Unlimited Transactions
  • Bank of America – Best Business Bank Accounts for LLCs, Traditional Banking
  • Axos – Best Full-service Online Business Bank Accounts for LLCs
  • Lili– Best LLC Bank Accounts for One-Person Businesses
  • U.S. Bank– Best Business Bank Accounts for LLCs, Lending Options
  • Oxygen – Best LLC Bank Accounts for Freelancers 
  • Chase Business – Best LLC Bank Accounts for Merchant Service

We used a strategy to evaluate business bank accounts for LLCs that took into consideration a number of factors. To begin, we evaluated the many banks for LLC accounts by analyzing checking, savings, and merchant services. We also looked at the expenses associated with each account, such as periodic maintenance fees, exchange fees, and ATM fees. 

In addition, we investigated the bank's dependability and customer service, including online banking options and the availability of in-person assistance.

Finally, we looked into any unique features or benefits offered by the bank, such as loyalty programs and overdraft protection. We could rank business bank accounts for LLCs in an all-inclusive and unbiased manner by taking into account all of these aspects.

Banks for LLC Accounts Types of Accounts Fees Reputation & Customer Service Special Features & Perks
BlueVine Business Banking Checking, Savings Zero maintenance fee$4.95 per cash deposit A bank that is only accessible through the internet, equipped with a mobile app and providing customer service around the clock. An account that yields great returns, with no charges for using ATMs.
Novo Business Banking Checking, Savings There is no monthly fee or cost for any transactions, but a minimum of $50 is needed to initiate the account. A bank that is only available on the internet and offers a mobile app for banking and 24/7 customer service. Compatibility with popular business applications like QuickBooks and Xero
American Express Business Checking, Savings A charge of up to $15 monthly could be applied, but it can be avoided if a minimum balance is kept in the account or if the account is used regularly.No maintenance fee Renowned company with wide-ranging consumer assistance options A system of recompense that involves getting money back and its combination with accounting software.
Capital One Spark Business Checking, Savings, Merchant Services A basic checking account costs $15 a month* Well-known business with a wide-reaching system of offices and automated teller machines, online and telephone assistance accessible. Free transactions, a cashback rewards scheme, and other benefits
Bank of America Business Advantage Checking, Savings, Merchant Services A monthly cost of $16-$29.95 is charged (waived with minimum balance or account activity) Well-known business with a wide-reaching system of offices and automated teller machines, online and telephone assistance accessible. Overdraft protection, a cash rewards program, and a mobile banking app
Axos Business Banking Checking, Savings, Merchant Services No monthly fees, although there could be some transaction costs Online-only bank offering mobile banking and round-the-clock client service Free ATMs, remote deposit capture, high-yield savings account
Lili Business Banking Checking, Savings Standard – monthly fee-free, no overdraft fee, no ATM fee Online-only bank offering mobile banking and chat or email client service Tax preparation, cashback awards, cost classification
US Bank Business Checking Checking, Savings,  Silver: No monthly cost, $0.50 per transaction beyond 125 Established bank with large branch and ATM network, internet and phone support Program for cash back incentives, mobile banking
Oxygen Business Banking Checking No monthly fees, no transaction fees Online-only bank offering mobile banking and chat or email client service Virtual debit cards, expenditure classification, accounting software integration
Chase Business Complete Banking Checking, Savings, Merchant Services $15 charged per month (waived with minimum balance or account activity) Established bank with large branch and ATM network, internet and phone support Free ATM access, mobile banking, and bonus cash incentives for new accounts




Bluevine – Best LLC Bank Account Overall

Star rating: 4.9/5

BlueVine offers a comprehensive, web-based business checking account that is suited for most small businesses. It provides a number of services, including bill payment, rapid loan applications, and reasonable interest rates, all with no monthly fees.

Joining up is simple and takes only a few minutes. Your account could possibly be enabled on the same day. These benefits make BlueVine an excellent choice for both start-ups and established businesses.

Furthermore, you can set up 5 subsidiary accounts to maximize your company's money management. Each sub-account will have its own account number. Even better, you'll get interested in all of your accounts (up to a total balance of $100,000). Bluevine also ranks highly when it comes to the best business banks in Virginia.

