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For LLCs owners. It's essential to maintain a wall of separation between personal and business finances. Having business bank accounts for LLCs may help you simplify your accounting, gain the confidence of your clients and vendors, and protect the value of your personal assets from business debts.
This post will go through the best small business bank accounts for LLCs and the reasoning for picking one.
10 Best Business Bank Accounts for LLCs
- Bluevine – Best LLC Bank Account Overall
- Novo – Best Low-Fee Business Bank Account for LLCs
- American Express – Best for Membership Rewards
- Capital One – Best for Unlimited Transactions
- Bank of America – Best for Traditional Banking
- Axos – Best Full-Service Online Bank Account for LLCs
- Lili – Best for One-Person Businesses
- U.S. Bank – Best for Lending Options
- Oxygen – Best for Freelancers
- Chase Business – Best LLC Bank Account for Merchant Service
To determine the best small business bank accounts for LLCs, we developed a methodology that weighed a variety of factors. The various types of accounts, including checking, savings, and merchant services, were then evaluated.
We also looked at the monthly maintenance fees, transaction fees, and ATM fees that come with commercial LLC bank accounts. We also considered the bank's reputation and customer service, such as the quality of its tellers and the variety of banking options available to its customers online.
The bank's loyalty programs and overdraft insurance were the next items on our checklist. Considering all of these factors allowed us to provide our best small business bank account for LLCs a fair and balanced evaluation.
|Bank Name||Types of Accounts||Fees||Reputation & Customer Service||Special Features & Perks|
|Bluevine Business Banking||Checking, Savings||No maintenance fee$4.95 per cash deposit||Online-only bank with mobile banking app and 24/7 customer support||High-yield savings account, fee-free ATM access|
|Novo Business Banking||Checking, Savings||No monthly fees, no transaction fees$50 required to open||Online-only bank with mobile banking app and 24/7 customer support||Integration with popular business tools, such as QuickBooks and Xero|
|American Express Business||Checking, Savings||$0-$15 monthly fee (waived with minimum balance or account activity)No maintenance fee||Established brand with extensive customer support options||Cashback rewards program, integration with accounting software|
|Capital One Spark Business||Checking, Savings, Merchant Services||Basic checking account – $15 monthly fee*||Established brand with extensive network of branches and ATMs, online and phone support available||Cashback rewards program, free transactions, and other perks|
|Bank of America Business Advantage||Checking, Savings, Merchant Services||$16-$29.95 monthly fee (waived with minimum balance or account activity)||Established bank with extensive network of branches and ATMs, online and phone support available||Cash rewards program, overdraft protection, mobile banking app|
|Axos Business Banking||Checking, Savings, Merchant Services||No monthly fees, some transaction fees may apply||Online-only bank with mobile banking app and 24/7 customer support||High-yield savings account, fee-free ATM access, remote deposit capture|
|Lili Business Banking||Checking, Savings||Standard – monthly fee-free, no overdraft fee, no ATM fee||Online-only bank with mobile banking app and customer support via chat or email||Cashback rewards program, expense categorization, tax preparation tools|
|US Bank Business Checking||Checking, Savings,||Silver – $0 monthly fee, $0.50/transaction after 125||Established bank with extensive network of branches and ATMs, online and phone support available||Cashback rewards program, mobile banking app|
|Oxygen Business Banking||Checking||No monthly fees, no transaction fees||Online-only bank with mobile banking app and customer support via chat or email||Integration with accounting software, expense categorization, virtual debit cards|
|Chase Business Complete Banking||Checking, Savings, Merchant Services||$15 monthly fee (waived with minimum balance or account activity)||Established bank with extensive network of branches and ATMs, 24/7 customer support||Bonus cash offers for new accounts, mobile banking app, fee-free ATM access|
Bluevine – Best LLC Bank Account Overall
Star rating: 4.9/5
Bluevine, one of the best business bank accounts for LLCs is a simple, all-around internet banking solution for small businesses. Paying bills, applying for small loans fast, and earning a decent interest rate are all possible without incurring any monthly fees.
