BEST OF
7 Best Business Bank Accounts for LLCs in 2021
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 small-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.
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 small-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
| Bank/Institution | NerdWallet Rating | Monthly Fee | APY | Learn More |
|---|---|---|---|---|
Not yet rated | $0 | 1.00% With $0 minimum balance | at BlueVine, Deposits are FDIC Insured | |
Not yet rated | $0 | N/A | at Novo, Deposits are FDIC Insured | |
Not yet rated | $15.00 Waived with $2,000 minimum balance | N/A | at Chase, Member FDIC | |
Not yet rated | $0 | N/A | Read review | |
$16.00 Waived with $5,000 minimum balance | N/A | Read review | ||
Not yet rated | $15.00 Waived with $2,000 minimum balance | N/A | Read review | |
Not yet rated | $10.00 Waived with $500 minimum balance | N/A | Read review |
at BlueVine, Deposits are FDIC Insured
BlueVine Business Checking
Not yet rated
Monthly Fee
APY
With $0 minimum balance
Bonus
at BlueVine, Deposits are FDIC Insured
at Novo, Deposits are FDIC Insured
Novo Business Checking
Not yet rated
Monthly Fee
APY
With $0 minimum balance
Bonus
at Novo, Deposits are FDIC Insured
at Chase, Member FDIC
Chase Business Complete Banking℠
Not yet rated
Monthly Fee
Waived with $2,000 minimum balance
APY
Bonus
Requirements to qualify
at Chase, Member FDIC
Bank of America Business Fundamentals® Checking
Monthly Fee
Waived with $5,000 minimum balance
APY
With $0 minimum balance
Bonus
Capital One Spark Business Basic Checking®
Not yet rated
Monthly Fee
Waived with $2,000 minimum balance
APY
Bonus
Wells Fargo Initiate Business Checking℠ Account
Not yet rated
Monthly Fee
Waived with $500 minimum balance
APY
With $25 minimum balance
Bonus
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
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.
To recap our selections...
NerdWallet's Summary of the Best Business Bank Accounts for LLCs
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.
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.
