The 10 Best Small Business Bank Accounts for LLCs

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    One of the main reasons for creating an LLC for your business is to separate your personal assets and finances from that of your business. This means you’ll need a business bank account, but it can be difficult to find the right one because of the number of options available. The best options are going to be free and have a great online portal or app to easily transact business. In this article, find out which options might be right for your LLC.

    Quick View

    1. BlueVine – Best Overall
    2. Novo – Best for Small Businesses
    3. Kabbage – Best for Also Needing a Line of Credit
    4. Capital One – Best for Customer Service
    5. Bank of America – Best for Traditional Banking 
    6. Axos – Best Online Bank
    7. Lili – Best for One-Person Business 
    8. US Bank – Best for Business Loans
    9. Oxygen – Best for Freelancers
    10. Chase – Best for Cash Deposits

    Product

    Service

    APY

    Deposits/Balance

    Lending

    Rewards and Benefits

    Support

    Checking account – no maintenance, NSF, or deposit fees

    Earn up to 1.2% APY

    No minimum or maximum deposits

    Line of credit

    Deposit cash and checks at Green Dot locations, funds are available with a click, no opening or transaction fees

    Business hours phone support; email, chat, and support docs

    Checking account – $50 required to open

    Earn 0% APY

    No minimum or maximum deposits and no transaction fees

    Credit or charge cards are available

    Fee-free, free ATM access, made for online banking, discounts to some software

    Business hours phone support; support docs

    Checking account – no maintenance or deposit fees

    Earn 1.10% APY

    Between $1,000 and $150,000; no prepayment penalty

    Line of credit

    Customer pay w/link, invoices, card, etc.

    Business hours phone support; support docs

    Basic checking account – $15 monthly fee*

    Savings accounts – 0.2% interest rate to start

    $5,000 cash deposit maximum, monthly fee waived if balance remains above $2,000

    Loans and lines of credit, business checking accounts required

    Unlimited digital transactions

    Full-service support

    Fundamentals – $16*

    Business savings accounts – .01% APY

    Maintain a $5,000 balance

    Business credit cards, loans, and lines of credit

    200 or 500 teller transactions and checks written w/no fee

    Small business specialists, plus resources

    Basic Business – no monthly fee

    Interest Checking – up to 0.81%

    Up to 60 deposits per month, no balance requirement

    Lines of credit and loans

    ATM fee reimbursements

    24/7 phone support

    Standard – monthly fee-free, no overdraft fee, no ATM fee

    Pro – 1% APY

    None but do offer accounting options

    $200 overdraft protection

    Pre-fill 1040 forms

    Business hours email support

    Silver – $0 monthly fee, $0.50/transaction after 125

    Earn 0.01% APY

    N/A

    Credit cards, lines of credit, and loans

    Send and request money

    Phone support, support docs

    Earth – No monthly maintenance fees

    0.25% – 1.25%

    N/A

    No lending

    Netflix and Peloton reimbursement, cell phone protection plan, 5% cashback, LLC creation service

    Support docs, limited email, and phone support

    Business Complete – $15/month*

    Inquire for interest options

    $2,000 per month balance

    Loans and lines of credit, Chase products

    Same day deposits

    Physical locations, business hours phone and email support

    Quick Verdict – Best LLC Checking Account

    Best Overall – BlueVine. BlueVine offers the best overall option because it is well-balanced, has no transaction fees, and also provides a lending option for those that qualify. It’s a well-balanced checking account option for businesses just starting out or LLCs that have been around for a while. You can quickly open an account and be ready to go within minutes. 

    Best Business Bank Accounts for an LLC

    The best business bank accounts for an LLC are going to vary greatly, depending on how much money you plan on moving through the account and how many deposits you need to make. Most are free but some, especially traditional options, require transaction fees that you’ll need to pay attention to. Let’s take a look at the best small business account options for LLCs below and how they stack up.