Getting the best small business bank accounts for LLCs is as simple as filling out an application, and you may even have access to your funds the same day. Because of these features, Bluevine is among the best business bank accounts for LLCs.
You’re allowed to create up to five nested small business bank accounts for LLCs for the company's finances. Account numbers are different for each subaccount.
LLC bank accounts normally don’t come with complimentary checks. This is fantastic news for long-standing small businesses that still make payments to vendors and employees in cash.
- Use the Green Dot network for cash deposits, there are no fees at MoneyPass ATMs (fees and limits apply)
- No monthly costs or minimum opening deposit
- Free transactions indefinitely, free of overdraft fees
- Fees for using ATMs that aren’t part of the network
- No joint accounts
- $500 per deposit and a daily cap of $2,000 apply to all cash deposits. For each deposit, Green Dot levies a service fee of up to $4.95
Banks for LLC accounts typically charge maintenance, NSF, or deposit fees, but Bluevine exceeds expectations by not charging any of these fees. You won't be charged for more transactions than you can reasonably complete. At Bluevine, there are no requirements for minimum deposits or minimum balances.
Banks for LLC Accounts, such as Bluevine, offer consumers a return of 1.5% on balances up to and including $100,000 with its outstanding APY on its checking accounts.
This is only applicable to the best business bank accounts for LLCs that transact $500 in monthly debit card purchases or receive $2,500 in monthly client payments into their checking accounts.
Banks for LLC accounts also offer access to business lines of credit up to $250,000 at rates as low as 4.8%. The short and straightforward application process often leads to a decision in less than five minutes.
Bluevine doesn’t charge any fees to the best business bank accounts for LLCs formation, prepayment, or cancellation.
Novo Business Banking – Best Low-Fee Business Bank Account for LLC
Star rating: 4.8/5
Because of its straightforward application process, user-friendly layout, and ability to handle rapid digital payments, Novo is a fantastic LLC bank account for businesses in California. You may finish and submit your application to banks for LLC accounts in less than 10 minutes, and you'll get a timely response with any information that's missing.
As soon as your application is approved and you make your first deposit of at least $50, you may start checking your business bank accounts for LLCs. With Novo, an innovative business checking the best business bank accounts for LLCs, you can link your checking to tens of thousands of programs, like Shopify, QuickBooks, and Slack.
You can manage every aspect of your company life using this business bank account for LLCs, all in one easily accessible place.
You always have access to your financial data and transactions to help you stay on top of your company's business bank accounts for LLCs. You may get a terrific overview of your monthly revenue and spend with the program as well.
Why we chose it: Novo's business bank account for LLCs provides infinitely integrated invoicing, making them a great option for sole proprietors and independent
- No monthly fees or starting deposits are necessary
- Global reimbursement of all ATM fees
- Amountless transfers are free
- No recurring payments are permitted with bill pay
- No cash may be deposited
- Cannot send wire transfers domestically or internationally
Best Small Business Bank Account for LLCs Fees
Novo provides the business bank accounts for LLCs with no-fee business checking accounts. You just need to make a $50 opening deposit to open the business bank account for LLCs. This bank doesn’t charge for outgoing wire transfers, ACH transactions, minimum balance requirements, or cash deposits.
Moreover, Novo banks for LLC accounts pay back all ATM fees and are FDIC-insured via Middlesex Federal Savings and F.A.
There are no charges for LLC bank accounts at Bluevine and Novo. But you'll have to stop generating interest on their behalf. Banks for LLC accounts don't accrue any interest from the bank on your checking account deposits.
Only LLC bank accounts are eligible for the best business bank accounts for LLCs with Novo. There are simply checking account services provided, there are no loan alternatives, credit lines, or business credit cards.
American Express – Best LLC Bank Account for Membership Rewards
American Express Business Checking adheres to a more recent trend in business banking by offering extra fee-free services and no minimum balance requirement for its basic business checking accounts.