Why we chose it: You will receive two complimentary checkbooks with our accounts, which is a perk that is not typical in most business bank accounts for LLCs. This is an excellent benefit for more traditional small businesses that make payments to vendors and employees in person.


  • No minimum opening deposit or monthly expenses
  • Unlimited transactions without fees; no overdraft charges
  • MoneyPass ATMs don't charge fees


  • Cash deposits are restricted to $2,000 per day and $500 per deposit. Green Dot deposits cost $4.95
  • Charge for using ATMs outside of the network
  • No shared accounts


BlueVine outperforms the industry standard by not charging fees for maintenance, insufficient money, or deposits. Many transactions can be conducted without additional costs, and there is no necessity to maintain a minimum balance or make minimum deposits.

Interest Rates

Customers can earn up to 1.5% interest on their checking account balances up to $100,000 with BlueVine. The only criteria is that the account holder spends at least $500 per month on their debit card or has incoming client transactions totaling $2,500 or more per month.


Business bank accounts for LLCs can access up to $250,000 in lines of credit at attractive interest rates as low as 4.8%. The application process is simple and quick, and judgments are usually made within five minutes. Furthermore, BlueVine does not charge any fees for opening, maintaining, paying in advance, or closing an account.



Novo Business Banking – Best Low-Fee Business Bank Accounts for LLCs 

Star rating: 4.8/5

Novo is ideal for small business bank accounts for LLCs since it features an easy-to-use platform, a simple application method, and allows for simple digital payments. Completing and completing your application will take you only 10 minutes, and you will receive an instant response regarding any missing information. 

You can use your checking account as soon as your account is officially approved and you make a minimum deposit of $50.

Novo is a modernized account that can be linked to thousands of other applications, like Shopify, QuickBooks, and Slack. As a result, you may conduct all of your company transactions from a single location. The purpose of this page is to provide information on how to make the most of your time spent on the internet.

Why we chose it: Novo's commercial banking services include unlimited built-in invoicing, making it an excellent choice for independent professionals, contractors, and other single-member LLC owners. 


  • Worldwide refunds of all ATM costs
  • No minimum opening deposit or monthly expenses
  • Unlimited transactions without fees


  • Cannot transmit wires internationally or domestically
  • With bill pay, no recurring payments are possible
  • Unable to deposit cash


Novo provides a free checking account with no additional fees. To begin, you only need to make a fifty-dollar deposit. There is no requirement to maintain a minimum balance in the account, and there are no fees for cash deposits, ACHs, or inbound transfers. Furthermore, all ATM costs are reimbursed, and your funds are guaranteed by Middlesex Federal Savings, F.A.

Interest Rates

Similar toBluevine, Novo does not charge any fees for its LLC Bank Accounts. Regrettably, there is no way to earn interest on your Novo checking account deposits.


Novo does not provide loan services; it exclusively provides business bank accounts for LLCs. It does not make loans, credit lines, or provide company credit cards.



American Express Business Checking – Best Banks for LLC Accounts for Membership Rewards

Star rating: 4.8/5

American Express Business Checking, like many other businesses checking accounts out there, does not require a minimum balance or any sort of monthly service fee. Companies can use their payment services to conduct an unlimited number of transactions. When American Express purchased Kabbage, it astonished many people.

This banking option is ideal for enterprises looking for a loan and business bank accounts for LLCs. Through Kabbage Financing, American Express simplifies the approval of a loan of up to $250,000.

Why we chose it: American Express Business Checkingprovides business bank accounts for LLCs that can be customized to match the unique needs of each company. Furthermore, American Express integrates modern security procedures to prevent fraudulent activities and protect their clients' financial security.


  • Simple credit line; no prepayment fees
  • Simple application procedure
  • With no minimum balance


  • Only accessible to American Express users
  • Only iOS supports mobile check deposits
  • Not supported for cash deposits


There are no monthly fees associated with American Express Business Checking. When you first start the account, there is no need to make a minimum deposit, and you will not be charged for online transactions. All MoneyPass ATMs are free to use, but if you use an ATM from another network, you will be charged a fee of roughly $3 per transaction. American Express does not accept cash deposits.

