How to Open a Business Bank Account for an LLC
You'll need to provide an operating agreement, EIN, revenue details and your date of birth to open an LLC bank account.
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A dedicated LLC bank account is an essential step to maintaining the legal distinction between the business and its owners, which is necessary to preserve limited liability protections. Even single-member LLCs should have a business bank account.
Before you open a bank account for your LLC, you'll want to formalize your limited liability company and obtain an employer identification number (EIN) for it — you can receive one instantly by applying on the IRS website. Once you've done that, follow these steps.
🏛️ Choose an account: Compare NerdWallet’s best business bank accounts for LLCs
1. Gather documents: LLC bank account requirements
Almost all business banks accounts require LLCs to provide formation documents and an organizing agreement, along with other business and personal details. Check with your bank on exact requirements, but expect to provide the following:
Business documents
- Articles of organization/formation.
- LLC operating agreement.
- Business license.
- EIN confirmation or verification letter from the IRS.
- “Doing business as” (DBA) or assumed name certificate, if applicable.
Business details
- Business name, address, phone number and EIN.
- Industry, type of business and date your business was established.
- Annual revenue and type/volume of transactions expected.
Personal information
- Driver’s license or passport.
- Date of birth and Social Security number.
- Home address, personal email and cell phone number.
Multi-member LLCs need to provide personal details and identification for anyone with 25% or more ownership in the business.
2. Research bank account options for your LLC
Here are a few of NerdWallet's top-rated business accounts for LLCs, which are rated on fees, perks and accessibility, among other factors. To view the full list, see our roundup of best business bank accounts for LLCs.
American Express® Business Checking
American Express National Bank American Express® Business Checking
APY
1.30% Pros
No monthly fees or minimum opening deposit.
No charge for incoming wires.
24/7 customer support.
Earns intrest.
Cons
Can’t deposit cash.
No outgoing international wire transfers.
Chase Business Complete Banking®
Pros
Unlimited fee-free electronic transactions.
Integrated credit card processing.
24/7 customer support.
Grace period on overdrafts.
Cons
Monthly fee.
Monthly limit on cash deposits, physical transactions.
Fee to use out-of-network ATMs.
Relay Business Checking
Relay Relay Business Checking
Monthly Fee
$0 Pros
Cash deposits via compatible Allpoint ATMs.
Automatic transfers to high-yield business savings account.
Free incoming wires and low outgoing wire transfer fees.
Syncs with QuickBooks, Xero, Stripe and other business tools.
Cons
Limited customer support hours.
Long hold time for deposited checks.
Bill pay not included in the free plan.
3. Choose the best account for your LLC
Select a business checking account with low (or no) monthly fees that can easily integrate with your existing business tools. Factor in the account features — like cash deposits, ATM rebates, unlimited transactions, low-cost wire transfers or cash back on business purchases — that are most important to your business.
Note customer support availability, too. Some online business bank accounts default to email or in-app chat to resolve account issues. That can be frustrating if you run into serious complications, like fraudulent charges or frozen funds. (Worth noting: Several of our picks for the best online business checking accounts do come with a dedicated representative or 24/7 customer support.)
If you anticipate wanting to talk to your banker face-to-face, though, a brick-and-mortar checking account might be your best bet. In addition to our Chase pick above, U.S. Bank's Free Business Checking Account has earned high marks from us.
🏛️ Compare NerdWallet’s best banks for small businesses
How many bank accounts should an LLC have?
A single business checking account may suffice for smaller operations or LLCs with no employees. Otherwise, your company will want multiple business accounts that each serve different purposes — payroll, operating expenses and business taxes, for example. You can also leverage a high-yield business savings account to earn 4.00% APY or more on any extra cash on your balance sheet. Having multiple business bank accounts — at multiple banks — can also help maintain access to funds if an account is compromised or your bank shuts down.
🏛️ Compare NerdWallet’s best business savings accounts
4. Set up your LLC's bank account
Once approved, gradually move your business’s assets into your newly opened account. Business accounts typically have longer deposit hold times for new accounts (up to 10 business days), and some financial institutions will flag large transactions, including deposits, for fraud — so you don’t want all your funds temporarily tied up.
You also want to log in to the bank’s online banking platform to set any alerts or preferences. Decide who will be authorized to sign on the account. This is especially important for multi-member LLCs. Add any additional users, like an accountant or employee who handles the accounts payable, and set account permissions accordingly.
If your bank offers direct integration with any business tools, connect the accounts to streamline your bookkeeping. You’ll also want to establish any recurring bill payments or invoices and download the bank’s mobile app for easy banking access on the go.
Lastly, if your business account has a sign-up promotion, track the requirements to ensure you earn any potential bonus. You'll typically need to maintain a certain average balance for a set period of time, as well as potentially perform other qualifying activities (making a specific number of transactions with your linked debit card, for instance).
Relay is a financial technology company, not a bank. Banking services provided by Thread Bank, Member FDIC. The Relay Visa Debit Card is issued by Thread Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. and may be used anywhere Visa cards are accepted.
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