Sponsored - The following content is created on behalf of a sponsor and does not reflect the opinions of Gray Media or its editorial staff.
It is crucial for LLC Bank Accounts owners to maintain a wall of separation between their personal and corporate funds. Having separate LLC Bank Accounts for your limited liability company (LLC) may help you streamline your financial records, build trust with customers and suppliers, and shield your personal assets from business debts and lawsuits.
This post will go over the top business bank accounts for LLCs and the reasons why you should get one.
10 Best Business Bank Accounts for LLCs
- Bluevine – Best LLC Bank Account Overall
- Novo – Best Low-Fee for LLCs
- American Express – Best for LLCs for Membership Rewards
- Capital One – Best for LLCs for Unlimited Transactions
- Bank of America – Best Business Bank Accounts for LLCs for Traditional Banking
- Axos – Best Full-service Online for LLCs
- Lili – Best for LLCs for One-Person Businesses
- U.S. Bank – Best for LLCs for Lending Options
- Oxygen – Best for LLCs for Freelancers
- Chase Business – Best LLC Bank Account for Merchant Service
We used a process that took into consideration a wide range of criteria to determine the best business bank accounts for LLCs. In the first step, we analyzed each service individually, beginning with basic checking and saving accounts and moving on to business accounts.
We also compared the costs of maintaining each LLC Bank Accounts, making withdrawals, and using ATMs. We also checked the bank's online banking and in-person assistance services to gauge its reputation and customer service.
Next, we discussed the bank's supplementary services, such as loyalty programs and overdraft insurance. We were able to create a complete and impartial ranking of business bank accounts for LLCs by thinking about all of these aspects.
|Bank Name||Types of Accounts||Fees||Reputation & Customer Service||Special Features & Perks|
|Bluevine Business Banking||Checking, Savings||No maintenance fee$4.95 per cash deposit||Online-only bank with mobile banking app and 24/7 customer support||High-yield savings account, fee-free ATM access|
|Novo Business Banking||Checking, Savings||No monthly fees, no transaction fees$50 required to open||Online-only bank with mobile banking app and 24/7 customer support||Integration with popular business tools, such as QuickBooks and Xero|
|American Express Business||Checking, Savings||$0-$15 monthly fee (waived with minimum balance or account activity)No maintenance fee||Established brand with extensive customer support options||Cashback rewards program, integration with accounting software|
|Capital One Spark Business||Checking, Savings, Merchant Services||Basic checking account – $15 monthly fee*||Established brand with extensive network of branches and ATMs, online and phone support available||Cashback rewards program, free transactions, and other perks|
|Bank of America Business Advantage||Checking, Savings, Merchant Services||$16-$29.95 monthly fee (waived with minimum balance or account activity)||Established bank with extensive network of branches and ATMs, online and phone support available||Cash rewards program, overdraft protection, mobile banking app|
|Axos Business Banking||Checking, Savings, Merchant Services||No monthly fees, some transaction fees may apply||Online-only bank with mobile banking app and 24/7 customer support||High-yield savings account, fee-free ATM access, remote deposit capture|
|Lili Business Banking||Checking, Savings||Standard – monthly fee-free, no overdraft fee, no ATM fee||Online-only bank with mobile banking app and customer support via chat or email||Cashback rewards program, expense categorization, tax preparation tools|
|US Bank Business Checking||Checking, Savings,||Silver – $0 monthly fee, $0.50/transaction after 125||Established bank with extensive network of branches and ATMs, online and phone support available||Cashback rewards program, mobile banking app|
|Oxygen Business Banking||Checking||No monthly fees, no transaction fees||Online-only bank with mobile banking app and customer support via chat or email||Integration with accounting software, expense categorization, virtual debit cards|
|Chase Business Complete Banking||Checking, Savings, Merchant Services||$15 monthly fee (waived with minimum balance or account activity)||Established bank with extensive network of branches and ATMs, 24/7 customer support||Bonus cash offers for new accounts, mobile banking app, fee-free ATM access|
Bluevine – Best LLC Bank Account Overall
Star rating: 4.9/5
For a Small Business Bank Accounts for LLCs that nevertheless has many features, most small firms can do no better than a Bluevine LLC Bank Accounts.
Monthly costs are not charged, and you may use them to make bill payments, apply for fast loans, and earn a respectable interest rate.