You may also charge an endless number of transactions using banks for LLC accounts.
The American Express Business Checking accounts for LLCs is a great option for business owners looking to get a bank account and a line of credit. It offers small businesses lines of credit up to $250,000 with rapid loan approval via Kabbage Finance by American Express.
Why we chose it: American Express offers adaptable account options that may be customized to fit the particular needs of diverse businesses.
With the purpose of preventing fraud and protecting their client's financial interests, American Express provides comprehensive fraud prevention technologies for Banks for LLC Accounts.
- No prepayment penalties, simple credit line
- Easy application process
- No minimum balance required
- Not compatible with cash deposits
- Mobile check deposits are only supported by iOS
- Users of American Express alone may access
While using American Express business bank accounts for LLCs, there are no monthly fees. Both a minimum initial deposit and online transaction fees aren’t necessary.
Although using a Business Bank account for LLCs inside the MoneyPass network is free, doing so outside of the network will cost you around $3 per transaction. Cash deposits aren’t supported by American Express.
Notwithstanding Bluevine's attractive 1.5% return, the banks for LLC accounts have one of the highest annual percentage yields (APY), earning 1.30% on balances up to $500,000 instead. American Express Business Checking has the second-highest APY on our list, while Bluevine's is higher.
The best perk of opening an American LLC bank account is that Kabbage Finance also offers speedy loan approval for credit lines up to $250,000. Business Bank Accounts for LLCs are a great choice even if your credit is less than ideal. If you have a FICO score of 640, your application will be approved.
Capital One – Best LLC Bank Account for Unlimited Transactions
Star rating: 4.7/5
There are two options for Capital One's business checking accounts for LLCs. The Basic account enables unrestricted electronic deposits, online and mobile banking, and a negligible minimum balance requirement to avoid penalties. It’s exactly what it says it is.
Moreover, Capital One provides a variety of business credit cards with cashback or travel advantages. They don't charge foreign transaction fees on any of their credit cards, which is wonderful if you often travel for business abroad.
The bank's attentive and competent customer service is one of its key strengths. If you're thinking about it, bear in mind that Capital One only provides business bank accounts for LLCs in a select number of states. Also, if you wish to create a small business bank account for LLCs, you must visit a branch.
Why we chose it: The services that Capital One offers to other big banks are similar in scope and price. It's a great option if you want to do your banking business at actual branches. The Capital One ATM network is quite substantial.
You get cost-free access to more than 70,000 ATMs in the Allpoint and MoneyPass networks.
- Seasoned support from a large bank
- The Unlimited Checking plan comes with two Basic accounts.
- Services for self-serve escrow
- Only available in certain states
- High balances to reduce expenses
- You must go to a branch in order to open the best business bank account for LLCs
Comparing the $15 monthly cost of Capital One's Standard Checking account to American Express's $0 maintenance charge, it’s expensive. But, if your total is higher than $2,000, the fee can be waived.
Cash deposits are free for sums up to $5,000 each month. Standard wire transfer fees are charged for this product.
The $35 monthly fee for the Unlimited Checking account may be waived with a minimum balance of $25,000. Free deposits of money into LLC bank accounts aren’t subject to any limits. All incoming wires have no power. Also, you’re entitled to five free wire transfers each month.
Capital One's account doesn’t provide an APY. Nevertheless, savings business bank accounts for LLCs pay 0.2% interest.
Small companies may access Capital One's lines of credit and loans, but only if you already have a business bank account there.
Up to $5 million is one of the largest lines of credit that are offered. If you choose a longer repayment time, stable rates, and less equity needed, it also provides LLC bank accounts 504 and SBA 7(a) loans.
Bank of America – Best LLC Business Bank Account for Traditional Banking
Star rating: 4.67/5
The Bank of America is the ideal illustration of a traditional bank. You may integrate your business bank accounts for LLCs with applications like QuickBooks, Google Analytics, Expensify, and others. This helps you see your performance clearly and allows you to make better business decisions.
