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7 Best Business Bank Accounts for LLCs of July 2022

Jun 29, 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

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
1.50%
With $0 min. balance for APY
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.
Chase Business Complete Banking℠

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$15.00
Waived with $2,000 minimum balance
APY
N/A
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 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.
Novo Business Checking

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
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.
Relay

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
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.
LendingClub Tailored Checking

Checking

Member FDIC

5.0

/5
 NerdWallet rating 
Monthly fee
$10.00
Waived with $500 minimum balance
APY
0.50%
With $100 min. balance for APY
Min. opening deposit
$0
Learn more

at LendingClub Bank

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.
Oxygen Business Account

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
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.
Lili Account

Checking

Deposits are FDIC Insured

5.0

/5
 NerdWallet rating 
Monthly fee
$0
APY
N/A
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.

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

5.0

NerdWallet rating 
Discover Bank Online Savings

APY

1.00%

With $0 min. balance for APY

Bonus

$200

Requirements to qualify

at Discover Bank, Member FDIC

LendingClub High-Yield Savings

5.0

NerdWallet rating 
LendingClub High-Yield Savings

APY

1.26%

With $0 min. balance for APY

at LendingClub Bank, Member FDIC

American Express® High Yield Savings Account

4.5

NerdWallet rating 
American Express® High Yield Savings Account

APY

1.00%

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