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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Keep your LLC's limited liability protections intact by opening a dedicated business bank account. This is an essential step, even for single-member LLCs.
You'll need business formation documents and an employer identification number (EIN) to open an account. If you don't have an EIN, apply via the IRS website to receive one instantly.
1. Understand 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. Multi-member LLCs need to provide personal details and identification for anyone with 25% or more ownership in the business.
Check with your bank on exact requirements, but expect to provide the following:
| Business documents | Business details | Personal information |
|---|---|---|
|
|
|
2. Compare business bank accounts
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 that are most important to your business, such as cash deposits or low-cost wire transfers.
Note customer support availability, too. A brick-and-mortar checking account is your best bet if you want in-person support. 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.
Here are a few of NerdWallet's top-rated business accounts for LLCs. 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 interest.
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.
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. Best practice is to use separate accounts for payroll and operating expenses. 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.
3. Set up your LLC's bank account
Once approved, 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.
Existing businesses with cash on hand can then gradually move funds to the new account. Business accounts typically have longer deposit hold times for new accounts (up to 10 business days). Some financial institutions will also flag large deposits for fraud. Avoid depositing all of your money at once in case it's temporarily held up.
Connect your new account to your bookkeeping software and any other business tools. Then 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.
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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