7 Best Business Bank Accounts for LLCs of July 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.
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
| Bank/institution | NerdWallet rating | Monthly fee | APY | Min. opening deposit | Learn more |
|---|---|---|---|---|---|
 Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | $0 | 1.50% With $0 min. balance for APY | $0 | Learn more at Bluevine, Deposits are FDIC Insured | |
 Chase Business Complete Banking℠ Learn more at Chase, Member FDIC | $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 | $0 | N/A | $0 | Learn more at Novo, Deposits are FDIC Insured | |
 Relay Learn more at Relay, Deposits are FDIC Insured | $0 | N/A | $0 | Learn more at Relay, Deposits are FDIC Insured | |
 LendingClub Tailored Checking Learn more at LendingClub Bank, Member FDIC | $10.00 Waived with $500 minimum balance | 0.50% With $100 min. balance for APY | $0 | Learn more at LendingClub Bank, Member FDIC | |
 Oxygen Business Account | $0 | N/A | $0 | Read review | |
 Lili Account Learn more at Lili, Deposits are FDIC Insured | $0 | N/A | $0 | Learn more at Lili, Deposits are FDIC Insured |
Checking
Deposits are FDIC Insured
5.0
/5 NerdWallet ratingat Bluevine
Checking
Member FDIC
5.0
/5 NerdWallet ratingat Chase
at Novo
at Relay
Checking
Member FDIC
5.0
/5 NerdWallet ratingat LendingClub Bank
at Lili
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 June 29, 2022
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People often identify opening a savings account as their next money move.
Discover Bank Online Savings
APY
With $0 min. balance for APY
Bonus
Requirements to qualify
at Discover Bank, Member FDIC
LendingClub High-Yield Savings
APY
With $0 min. balance for APY
at LendingClub Bank, Member FDIC
American Express® High Yield Savings Account
APY
With $1 min. balance for APY
at American Express National Bank, Member FDIC
To recap our selections...
NerdWallet's Summary of the Best Business Bank Accounts for LLCs of July 2022
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.