Bank of America offers a team of Small Business Experts to assist you no matter how large or little your business is.
Why we chose it: Bank of America offers a wide range of reputable options for business banking. It's a great option if your business has large cash flows.
- Payroll services
- Online best business bank accounts for LLCs & accounting software are connected
- Linked to the Zelle money transfer service
- There are no options for a free business checking account for LLCs
- High additional expenses
- Fees for using ATMs that aren’t part of the network
If you maintain a combined average balance of $5,000, make at least $250 in new net qualifying debit card transactions every statement cycle, or enroll in the Preferred Rewards for Business program, you may avoid the Essentials account's $16 monthly fee.
The $29.95 monthly fee for the Relationship Checking account for LLCs may be waived for accounts with a combined average monthly balance of $15,000. With a daily balance of $2,500 or more, the $10 monthly fee for starting a savings account is waived.
There’s no interest earned on Bank of America's checking account. You can only earn very little interest with the LLC bank accounts, 0.01% APY, which is much less than Bluevine's 1.5% yield.
Secured business credit cards, loans between $25,000 and $250,000, and secured lines of credit with a minimum of $25,000 are all offered by Bank of America. There are numerous finance options available, but in order to qualify, your credit score must be at least 700.
Axos – Best Full-service Online Bank Account for LLCs
Star rating: 4.61/5
Axos is a virtual bank since it only offers online business banking and lacks any physical premises. It’s not affiliated with another financial institution, in contrast to many of its competitors.
It does independent banking business. Axos often features on web lists of the "Best Business Checking Accounts" due to its flexible terms and range of services.
Axos is a bank that operates exclusively online and is easier to use and navigate than the bulk of traditional banking options. It's a great option for small or digital businesses since it takes care to provide its customers with a great online appearance and experience.
However, you can only earn an APY of up to 1.01% for interest checking or 0.20% for basic checking if you have a minimum balance of $5,000.
Why we chose it: Axos Bank is a great option for businesses looking for banks for LLC accounts. It offers basic business checking with no monthly fee and no minimum initial deposit requirements. It also includes unlimited transactions and cash deposits via Allpoint and MoneyPass ATMs.
Moreover, the bank offers unlimited refunds for costs charged by US-based banks and ATM operators as well as free access to all ATMs throughout the nation. All the time, these services are offered.
- Every ATM fee is immediately reimbursed (domestic)
- Both initial deposits & continuing expenses are waived
- 24/7 customer service
- A welcome bonus is given to new clients (terms apply)
- Amountless transfers are free
- Cash deposits made at Allpoint and MoneyPass ATMs
- Provides a lower APY
- There are no actual places
- Not many integrations
The four main categories of LLC bank accounts that Axos provides business interest checking, business savings accounts, business premium savings, and business checking accounts with no monthly service costs.
Business interest checking has a monthly fee of $10, however, regular business checking is free. Basic savings requires a monthly membership, whereas its premium version doesn’t.
While Axos customers have access to a wide variety of interest-bearing options, the yield rates aren't as high as those provided by some of the other banks.
The basic checking account offers no APY. The interest-bearing checking account's annual percentage yield is 1.01%. If you choose Axos' savings options, you get 0.20% interest on both the basic and premium business savings accounts.
Centerstone SBA Lending and Axos Bank work together to assist businesses to obtain bank accounts loan. They provide customizable terms as well as a nationally recognized guarantee. It also provides commercial lines of credit and term loans, however, they are best suited for large firms.
Lili – Best LLC Bank Account for One-Person Businesses
Star rating: 4.57/5
It’s a single platform that combines banking, accounting, and taxes. Lili was initially designed for freelancers and company entrepreneurs. But, LLCs may now also utilize it.
If you’re an LLC bank account owner, you must keep your personal and business finances separate. Lili makes it possible for you to keep using only one best small business bank account for LLCs Yet, you may split your cash using the program.