Interest Rates

American ExpressBusiness Checking has the second-highest APR on the list, although it is not as profitable asBluevine, whose APY yields a 1.5% return on deposits up to $500,000. The APY for American Express Business Checking, on the other hand, is 1.30%.


Kabbage Financing is a feature of an American Express account that gives users access to a line of credit of up to $250,000. Unlike other loan providers, Kabbage Funding does not demand an excellent credit score; an application with a FICO score of 640 can be granted.



Capital One – Best LLC Bank Accounts for Unlimited Transactions

Star rating: 4.7/5

There are a variety of ways to become involved with the project. The Basic account is simple to use and includes unlimited digital deposits, virtual and mobile banking, and a low account balance to avoid costs. The Unlimited business bank accounts for LLCs include two Basic accounts, making it an excellent choice for firms with more complex funds.

Capital Onealso offers a wide range of business credit cards with cash back or travel benefits. All of their credit cards are free of international transaction fees, making them ideal for business trips abroad.

One of the bank's major advantages is its customer service personnel, which are extremely attentive and experienced. Keep in mind that Capital One's business checking is only available in a few locations, and you must apply for a business checking account in person at a branch.

Why we chose it: In terms of services and cost, Capital One is comparable to other big banks for LLC Accounts. If you like to conduct your banking in person, this is a fantastic option. Capital One has a large ATM network, allowing you to use over 70,000 ATMs in both the Allpoint and MoneyPass networks without incurring any additional costs.


  • Services for self-service escrow
  • Seasoned assistance from a big bank
  • Two Basic accounts are included with Unlimited Checking


  • Only accessible in certain states
  • Must go to a branch to open an account
  • Fees waived for high balances


Capital One offers similar services to other big banking institutions at comparable prices. If you like to do your banking in person, this is an excellent option. The monthly price for the Basic Checking account is $15, which is greater than the $0 fee charged by American Express. 

If the amount exceeds $2,000, this fee is waived. Every month, you can make a free deposit of up to $5,000. Ordinary wire transactions are charged a fee.

The monthly fee for the Unlimited Checking account is $35, which is waived if the minimum amount is $25,000. This account accepts a limitless number of cash deposits. Also, all incoming wires are free.

You receive five free outgoing wires every month. At no additional fee, Capital One cardholders get access to the more than 70,000 ATMs in the combined Allpoint and MoneyPass networks.

Interest Rates

Capital One offers no interest rate on its checking account. If you have a savings account, on the other hand, you have the possibility to earn 0.2% interest.


Capital One provides small business loans and lines of credit, but only if you have a Capital One checking account. With a maximum credit limit of $5 million, they offer one of the greatest possible lines of credit. If you need a loan with a longer repayment period, fixed interest rates, and less equity, look into the SBA 504 or SBA 7(a) loan options.



Bank of America – Best Business Bank Accounts for LLCs, Traditional Banking

Star rating: 4.67/5

Bank of Americais the model for a traditional bank. It has two separate settings that you can change whenever your business's demands change. Several tools, including QuickBooks, Google Analytics, Expensify, and others, can be linked to your bank account, providing you with a full view of your progress and allowing you to make smarter business decisions.

Furthermore, Bank of America features a range of Small Business Bank Accounts for LLCs that can help your business, regardless of size.

Why we chose it: Bank of America offers a complete range of commercial banking services. It is an excellent solution for businesses that handle a significant volume of cash transactions.


  • Online account linking to accounting apps
  • Payroll services are available
  • Seamless integration with Zelle to simplify money transferring 


  • High extra charges
  • A banking account that does not have any costs attached
  • Price for accessing ATMs that are not part of the network


Bank of America provides its commercial clients with two distinct checking account options: the Business Advantage Essentials Account and the Business Advantage Relationship Banking Account.

