Exploring the 9 Best Business Bank Accounts for LLCs in 2023
Starting a business is not an easy task, especially when it comes to managing financials, making decisions about investment, and making crucial customer payments.
Often, small business owners, entrepreneurs, freelancers, and agencies struggle with keeping their personal and business finances separate.
If you’re at this stage but are still figuring out what business to start, you might want to explore a range of potential business ideas to find the perfect fit for your entrepreneurial ambitions.
Business bank accounts are resources businesses can leverage to grow their business advantage.
In this blog post, we’ll discuss the best business bank accounts for LLCs, which will cut down your expenditure and save time.
What are the best business bank accounts for LLC
Here are my top picks for the best business bank accounts for LLCs.
Bluevine
Bluevine is an online bank that offers a business checking account with no monthly maintenance fees, no transaction fees, and no ATM fees. With Bluevine, business owners get unlimited transactions, online bill pay, and the ability to deposit checks remotely. Another great feature of this bank is that it offers lines of credit for business owners.
Key Benefits
- No monthly service fees and no minimum balance requirements.
- No ACH transfer, overdraft, or incoming wire fees.
- Unlimited deposit, payment, and withdrawals.
- Up to 2% Interest on the Bluevine business checking account.
- Multiple sub-accounts for better money management.
Novo
Novo is an online bank that understands the needs of small businesses. With no minimum deposit or minimum balance required to open a business checking account, Novo offers unlimited transactions, online bill pay, and a debit card with cashback rewards. Additionally, Novo offers overdraft protection and the ability to apply for loans to help grow your business.
Key Benefits
- No monthly service fee.
- Deposit checks instantly.
- Send payments directly from Novo.
- Integrates with top business tools, including Xero, Stripe, and Shopify.
- Set aside money with a “Reserves” function.
- Create and send personalized invoices.
- Accept ACH and check payments and avoid transaction fees.
Chase for Business
Chase for Business is a great option for business owners looking for a traditional bank setting. With over 4,700 branches nationwide, Chase offers business checking accounts that come with online bill pay and mobile check deposit, overdraft protection, and options for a savings account and credit cards. They also offer a feature called QuickAccept, which are merchant service that allows business owners to accept payments through their mobile devices.
Key Benefits
- Chase is a huge bank with locations across the U.S.
- There is a $15 monthly service fee, waived if you achieve $2,000 of minimum daily balance, deposits from Chase QuickAccept℠, or Chase Ink Business Credit Cards purchases.
- You get quick access to your money with same-day deposits.
- You can accept card payments into the account and also have access to fraud prevention services.
- Chase Business Complete banking accounts can be accessed via Chase Business Online.
US Bank
US Bank offers business checking accounts that come with no monthly maintenance fees, unlimited transactions, and options for overdraft protection. In addition, US Bank offers a variety of loan options and lines of credit to help small business owners grow their businesses.
Key Benefits
- No monthly maintenance fee for the Silver Business Checking account.
- Business checking accounts can be opened entirely online.
- Optional payment processing services range from mobile apps to in-store payment terminals. Additional monthly fees apply.
- Welcome bonus for new customers (terms apply).
- Offers a range of lending options including business credit cards, lines of credit, and loans.
Bank of America
Bank of America is another traditional bank that offers business checking accounts with online and mobile banking, as well as options for business savings accounts and credit cards. They also offer overdraft protection and cash management services. Additionally, Bank of America offers small business loans and lines of credit to help business owners reach their financial goals.
Key Benefits
- Bank of America is a big bank with locations across the U.S.
- There is a $16 monthly maintenance fee, waived if you maintain a balance of $5,000 or spend $250 a month on a linked debit card.
- You get access to helpful digital tools to get account alerts, project cash flow, and monitor transactions.
- Bank of America Business Advantage relationship banking accounts can be accessed via a web portal or mobile app.
- Access to dedicated small business specialists.