An LLC Bank Accounts might be up and running the same day you apply, thanks to the streamlined application procedure. Bluevine is one of the top Banks for LLC Accounts
for new companies because of all of these characteristics.
In addition, up to five other LLC Bank Accounts may be set up for supplementary control over the company's funds. All associated sub-accounts are assigned their unique account numbers. In addition, you will get interest on the total amount of all accounts (up to $100,000). We choose it since it provides free checkbooks for all LLC Bank Accounts. Free checks aren't often included with business checking accounts, so this is an unusual perk.
As a result, this is a fantastic option for Business Bank Accounts in Hawaii who like to make payments to their suppliers and staff the old-fashioned way.
- MoneyPass ATM deposits are free, while Green Dot network deposits are instant (fees and limits apply)
- No limits on the number of transactions you may do or the number of times your account balance falls below zero
- There are no dues to pay each month, and there is no initial deposit required
- Charge for using ATMs outside of the network
- No shared accounts
- Cash deposits are restricted to $2,000 per day and $500 per deposit. Green Dot charges a service fee of up to $4.95 per deposit
As an industry leader, Bluevine goes above and beyond by waiving maintenance, NSF, and deposit fees. There are no limits on the number of transactions you may make. Neither a minimum balance nor a minimum deposit is required to use Bluevine.
If you open an LLC Bank Accounts with Bluevine, you may earn an attractive annual percentage yield (APY) of up to 1.5% on balances up to and including $100,000.
LLC Bank Accounts holders who do not make at least a monthly debit card purchase of $500 or who do not receive a monthly customer payment of $2,500 will not be eligible for this perk.
A company line of credit of up to $250,000 is available at rates as low as 4.8%. The application takes less than five minutes to complete, and a decision is often made within that time frame. Bluevine does not charge any kind of cost to establish, manage, prepay, or close an account.
Novo – Best Low-Fee Business Bank Accounts for LLCs
Star rating: 4.8/5
Novo's user-friendly interface, simple sign-up procedure, and streamlined digital payment options make it a superb Business Bank Accounts for LLCs.
In less than 10 minutes, you may fill out and submit the application and get a prompt answer with any details you may have left out.
When your application is reviewed and you make your first deposit of at least $50, you will have immediate access to your new LLC Bank Accounts.
Novo is a cutting-edge account that connects your company's banking with hundreds of programs, including Shopify, QuickBooks, and Slack. Everything related to running your company may be handled in one convenient location.
You can easily keep track of your finances since you have instantaneous access to all of your recent banking activity and information. The monthly income and expenses may be easily seen in this app.
Why we chose it: Freelancers, contractors, and other single-member LLC company operators will find that Novo's Business Bank Accounts for LLCs with limitless integrated invoicing is an excellent fit for their financial needs.
- Worldwide refunds of all ATM costs
- Unlimited transactions without fees
- No minimum opening deposit or monthly expenses
- Cannot transmit wires internationally or domestically
- With bill pay, no recurring payments are possible
- Cash cannot be deposited
The Banks for LLC Accounts service provided by Novo is free of charge. In order to get your LLC Bank Accounts up and running, a minimum deposit of only $50 is required. This bank has no service fees, no minimum balance restrictions, and no costs for receiving wire transfers or ACH deposits.
By its affiliation with Middlesex Federal Savings, F.A., Novo can provide full ATM charge reimbursements and is protected by the FDIC.
In the same vein as Bluevine, Novo's Business Bank Accounts for LLCs are free of charge. The trade-off is that you won't get any interest. Withdrawals from LLC Bank Accounts earn no interest from the bank.
No loan alternatives are available from Novo. This service only provides checking accounts; no other forms of credit, such as loans or lines of credit, or business credit cards, are available.
American Express – Best Business Bank Accounts for LLCs for Membership Rewards
Star rating: 4.8/5
With additional fee-free services and no minimum balance requirement for its Small Business Bank Accounts for LLCs, American Express Business Checking is in line with a modern trend in business banking.
Their payment processing services also allow for an infinite number of billing cycles. Kabbage business checking is no longer available due to the company's acquisition by American Express.
When looking for a business bank account and credit line, American Express Business Checking is a wonderful choice. With Kabbage Financing by American Express, Small Business Bank Accounts for LLCs may quickly and easily be approved for lines of credit of up to $250,000.
Why we chose it: American Express provides companies with several Business Bank Accounts for LLCs choices so they may meet their unique requirements. In order to safeguard its customers' funds from potential theft, American Express offers cutting-edge fraud prevention solutions.
