A business bank account helps your LLC establish its financial presence and separate personal and business finances — helping maintain the legal distinction between the LLC and its owners, and thereby preserving their limited liability protections.
The best business accounts for LLCs go a step further, eliminating or refunding common fees, offering tools to streamline your taxes and bookkeeping and giving you the opportunity to earn cash back on business purchases.
NerdWallet evaluated more than 30 business checking accounts from national, regional and online banks, scoring them on fees, perks and accessibility, among other factors. Business accounts that earned at least four stars were eligible to be included in this list, assuming they offered the full range of business checking capabilities, including joint accounts. Here are our picks for the best checking accounts for LLCs.
Featured
Learn more
at Bluevine, Deposits are FDIC Insured
Bluevine Business Checking
Learn more
at Bluevine, Deposits are FDIC Insured
APY
2.00%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Sign-up bonus
$0
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 2.00% interest on account balances up to and including $100,000. Terms apply.
- No fees at MoneyPass ATMs; cash deposits via Green Dot network (fees and limits apply).
Cons
- Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.
- Fee for using out-of-network ATMs.
- No joint accounts.
Our Nerdy picks for
Earning interest
Bluevine Business Checking24/7 customer support; free cash deposits
Axos Bank® Basic Business Checking1% cash back on debit card purchases
Grasshopper Business Checking AccountMultiple accounts
RelayFreelancers
Lili Business CheckingSign-up bonus
Chase Business Complete Banking℠Best Business Bank Accounts for LLCs
Bank/institution | Learn more | ||||
|---|---|---|---|---|---|
Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 5.0/5 Best for Earning interest | $0 | 2.00% With $0 min. balance for APY | $0 | Learn more at Bluevine, Deposits are FDIC Insured |
Axos Bank® Basic Business Checking Learn more at Axos Bank®, Member FDIC | 5.0/5 Best for 24/7 customer support; free cash deposits | $0 | N/A | $0 | Learn more at Axos Bank®, Member FDIC |
Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 5.0/5 Best for 1% cash back on debit card purchases | $0 | 1.51% With $0 min. balance for APY | $100 | Learn more at Grasshopper Bank, Member FDIC |
Relay Learn more at Relay, Deposits are FDIC Insured | 4.5/5 Best for Multiple accounts | $0 | N/A | $0 | Learn more at Relay, Deposits are FDIC Insured |
Lili Business Checking Learn more at Lili, Deposits are FDIC Insured | 4.5/5 Best for Freelancers | $0 | N/A | $0 | Learn more at Lili, Deposits are FDIC Insured |
Chase Business Complete Banking℠ Learn more at Chase, Member FDIC | 5.0/5 Best for Sign-up bonus | $15.00 Waived with $2,000 minimum balance | N/A | $0 | Learn more at Chase, Member FDIC |
Novo Business Checking Learn more at Novo, Deposits are FDIC Insured | 4.5/5 Best for Free ATM access | $0 | N/A | $0 | Learn more at Novo, Deposits are FDIC Insured |
Bank of America Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 5.0/5 Best for Cash deposits (brick-and-mortar) | $16.00 Waived with $5,000 minimum balance | N/A | $0 | Learn more at Bank of America, N.A., Member FDIC |
U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.0/5 Best for Free business checking (brick-and-mortar) | $0 | N/A | $100 | Learn more at U.S. Bank, Member FDIC |
LendingClub Tailored Checking | 5.0/5 Best for Cash back | $10.00 Waived with $500 minimum balance | 1.50% With $0 min. balance for APY | $100 |
Our pick for
Earning interest
Bluevine Business Checking
Learn more
at Bluevine, Deposits are FDIC Insured
APY
2.00%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Sign-up bonus
$0
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. This high-yield business checking account earns
2.00%
APY on balances up to and including $100,000 (terms apply). Keep in mind: Cash deposits are limited to up to $500 per deposit and $2,000 per day, and there is a fee of $4.95 per deposit from the Green Dot retailer.Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 2.00% interest on account balances up to and including $100,000. Terms apply.
