Skip to content

Best Business Bank Accounts for LLCs of November 2024

By Randa Kriss
Last updated on November 3, 2024
Edited byRyan Lane
Fact checked and reviewed

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

An LLC bank account is a secure home for your company's cash. Opening one can help you separate your personal and business finances, which is important for maintaining a distinction between your LLC and its owners — and preserving your limited liability protections.
Our top eliminate common fees, offer tools to streamline your bookkeeping and give you the opportunity to earn interest or cash back on your spending.

Best Business Bank Accounts for LLCs From Our Partners

Best forNerdWallet ratingMonthly feeAPYBonusLearn more

Earning interest

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5
$0

1.50%

With $0 min. balance for APY

$300

Requirements to qualify

Learn more

at Bluevine, Deposits are FDIC Insured

24/7 customer support

American Express® Business Checking

Learn more

at American Express National Bank, Member FDIC

5.0/5
$0

1.30%

With $0 min. balance for APY

N/A

Learn more

at American Express National Bank, Member FDIC

1% cash back on debit card purchases

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5
$0

2.00%

With $0 min. balance for APY

N/A

Learn more

at Grasshopper Bank, Member FDIC

Welcome bonus + branch access

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.2/5
$0

N/A$400

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Payment processing + branch access

Chase Business Complete Banking®

Learn more

at Chase, Member FDIC

4.5/5
$15.00

Waived with $2,000 minimum balance

N/A$300

Requirements to qualify

Learn more

at Chase, Member FDIC

Free ATM withdrawals

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

4.9/5
$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Multiple accounts

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.9/5
$0

N/A$200

Requirements to qualify

Learn more

at Relay, Deposits are FDIC Insured

Cash deposits + branch access

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5
$16.00

$0 for the first 12 statement cycles.

N/A$200

Requirements to qualify

Learn more

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

Business money market account

nbkc bank Business Money Market Account

Learn more

at nbkc bank, Member FDIC

4.5/5
$0

2.75%

With $0.01 min. balance for APY

N/A

Learn more

at nbkc bank, Member FDIC

Business savings account

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5
$0

3.80%

With $0.01 min. balance for APY

$400

Requirements to qualify

Learn more

at Live Oak Bank, Member FDIC

Built-in invoicing

Novo Business Checking

Learn more

at Novo, Deposits are FDIC Insured

4.4/5
$0

N/A$300

Requirements to qualify

Learn more

at Novo, Deposits are FDIC Insured

Early access to payments

Lili Basic Business Checking

Learn more

at Lili, Deposits are FDIC Insured

4.4/5
$0

N/A$300

Requirements to qualify

Learn more

at Lili, Deposits are FDIC Insured

Business cash management account

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5
$0

N/AN/A

Learn more

at Mercury, Deposits are FDIC Insured

Free cash deposits

LendingClub Tailored Checking

4.9/5
$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

N/A

Best forNerdWallet ratingMonthly feeAPYBonusLearn more

Earning interest

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5
$0

1.50%

With $0 min. balance for APY

$300

Requirements to qualify

Learn more

at Bluevine, Deposits are FDIC Insured

24/7 customer support

American Express® Business Checking

Learn more

at American Express National Bank, Member FDIC

5.0/5
$0

1.30%

With $0 min. balance for APY

N/A

Learn more

at American Express National Bank, Member FDIC

1% cash back on debit card purchases

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5
$0

2.00%

With $0 min. balance for APY

N/A

Learn more

at Grasshopper Bank, Member FDIC

Welcome bonus + branch access

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.2/5
$0

N/A$400

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Payment processing + branch access

Chase Business Complete Banking®

Learn more

at Chase, Member FDIC

4.5/5
$15.00

Waived with $2,000 minimum balance

N/A$300

Requirements to qualify

Learn more

at Chase, Member FDIC

Free ATM withdrawals

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

4.9/5
$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Multiple accounts

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.9/5
$0

N/A$200

Requirements to qualify

Learn more

at Relay, Deposits are FDIC Insured

Cash deposits + branch access

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5
$16.00

$0 for the first 12 statement cycles.

N/A$200

Requirements to qualify

Learn more

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

Business money market account

nbkc bank Business Money Market Account

Learn more

at nbkc bank, Member FDIC

4.5/5
$0

2.75%

With $0.01 min. balance for APY

N/A

Learn more

at nbkc bank, Member FDIC

Business savings account

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5
$0

3.80%

With $0.01 min. balance for APY

$400

Requirements to qualify

Learn more

at Live Oak Bank, Member FDIC

Built-in invoicing

Novo Business Checking

Learn more

at Novo, Deposits are FDIC Insured

4.4/5
$0

N/A$300

Requirements to qualify

Learn more

at Novo, Deposits are FDIC Insured

Early access to payments

Lili Basic Business Checking

Learn more

at Lili, Deposits are FDIC Insured

4.4/5
$0

N/A$300

Requirements to qualify

Learn more

at Lili, Deposits are FDIC Insured

Business cash management account

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5
$0

N/AN/A

Learn more

at Mercury, Deposits are FDIC Insured

Free cash deposits

LendingClub Tailored Checking

4.9/5
$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

N/A

I'M INTERESTED IN:

Our pick for

Earning interest

Bluevine Business Checking

Read Review
Learn more

at Bluevine, Deposits are FDIC Insured

APY
1.50%

With $0 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No

Fees vary by location.