- With no minimum balance
- Simple credit line; no prepayment fees
- Simple application procedure
- Exclusively accessible to American Express customers
- Only iOS supports mobile check deposits
- Not supported for cash deposits
There are no subscription charges with American Express Business Bank Accounts for LLCs. There is no required initial deposit and no charges for making deposits or withdrawals through the website.
All MoneyPass ATMs are free to use; however withdrawing money from an out-of-network ATM will cost you around $3. American Express doesn't allow cash deposits.
With a competitive APY of 1.30% on balances up to $500,000, this LLC Bank Accounts is second only to Bluevine's generous 1.50% APY. While the annual percentage yield (APY) of American Express Business Checking is lower than that of Bluevine, it’s still the second-highest on our list.
The greatest part of signing up for an American Express card is that it comes with access to Kabbage Financing, where you can get fast approval on loans of up to $250,000. It's a good choice regardless of your credit history.
A credit score of 640 is sufficient to get your application accepted.
Capital One – Best Business Bank Accounts for LLCs for Unlimited Transactions
Star rating: 4.7/5
Capital One provides two distinct Business Bank Accounts for LLCs packages.
The Basic LLC Bank Accounts is exactly what it sounds like: Banks for LLC Accounts that allow for unrestricted electronic deposits, access to online and mobile banking, and a low enough balance to avoid penalties.
The Unlimited Business Banking Package provides two separate Basic LLC Bank Accounts, making it a viable option for companies with more intricate banking needs. Cash back and travel rewards credit cards for businesses are also available from Capital One. All of their credit cards are fee-free for international purchases, making them ideal for business trips.
One of the bank's greatest strengths is its friendly and knowledgeable customer care representatives. Keep in mind that Capital One's Business Bank Accounts for LLCs is only offered in a few states before you open an account.
Business Bank Accounts for LLCs can only be opened in a branch.
Why we chose it: Capital One is competitive with other major banks in terms of both price and breadth of services offered. If you'd rather conduct your financial transactions in person, this is a terrific alternative for you.
The Capital One ATM network is extensive. More than 70,000 ATMs in the Allpoint and MoneyPass networks are made available to you at no cost.
- Two Basic accounts are included with Unlimited Checking
- Experienced assistance from a big bank
- Services for self-service escrow
- Only accessible in certain states
- Must go to a branch to open an account
- Fees waived for high balances
As compared to American Express's free monthly maintenance cost, Capital One's $15 price for its Basic LLC Bank Accounts is very high. If your account balance is more than $2,000, though, you won't have to pay the cost.
There is a monthly limit of $5,000 in cash deposits that are interest-free. This service includes the usual costs associated with wire transfers.
With a monthly balance of $25,000 or more, the $35 cost associated with the Unlimited Business Bank Accounts for LLCs is eliminated. Your deposits to this account are always free and unlimited. None of the cables coming in cost anything. Each month, you may make five free international wire transactions.
Capital One's Banks for LLC Accounts do not pay interest. But, with a savings account, you may earn 0.2% interest.
If you open LLC Bank Accounts with Capital One, you'll also be eligible for the bank's Small Business Bank Accounts for LLCs loans and lines of credit. With a maximum credit limit of $5 million, it's one of the highest limits available.
It also offers SBA 504 and SBA 7(a) loans, which have a longer payback duration, fixed rates, and reduced equity requirements.
Bank of America – Best Business Bank Accounts for LLCs for Traditional Banking
Star rating: 4.67/5
When you think of a classic bank, what comes to mind is Bank of America. There are two distinct preferences that may be selected for your Small Business Bank Accounts for LLCs. When the requirements of your company evolve, you'll have complete freedom of action thanks to this.
Apps like QuickBooks, Google Analytics, Expensify, and more may be linked to your bank account. For improved business choices, this provides you with an accurate picture of your performance.
Size of your company, the Small Business Bank Accounts for LLCs Experts at Bank of America are here to help you every step of the way.
Why we chose it: A variety of reliable banking services for corporations are available from Bank of America. If your company has frequent and large cash inflows, this is a fantastic choice.
- Payroll services
- Connected with the money-transfer service Zelle
- Accounting software and online accounts are integrated
- Charge for using ATMs outside of the network
- High supplemental costs
- No choice for a free business checking account
Both the Small Business Bank Accounts for LLCs and the Business Advantage Relationship Banking Account are available to commercial clients of Bank of America.