- No fees at MoneyPass ATMs; cash deposits via Green Dot network (fees and limits apply).
Cons
- Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.
- Fee for using out-of-network ATMs.
- No joint accounts.
Our pick for
24/7 customer support; free cash deposits
Axos Bank® Basic Business Checking
Learn more
at Axos Bank®, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$25
Bonus
$200
Requirements to qualify
Axos Bank’s Basic Business Checking has no monthly fee or minimum opening deposit requirement and offers unlimited transactions, plus cash deposits via AllPoint and MoneyPass ATMs. The bank also offers 24/7 customer support and free nationwide ATM access with unlimited refunds for fees charged by other banks and ATM operators in the U.S.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via MoneyPass and AllPoint ATMs.
- 24/7 customer support.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
Our pick for
1% cash back on debit card purchases
Grasshopper Business Checking Account
Learn more
at Grasshopper Bank, Member FDIC
APY
1.51%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Sign-up bonus
$0
Grasshopper bank’s free business checking account offers
1.51%
APY and unlimited 1% cash back on debit card purchases, a rare feature among checking accounts. There are no overdraft charges, and the account includes unlimited transactions and free incoming wires. Customers also get free, built-in access to Autobooks, as well as business tools like invoicing and cash management.Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn 1.51% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
Our pick for
Multiple accounts
Relay
Learn more
at Relay, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Sign-up bonus
$0
Relay is a good option for midsize LLCs that need multiple accounts or debit cards. The free online banking platform offers unlimited fee-free transactions, has no overdraft fees and includes free incoming wires. And you can have up to 20 business checking accounts and up to 50 business debit cards (physical or virtual) with the Relay platform. Account holders can assign user permissions to other team members and automate their spending limits. Relay also offers direct integration with QuickBooks Online and Xero, plus the ability to connect your account with other popular business tools, including Expensify, Gusto, Plaid and Wise.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- No foreign transaction fees when you use your Relay Mastercard abroad.
- Supports multiple accounts; employee debit cards with transaction and withdrawal limits.
Cons
- Can't deposit cash or order checks.
- Limited phone support. Email support available seven days a week.
- Deposited checks are held for up to 6-7 business days.
Our pick for
Freelancers
Lili Business Checking
Learn more
at Lili, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Sign-up bonus
$0
Lili offers digital tools that allow you to manage expenses, track tax write-offs, save for taxes and accept payments from customers within a single account. Lili's entry-level account has no monthly fees, no minimum opening deposit and no transaction fees. This account includes fee-free ATM access through the MoneyPass network and allows you to deposit cash through Green Dot locations (fees apply). At the moment, Lili is only available to single-member LLCs.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions.
- No fees at MoneyPass ATMs.
- Cash deposits via Green Dot network (fees and limits apply).
- Integrated tools for managing expenses and planning for taxes.
- Early payment feature with direct deposit allows you to receive funds up to two days sooner than you might with a traditional bank account.
Cons
- Fee for using out-of-network ATMs.
- Cash deposits limited to $1,000 per day, $9,000 per month. Service fee of up to $4.95 per deposit.
- No checkbooks; can’t send or receive wire transfers.
- Limited business-related features: no joint accounts, limited to one business debit card, no third-party integrations.
Our pick for
Sign-up bonus
Chase Business Complete Banking℠
Learn more
at Chase, Member FDIC
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Min. opening deposit
$0
Free cash deposits
No
Up to $5,000 per month.
Overdraft fees
$34
Bonus
$300
Requirements to qualify
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.
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic transactions.
- Integrated credit card processing.
- Welcome bonus for new customers (terms apply).
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Our pick for
Free ATM access
Novo Business Checking
Learn more
at Novo, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$27
Sign-up bonus
$0
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. One important thing to note: Novo only offers customer support via email.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions.
- Refunds on all ATM fees worldwide.
- Integrates with top business tools, including QuickBooks, Xero, Stripe and Shopify.
Cons
- Can’t deposit cash.
- Can’t send domestic or international wires.
- No recurring payments available with bill pay.
- $27 fees for insufficient funds/uncollected funds returned.
