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10 Best Business Bank Accounts for LLCs of February 2023

By Randa Kriss
Last updated on January 3, 2023
Edited byRyan Lane

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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 
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at Bluevine, Deposits are FDIC Insured

Bluevine Business Checking

5.0
NerdWallet rating 
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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

Our Nerdy picks for

24/7 customer support; free cash deposits

Axos Bank® Basic Business Checking

1% cash back on debit card purchases

Grasshopper Business Checking Account

Multiple accounts

Relay

Best Business Bank Accounts for LLCs

Bank/institution
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Bluevine Business Checking

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at Bluevine, Deposits are FDIC Insured

5.0/5

Best for Earning interest

$0

2.00%

With $0 min. balance for APY

$0
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at Bluevine, Deposits are FDIC Insured

Axos Bank® Basic Business Checking

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at Axos Bank®, Member FDIC

5.0/5

Best for 24/7 customer support; free cash deposits

$0

N/A$0
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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

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at Relay, Deposits are FDIC Insured

4.5/5

Best for Multiple accounts

$0

N/A$0
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at Relay, Deposits are FDIC Insured

Lili Business Checking

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at Lili, Deposits are FDIC Insured

4.5/5

Best for Freelancers

$0

N/A$0
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at Lili, Deposits are FDIC Insured

Chase Business Complete Banking℠

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at Chase, Member FDIC

5.0/5

Best for Sign-up bonus

$15.00

Waived with $2,000 minimum balance

N/A$0
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at Chase, Member FDIC

Novo Business Checking

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at Novo, Deposits are FDIC Insured

4.5/5

Best for Free ATM access

$0

N/A$0
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at Novo, Deposits are FDIC Insured

Bank of America Business Advantage Fundamentals™ Banking

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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
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at Bank of America, N.A., Member FDIC

U.S. Bank Silver Business Checking

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at U.S. Bank, Member FDIC

4.0/5

Best for Free business checking (brick-and-mortar)

$0

N/A$100
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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

5.0
NerdWallet rating 
Learn more

at Bluevine, Deposits are FDIC Insured

APY

2.00%

Earn 2.00% interest on account balances up to and including $100,000. Terms apply.

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

Our pick for

24/7 customer support; free cash deposits

Axos Bank® Basic Business Checking

5.0
NerdWallet rating 
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

New business owners get a $200 welcome bonus with promo code NEWBIZ200. Not a new business? Use promo code NEWAXOSBIZ for a $100 bonus.

Requirements to qualify

Our pick for

1% cash back on debit card purchases

Grasshopper Business Checking Account

5.0
NerdWallet rating 
Learn more

at Grasshopper Bank, Member FDIC

APY

1.51%

Unlimited 1.51% APY

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

Our pick for

Multiple accounts

Relay

4.5
NerdWallet rating 
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

Our pick for

Freelancers

Lili Business Checking

4.5
NerdWallet rating 
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

Our pick for

Sign-up bonus

Chase Business Complete Banking℠

5.0
NerdWallet rating 
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

Earn $300 when you open a new Chase Business Complete Checking account. For new Chase business checking customers with qualifying activities.

Requirements to qualify

Our pick for

Free ATM access

Novo Business Checking

4.5
NerdWallet rating 
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

Our pick for

Cash deposits (brick-and-mortar)

Bank of America Business Advantage Fundamentals™ Banking

5.0
NerdWallet rating 
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

Our pick for

Free business checking (brick-and-mortar)

U.S. Bank Silver Business Checking

4.0
NerdWallet rating 
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

Earn a $400 bonus when you open a new, eligible U.S. Bank business checking account online with promo code AF49ZCB and complete qualifying activities1, subject to certain terms and limitations. Offer valid through February 22, 2023. Member FDIC. Applicant must reside in AZ, AR, CA, CO, ID, IL, IN, IA, KS, KY, MN, MO, MT, NE, NV, NM, NC, ND, OH, OR, SD, TN, UT, WA, WI, WY to be eligible for checking account

Requirements to qualify

Our pick for

Cash back

LendingClub Tailored Checking

5.0
NerdWallet rating 
APY

1.50%

1.50% APY on balances up to $100,000 and 0.10% APY on all balances after that

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

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 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