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Best Business Bank Accounts for LLCs of March 2024

By Randa Kriss
Last updated on February 23, 2024
Edited byRyan Lane
Fact checked and reviewed

⏰ Estimated read time: 4 minutes

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An LLC bank account is a secure home for your company's cash. It can also 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.
The best business bank accounts for LLCs do more than that, though. Our top business checking accounts eliminate common fees, offer tools to streamline your taxes and bookkeeping and give 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. Our list of the best bank accounts for LLCs also includes our picks for other types of business accounts your business might need — including savings, money market and cash management accounts.

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Best Business Bank Accounts for LLCs From Our Partners

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.7/5

Best for Multiple accounts

$0

N/A$0
Learn more

at Relay, Deposits are FDIC Insured

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for Earning interest

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5

Best for 1% cash back on debit card purchases

$0

2.25%

With $0 min. balance for APY

$0
Learn more

at Grasshopper Bank, Member FDIC

Lili Basic Business Checking

Learn more

at Lili, Deposits are FDIC Insured

4.3/5

Best for Early access to payments

$0

N/A$0
Learn more

at Lili, Deposits are FDIC Insured

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5

Best for Cash deposits + branch access

$16.00

N/A$0
Learn more

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

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for 24/7 customer support

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Chase Business Complete Banking℠

Learn more

at Chase, Member FDIC

4.5/5

Best for Payment processing + branch access

$15.00

Waived with $2,000 minimum balance

N/A$400

Requirements to qualify

Learn more

at Chase, Member FDIC

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.0/5

Best for Welcome bonus + branch access

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

4.9/5

Best for Free cash deposits

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

$0
Learn more

at LendingClub Bank, Member FDIC

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for Business savings account

$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

nbkc bank Business Money Market Account

Learn more

at nbkc bank, Member FDIC

4.5/5

Best for Business money market account

$0

2.75%

With $0.01 min. balance for APY

$0
Learn more

at nbkc bank, Member FDIC

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5

Best for Business cash management account

$0

N/A$0
Learn more

at Mercury, Deposits are FDIC Insured

Novo Business Checking

Learn more

at Novo, Deposits are FDIC Insured

4.4/5

Best for Free ATM access

$0

N/A$0
Learn more

at Novo, Deposits are FDIC Insured

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Relay Business Checking

Learn more

at Relay, Deposits are FDIC Insured

4.7/5

Best for Multiple accounts

$0

N/A$0
Learn more

at Relay, Deposits are FDIC Insured

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for Earning interest

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5

Best for 1% cash back on debit card purchases

$0

2.25%

With $0 min. balance for APY

$0
Learn more

at Grasshopper Bank, Member FDIC

Lili Basic Business Checking

Learn more

at Lili, Deposits are FDIC Insured

4.3/5

Best for Early access to payments

$0

N/A$0
Learn more

at Lili, Deposits are FDIC Insured

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

4.5/5

Best for Cash deposits + branch access

$16.00

N/A$0
Learn more

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

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for 24/7 customer support

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Chase Business Complete Banking℠

Learn more

at Chase, Member FDIC

4.5/5

Best for Payment processing + branch access

$15.00

Waived with $2,000 minimum balance

N/A$400

Requirements to qualify

Learn more

at Chase, Member FDIC

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.0/5

Best for Welcome bonus + branch access

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

4.9/5

Best for Free cash deposits

$10.00

Waived with $500 minimum balance

1.50%

With $0 min. balance for APY

$0
Learn more

at LendingClub Bank, Member FDIC

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for Business savings account

$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

nbkc bank Business Money Market Account

Learn more

at nbkc bank, Member FDIC

4.5/5

Best for Business money market account

$0

2.75%

With $0.01 min. balance for APY

$0
Learn more

at nbkc bank, Member FDIC

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5

Best for Business cash management account

$0

N/A$0
Learn more

at Mercury, Deposits are FDIC Insured

Novo Business Checking

Learn more

at Novo, Deposits are FDIC Insured

4.4/5

Best for Free ATM access

$0

N/A$0
Learn more

at Novo, Deposits are FDIC Insured

I'M INTERESTED IN:

Our pick for

Multiple accounts

Relay Business Checking

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
$0

Our pick for

Earning interest

Bluevine Business Checking

Learn more

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

Fees vary by location.

Overdraft fees
$0
Bonus
$0

Our pick for

1% cash back on debit card purchases

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

APY
2.25%

With $0 min. balance for APY

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

No cash deposits.

Overdraft fees
$0
Bonus
$0

Our pick for

Early access to payments

Lili Basic Business Checking

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
$0

Our pick for

Cash deposits + branch access

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

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

APY
N/A
Monthly fee
$16.00
Min. opening deposit
$100
Free cash deposits
Yes

Up to $7,500 per statement cycle.

Overdraft fees
$10
Bonus
$0

See offer page for more details

Our pick for

24/7 customer support

Axos Bank® Basic Business Checking

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

Payment processing + branch access

Chase Business Complete Banking℠

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
$400

Requirements to qualify

Our pick for

Welcome bonus + branch access

U.S. Bank Silver Business Checking

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
$800

Requirements to qualify

Our pick for

Free cash deposits

LendingClub Tailored Checking

Learn more

at LendingClub Bank, Member FDIC

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
$0

Our pick for

Business savings account

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

APY
4.00%

With $0.01 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
$0

Our pick for

Business money market account

nbkc bank Business Money Market Account

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
N/A
Overdraft fees
$0
Bonus
$0

Our pick for

Business cash management account

Mercury Business Bank Account

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
$0

Our pick for

Free ATM access

Novo Business Checking

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
$0

What is an LLC bank account?

An LLC bank account is a dedicated business bank account 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 business savings account or money market account 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 cash management accounts, 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 LLC business credit card or LLC business loan.
You may be able to use a personal account for business expenses, 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 opening a business bank account for your LLC 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 employer identification number, 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 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 February 23, 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 how we rate business checking accounts.
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