Keeping a combined average monthly balance of $5,000, making $250 in new net eligible debit card transactions per statement cycle, or enrolling in the Preferred Rewards for the Business program will all waive the $16 monthly fee associated with theEssentials account.

In order to avoid the $29.95 monthly fee, the average monthly balance on a Relationship checking account must be at least $15,000. You can avoid the $10 monthly fee associated with opening a savings account by keeping a daily balance of $2,500 or more in the account.

Interest Rates

The checking account at Bank of America does not earn any interest. The profits one may obtain from the business savings account with this bank is only a minuscule0.01% APY, which is substantially lower than the 1.5% return rate from Bluevine.


In addition to a business credit card, Bank of America also provides secured loans and lines of credit, the latter of which can be opened with as little as $25,000. Applicants with credit scores below 700 will not be considered for these options.



Axos – Best Full-service Online Business Bank Accounts for LLCs

Star rating: 4.61/5

Axos is a banking platform that operates entirely online and has no physical branches. It operates its own bank and is not reliant on other financial institutions, as some of its competitors are. It is typically mentioned in rankings of the top business bank accounts for LLCs due to the large range of services and terms they offer.

Furthermore, they offer a convenient and user-friendly experience to their consumers, particularly small and digital businesses. They provide a competitive APY rate of up to 0.20% on basic checking and up to 1.01% on interest checking with a minimum balance of $5,000.

Why we chose it: Axos Bank's Basic Business Checking account has no monthly or initial deposit fees and allows for unlimited transactions. Cash can also be added to the account through AllPoint or MoneyPass ATMs. Clients can take advantage of 24/7 customer support and free ATM access across the country, with no fees levied by other banks for LLC accounts or ATM owners in the United States returned.


  • ATM fees incurred domestically will be automatically reimbursed
  • Cash deposits can be done through both MoneyPass and AllPoint ATMs
  • To open an account no fees are charged on a monthly basis
  • As a bonus for new customers, there is a welcome offer available 
  • Customers are able to access customer support round the clock
  • All transactions can be done without incurring any extra charges


  • The number of third-party integrations is restricted
  • The Annual percentage yield is not the highest on offer
  • There are no physical branches available


Axos offers four distinct business bank accounts for LLCs: the Basic Business Checking, the Business Interest Checking, the Business Savings Account, and the Business Premium Savings Account. The Business Interest Checking account costs $10 per month in contrast to the free Basic Business Checking account. Savings Basic costs $5/month while Premium is free.

Interest Rates

Several interest-bearing accounts are available to Axos customers, albeit LLC Accounts do not offer competitive rates of return when compared to those offered by other financial institutions. The annual percentage yield (APY) for the regular checking account is 0%, whereas it is 1.01% for the interest checking account. Yielding 0.20 percent is the same for both the Standard and Premier Business Savings accounts.


Axos Bankand Centerstone SBA Lending have joined to make this possible for businesses. The bank also offers commercial lines of credit and term loans, albeit these products are more suited to corporations than sole proprietorships.



Lili – Best LLC Bank Accounts for One-Person Businesses

Star rating: 4.57/5

If you have a simple single-member LLC, you'll probably appreciate Lili's convenience. It is an all-inclusive platform that includes banking, accounting, and taxes. It was originally designed for freelancers and sole proprietors, but it is now open to LLCs as well.

As an LLC, you must separate your personal and business finances. Lili allows you to keep a single bank account for both, but you may still keep your finances separate within the app.

Why we chose it: The following are examples of expenditures that can be made in the form of expenditures.


  • It is possible to distinguish between personal and business accounts
  • Generate and distribute invoices
  • The platform provides a tax optimizer utility


  • No legitimate loans or business services
  • Online banking (through Choice Financial Group)
  • Not suitable for larger companies


Lili's basic banking options are all free of charge. This is similar to Bluevine, which has the greatest business bank accounts for LLCs and does not charge a monthly fee, an overdraft fee, an ATM fee, or a necessary minimum balance. If you choose the enhanced version of Lili, the Lili Pro, you will have to pay $4.99 per month for the additional services.