Keeping a combined average monthly amount of $5,000, making $250 in new net eligible debit card transactions every statement cycle, or enrolling in the Preferred Rewards for the Business program will all result in a monthly charge of $16 being waived for the Basics account.
With a joint average monthly balance of $15,000, the $29.95 charge for the Relationship LLC Bank Accounts is canceled. There is a monthly charge of $10 for a savings account unless the account maintains a daily balance of $2500.
Banks for LLC Accounts at Bank of America pays no interest. The business savings account's annual percentage yield (APY) of 0.01% is much lower than Bluevine's of 1.5%.
Bank of America provides a variety of company financing options, including a credit card, secured loans of up to $250,000, and revolving lines of credit in the $25,000 range. There are several loan programs available to those with a minimum credit score of 700.
Axos – Best Full-service Online Business Bank Accounts for LLCs
Star rating: 4.61/5
Axos is a virtual bank since it does not have any brick-and-mortar branches but instead provides its business Banks for LLC Accounts services only online. Unlike other rivals, however, it does not rely on a third-party banking institution.
It's a bank in its own right. Axos is often ranked as one of the best Business Bank Accounts for LLCs online because of its numerous features and low fees.
As compared to more conventional Banks for LLC Accounts, Axos stands out for its user-friendliness and convenience. It takes great care in creating an excellent online presence and experience for its clients, making it a fantastic choice for small or digital enterprises.
With a minimum balance of $5,000, you will receive an annual percentage yield (APY) of just 0.20% for basic checking and 1.01% for interest checking.
Why we chose it: The Basic Business Checking from Axos Bank allows you to make unlimited deposits and withdrawals from any ATM that accepts the AllPoint or MoneyPass networks, and it costs you nothing each month.
The Business Bank Accounts for LLCs also provides free, unlimited ATM fee reimbursements for use of other banks and ATM operators' ATMs in the United States, as well as 24/7 customer service.
- 24-hour client service
- New clients get a welcome bonus (terms apply)
- Transactions without fees indefinitely
- Reimbursements of all ATM fees automatically (domestic)
- No monthly charges or opening-deposit requirements
- Depositing money with MoneyPass and AllPoint ATMs
- No physical places
- fewer integrations
- Does not provide the greatest APY
There are four primary business banking options provided by Axos. There are four types of Banks for LLC Accounts: the Basic Business CheckingAccount, the Interest Business Checking Account, the Savings Account, and the Premium Savings Account.
For businesses, basic business checking is free; however, the business interest checking option costs $10 monthly. Basic Savings has a monthly cost of $5, whereas its Premium version has none.
Customers of Axos have access to a variety of interest-bearing products, albeit the yield rates are lower than those offered by competing Banks for LLC Accounts. No interest is paid on the basic LLC Bank Accounts.
The annual percentage yield (APY) on the interest checking account is 1.01%. If you want to save with Axos, you may choose between a Basic Business Savings account and a Premium Business Savings account, both of which earn 0.20 percent.
Banks for LLC accounts, such as Axos Bank and Centerstone SBA Lending, work together to help firms get Small Business Bank Accounts for LLCs loans. Its conditions are variable, and they come with a guarantee from the federal government.
Commercial term loans and lines of credit are available, but only to very big businesses.
Lili – Best Business Bank Accounts for LLCs for One-Person Businesses
Star rating: 4.57/5
Lili's simplicity might be appealing if you're the only member of Small Business Bank Accounts for LLCs. Banking, bookkeeping, and tax preparation are all part of the same system. Lili was at first conceived for independent contractors and one-person businesses. But now, LLC Bank Accounts may participate as well.
Your LLC Bank Accounts money must be kept entirely separate from your own. A single checking account is all you need for both of your Lili needs. The software itself provides a means of compartmentalizing your funds, however.
Why we chose it: It can prepare your yearly tax return and create spending reports mechanically.
- Provides a tax-optimization tool
- Simple separation of personal and business interactions
- Produce and send invoices
- Lack of genuine lending or merchant services
- Not ideal for larger companies
- Bank online (through Choice Financial Group)
Everyday banking with Lili is cost-free. Just like the finest Business Bank Accounts for LLCs, Bluevine has no monthly charge, overdraft fee, ATM fee, or minimum balance requirement.
On the other hand, the extra features and benefits you get with Lili Pro will cost you $4.99 every month.