    BlueVine logo

    BlueVine – Best Overall

    4.5

    A BlueVine business checking account provides a basic online business checking account option that is very well-rounded for most small businesses. You can pay bills, apply for small loans in minutes, and even earn a decent interest rate, all without any monthly fees. The application process is simple and can be completed in minutes, with the possibility of your account to be up and running the same day. 

    With Bluevine, you can complete as many transactions as you need without incurring additional fees. There is no minimum balance or minimum deposit once your account is open, so it’s really a good fit for businesses of any size and could be a nice option for freelancers as well. This is why it’s our top pick

    BlueVine also offers a great APY on its checking account, giving users a 1.2% return on balances up to $100,000. This is only available to account holders who either spend $500 per month on your debt card or receive $2,500 per month in customer payments into your checking account. Sign up today. To learn more about its services and pricing, read our complete review on BlueVine.

    • No minimum deposit
    • Unlimited transactions
    • Two free checkbooks
    • Earn up to 1.2% APY
    • Only allow cash deposits through Green Dot Services
    Novo logo

    Novo – Best For Small Businesses

    4.4

    Novo is a great checking account for small businesses because of its easy to use platform, simple application process, and ability to make digital payments seamlessly. You can apply in under 10 minutes and get a quick response with any missing information that you need to submit before your account can go live. As soon as your account is approved and you make your first deposit of at least $50, you can start using your checking account. 

    Novo really thrives with its very easy-to-use app. Since the bank offers free ACH transfers you can easily sign into your app via your mobile device and pay bills, send money, fund payroll, or transfer money to your personal account within seconds. You always have your banking details and transactions at your fingertips to help you stay on top of your financial obligations. The app also gives you a nice overview of what you’re spending and bringing in each month. 

    Novo refunds all ATM fees and is backed by FDIC insurance through Middlesex Federal Savings, F.A. The simple platform helps small businesses get the banking help they need without sacrificing time or money. Plus, the platform integrates with a lot of tools and other apps that many small businesses use on a weekly basis. Sign up today.

    • Free checking, no hidden fees
    • Free ACH transfers, mailed checks, and incoming wires
    • Easy to use app to manage your account instantly
    • Refunds all ATM fees
    • Not a good fit for businesses needing to deposit cash
    Kabbage logo

    Kabbage – Best If You Also Need a Line of Credit

    3.8

    Kabbage follows a newer trend in business banking, offering more fee-free services and not requiring a minimum balance for its basic business checking account. You can also charge unlimited transactions through their payment services. If you’re in need of both a business bank account and a simple business line of credit, Kabbage is your best choice. 

    With Kabbage, you’re going to receive a simple application process on both the checking and the line of credit products. Kabbage can use your banking history to get you approved for a line of credit automatically and if you’re initially denied you can show history through using a Kabbage checking account and they’ll auto-approve you when your account shows you should be. Sign up today.

    • Easy line of credit, no prepayment charges
    • No minimum balance
    • Easy application process
    • 1.10% APY
    • Virtual bank only 
    • Fee of up to $4.95 per cash deposit
    • No integrations with third-party tools
    Capital One logo

    Capital One – Best For Customer Service

    3.5

    Capital One offers two different options for business checking accounts. The Basic account is just that, offering unlimited electronic deposits, online and mobile banking, and a relatively low minimum balance to waive fees. The Unlimited business bank account includes two Basic accounts, so might be a good fit for businesses with complicated finances.

    Capital One is a very traditional banking company but it blows the other traditional banks out of the water with its app and ease of use for your account. Capital One also offers a lot of other products, such as credit cards, that you might qualify for if you’re able to get approved for their business checking account. Sign up today.

    • Experienced support from a large bank
    • Self-service escrow services
    • Strong and quick customer service
    • High balances to waive fees
    • $35 or $15 monthly service fee if less than the minimum balance
    Bank of America logo

    Bank of America – Best For Traditional Banking

    3.4

    Bank of America business checking accounts are only one of several products that BofA offers to small businesses. The two levels are similar to Chase and Capital One, with two different levels of service, bank accounts each aimed at smaller or larger businesses. Bank of America business loans, lines of credit, and credit cards are available to grow businesses. 