Interest Rates

Lili's traditional services do not provide an Annual Percentage Yield (APY). But, if you select the Lili Pro option, you can acquire a savings account with a maximum APR of 1%. Also, the Automatic Savings function enables you to schedule an automated transfer of a minimum of $1 a day to your savings account.


Unlike a conventional bank, Lili only provides a handful of loan alternatives. The only perk they provide is a complimentary overdraft of up to $200 for any debit card payments.



U.S. Bank – Best Business Bank Accounts for LLCs, Lending Options

Star rating: 4.5/5

U.S. Bankis one of the few significant traditional banks to provide a free business checking account. The Silver Business Checking account has no monthly maintenance fees and no minimum balance requirement. This could be a good fit for businesses that don't have a lot of transactions each month, such as a contractor working for a single big client.

U.S. Bank operates over 2,000 branches, the majority of which are located on the West Coast. This is a wonderful selection for small local businesses that like to do banking in person and demand human support.

When the LLC is ready to grow, U.S. Bankcan help with small business loans (including SBA loans), payment processing, cash management, and payroll.

Why we chose it: U.S. Bank has an excellent range of products and services, particularly its financing alternatives, which stand out. This institution is an excellent choice for any firm with a small number of transactions. Register now to take advantage of this fantastic opportunity.


  • Offering a variety of payment methods 
  • No monthly service fee for Silver Business Checking account
  • Welcome bonus for brand new customers (terms apply)
  • Business accounts can be opened entirely online


  • No annual percentage yield (APY) is available on checking accounts
  • A fee is levied for every transaction
  • Withdrawing money from certificates of deposit (CDs) before maturity are high


U.S. Bank offers three types of checking accounts. The Silver Business Checking Account has no monthly fees and 125 free transactions. If the number of transactions exceeds 125, there is a $0.50 fee for each one.

After reaching the 300 transaction limit, the Gold package costs $20 per month, and each transaction costs $0.45. The Platinum plan is $30 per month plus $0.40 for each transaction over 500. These prices are significantly higher than the 0% fees charged by the highest-rated Bluevine.

Interest Rates

There is no way to earn money by maintaining money in a U.S. Bank checking account. Nevertheless, if you deposit at least $25 into a U.S. Bank savings account, you might earn a 0.01% annual percentage rate.


This financial institution offers a variety of borrowing options, including business credit cards, lines of credit, and loans. U.S. Bank offers a variety of business credit cards with various incentives such as cashback, no annual fees, low-interest rates, and reward plans.

It also offers a variety of small company loans that can be customized to match your specific needs. Fast Online loans have loan amounts of up to $250,000 and government-funded loans have loan amounts of up to $12.375 million.



Oxygen – Best LLC Bank Accounts for Freelancers 

Star rating: 4/5

If you look at Oxygen'swebsite, you might think it's a fashion magazine or a high-end retailer. In fact, through its virtual banking system, it offers business bank accounts for LLCs. There is a free version as well as options with an annual fee. Oxygen is great for a freelancer who just wishes to separate their personal and work income.

Oxygen provides four distinct business checking tiers based on your monthly spending/deposit activity. There are no balance requirements at the fundamental level. Higher levels have measures in place to waive the annual fee after the first year.

The benefits of Oxygen's business bank account for LLCs are numerous. You can receive money back at collaborating retailers for such products as food, fuel, ridesharing, and delivery. You also get a great interest rate on your savings objectives.

Together with other benefits, account holders receive mobile phone protection, compensation for misplaced or detained baggage, and waiver of rental car taxes.

Furthermore, customers with higher-level accounts are eligible for greater cash-back incentives, higher Annual Percentage Yield (APY) on savings, and other benefits (such as access to airport lounges and Netflix subscription reimbursement!).

Why we chose it: Oxygen is reshaping the financial services market by delivering innovative and progressive solutions that include a plethora of benefits and features for both individual clients and LLC Bank Accounts.