A percentage rate of return is not available on Lili's regular products. If you open a savings account with Lili Pro, you can earn up to 1% APY. The Automatic Savings function enables you to establish a daily transfer of at least $1 to your savings account.
Lili is not in the same league as a conventional bank thus, it has restricted access to credit. If you need more money, you can't get much more than a $200 overdraft on your debit card transactions for free.
US Bank – Best Business Bank Accounts for LLCs for Lending Options
Star rating: 4.5/5
Being one of the few major traditional banks to provide free Business Bank Accounts for LLCs, US Bank stands out from the crowd. There is no minimum balance and no monthly maintenance cost for the Silver Business Checking account.
For firms who don't have a lot of transactions monthly, like a contractor with a single big customer, this may be a viable option.
The majority of US Bank's nearly 2,000 locations are found on the West Coast. For Small Business Bank Accounts for LLCs in a certain area that value personal service and banking convenience, this might be a great alternative.
Small Business Bank Accounts for LLCs loans (including SBA loans), payment processing, cash management services, payroll, and more are all available from US Bank when it's time to expand your LLC.
Why we chose it: Several excellent offerings may be found at US Bank. The flexibility of its loan possibilities is a major selling factor. If your company doesn't do many transactions every day, this is a great option. In order to join, please register immediately.
- The full procedure of opening a business account may be done online
- Silver Business Checking account does not charge a monthly service fee
- New clients get a welcome bonus (terms apply)
- Checking accounts have no APY and savings accounts have a very low APY
- Hefty early withdrawal fees on CDs
- Imposes transaction costs
There are a total of three different checking accounts available from US Bank. No monthly maintenance charges and 125 free transactions per month are included in the Silver Business Checking Account package.
For each additional 125 transactions, there will be a $0.50 fee added.
The Gold plan is $20 per month plus $0.45 for every transaction in excess of the first 300. After 500 monthly transactions, the Platinum package's $30 monthly price becomes $0.40 per transaction.
All of these fees add up to a hefty sum when compared to the top-rated Bluevine, which has none.
With LLC Bank Accounts at US Bank, you won't earn any interest. With a $25 first deposit, savers may earn 0.01% APY on the bank's savings account.
Business owners may choose from a number of credit and loan products provided by this Business Bank Accounts for LLCs Banks for LLC Accounts.
A variety of US Bank business credit cards are available, each with its own set of perks including cash back, no annual fees, competitive interest rates, and rewards programs.
It also provides a large selection of Small Business Bank Accounts for LLCs loans from which to choose. Fast Online loans have a maximum loan amount of $250,000, whereas loans guaranteed by the government may go as high as $12.375 million.
Oxygen – Best Business Bank Accounts for LLCs for Freelancers
Star rating: 4/5
Oxygen provides four categories of Business Bank Accounts for LLCs based on the amount of money you deposit and spend each month. There are no start-up costs or required opening balances for the basic plan. The yearly charge may be canceled after the first year for those in the higher categories.
The perks in Oxygen's bank accounts are extensive. When you shop at one of our merchant partners, you can get cash back on purchases like groceries, petrol, rideshares, and packages. In addition, your savings targets gain an attractive interest rate.
Car rental loss and damage waivers, mobile phone protection, and reimbursement for delayed or misplaced baggage are just some of the additional perks you'll enjoy.
The cashback incentives, savings APY, and perks (including free airport lounge access and Netflix reimbursement!) for premium accounts are greater than those for standard LLC Bank Accounts.
Why we chose it: Oxygen is redefining the banking industry with its cutting-edge technology and chic offerings, which appeal to both individual and corporate customers.
- Make single-use, virtual debit cards
- 5% Cash Back incentives
- Savings for businesses with 1% AP
- No available credit
- Higher tier accounts' enrollment cost
- No cash deposits at a virtual bank
Oddly enough, Oxygen separates its offerings under the categories of the solid, liquid, gas, and vapor kingdoms. These customer appreciation levels are what it uses to describe the system that was developed to aid entrepreneurs in their various endeavors.
Earth is the free, entry-level plan. There is a maximum annual percentage yield of 0.50% on the Earth tier savings plan. You may go up to the next tier for just $19.99 per year by upgrading to water.
A variety of features are available, and the annual percentage yield (APY) on savings is 1.00%. The Air tier costs $49.99 per year and offers a 2.00% APR on savings, while the Fire tier costs $199.99 per year.