    Bank of America is the epitome of a traditional bank. While it has online capabilities with a decent app, it’s still not as simple to use as other options. Plus, the fee structure is not built for small businesses in mind due to the large balances required to waive those fees. Sign up today.

    • Integrated with Zelle money transfer
    • Online account integrates with accounting apps
    • Integrated payroll and accounting options
    • High balances required to waive fees
    • App isn’t as easy to use as other options
    Axos logo

    Axos – Best Online Bank

    3.4

    Axos is a virtual bank in that it only offers an online business bank account, not backed by physical locations. However, it doesn’t depend on another financial institution, unlike some competitors. It’s a bank in its own right. Axos regularly shows up on lists of ‘Best Business Checking Accounts’ across the web due to its generous terms and range of services.

    Axos is an online-first bank that is easier to navigate and use than most traditional banking options. It prides itself on building a great online presence and experience for its customers, which makes it a terrific option for small or digital businesses. Unfortunately, the APY you’ll earn is up to only .20% for basic checking or .81% for interest checking if you carry a minimum balance of $5,000. Sign up today.

    • Reduced cost employee workplace banking
    • Online billpay for free
    • Individual security levels for employees
    • Only up to .20% APY for the basic checking
    Lili logo

    Lili – Best For One-Person Businesses

    3.3

    Lili is perfect for small, one-person operations. It straddles the awkward and occasionally non-existent division between personal bank accounts and business checking accounts for small businesses. It offers an easy to use platform that you can get up and running in minutes. 

    It provides business checking account options, particularly invoicing, without some superfluous and expensive features. You do miss out on lending and merchant services options, however. Also of help to a ‘tiny-business’ is the free online bill payments, making it one of the best business accounts for a one-person LLC. Sign up today.

    • Easily separate business and personal transactions
    • Tax optimizer tools
    • Ability to create and send invoices
    • Automatic savings with 1% APY
    • No cash deposits
    • No additional banking services
    US bank logo

    US Bank – Best For Business Loans

    3.0

    Unlike their established colleagues on this list, US Bank forgoes a monthly maintenance fee on their basic US Bank Silver business checking account, opting instead for transaction fees. This might be a good fit for businesses without a large amount of transactions each month, such as a contractor with a single major client. 

    The fees on more expensive accounts can be waived by meeting minimum balance requirements or one of several other criteria. As long as you’re only running a few transactions each month, US Bank might offer a good account for your LLC. Sign up today.

    • No monthly maintenance fees
    • Specialized merchant services for restaurants, retails, service, etc.
    • 25 Free cash deposits per month
    • Transaction fees
    Oxygen logo

    Oxygen – Best For Freelancers

    3.0

    Looking at Oxygen’s website, you might think it’s a fashion magazine or trendy boutique. However, it offers a business checking account through its online-only bank. There is a fee-free option and, unusually, options with an annual fee. Oxygen is perfect for a freelancer that is just looking to separate their personal and business finances. 

    In fact, Oxygen is explicitly aimed at the trendy small business owner or freelancer, with your choice of element-themed business bank account online. Don’t let the fancy presentation put you off, though, as it has some features that make it one of the best business bank accounts for the freelancer, like cell phone and lost luggage protection. Perhaps most importantly, Oxygen will help you form your LLC. Sign up today.

    • LLC formation services
    • 5% Cashback rewards
    • Create virtual, single-use debit cards
    • Business savings with 1% APY
    • Virtual bank, no cash deposits
    • Less integrations than other options
    Chase Business logo

    Chase Business – Best for Cash Deposits

    3.0

    Chase Business checking offers a strong account option if you’re looking for a traditional bank account where you can deposit cash. The bank offers a huge network of physical branches in addition to its sizable ATM network. Businesses in most states that need to deposit cash will find this to be a great option. 

