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8 Best Business Bank Accounts for LLCs of August 2022

Aug 2, 2022

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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 checking 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.

Best Business Bank Accounts for LLCs

Bluevine Business Checking
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at Bluevine, Deposits are FDIC Insured

Bluevine Business Checking

5.0

NerdWallet rating 
Bluevine Business Checking

Monthly fee

$0

APY

1.50%

With $0 min. balance for APY

Min. opening deposit

$0
Learn more

at Bluevine, Deposits are FDIC Insured


Min. opening deposit

$0

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: 1.50% APY on balances up to and including $100,000.

With Bluevine Business Checking, you receive fee-free access to MoneyPass ATMs across the U.S. and can deposit cash — up to $500 per deposit and $2,000 per day — at Green Dot locations.

What to keep in mind:

Cash deposits may incur a fee of up to $4.95 per deposit from the Green Dot retailer. Bluevine is a fully online business bank account and does not offer branch access.

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Relay
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at Relay, Deposits are FDIC Insured

Relay

5.0

NerdWallet rating 
Relay

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at Relay, Deposits are FDIC Insured


Min. opening deposit

$0

Why we like it

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.

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.

Two potential drawbacks to note: Relay does not support cash deposits and you cannot order checks for your account.

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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

Min. opening deposit

$0
Learn more

at Chase, Member FDIC


Min. opening deposit

$0

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 over 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, such as paper checks or in-person deposits and withdrawals, per month.

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Lili Business Checking
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at Lili, Deposits are FDIC Insured

Lili Business Checking

5.0

NerdWallet rating 
Lili Business Checking

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at Lili, Deposits are FDIC Insured


Min. opening deposit

$0

Why we like it

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.

Benefits: The mobile-only Lili 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).

What to keep in mind: At the moment, Lili is only available to single-member LLCs. Additionally, Lili limits mobile check deposits to $6,000 per month, with a max of six checks per month.

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Novo Business Checking
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at Novo, Deposits are FDIC Insured

Novo Business Checking

5.0

NerdWallet rating 
Novo Business Checking

Monthly fee

$0

APY

N/A

Min. opening deposit

$0
Learn more

at Novo, Deposits are FDIC Insured


Min. opening deposit

$0

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 Wise.

What to keep in mind:

If your LLC does a lot of cash business, it’s important to note that Novo cannot accept 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 $500 minimum balance

APY

0.50%

With $100 min. balance for APY

Min. opening deposit

$100
Learn more

at LendingClub Bank, Member FDIC


Min. opening deposit

$100

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. LendingClub also earns 0.50% 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.

What to keep in mind:

LendingClub has a $10 monthly fee that requires a $500 average monthly balance to waive. You may also face incidental fees for things like wire transfers or stop payment requests.

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Oxygen Business Account

5.0

NerdWallet rating 
Oxygen Business Account

Monthly fee

$0

APY

N/A

Min. opening deposit

$0

Min. opening deposit

$0

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, 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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Grasshopper Business Checking Account
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at Grasshopper Bank, Member FDIC

Grasshopper Business Checking Account

5.0

NerdWallet rating 
Grasshopper Business Checking Account

Monthly fee

$0

APY

1.00%

With $10,000 min. balance for APY

Min. opening deposit

$100
Learn more

at Grasshopper Bank, Member FDIC


Min. opening deposit

$100

Why we like it

Grasshopper bank’s free business checking account offers unlimited 1% cash back on debit card purchases, a rare feature among checking accounts.

Benefits:

Grasshopper’s business checking account has no monthly fees, overdraft charges or minimum balance requirements and 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.

What to keep in mind:

Grasshopper business checking accounts do not support cash deposits. While customers can earn interest, you’ll need a balance of at least $10,000 to hit the top tier of 1.00% APY. Otherwise, you’ll earn 0.50% APY. A minimum deposit of $100 is required to open an account.

Pros

  • Unlimited 1% cash back on qualified debit card purchases.

  • Earn up to 1% APY. Terms apply.

  • No monthly fees or overdraft charges.

  • Free, built-in bookkeeping software.

Cons

  • Can’t deposit cash.

  • $100 minimum opening deposit.

  • High balance requirement to hit top-tier APY.

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.

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 August 2, 2022

To recap our selections...

NerdWallet's Summary of the Best Business Bank Accounts for LLCs of August 2022

Frequently asked questions