Why we chose it: Moreover, it creates spending reports automatically and even fills out your yearly tax return.
- Basic distinctions between personal & professional contacts
- Offers a solution for tax optimization
- Produce & send invoices
- No legitimate merchant services or financing
- Bank online (through Choice Financial Group)
- Not recommended for bigger enterprises
The basic financial services Lili provides are free. There are no monthly fees, overdraft fees, ATM fees, or minimum balance requirements. But, Lili Pro will cost you $4.99 a month due to the added features you get.
There’s no APY on Lili's standard items. You may open the best business bank accounts for LLCs with Lili Pro and get an APR of 1%. The Automatic Savings option allows you to set up a daily minimum contribution of $1 into your savings account.
Lili has extremely few financing possibilities since it’s not a regular bank. Just a free overdraft of up to $200 on debit card transactions is available.
U.S. Bank – Best LLC Business Bank Account for Lending Options
Star rating: 4.5/5
U.S. Bank is one of the few big regional banks that provides free business checking. The Silver Business Checking account for LLCs doesn’t have any minimum balance requirements and doesn’t charge monthly maintenance.
This could be effective for businesses with few monthly transactions, such as contractors that only have one key client. More than 2,000 U.S. Bank locations exist, the majority of them are on the West coast. It could be an option for small local businesses that prefer in-person banking and customer care.
Moreover, U.S. Bank offers small business finance, payroll services, payment processing, and cash management when you're ready to grow your best business bank accounts for LLCs (including SBA loans).
Why we chose it: U.S. Bank offers a wide range of wonderful products and services. Its primary selling point is the lending choices it provides.
- There are no monthly service charges for the Silver Business Checking account for LLCs
- New customers get a welcome bonus (terms apply)
- An entirely online business account creation process is available
- Just two instances of optional payment processing services are mobile apps and in-store payment terminals
- High penalty for early CD withdrawal
- Transaction costs
- Savings account APY is rather low while checking account APY is nothing
The three checking accounts that U.S. Bank offers. The Silver Business Checking account package has no monthly fees and offers 125 free transactions each month. Each transaction will have $0.50 added to it if the count exceeds 125.
The Gold plan costs $20 per month and $0.45 per transaction beyond the first 300 transactions. The Platinum plan has a $30 monthly cost and adds $0.40 for each transaction after 500 per month.
All of these costs appear excessive when compared to the top-ranked Bluevine, which has no expenses.
The U.S. Bank doesn't provide any rates on deposits put into checking accounts. Your savings in this business bank account for LLCs may earn 0.01% APY with a minimum deposit of $25.
This financial institution offers a variety of business credit cards, lines of credit, and loans. The benefits of U.S. Bank's business credit cards are many and include cashback, no annual fees, low-interest rates, and rewards programs.
It also offers a wide selection of small business loans from which you may choose in accordance with the needs of your firm. You may borrow up to $250,000 with Quick Online Loans and up to $12.375 million through government-backed loans.
Oxygen – Best LLC Bank Account for Freelancers
Star rating: 4/5
From its website, you may think Oxygen is a stylish magazine or a cool shop. Yet, it does it through a bank that exclusively operates online and offers a business checking account. There are options that are both free and, rarely, demand an annual fee.
Oxygen is the best LLC bank account for a freelancer who just wishes to separate their personal and business finances.
Oxygen offers 4 different business checking levels based on your monthly expenditure and deposit habits. The entry-level tier is free and doesn’t have a necessary minimum balance. Higher levels provide alternatives for the annual fee to be eliminated after the first year.
According to Oxygen, advantages abound. You may get cashback from affiliated retailers for purchases of goods like food, gas, ridesharing, and shipping. Also, the interest rate on the money you save is acceptable.
More cash back bonuses, savings APYs, and other benefits are available to higher-tier accounts, including Netflix reimbursement and access to airport lounges.