Overdraft fees
$0
Bonus
$300

Requirements to qualify

Our pick for

24/7 customer support

American Express® Business Checking

Read Review
Learn more

at American Express National Bank, Member FDIC

APY
1.30%

With $0 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No

No cash deposits.

Overdraft fees
N/A
Bonus
N/A

Our pick for

1% cash back on debit card purchases

Grasshopper Business Checking Account

Read Review
Learn more

at Grasshopper Bank, Member FDIC

APY
2.00%

With $0 min. balance for APY

Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No

No cash deposits.

Overdraft fees
$0
Bonus
N/A

Our pick for

Welcome bonus + branch access

U.S. Bank Silver Business Checking

Read Review
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

Our pick for

Payment processing + branch access

Chase Business Complete Banking®

Read Review
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
Yes

Up to $5,000 per month.

Overdraft fees
$34
Bonus
$300

Requirements to qualify

Our pick for

Free ATM withdrawals

Axos Bank® Basic Business Checking

Read Review
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
$400

Requirements to qualify

Our pick for

Multiple accounts

Relay Business Checking

Read Review
Learn more

at Relay, Deposits are FDIC Insured

APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes

Unlimited

Overdraft fees
$0
Bonus
$200

Requirements to qualify

Our pick for

Cash deposits + branch access

Bank of America® Business Advantage Fundamentals™ Banking

Read Review
Learn more

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

APY
N/A
Monthly fee
$16.00

$0 for the first 12 statement cycles.

Min. opening deposit
$100
Free cash deposits
Yes

Up to $7,500 per statement cycle.

Overdraft fees
$10
Bonus
$200

Requirements to qualify

Our pick for

Business money market account

nbkc bank Business Money Market Account

Read Review
Learn more

at nbkc bank, Member FDIC

APY
2.75%

With $0.01 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes

Up to $2,500 per day via compatible ATMs.

Overdraft fees
$0
Bonus
N/A

Our pick for

Business savings account

Live Oak Bank Business Savings

Read Review
Learn more

at Live Oak Bank, Member FDIC

APY
3.80%

With $0.01 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No

No cash deposits

Overdraft fees
N/A
Bonus
$400

Requirements to qualify

Our pick for

Built-in invoicing

Novo Business Checking

Read Review
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
$0
Bonus
$300

Requirements to qualify

Our pick for

Early access to payments

Lili Basic Business Checking

Read Review
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
Bonus
$300

Requirements to qualify

Our pick for

Business cash management account

Mercury Business Bank Account

Read Review
Learn more

at Mercury, Deposits are FDIC Insured

APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No

No cash deposits.

Overdraft fees
$0
Bonus
N/A

Our pick for

Free cash deposits

LendingClub Tailored Checking

Read Review
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
Bonus
N/A

What is an LLC bank account?

An LLC bank account is a dedicated for your limited liability company. Having a distinct checking account for your LLC helps establish a separation between your business and personal finances — which is necessary to maintain the legal distinction between the business and its owners.
Other benefits of an LLC bank account include:

Types of LLC bank accounts

A business checking account is a great first step for your LLC. These accounts are designed for day-to-day business banking functions, like ACH transactions, cash deposits and withdrawals and wire transfers.
Beyond that, your LLC may want to consider other account types, like a or to earn extra interest on your idle cash. These options usually offer higher annual percentage yields (APYs) than checking accounts, though transactions may be more limited.
Startups with seed funding or businesses with large reserves may be interested in , which combine several different business account types with investment accounts.

Can you use your personal bank account for an LLC?

Mixing business and personal finances can negate the limited liability protections afforded to LLC owners, so it’s important to open a separate LLC bank account to draw a clear line between the business and its owners. That's true even if you’re a single-member LLC.
Your LLC also may need a dedicated bank account before you can apply for an or .
You may be able to , but some banks have rules against it. A business bank account is your best bet.

What you need to get an LLC bank account

Depending on which bank or financial institution you choose, the steps for can vary. But expect to provide much of the following:
Personal information: Name, date of birth, Social Security number, address, phone number and government-issued photo ID.
Business information: Business name, address, website, annual revenue, industry and business type, and date the company was established.
Business documents: Articles of organization or certificate of formation, LLC operating agreement, business license, business tax ID or , and DBA or fictitious name certificate if applicable.

Who can open a business bank account for an LLC?

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.

Compare more business banking options

Want to explore more banks for small businesses? Use NerdWallet's tool to search for and 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.
Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.
Note on
American Express® Business Checking
: At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.
Last updated on November 3, 2024

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 .