Our pick for
Cash deposits (brick-and-mortar)
Bank of America Business Advantage Fundamentals™ Banking
Learn more
at Bank of America, N.A., Member FDIC
APY
N/A
Monthly fee
$16.00
Waived with $5,000 minimum balance
Min. opening deposit
$0
Free cash deposits
Yes
Up to $7,500 per month.
Overdraft fees
$10
Bonus
$200
See offer page for more details
This account has a high cash deposit allowance for a brick-and-mortar bank and offers unlimited fee-free electronic transactions. Plus, you can open an account entirely online.
Pros
- Unlimited fee-free electronic transactions.
- High cash deposit limits.
- Business accounts can be opened entirely online.
Cons
- No free business checking account option.
- High incidental fees.
- Fee for using out-of-network ATMs.
Our pick for
Free business checking (brick-and-mortar)
U.S. Bank Silver Business Checking
Learn more
at U.S. Bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
Yes
Up to $2,500 per month.
Overdraft fees
$36
Bonus
$400
Requirements to qualify
It's unusual to find a free business checking account from a big brick-and-mortar bank, but that's exactly what U.S. Bank offers with its Silver Business Checking account, which includes 125 free transactions and up to $2,500 in free cash deposits per statement cycle. You can open an account online, by phone or in person — U.S. Bank has more than 2,000 branches across 26 states. There's also a welcome bonus for new customers (terms apply).
Pros
- No monthly service fee for Silver Business Checking account.
- Business accounts can be opened entirely online.
- Optional payment processing services ranging from mobile apps to in-store payment terminals. Additional fees apply.
- Welcome bonus for new customers (terms apply).
Cons
- Low cash deposit limits.
- Terms and fees are not easily accessible via the bank’s website.
Our pick for
Cash back
LendingClub Tailored Checking
APY
1.50%
With $0 min. balance for APY
Monthly fee
$10.00
Waived with $500 minimum balance
Min. opening deposit
$100
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Sign-up bonus
$0
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, 1% cash back on debit card purchases and
1.50%
APY on balances up to $100,000 and 0.10%
on all balances after that. This business checking includes Autobooks, an invoicing and online payment software, and offers QuickBooks and Quicken integration.Pros
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% APY on balances up to $100,000 and 0.10% on all balances after that.
- Fee-free ATM access with automatic refund of third-party ATM fees (worldwide).
- Cash deposits via MoneyPass and SUM ATMs.
- Earn unlimited 1% cash back on debit card purchases.
Cons
- $10 monthly fee.
- $100 minimum opening deposit requirement.
- Minimum $500 balance required to earn cash-back rewards and waive monthly fee.
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.
Compare more business banking options
Want to explore more banks for small businesses? Use NerdWallet's tool to search for and compare business checking accounts based on the features that are important to you, whether that's unlimited transactions, free ATM access, no monthly fee or a low minimum opening deposit.
Last updated on January 3, 2023
Methodology
NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry.
We consider more than 20 data points for each account, scoring them on fees, perks and accessibility, among other factors. This information is gathered from each financial institution's website and company representatives. In addition, data is collected regularly and reviewed by our editorial team for consistency and accuracy.
Final star ratings are presented on a scale of one to five stars, where a one-star score represents "poor" and a five-star score represents "excellent." Learn more about how we rate business checking accounts.
Frequently Asked Questions
Although there is no state or federal statute that prevents you from using your personal bank account, it’s strongly recommended that you open a distinct business bank account for your LLC in order to separate your personal and business finances and maintain your liability protections — even if you’re a single-member LLC. Your LLC also may need a dedicated bank account before you can apply for a business credit card or LLC business loan.
Opening a separate bank account for your LLC can also help streamline your business taxes and bookkeeping.
Looking for accounts on a budget? Check out our roundup of the best free business checking accounts.
Generally, any LLC member (owner) or authorized manager should be able to open a business bank account on behalf of the LLC.
If your LLC has multiple owners, you will likely need to provide information for anyone with 25% or more ownership in the business in order to apply for an account — although policies vary from bank to bank.