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8 Best Business Bank Accounts for LLCs in 2021

Randa KrissFeb 11, 2021
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The best business bank accounts for LLCs separate personal and business finances — helping maintain the legal distinction between the LLC and its owners, and thereby preserving their limited liability protections.

Although there is no state or federal law that requires members of an LLC to open a separate business bank account, it’s a recommended practice to do so to sustain those liability protections.

In addition, opening a business bank account for your LLC can help streamline your taxes and bookkeeping, and establish your company’s financial presence. Your LLC also may need a dedicated bank account before you can apply for a business credit card or LLC business loan.

As the owner of an LLC, you can open a business bank account at digital banks, as well as national, regional and local brick-and-mortar institutions. Here are some of the top options.

Summary of Best Business Bank Accounts for LLCs in 2021

Novo Business Checking
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at Novo, Deposits are FDIC Insured

Novo Business Checking

4.0

NerdWallet rating 
Novo Business Checking

Monthly Fee

$0

APY

N/A

Bonus

N/A
Learn more

at Novo, Deposits are FDIC Insured


Bonus

N/A

Why we like it

Novo offers a free, online business checking account with unlimited transactions and refunds on all ATM fees — ideal for LLC owners on the go. Novo’s business bank account also includes unlimited integrated invoicing, making it a great option for freelancers, contractors or other self-employed business owners who have formed single-member LLCs.

Benefits:

The Novo business checking account has no monthly fees, no ACH transfer fees and no incoming wire fees. This account includes online bill pay, mobile check deposit, a reserves budgeting feature and can integrate with top business tools like QuickBooks, Stripe and TransferWise.

What to keep in mind:

If your LLC does a lot of cash business, it’s important to note that Novo cannot accept traditional cash deposits. In addition, Novo’s bill pay does not accommodate recurring payments, which may slow processes down for larger LLCs.

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LendingClub Tailored Checking
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at LendingClub Bank, Member FDIC

LendingClub Tailored Checking

5.0

NerdWallet rating 
LendingClub Tailored Checking

Monthly Fee

$10.00

Waived with $5,000 minimum balance

APY

0.10%

With $5,000 minimum balance

Bonus

N/A
Learn more

at LendingClub Bank, Member FDIC


Bonus

N/A

Why we like it

LendingClub is a great option for LLC business owners prioritizing ATM accessibility and digital tools. The LendingClub Tailored Checking account offers unlimited ATM fee reimbursements, a debit card rewards program and online and mobile banking tools that are ideal for managing your finances on the go.

Benefits:

LendingClub includes unlimited fee-free transactions, fee-free ATM access through the MoneyPass and SUM networks (with the option to deposit cash) and the ability to earn up to 1% cash back on debit card purchases.

In addition, LendingClub earns 0.10% APY on balances of $5,000 and higher. This business checking account also offers online bill pay and an integration with Autobooks, an invoicing and online payment software.

What to keep in mind:

LendingClub has a $10 monthly fee that requires a $5,000 average monthly balance to waive. You may also face incidental fees associated with your use of this account, such as a $25 fee for stop payments, returned items or nonsufficient funds.

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Chase Business Complete Banking℠
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at Chase, Member FDIC

Chase Business Complete Banking℠

5.0

NerdWallet rating 
Chase Business Complete Banking℠

Monthly Fee

$15.00

Waived with $2,000 minimum balance

APY

N/A

Bonus

$300

Requirements to qualify

Learn more

at Chase, Member FDIC


Bonus

$300

Requirements to qualify

Why we like it

Chase business checking is a great option for LLCs that want business banking from a traditional brick-and-mortar institution. With Chase business checking, you have access to 16,000 Chase ATMs, 4,700 branches, online and mobile banking, as well as the variety of additional small-business services Chase has to offer.

Benefits:

The Chase Business Complete Checking account includes unlimited electronic deposits, offers the opportunity to earn a $300 sign-up bonus and has a low $15 monthly fee. It also gives you the ability to use Chase QuickAccept℠ to accept credit card payments with the Chase mobile app.

Plus, if your LLC outgrows the Chase Business Complete Checking account, you have the option to upgrade to the Performance or Platinum Checking accounts.