Why we chose it: Oxygen is offering very lucrative and feature-rich solutions for both personal and business banking while bringing style and innovation to the financial services sector.
- 5% Cashback rewards
- Savings for companies using 1% APY
- Create virtual debit cards with a single usage
- No lending options
- In a virtual bank, there are no cash deposits, and higher-tier accounts have an enrollment charge.
It's noteworthy that Oxygen divides its services into categories based on the elements Earth, Water, Air, and Fire. These "loyalty levels" are created to help business owners succeed.
The free Earth tier is the most basic item. Choose the Earth tier's savings option to get up to 0.50% APY. Water is the next grade up and costs $19.99 per year. It offers a 1.00% APR on savings in addition to a range of services.
The annual costs for the Air and Fire tiers are $49.99 and $199.99, respectively, with an APY of 2.0% and 3.0% on savings.
The interest rates Oxygen provides with its savings option for each tier are rather alluring. You may earn an APY of 0.50%, 1.00%, 2.00%, and 3.00% using the elements of earth, water, air, and fire.
These interest rates are much higher than Bluevine's and American Express Business Checking's respective top rates of 1.5% and 1.3%.
As Oxygen is just a mobile banking app and not a full-fledged bank, there are no other financing options accessible.
Chase Business – Best LLC Bank Account for Merchant Service
Star rating: 3.8/5
Chase is one of the top American banks in terms of its branches, products, and customer service. There’s a particular Chase Business Complete Banking account that comes with checking and payment processing.
It's an excellent choice for LLCs that accept credit card payments. By avoiding the need to create a separate merchant best small business bank account for LLCs you may save time and effort. Chase has significant potential, but places last on our ranking owing to expenses and the app.
For those who need it, a more comprehensive online experience will be appealing, but Chase is a good option for people who like traditional banks and often need to deposit cash into their accounts.
Why we chose it: With the Chase Business Comprehensive Checking account, you can make unlimited electronic deposits for a low $15 monthly fee and enter to win a $300 welcome bonus.
Moreover, it lets you accept credit card payments via Chase QuickAcceptSM using the Chase mobile app.
- Use the Chase mobile app to accept payments
- Defense against fraud
- Worldwide spread & international
- Use the Chase mobile app to accept payments
- Worldwide spread & international
- Defense against fraud
Chase offers three options for business checking banks for LLC accounts:
Chase Business Comprehensive Checking: With a daily minimum balance of $2,000, the $15 monthly charge is waived.
Chase Performance Business Checking: Free for the first six months with a combined average balance of $35,000.
Chase Platinum Business Checking: If the average balance on the first day is $100,000, the $95 monthly fee is waived.
Each offers business checking accounts at their physical locations, along with extras like a business debit card and cash deposits. Regrettably, there are maintenance costs, unlike Bluevine.
For the best business bank accounts for LLCs with Chase Business Checking, there’s no APY on deposits. Nonetheless, businesses may utilize Chase Business Savings to generate income, however, you must find out what the APY offers.
Chase for Business provides a number of lending options. Together with its business credit card alternatives, this organization also offers small business loans and credit lines. Business loans begin at $5,000, while lines of credit go from $10,000 to $500,000.
Ranking Methodology for the Best Business Bank Accounts for LLCs
A lot of important factors must be taken into account when ranking business bank accounts for LLCs in order to identify which account best meets the needs of the firm. The following is an explanation of the methodology used to rank business bank accounts for LLCs:
- Interest Rate — APY on Checking and Savings Accounts: Some of the institutions on our list provide an APY on their checking accounts. A dividend of 1.5% is offered by some of the top banks for LLC accounts, making them a wise investment for business owners. The higher the APY, the better it’ll be for your business. However, be aware that certain banks could charge transaction or monthly maintenance costs from your interest profits.