    Each offers business checking accounts with features like a business debit card and cash deposits at their brick-and-mortar locations. Unfortunately, it’s not monthly maintenance fee-free like some online competitors.

    Unfortunately, between the potential for fees and app, Chase ranks lowest on our list but with solid potential. Those needing a more robust online experience will find another option more appealing but traditional bank lovers who take cash from customers and need to deposit cash into their accounts regularly will find Chase to be worth taking a look at. Sign up today.

    • Accept payments through Chase mobile app
    • International with locations worldwide, easy for cash deposits
    • High fees

    Choosing the Best Small Business Bank Account for an LLC

    For many people, the formation of an LLC marks a transition, changing their side gig for a bit of extra income to starting a serious business. There are many boxes to check in that process, but one of the most important may be choosing the best business checking accounts for your needs. It’s important to choose one early on because the LLC protection is only valid if your personal and business finances are separated. 

    However, opening a business checking account for your LLC can also offer a range of other benefits. Even a basic business banking account can offer lines of credit, invoicing services, and more. A business checking account might also come with merchant services, while a savings account can help your money grow.

    In the past, LLC business owners had limited choices for business accounts, but using an online bank, with smaller fees and better rewards, is becoming more popular.

    Business Banking Fees: In many cases, the main concerns are monthly maintenance fees and other charges that can add up. Many banks offering accounts for LLCs have sought to attract small business owners by waiving monthly fees under certain circumstances or dropping monthly fees entirely. Fees can show up in many places, however, including:

    The best business checking account for your needs won’t charge fees in areas important to your business; for example, offering unlimited transactions or free cash deposits per month. 

    Savings Interest Rates (APY): You can earn interest on savings accounts, while you can earn interest on your primary checking with many of the best business bank accounts online. Many traditional banking options do not provide very large APY payouts on the money you keep at the bank, unless it’s in a traditional savings account. 

    Even then, it can lag behind some of the checking account options at some of the newer, online-only, banking options on our list above. These banks are enticing small businesses to use them by maximizing their earning potential on the money they have. 

    Liability Protection: As the name implies, limited liability companies are intended to limit your financial liability in the event of a problem with your business. Even a basic business checking account for your LLC aids in that by separating your personal finances, creating a clear distinction between personal and business accounts. 

    Accounts for LLCs can offer more protection from certain types of liabilities than just a separate business bank account. Most bank accounts have fraud protection these days. If your bank also offers merchant services, it may add a layer of additional protection by covering the cost of customers who dispute transactions and similar problems.

    Beware of “Mattress” Banking!

    Did you know many online banks are crediting as low as 0.1%? You may as well stick your money under your mattress! Bluevine business checking accounts pay an APY up to 1.2% on balances up to $100,000.

    Learn More!

    Unlimited transcations with no monthly fees!

    Lending Options: You may have a personal credit rating, but your small business needs to establish its own credit history. Additionally, business owners may need small loans to cover payroll or billing, or larger loans for new equipment or a bigger space. A loan like that can be easier to get if you already have a business checking account with a particular institution. Developing history with an institution can also improve the odds of bad credit business loans approval.

    As a note, while we’ve focused on national and online banks, your local community bank or credit union might be a good option, especially if you’re anticipating needing a loan. Particularly for specialist businesses, the personal relationships common with local banks can be helpful.

    Rewards and Benefits: Even the best business checking account options tend to have a similar set of fees and services. Other factors may end up determining which bank is best for you. Offering some number of free cash deposits per month is common, as is online bill pay, or no minimum deposit requirements. Picking through those details can actually end up saving you money.

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

    Bottom Line on Best Small Business Bank Accounts for LLCs

    A business bank account is needed to realize the liability you’re looking for when you start your own LLC to separate business and personal liability. The best business bank account for most small businesses is going to be BlueVine. It offers no fees, no minimum balances, and you can be up and running within minutes. Apply today and protect your personal finances with your LLC.