Once you’ve established your LLC, setting up a business checking account is the natural next step. Why? A dedicated business bank account draws a clear line between company and personal finances, helping to safeguard limited liability protections for the business’s owners.
The account you choose should match the needs and priorities of your business, whether that means a digital bank with unlimited transactions or a brick-and-mortar bank with a branch on nearly every corner.
This list of the best business checking accounts for LLCs will run through some of the top options and break down the information you need to decide which is the right account for you.
The Bluevine business checking account can be opened entirely online—making it an ideal choice for LLCs that are digital-focused.
The online bank has no physical locations, but customers do have access to over 37,000 fee-free MoneyPass ATMs across the U.S. and cash deposit capabilities at over 90,000 Green Dot locations.
Perhaps more importantly, Bluevine’s business bank account has no monthly fees, no minimum opening balance requirement, no ACH fees, no NSF fees, no incoming wire fees, and you have access to an unlimited number of fee-free transactions. If you’re looking for a way to save money on your LLCs business bank account, this is a great way to do it.
An added bonus: Bluevine business checking account also earns interest—2.00% on your account balance up to and including $100,000 (terms apply)—giving you the opportunity to earn money on your LLCs daily funds.
The Chase Business Complete Banking Account might be a great option for LLCs that want a traditional, brick-and-mortar bank with some digital flair. The account includes unlimited electronic deposits and up to $5,000 in fee-free cash deposits.
This Chase business banking account has a monthly fee ($15), which is waived if you maintain a minimum daily balance of $2,000 or accept $2,000 per month from a Chase merchant services account.
If you choose to get a business checking account for your LLC from Chase, you’ll also have access to some of the best business credit cards on the market.
For example, the Chase Business Ink Preferred card offers:
Because it offers all of these benefits for a small $95 annual fee (waived in the first year), the Chase Business Ink Preferred card is considered one of the best business cards on the market.
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Brex Cash is a cash management account, not a bank account, but the FDIC-insured provider functions like a business checking account (with some perks).
Brex Cash also enables you to easily invest your cash. Anytime you deposit funds into your account you can choose to allocate them as cash or invest the money into a Money Market fund. You can find out more details on Brex’s Money Market rates and fees here.
Some banks have a pretty small limit for the number of transactions that you can process each month before having to pay additional fees. When you run a business that processes a substantial number of transactions, especially at a low dollar amount for each sale, these fees can quickly add up to a significant expense.
If that’s the case for your business, the best business checking account for your LLC might be from Capital One.
There are two options for business checking accounts from Capital One:
Both offer you an unlimited number of fee-free transactions — a rare feature for a brick-and-mortar bank.
Larger LLCs may want to go for the more robust option, Spark Business Unlimited Checking. This account includes up to $40,000 in fee-free cash deposit per month and two free Spark Business Basic Checking accounts for free.
Capital One also has an impressive suite of business credit cards, including the five Capital One Spark Business Credit Cards. These cards offer numerous rewards, whether you need to build or rebuild credit, or are looking for maximum cashback.
Some banks carry hefty fees for cash deposits, which can add up over time, so brick-and-mortar shops that often deal in cash should consider a Bank of America business bank account.
Bank of America has two options that are available to LLC business owners:
The Business Fundamentals account includes up to $7,500 in cash deposits and up to 200 transactions per month. Deposits and transactions beyond that threshold carry an additional charge. The monthly fee ($16) is waived if you do one of the following:
Wells Fargo offers three business checking accounts, giving your LLC plenty of options as it grows. Those accounts include:
The Initiate Business Checking account is the best starting point for most LLCs, with 100 fee-free transactions and up to $5,000 in free cash deposits per month. The account has a $10 monthly fee, which you can avoid if you maintain a $500 minimum daily balance or $1,000 average ledger balance per statement cycle.
Wells Fargo offers a number of other benefits for LLCs, including small business loans (Wells Fargo is among the most active SBA lenders in the United States), savings accounts, credit cards, merchant services, and payroll services.
Axos is an ideal bank for business owners who own more than one property under an LLC name. The online bank allows you to create separate business checking accounts for each of your properties, and link them all to one master account.
You have two Axos business bank accounts to choose from: Basic Business Checking and Business Interest Checking.
The Basic Business Checking has no minimum opening deposit and the account comes with the following features:
Axos Business Interest Checking has an $100 minimum opening deposit requirement and charges a $10 monthly service fee (waived with a $5,000 average daily balance). The interest checking account earns 1.01% on balances up to $50,000, and up to 0.20% on balances beyond that amount.
On top of its business checking accounts, Axos also offers business savings accounts, commercial banking services, and commercial lending services.
Ultimately, the best business checking account for your LLC is the one that meets your needs and budget—which will be different from business to business. But there are a few basic benchmarks you can use to compare business checking accounts against each other.
These criteria will help you determine the account that’ll be the best fit for your LLC:
Monthly maintenance fees cut into your bottom line, so look for a free business checking account or an account that gives you multiple ways to avoid the monthly fee.
Just remember: If you choose a business checking account with a high monthly fee and fail to meet the specified requirement, you’re on the hook for that fee.
As you search for the best business checking account for your LLC, carefully consider how you operate—to ensure that the way you do business is a good fit for the terms and requirements of the bank you decide to partner with.
For example, if you do most of your business in cash, you’ll want a business bank account that has brick-and-mortar branches for deposits and allows you to deposit a significant amount of cash on a monthly basis without charging additional fees.
On the other hand, if your business makes a high amount of monthly transactions, you want a business checking account that offers unlimited free transactions so that you’re not exceeding your limit each month and paying corresponding fees.
Think about the future needs of your business as well as your current circumstances to make sure that the checking account you choose will be a good, long-term fit.
Take into account the different business checking account products offered within any banking institution, as well as any additional products they offer, such as savings accounts, credit cards, small business loans, merchant services, etc. After all, setting up accounts and building a relationship with a new bank can be a time-consuming process. There may also be fees involved when switching from bank to bank.
Don’t be afraid to talk to different banks about their products and discuss what they can offer you throughout the lifecycle of your business to ensure you find the best business account for your LLC. Keep in mind the criteria to look for—monthly fees, features related to how your business operates, and growth opportunities—and you’ll be off to the right start.
Sally Lauckner is the editor-in-chief of the Fundera Ledger and the editorial director at Fundera.
Sally has over a decade of experience in print and online journalism. Previously she was the senior editor at SmartAsset—a Y Combinator-backed fintech startup that provides personal finance advice. There she edited articles and data reports on topics including taxes, mortgages, banking, credit cards, investing, insurance, and retirement planning. She has also held various editorial roles at AOL.com, Huffington Post, and Glamour magazine. Her work has also appeared in Marie Claire, Teen Vogue, and Cosmopolitan magazines.