Best Business Bank Accounts for LLC
Opening a business bank account is one of the first steps in the process of setting up your limited liability company (LLC).
One of the reasons many entrepreneurs and small business owners choose an LLC as their business structure is because it provides the benefit of limited liability protection.
In other words, an LLC (limited liability corporation) is a business structure designed to protect business owners from being personally liable for the company’s debts or other liabilities.
For this reason, setting up a business bank account that is separate from your personal bank account is important.
Because an LLC is treated as a separate entity, keeping personal assets and business assets separate helps you maintain clear records should the separation of personal and business liability come into question.
There are literally thousands of banks and countless types of business checking accounts, it can be overwhelming to sift through them.
Some of them have hidden fees while other simply just don’t offer everything you are going to need.
To help you get your LLC on the right foot, we are going share 7 of the best business bank accounts for your LLC.
Let’s get started!
Here are the Best Business Bank Accounts for your LLC:
Chase Total Business Checking
Chase is known for offering different sign on bonuses and the Total Business Checking comes with a $200 signup bonus right off the bat.
To receive the bonus all you have to do is make a $1,000 deposit within the first 20 business days from when your account was opened.
You then have to maintain a balance for 60 consecutive days and do at lease five transactions such as debit card purchases, ACH credits, wire transfers, or remote deposits.
This checking account comes with 100 transactions per month and unlimited electronic deposits.
You also have a limit of no fee cash deposits up to $5,000 per month.
The account does have a monthly fee of $15 but the fee drops to $12 per month if you sign up for electronic statements or it drops to $0 per month if you maintain a consistent balance of $1,500 or more.
You can also link your personal checking account to avoid this monthly fee.
They have a robust online portal where you can do all of your banking including bill-pay and more.
Chase is very accessible with over 4,900 physical branch locations and over 16,000 ATM’s!
US Bank Silver Business Checking
For smaller businesses who don’t do a large volume of monthly transactions, this might be one of your better options.
This account comes with no monthly fee (which is rare for business checking accounts), and you get 125 free transactions and 25 free cash deposits per month.
US Bank does not offer any signup bonuses on their Silver Business Checking account but the lack of monthly fees more than makes up for it.
If you don’t need a ton of advanced features and are just starting out, this is a great free business account that checks all the basic boxes for a solid business checking account.
Before signing up, just be sure you are conveniently located near a US Bank branch because they don’t have as big of a presence as other banks.
US Bank has about 3,100 branches and 5,000 ATMs nationwide.
Bank of America Business Fundamentals Checking
Bank of America loves to offer signup bonuses for business customers and their recent offering is a signup bonus of $750 for opening a Business Fundamental Checking account.
To receive the full $750, you have to deposit $50,000.
You can earn $200 if you deposit at least $5,000 within 15 days of opening your account, and that number jumps to $500 if you deposit at least $20,000.
So if you already have a lump of money to deposit, that is a great signup bonus.
There is a $14 monthly fee on this checking account but is waved if you spend more than $250 on your debit card or maintain a minimum balance of at least $3,000 at all times.
Bank of America has a pretty good footprint with 4,600 branches and around 16,000 ATMs.
PNC Business Checking
PNC Business Checking is another great solution for lower volume businesses who don’t have a large number of monthly transactions.
They require a $100 minimum deposit and charge a $10 monthly fee which can be waived if you maintain a monthly average balance of $500.
With this account you will get $150 free transactions per month, and $5,000 in free cash deposits.
While PNC doesn’t offer any sign up bonuses, they do offer a lower monthly fee and everything a small business needs.
Just like US Bank, they do not have as many branch location so you will want to make sure there is a location near you.
They have roughly 2,500 branches and 9,000 ATMs.
Customers also mentioned that they love the small town, small bank feel that PNC has created.
Axos Business Interest Checking
Many business operate solely online and this is where the Axos Business Interest Checking comes into play.
And yes, you read that right! Their Business Interest Checking account actually provides interest, with a rate currently set at 0.8%.
This is a feature you rarely see if you use a brick-and-mortar legacy bank.
Their Business Interest Checking account has a reasonable $100 minimum opening deposit, and a $10 monthly fee that can be waived by maintaining a $5,000 balance.
When you sign up, they will give you your first set of checks free.
One other perk of this account is that they will provide unlimited domestic ATM reimbursements, should there be a situation where you find yourself needing cash.
Just keep in mind that Axos does not offer any physical locations and is really designed for businesses that operate mainly on a web-based model.
Wells Fargo Business Choice Checking
If you operate the type of business where you need to access a physical bank location on a regular basis, or perhaps you do a lot of domestic travel, Wells Fargo has a large footprint with more than 8,000 physical bank branches in the United States, and more than 13,000 ATMs.
The Wells Fargo Business Choice Checking offers 200 transactions per month at no charge and $7,500 in no-fee cash deposits per month.
It only requires a $25 opening deposit and a $14 monthly fee which is waved if you maintain a minimum balance of $7,500.
TIAA Small Business Checking
TIAA is another online only bank and is another option for businesses that are mainly web-based.
Furthermore, TIAA is one of the only banks that has a special account just for sole proprietors and single-member LLCs and this is the TIAA Small Business Checking Account.
What makes this account so great is that it has an interest rate that gets better and better the more money you deposit and keep in the account:
- $0-9,999.99: 0.20%
- $10,000-24,999.99: 0.30%
- $25,000-49,999.99: 0.40%
- $50,000-99,999.99: 0.45%
- $100,000+: 0.55%
This account has a $1,000 minimum opening deposit and zero monthly maintenance fees.
As mentioned before, opening a business bank account for your LLC is an importation foundational step for starting out correctly.
Without a separate business bank account you could have a hard time distinguishing between your personal and business assets and transactions.
As you can see, there are business bank accounts for every type of business and some of them offer a pretty nice signup bonus as well as the option to waive any monthly fees.
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