Oxygen's tiered savings option offers competitive returns. There is an annual percentage yield (APY) of 0.50% on the Earth element, 1.00% on the Water element, 2.00% on the Air element, and 3.00% on the Fire element.
Compared to the maximum 1.5% and 1.3% offered by Bluevine and American Express Banks for LLC Accounts, respectively, these rates are far more generous.
As Oxygen is not a traditional bank but rather a mobile app, it cannot provide loans.
Chase Business – Best LLC Bank Account for Merchant Service
Star rating: 3.8/5
When compared to other major American banks, Chase ranks among the top in terms of accessibility, variety of services, and satisfaction of customers.
Specifically, it provides the one-of-a-kind Chase Business Total Banking account, which integrates checking with payment processing. It works well for Banks for LLC Accounts that take credit card transactions. You may save the trouble and expense of setting up a separate merchant account.
As a result of its high fees and lackluster mobile app, we have given Chase the worst overall score.
Customers who like to make deposits and withdrawals in cash will find Chase to be a good alternative, while those who want a more full online experience will find other options more tempting.
Why we chose it: The Chase Business Comprehensive Checking Account boasts a low $15 monthly cost, allows for unlimited electronic deposits, and comes with the chance to win a $300 sign-up bonus.
The Chase QuickAcceptSM software for smartphones now allows you to take payments by credit card. In addition, when your LLC outgrows the Chase Business Comprehensive Checking account, you may easily switch to either the Performance or Platinum Checking accounts.
- Global and international in scope
- Use the Chase mobile app to accept payments.
- Protection against fraud
- High minimum balance required to avoid costs
- Higher costs
- Uncertain APY for savings accounts
Chase offers three distinct types of Business Bank Accounts for LLCs:
Chase Business Comprehensive Checking: $2,000 monthly minimum balance required to avoid $15 monthly service fee.
Chase Performance Business Checking: $35K average opening balance each month = $30 monthly fee waived.
Chase's Platinum Business Checking Account: $95 Monthly Fee Is Waived With A Daily Average Balance Of $100,000.
Each provides business customers with a variety of banking services, including checking accounts, business debit cards, and in-branch cash deposits. Not like Bluevine, where there are no ongoing service charges.
Deposits in a Chase Business Checking account earn no interest. Chase Business Savings allows companies to receive interest, although the annual percentage yield (APY) is subject to inquiry.
The business finance alternatives provided by Chase are flexible. They provide business credit cards in addition to other forms of financing, such as loans and lines of credit for Small Business Bank Accounts for LLCs.
Loan amounts for businesses may begin at $5,000, while available credit lines can go as high as $500,000.
Ranking Methodology for the Best Business Bank Accounts for LLCs
The optimal Business Bank Accounts for LLCs may be determined by weighing a number of variables. Included below is an in-depth explanation of the criteria used to rank LLC business bank accounts:
Fees—Transaction, Minimum Balance, Early Termination, Daily Batch: Monthly maintenance costs and other expenditures that might pile up quickly are common sources of stress. To entice new customers, many banks that provide LLC bank accounts may forego monthly maintenance costs in certain situations or eliminate them altogether.
The ideal Banks for LLC Accounts should not charge you for using features that are crucial to running your company profitably. Providing free monthly cash deposits or limitless transactions is one approach.
Interest Rate—APY on Checking and Savings Accounts: We've included a few institutions whose Banks for LLC Accounts provide an annual percentage yield. With a rate as high as 1.5%, some of the best banks are a smart choice for company owners.
When it comes to your company, a bigger annual percentage yield is always preferable. Keep in mind, too, that the monthly maintenance or transaction costs charged by certain banks may more than cancel out whatever income you earn on your account.
Several of the finest business Bank Accounts for LLCs online also provide interest on savings accounts in addition to interest on main checking. This time around, a greater interest rate is preferable.
Account Features—Online Banking, Mobile Banking, Bill Pay: Each kind of LLC Bank Accounts has its own set of perks, and it's up to LLCs to decide which ones are essential for their operations. Financial management tools such as bill pay, remote deposit, overdraft protection, and online and mobile banking are included.
Lending—Lines of Credit, Credit History: Whilst you may have established credit in your own name, your Small Business Bank Accounts for LLCs company will need its own credit profile.