  • Companies can earn a 1% annual percentage yield on their savings
  • Receive a 5% rebate when using cash 
  • Generate a one-time-use debit card online 


  • No ability to make physical money deposits
  • No borrowing options 
  • Registration payment is expected for the more advanced accounts


Oxygen divides its services intofour distinct tiers, which it refers to as Earth, Water, Air, and Fire. These loyalty tiers were created to help businesses on their path to success.

Earth is the most fundamental level, supplied free of charge. It grants up to 0.50% APY on savings. The following level is Water, which has a yearly price of $19.99. It offers an array of benefits in addition to 1.00% APY on savings.

Air and Fire are the third and fourth tiers, with annual fees of $49.99 and $199.99, respectively. These categories provide savings rates of 2.00 and 3.00% APY.

Interest Rates

Oxygen's savings choices for four tiers provide competitive APYs. The interest rates for the Earth, Water, Air, and Fire elements are 0.50%, 1.00%, 2.00%, and 3.00%, respectively. These rates are much higher than those offered by Bluevine and American Express Business Checking, both of which have a maximum of 1.5% and 1.3%, respectively.




Oxygenis an app that just provides banking services and not loans since it is not a full-fledged bank.

Chase Business – Best LLC Bank Accounts for Merchant Service

Star rating: 3.8/5

Chase is one of the main banks for LLC accounts in the United States, offering a wide choice of branches, products, and customer care. It provides a specialized Chase Business Total Banking account that combines a bank and payment processing account. It is an excellent option among banks for LLC accounts that take credit cards. By choosing this option, you avoid the need to open a separate merchant account, saving you time.

However, because of the possibility of fees and the app, Chase is the least favored option on our list. Individuals looking for a better internet experience will find another choice more appealing. Those that collect cash from customers and need to deposit it into their accounts on a regular basis may find Chase to be ideal.

Why we chose it: The Chase Business Comprehensive Checking account is an excellent choice for businesses because it offers unlimited digital deposits, a $300 sign-up bonus, and a monthly fee of $15. Users can also utilize Chase QuickAcceptSM to process credit card payments through the Chase mobile app. 


  • Fraud protection
  • Accept payments through Chase mobile app
  • International with locations worldwide


  • A large required balance necessary to avoid charges
  • Unspecific annual percentage yield for savings accounts
  • Expensive charges


Chase offers three types of business bank accounts for LLCs, each of which includes a business debit card and the ability to deposit cash at in-person branches.

The monthly fee for Chase Business Comprehensive Checking is $15, which is waived if the daily balance is at least $2,000.

To avoid fees, the Chase Performance Business Checking requires a combined average beginning day balance of $35,000, whereas the Chase Platinum Business Checking requires a combined average beginning day balance of $100,000.

While these banks for LLC accounts have useful features, they are not available without a monthly maintenance fee, as Bluevine is.

Interest Rates

Depositors withChase BusinessChecking accounts receive no return on investment (ROI). However, businesses can earn interest by opening a Chase Business Savings account; however, one must check about the available rate of return (APY).


Chase for Business offers a variety of financing solutions. It offers loans and lines of credit in addition to its business credit card services. Lines of credit range from $10,000 to $500,000, while loans start at $5000.



Ranking Methodology for the Best Business Bank Accounts for LLCs

When examining business bank accounts for LLCs, it is critical to consider a few key factors in order to find the account that is best for the company. The procedure of rating business bank accounts for LLCs is explained in detail below:

  • Fees—Transaction, Minimum Balance, Early Termination, Daily Batch: Numerous banking institutions that provide business bank accounts for LLCs have attempted to entice small entrepreneurs by waiving or eliminating recurring fees in specified instances. 

The best business bank accounts for LLCs will not impose fees in areas that are important to your venture, such as providing unlimited transactions or free monthly cash deposits. Maintenance charges and other expenses can soon add up, making this an important consideration.

  • Interest Rate—APY on Checking and Savings Accounts: In our investigation, a handful of the banks for LLC accounts offer an annual percentage yield (APY) on their checking accounts. A handful of the top-rated banks for LLC accounts provide returns of up to 1.5%, making them an excellent alternative for business owners. The greater the APY, the greater the cash benefit.