What to keep in mind:

The Chase Business Complete Checking account is limited to $5,000 in fee-free cash deposits per month, as well as 20 fee-free physical transactions per month.

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Oxygen Business Account

4.0

NerdWallet rating 
Oxygen Business Account

Monthly Fee

$0

APY

N/A

Bonus

N/A

Bonus

N/A

Why we like it

The mobile-only Oxygen business account has no monthly fees and unlimited fee-free transactions, making it an affordable option for LLC owners on the go. Plus, if you haven’t yet formed an LLC, but want to do so, you can use the Oxygen app to create an LLC through CorpNet before opening your business account.

Benefits:

The free Oxygen business account allows you to earn cash back on spending with your business debit card and track your rewards through the mobile app. This account also includes mobile check deposit, bill pay, cash flow projections, and gives you the ability to create temporary or reusable virtual cards.

What to keep in mind:

The Oxygen business account is mobile only, meaning it does not offer web-based account access. You have to download the mobile app to apply and manage your account.

In addition, Oxygen can only accommodate a single authorized user on their business accounts, which may not be sufficient for multi-member LLCs.

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Bank of America Business Advantage Fundamentals™ Banking

4.0

NerdWallet rating 
Bank of America Business Advantage Fundamentals™ Banking

Monthly Fee

$16.00

Waived with $5,000 minimum balance

APY

N/A

Bonus

N/A

Bonus

N/A

Why we like it

Bank of America business checking is a good option for LLCs that do a lot of cash business. With up to $7,500 in fee-free cash deposits per month, Bank of America’s Business Advantage Fundamentals account stands out among competitors.

Benefits:

With Bank of America business checking, you receive access to online and mobile banking, Bank of America ATMs and branch locations, as well as the opportunity to enroll in the Preferred Rewards program. The Advantage Fundamentals account also includes unlimited electronic transactions and up to 200 fee-free additional transactions.

If you upgrade to the Business Advantage Relationship account, you receive up to $20,000 in fee-free cash deposits and up to 500 fee-free physical transactions per month.

You can apply for a Bank of America business checking account online, over the phone or by visiting a branch location.

What to keep in mind:

Both of the Bank of America business checking accounts have monthly fees (though they can be waived) and may incur incidental charges.

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Capital One Spark Business Basic Checking®

3.5

NerdWallet rating 
Capital One Spark Business Basic Checking®

Monthly Fee

$15.00

Waived with $2,000 minimum balance

APY

N/A

Bonus

N/A

Bonus

N/A

Why we like it

Capital One business checking is ideal for LLCs that prefer brick-and-mortar banking but also have high transaction volumes. With Capital One, you receive unlimited fee-free transactions, a feature not common among business bank accounts from brick-and-mortar institutions.

Benefits:

Capital One offers two business checking accounts to choose from, both of which include access to over 40,000 fee-free in-network ATMs across the U.S., free online bill pay and mobile check deposit. Capital One also offers a variety of additional small-business products and services, such as savings accounts, credit cards and loans.

What to keep in mind:

Capital One’s business checking accounts are available in only eight states, largely on the East Coast, plus Washington, D.C. You also have to visit a branch location to apply for an account.

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Wells Fargo Initiate Business Checking℠ Account

4.0

NerdWallet rating 
Wells Fargo Initiate Business Checking℠ Account

Monthly Fee

$10.00

Waived with $500 minimum balance

APY

N/A

Bonus

N/A

Bonus

N/A

Why we like it

Wells Fargo business checking is well-suited for LLCs that are anticipating growth and want to consider multiple account options from a brick-and-mortar bank. Wells Fargo offers three core business checking accounts, as well as additional options based on your business type and location.

Benefits:

Wells Fargo has locations and ATMs in 37 states plus Washington, D.C., offers extended customer service hours and allows you to open an account online, over the phone or by visiting a branch location.

All accounts include access to online and mobile banking tools with mobile check deposit, online bill pay, text banking and digital wallet capabilities.

Plus, with the Navigate and Optimize Business Checking accounts, you receive waived incidental fees, including no fees for stop payments, money orders and incoming wires.

What to keep in mind:

Each of the Wells Fargo business checking accounts requires a monthly fee (though it can be waived) and has a limit on fee-free transactions, ranging from 100 to 250 per month.