- Security — Multi-factor Authentication, Encryption, Fraud Detection: The security of the banks for LLC accounts is another important consideration. LLCs should look for banks that provide strong security features like multi-factor authentication, encryption, and fraud detection and prevention tools. They should also consider the bank's history of security and compliance with regulations.
- Account Features — Online Banking, Mobile Banking, Bill Pay: As different the company's finances more efficiently, such as bill payment, remote deposit, overdraft protection, online and mobile banking.
- Lending — Lines of Credit, Credit History: You could already have a personal credit rating, even though your small business must have its own credit history. Smaller loans for payroll or bills, as well as bigger loans for new equipment or a larger location, may be required by business owners. Obtaining a loan of that kind may be less difficult if you already have a business checking account with the company in question. Developing a relationship with the institution may also boost the probability of getting a business loan for someone with bad credit.
- Fees — Transaction, Minimum Balance, Early Termination, Daily Batch: The primary concerns are often monthly maintenance fees and other costs that might add up. Several banks that provide LLC accounts have made an effort to encourage small business owners by sometimes lowering or completely removing monthly fees.
Best Business Banking Account for LLCs – Buying Guide
If you need further information, this area might help with your inquiries.
Why LLCs Need a Business Bank Account
LLC owners are required to maintain both a personal checking account and a business bank account. LLCs are legally separate from their owners.
This indicates that you’re not personally liable for any business debts or legal claims. Without this separation, the court may confiscate your personal assets if you are sued.
Corporate funds must be legally separated in order to maintain the legal distinction. If you blend personal and business funds, a court can find that the LLC is only a front and hold you personally accountable.
How to Open a Bank Account as an LLC
An LLC may be established by a single member or by many owners. If there are many owners in your firm, look for a bank that allows joint accounts.
You'll need to contribute the:
- Date of the LLC's creation the state where your Company was formed Location and name of the company's main office
- An EIN (Employer Identification Number) or SSN is required if your LLC has only one member
- Details about the individual who owns the business (SSN, DOB)
What Other Documents Does the Bank Need to Open My LLC Bank Account?
What the bank could ask for is listed below, however, the documentation requirements vary from bank to bank.
- Documents forming an LLC, such as a certificate of formation
- LLC operational guidelines
To be secure, make sure you’ve everything you need before contacting the bank or going to their website to open a business bank account. You can stay out of trouble by doing this. As an LLC, you may open a variety of online business checking accounts.
Best Business Bank Accounts for LLCs – Frequently Asked Questions (FAQs)
Can I Use My Personal Bank Account for My LLC?
It’s technically feasible to use your personal bank account for your LLC, but we strongly advise against it.
A limited liability company will protect your personal assets in the event that anything goes wrong with your business. But, it would be straightforward for the authorities to confiscate your personal property if you continued to utilize your personal bank account for your LLC.
Do I Need a Separate Bank Account for My LLC?
You establish an LLC to keep your personal and business finances separate. Once found, a limited liability company becomes legally independent of its owner. As a result, we suggest setting up a separate bank account only for your LLC.
Neither state nor federal law requires you to create a bank account specifically for your LLC. To make managing money easier and prevent long-term problems, separate accounts are a good idea.
Also, free online banks like Bluevine make opening a business account straightforward so you may start gaining benefits right away.
How Much Does It Cost to Open a Business Account?
The cost varies depending on the bank. It's likely that opening separate corporate checking accounts doesn't come with an obvious cost. You would have to make annual or monthly payments.
Moreover, some accounts have a minimum balance requirement, which technically isn't a fee.
Bottom Line on Best Business Bank Accounts for LLCs
Even though banks can be scary and have a big impact on whether a business succeeds or fails, you can take back a lot of control by looking at your options and choosing the terms that work best for you.
As a small business, you’re a bank customer, and the maxim "the customer is always right" holds true.
It would be excellent for LLCs to have various business bank accounts, depending on the specific needs of the company. Yet, some accounts stand out for their minimal fees, alluring interest rates, and distinctive features, such as Bluevine, Novo, and American Express.