Top 10 Best Business Bank Accounts for LLCs 2023: Picks and Review
Reviewed by Randolph Vialva, MBA
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As a business owner of an LLC, it’s important to keep your business’s finances separate from your personal details, meaning you should open up a business checking account. This helps keep the limited liability function of your LLC structure, so this should not be overlooked, even though it is not technically required by state or federal law.
With a separate business checking account, your taxes can be much more streamlined and gives you better access to business credit cards and small business loans.
There are many options for a basic business checking account, including both traditional brick-and-mortar banks and online digital financial institutions.
Read more: Best Online Banks
Top 10 Best Business Bank Accounts for LLCs 2023
- NOVO: Best for Digital Businesses
- CIT Bank: Best Savings Rates
- BlueVine: Best Digital-Native Bank
- Chase: Most Potency
- Bank Of America: Best for Traditional Banking
- Capital One: Best for Unlimited Transactions
- Axos: Best Full-Service Online Bank
- U.S. Bank: Best for Lending
- Apple Bank SimpleValue: Good Interest Rates
- Oxygen: Best for Single-Member LLCs
Factors To Choose A Bank Account For LLCs
Before we dive into the best business checking accounts available, we should take a look at some of the most important factors when comparing the best business checking accounts.
Service fees
Some of the most important factors in choosing a small business checking account is being aware of the fees that the bank will charge. Some options will have a monthly maintenance fee, while many do not. So, this is an avoidable cost in many cases. Keep an eye out for other fees your chosen bank may charge as well.
Account Features
In addition, LLC business owners may want to consider the account features that the banks will offer. Some of the best features small businesses look for in a business banking account are free cash deposits, mobile check deposit capabilities, online business banking, no minimum balance requirements to open the account, and the ability to accept credit card payments, among others.
Interest rates
Another thing to consider when comparing accounts is how competitive the interest rates are. Not only do you want to earn a good rate on the balance in your checking account, but you also want to have low-interest rates on loan products. Even if the interest rates between banks only vary slightly, it could make a large difference over the long run.
Bank branches
Some businesses may want their bank to have physical branches, not just online banking. Many of the banks on this list will offer both online and mobile banking, but some are digital-native, meaning they have no physical branches. For some businesses that strictly operate online, this may not be a problem, but for other businesses that need to make cash deposits, this may be something to consider.
Transaction limits
Lastly, certain business bank accounts will have restrictions on the transaction limits per day or per week. Businesses that are doing a lot of sales volume may have to pay fees on transactions over a certain limit, which may be a deciding factor for some. Thus, a bank that offers unlimited free transactions could be a good match.
Things You Need To Open A Business Bank Account For An LLC
When opening up business accounts at a bank, you will need to bring a number of documents to prove you are a legitimate business. This includes your articles of organization, LLC operating agreement, DBA, business license, and business tax ID or EIN. You may also need to provide some personal credentials like an ID and your Social Security number.
10 Best Business Checking Accounts for LLCs 2023
Let’s review the best business checking accounts offered by banks across the country.
Novo Bank
Novo is a great digital bank that offers business checking accounts. They offer great digital services, and very affordable accounts given that they charge almost no fees. However, for businesses that need to make cash deposits in person, this may not be the best match.
- Refund on all ATM fees
- Seamlessly integrates with other financial tools
- No monthly service fee
- Can’t deposit cash
- Can’t set up bill pay for recurring payments
The main draw of having a business checking account with Novo is that it’s completely free. They don’t charge any monthly service fees, ATM fees, or foreign transaction fees. This can be a great option for smaller LLCs given the affordability. However, they do charge fees for insufficient funds.
Plus, Novo is a digitally-native platform, making it a great choice for LLCs that operate online as well. Not to mention, this lets business owners easily manage finances from the app and connect to other financial management platforms for all-in-one access.
CIT Bank Checking Account
The LLCs looking for a bank account that has great interest-bearing options will like working with CIT Bank. Especially for an online bank, they offer great savings products, even though they don’t have any physical branches.
- Competitive interest rates
- No monthly fee
- Interest-earning checking account
- No physical branch locations
The business checking accounts offered by CIT Bank can be opened with as little as $100. They don’t charge a monthly fee or overdraft fee, nor for online transfers or incoming wire transfers. Many customers appreciate the wide range of interest-bearing accounts that CIT offers, including their money market and savings accounts that earn industry-high levels of interest.
BlueVine Business Checking Account
Many small LLCs will prefer Bluevine among the other online banks for their great online business checking accounts and financing options, all at low fees.
- No monthly fee
- No transaction fees
- No fees at MoneyPass ATMs
- Limited ability to deposit cash
- Fee for out-of-network ATMs
- No joint accounts
There are many reasons why customers like the free Bluevine business accounts. They don’t charge an overdraft fee, offer an unlimited number of transactions, and eligible customers can earn up to 1.5% on their balance, which is much higher than many other businesses checking accounts. BlueVine business checking account customers can make a deposit for cash or mobile check deposits and easily view account details from anywhere on the app. Plus, their platform can integrate with Stripe, PayPal, and more.
Chase Business Checking Account
Chase is a great option for a business checking account. They have comparable monthly fees, though not entirely free, plus they have a good banking app. There are countless benefits to having a business checking account with them, and continue to be one of the most chosen options by customers.