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BlueVine Business Checking

5.0

NerdWallet rating 
BlueVine Business Checking

Monthly Fee

$0

APY

1.00%

With $0 minimum balance

Bonus

N/A

Bonus

N/A

Why we like it

With no monthly fees and unlimited transactions, BlueVine’s online business checking account is a great option for LLCs that want to manage their finances digitally.

Benefits:

BlueVine Business Checking includes mobile check deposit, online bill pay and the ability to integrate with business tools like PayPal, Stripe and Expensify. This account also earns interest: 1% APY on balances up to $100,000.

With BlueVine Business Checking, you receive fee-free access to MoneyPass ATMs across the U.S. and can deposit cash ($4.95 fee per deposit) at Green Dot locations.

What to keep in mind:

As an online business bank account, BlueVine does not offer branch access. In addition, BlueVine can only accommodate a single user attached to an individual account, which might be problematic for multi-member LLCs.

Read Full Review

How to open a business bank account for your LLC

As the owner of an LLC, you can open a business bank account by following these steps:

Choose the right account. Compare multiple options and consider factors such as fees, transaction limits, cash deposits, ATM access and any features that are particularly important to your business.

Gather your LLC documentation. Although the documentation you’re asked to provide can vary based on the bank and your state, LLCs can expect to need:

  • Articles of organization.

  • LLC operating agreement.

  • DBA, or fictitious name certificate, if applicable.

  • Business license.

  • Business tax ID or employer identification number.

Complete and submit your application. Whether you apply for a business bank account online or in person at a branch, you will need to provide basic information about yourself, your business and any additional owners or managers. You will also need to provide personal identification, like a driver’s license or Social Security number, as well as your LLC documentation.

Last updated on February 11, 2021

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People often identify opening a savings account as their next money move.

Marcus by Goldman Sachs Online Savings Account

4.5

NerdWallet rating 
Marcus by Goldman Sachs Online Savings Account

APY

0.50%

With $0 minimum balance

Bonus

N/A

at Marcus by Goldman Sachs, Member FDIC

American Express® High Yield Savings Account

4.5

NerdWallet rating 
American Express® High Yield Savings Account

APY

0.40%

With $0 minimum balance

Bonus

N/A

Axos Bank® High Yield Savings

4.0

NerdWallet rating 
Axos Bank® High Yield Savings

APY

0.61%

With $0 minimum balance

Bonus

N/A

at Axos Bank®, Member FDIC

Methodology

To determine the best accounts, we took a close look at about 70 financial institutions, including the largest U.S. banks based on assets, debit card volume, Internet search traffic and other factors; the nation's largest credit unions, based on deposits as well as broad-based membership requirements; and other notable and/or emerging players in the industry. We rated them on criteria including annual percentage rates, minimum balances, fees, digital experience and more.

Financial institutions surveyed include: Alaska USA Federal Credit Union, Alliant Credit Union, Ally Bank, America First Credit Union, American Express, Aspiration, Associated Bank, Axos Bank, Bank5 Connect, Bank7, Bank of America, Bank of the West, Barclays, BB&T, BBVA Compass, Boeing Employees Credit Union, BMO Harris, Capital One 360, Charles Schwab Bank, Chase, Chime, CIT, Citibank, Citizens Access, Citizens Bank, Comerica Bank, Commerce Bank, Connexus Credit Union, Consumers Credit Union, Discover Bank, E-Trade, Fidelity, Fifth Third Bank, First National Bank, First Tech Federal Credit Union, GoBank, Golden 1 Credit Union, GS Bank, HSBC Bank USA, Huntington Bank, KeyBank, MetaBank, M&T Bank, Moven, Navy Federal Credit Union, Pentagon Federal Credit Union, PNC, Popular Direct, PurePoint Financial, Radius Bank, Redneck Bank, Regions Bank, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, Service Credit Union, Simple, State Employees' Credit Union of North Carolina, State Farm Bank, Suncoast Credit Union, SunTrust Bank, Synchrony Bank, TCF Bank, TD Bank, TIAA Bank, Union Bank, UFB Direct, USAA, U.S. Bank, Varo, Wells Fargo and Zions Bank.

Frequently asked questions