But, keep in mind that some banks for LLC accounts may deduct monthly service or transaction fees from your interest earnings. There are a variety of ways to obtain a hold of this book. 

  • Account Features—Online Banking, Mobile Banking, Bill Pay: The term "electronic media" refers to the use of electronic media to communicate with others. This can include online and mobile banking, the ability to pay bills remotely, overdraft protection, and other tools that can assist the business in managing money more efficiently.
  • Lending—Lines of Credit, Credit History: Establishing a credit history is vital for both people and small businesses. A business owner is also likely to require financial assistance to pay workers, bills, and other obligations. Loans to purchase equipment or develop the firm are often necessary. 

Business bank accounts for LLCs at specific financial institutions can make obtaining such loans easier. Furthermore, even if the firm has low credit, having an established relationship with the bank might boost the odds of a loan being approved. 

It is worth noting that for LLC accounts, local credit unions and community banks for LLC accounts may be a better option for certain firms. In many circumstances, having personal contacts with local banks for LLC accounts can be beneficial.

  • Security—Multi-factor Authentication, Encryption, Fraud Detection: While selecting business bank accounts for LLCs, the company's security should be top of mind. They should assess the security elements of the bank, such as two-step authentication, encryption, and anti-fraud procedures. They should also investigate the bank's security background and confirm that it complies with federal rules.



Best Business Banking Account for LLCs – Buying Guide

If you need further information, this section will answer your queries.

Why Business Bank Accounts for LLCs are Needed

Proprietors must maintain separate business bank accounts for LLCs from their personal ones. LLCs are legally distinct from their owners, which means they are immune from personal liability for business responsibilities and legitimate cases. If there is no such separation, the court has the authority to seize any of the individual's personal assets in the event of a lawsuit.

To maintain the legal distinction, it is critical to keep the business and personal funds separate. If these two are combined, a court may determine that the LLC is a forgery and hold the individual liable.

How To Open Business Bank Accounts for LLCs

When forming a Limited Liability Corporation (LLC), you can choose between a single-member structure and numerous proprietors. If you pick the latter, you must look for a financial institution that offers joint accounts.

The following information must be provided:

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

What Other Documents Does the Bank Need to Open LLC Bank Accounts?

The paperwork required by banks for LLC accounts varies, but here is an overview of what you may be requested to give.

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

To minimize problems, it is best to contact the bank or visit their website to ensure that you have all of the required documentation to open business bank accounts for LLCs. Several banks may allow you to open business bank accounts for LLCs online, whilst others may need all owners to visit with a bank representative in person before submitting their application.



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

Can I Use My Personal Bank Accounts For LLCs?

Although it is possible to utilize your own bank account for your LLC, we strongly advise against it.

Creating an LLC protects your personal assets in the event that something goes wrong with your firm. Yet, if you continue to use your personal bank account for your LLC, the authorities would most likely be able to access your personal belongings.

Do I Need Separate Banks for LLC Accounts?

When you form an LLC, it becomes a separate legal entity from its owner and is utilized to split personal and corporate funds. While it is not required by state or federal rules to establish separate banks for LLC accounts, it is prudent to do so to facilitate financial management and avoid problems down the road.

Furthermore, you may open business bank accounts for LLCs instantaneously with free online banks like BlueVine and start reaping the benefits right now.

How Much Does It Cost To Open Business Bank Accounts for LLCs?

The cost of opening business bank accounts for LLCs varies depending on the banking institution. It is possible that there is no price for opening one. You may, however, be requested to pay an annual or monthly charge.

Furthermore, some business bank accounts for LLCs have a minimum balance requirement that is not tied to a fee.



Bottom Line on Best Business Bank Accounts for LLCs 

Banks for LLC accounts may appear frightening and have a significant impact on a company's profitability, but there is a method to recover control. You can accomplish this by examining the available possibilities and selecting the terms that best match your needs. As a small business, you are a bank customer, and the customer always has the final say.

The best business bank accounts for LLCs will be determined by the demands of the company. Because of their competitive fees, interest rates, and features, Bluevine, Novo, and American Express are some of the most popular accounts.



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