- No minimum deposit to open an account
- Unlimited electronic deposits
- Earn up to a $300 sign-up bonus
- Monthly fees
- A limited number of fee-free cash deposits per month
- Large overdraft fees
The Business Complete Checking? an account is a great option for LLCs to consider. They offer a cash sign-up bonus for new customers, which is a major draw. Plus, all account holders can access Chase QuickAccept? which allows users to accept card payments from anywhere.
Chase business complete banking has a low monthly fee, unlimited electronic deposits, and great digital tools and capabilities like online bill pay through the mobile app. They offer three different checking accounts for business complete banking and are a digitally-friendly bank that also gives small business owners branch access when needed.
Bank Of America
There are many reasons small business owners would choose Bank of America for checking accounts for LLCs. They are especially great for businesses that bring in a lot of sales volume, and they offer the support of a seasoned and well-established bank.
- Integrated with Zelle
- Integrates with accounting apps
- Payroll services
- High minimum balance to waive fees
- The app isn’t as intuitive as others
- High monthly service fee
Bank of America has one of the best business checking account offers out there. The bank offers a number of other banking solutions for LLCs, though their checking account offers a lot of value. They have two tiers of checking accounts to serve both the needs of small and large businesses.
Customers enjoy them for the support and convenience of working with a traditional bank, though they still have great online capabilities. However, some have noted the app is not as intuitive as some of the other larger banks. All in all, Bank of America’s business checking account is a good option for larger businesses doing large sales volumes due to the fee structure that requires a sizable account balance to waive the fees.
Capital One
Capital One is known for its large network of no-fee ATMs, and a good mix of online banking and physical branches. Even though they are not located in all states, they are a good option for LLCs located in the right states that need a good banking service that will support cash deposits.
- A large number of no-fee ATMs
- No minimum initial deposit
- Good mobile app
- Don’t have physical branches in all states
- High balances to waive fees
- Have to visit a branch to open an account
There are two options for a business checking account with Capital One, including the Basic business checking account. This option offers unlimited electronic deposits, online and mobile banking, and a low balance to waive fees. On the other hand, the Unlimited business account includes two Basic accounts. So, this is a better match for businesses that have sophisticated banking needs.
Axos
The online business checking account offered by Axos is one of the best available by a digital bank. Even though they don’t have physical branches, they can still be a good fit for LLCs that operate digitally.
- No monthly fee
- Deposit cash at all MoneyPass and Allpoint ATMs
- Many interest-bearing options
- No physical branches
- Few integrations
- Better APY elsewhere
Axos is continually listed as one of the best providers of checking accounts for LLCs. Axos doesn’t use a banking partner to execute their services, rather they are a full-fledged bank themselves. They offer great services and have an easy-to-navigate platform that is easy for customers to use to manage their business finances, even if there is a better APY elsewhere.
U.S Bank
The Silver business checking account from US Bank is a great option for LLCs, giving them a great way to accept customer payments. Given their fee structure, they are a good fit for businesses that only do a few transactions per month.
- Good lending options
- Specialized merchant services
- Small business expertise
- Transaction fee
- No APY on checking account
- Large early withdrawal penalty on CDs
US Bank does not charge a monthly fee on the basic Silver business checking account, unlike most other large banks. Instead, they charge a fee on transactions, which is why it may not be a good match for businesses doing a lot of transactions each month. However, you can have the fees waived by maintaining a minimum balance in your account, in addition to some other criteria.
Apple Bank SimpleValue
Apple Bank is a good option for LLCs operating in New York given its strong presence in the state. They offer big bank services with a small bank feel. However, it may not be a great choice if you reside elsewhere.
- Higher CD rates than most banks
- A long history of banking
- Can’t open accounts online
- Only based in New York
- High minimum balance is required to avoid fees
The SimpleValue account offered by Apple Bank is a good business account. The normal maintenance fees on the account can be waived by hitting a certain minimum balance, and the account also includes free online banking and bill pay. Customers can also make mobile remote deposits in the app. Like we mentioned above, their locations are limited to New York, so this may be a consideration if you reside and operate elsewhere.
Oxygen Bank
Oxygen is an online bank that’s perfect for freelancers. You can even sign up for an LLC directly in their app while applying for a business bank account. Given that there are no physical locations, it may not be a fit for businesses that need to make cash deposits. However, their no monthly fees and unlimited fee-free transactions are a draw for many.
- Can apply for an LLC in the app
- No monthly maintenance fees or minimum opening deposit
- No fees at Allpoint ATMs
- Only supports one authorized user
- App only, no web access
- Can’t send domestic or international wires
Oxygen business bank account is an affordable option for any LLC looking for a good banking solution that’s budget-friendly. Plus, you can form an LLC in the app through CorpNet before you open the account. Additionally, you can earn cash bank on spending with the business debit card, and track your rewards through the app. Other features of this account include mobile check deposits, bill pay, cash flow projections, and temporary virtual cards.
Final Thoughts
All in all, there are many options to choose from when looking for the best bank accounts. When finding the right savings accounts or checking accounts, businesses need to consider the fees the bank will charge, the minimum account balance they must attain, and compare for the best interest rates to make their money work for them. There are great options for a business account both with a traditional bank and a digitally-native bank, so LLCs need to select which type has the features they need from a checking account.
Frequently Asked Questions (FAQs)
No, LLCs do not need a separate business checking accounts by law, though this is recommended to help uphold the limited liability of the business owner.
Yes, nearly all of the banks listed above also offer personal checking accounts to help manage your personal finances in addition to business savings accounts. Notably, Bluevine does not.
Yes, some of the banks listed above will have a savings account for LLCs in addition to their checking account.