Small Business Bank Accounts for LLCs loans for things like payroll or bills and larger loans for things like expanding an existing operation or buying necessary equipment and supplies are two examples of the kind of financing that company owners often require.
If your company already has a bank account with the lending institution, applying for a loan of this kind may be simpler. One other way to increase your chances of being approved for a negative credit business loan is to establish a track record with a Bank for LLC Accounts.
Although we've mostly discussed large, well-known banks, like those found on the web, smaller, more local institutions, like credit unions, may be preferable if you're planning to borrow money.
The one-on-one attention often provided by community banks is very useful for specialized enterprises.
Security—Multi-factor Authentication, Encryption, Fraud Detection: The account's safety should also be taken into consideration. Limited liability companies (LLCs) should prioritize finding Banks for LLC accounts that provide advanced security measures, including multi-factor authentication, data encryption, and fraud prevention technology.
The safety of their money and the bank's ability to adhere to regulations should also be taken into account.
Best Business Banking Account for LLCs – Buying Guide
Here's some additional information that may answer your questions.
Why LLCS Need a Business Bank Account
Owners of limited liability companies (LLCs) must keep their company and personal finances completely separate. Small Business Bank Accounts for LLCs are considered to be "persons" in their own right under the law and are thus treated as such.
This shields you from having to pay for corporate debts or legal claims out of your own pocket. If you’re not protected in this way, a judgment might be entered against your personal assets.
It’s the law that your business's funds be kept different from your personal ones. If the Bank for LLC Accounts money is mixed up with the owner's personal finances, a judge might rule that the LLC is a facade and hold the owner personally liable for the Company's debts.
How To Open a Bank Account As An LLC
Forming a limited liability company (LLC) may be done by one person or by a group of people. It’s recommended to choose a Bank for LLC Accounts that supports joint accounts if there are many owners.
You'll have to provide:
- Information about the company owner personally (SSN, DOB)
- Address and name of the company
- If you’re a single-member LLC, you must have an EIN (Employer Identification Number) or SSN
- Date of the LLC's creation
- Primary location of business
- State in which your LLC is incorporated
What Other Documents Does the Bank Need to Open My LLC Bank Account?
While the specific evidence needed varies by Banks for LLC Accounts, this is what you may anticipate being requested.
- LLC Organizing Documents or a Certificate of Formation
- Operational Rules for an LLC
Always better to double-check with the bank's website or give them a call to make sure you have everything you need to create a business bank account. You can prevent the problem by doing this.
Creating a LLC Bank Accounts may be used to obtain a company checking account at certain Banks for LLC Accounts. In order to apply for a loan from certain Banks for LLC Accounts, all of the business's owners may have to personally appear before a lender.
Best Business Bank Accounts for LLCs Frequently Asked Questions (FAQs)
Can I Use My Personal Bank Account For My LLC?
Although theoretically possible, utilizing a personal Small Business Bank Accounts for LLCs is not recommended.
By establishing a limited liability company, you may safeguard your personal assets against business debts and lawsuits. Yet, the authorities will have an easier time seizing your personal assets if you continue to use your personal Small Business Bank Accounts for LLCs.
Do I Need a Separate Bank Account For My LLC?
To maintain a wall between your company and personal funds, you establish an LLC. A Limited Liability Corporation (LLC) is treated as a distinct entity from its owner after it has been formed. Because of this, you need to open a dedicated Business Bank Accounts for LLCs.
Separate Banks for LLC Accounts are not required by either state or federal law. But keeping your money in separate accounts might help you better manage your finances and prevent future arguments. Even better, free internet banks like Bluevine make it simple to create a business account and immediately begin enjoying the advantages.
How Much Does It Cost To Open a Business Account?
Each Bank for LLC Accounts has its own fee structure. The creation of several LLC Bank Accounts may not incur any fees. Costs might accumulate over the course of a year or be billed monthly.
In addition, some Banks for LLC Accounts have what amounts to a minimum balance requirement but isn't really a cost.
Bottom Line on Best Business Bank Accounts for LLCs
While banks may be scary entities with great power over the success or failure of a company, you can reclaim a great deal of agency by researching your alternatives and selecting a loan with conditions that work for you.
If you own a small company, you’re the bank's client, and the bank's customers are always right. Depending on the company's unique circumstances, certain business bank accounts may be more suited than others.
Yet certain banks stand out from the others because of their low costs, high-interest rates, and convenient features. Bluevine, Novo, and American Express are just a few examples.