Wells Fargo
Wells Fargo offers a variety of business checking accounts, including accounts for llcs. They offer online and mobile banking, overdraft protection, and cash management services. Wells Fargo also offers lines of credit and loans to help small business owners finance their businesses.
Key Benefits
- Wells Fargo has multiple locations across the U.S.
- You can get text and email alerts to help you keep an eye on your bank account activity.
- To avoid the $10 monthly service fee, maintain a $500 minimum daily balance or a $1,000 average ledger balance during the monthly service fee period.
- Wells Fargo provides continuous fraud monitoring and zero-liability debit card protection.
- Anytime access with online and mobile banking.
Axos Bank
Axos Bank offers business checking accounts with no monthly fees, unlimited transactions, and overdraft protection. They also offer online and mobile banking, as well as options for business savings accounts and credit cards. Additionally, Axos Bank offers business loans and lines of credit to help business owners grow their businesses.
Key Benefits
- No monthly maintenance fees or minimum balance requirements.
- Automatic refunds of all ATM fees (domestic).
- Unlimited payments, transactions, deposits, and credits.
- 24/7 customer support.
- Cash deposits via MoneyPass and AllPoint ATMs.
Lili
Lili is an online bank that caters specifically to freelancers and entrepreneurs. With Lili, business owners get access to a business checking account with no monthly maintenance fee, no minimum deposit required, and no atm fees. They also offer instant notifications and categorization of expenses, as well as tax tools to help business owners stay on top of their finances.
Key Benefits
- No monthly fees and no minimum balance requirements.
- Business cashback rewards when shopping from certain merchants.
- Fee-free overdraft of up to $200.
- Helpful tools, including expense categorization, detailed reports, and tax documents.
- Free ATM fees withdrawals at 38K locations.
Relay
Relay offers a business checking account with no minimum deposit requirements that comes with unlimited payments, transactions, deposits, a Visa® business debit card, and free ATM usage, without any monthly maintenance fee. It supports digital payment methods with ACH direct deposit for businesses to receive their payments directly into their accounts.
Key Benefits
- No account fees, atm fees, account minimums, minimum deposits, or transaction fees.
- In-depth team permissions for multiple account users.
- Payment automation for key vendors.
- Issue physical and virtual debit cards for detailed expense tracking.
- Direct integrations with QuickBooks Online and Xero.
- Sub-accounts for financial planning.
- Integration with payment providers like PayPal, Stripe, Square, and more.
What is a business bank account for LLCs?
A business bank account for LLCs is a separate bank account that is specifically used for your LLC’s finances. Business bank accounts usually come with business checking accounts or business savings accounts, which allow you to deposit and withdraw funds, issue checks, and make online transactions.
Typically, the business account can be opened under the name of the LLC, and any transactions made will be under the LLC’s name, keeping your personal finances separate from your business finances.
How can a business bank account benefit you?
Having a business bank account for your LLC can be a major resource along with bringing numerous benefits.
Firstly, it can help you manage your finances better as all the incoming and outgoing cash flows are recorded in one account.
Secondly, it can help you keep track of customer transactions and provide evidence to your accountant or tax professional when preparing your taxes.
Thirdly, it can help you apply for lines of credit or business loans in the future as banks prefer businesses with separate bank accounts.
Finally, it can protect your personal checking account in case of legal action or bankruptcy against your LLC.
How we conducted our research:
Our team conducted extensive research using various sources such as customer reviews, bank websites, and business banking publications.
We focused on the following criteria:
- Monthly maintenance fees
- Transaction limits
- Minimum deposit requirements
- Availability of online and mobile banking
- ATM fees
- Availability of lines of credit
- Overdraft fees
- Customer service.
We took into consideration the specific needs of LLCs and the value that each business bank account provided.
Conclusion
Business bank accounts allow you to manage your finances in a streamlined manner, keeping your personal checking account and business bank accounts separate, and providing benefits like lines of credit and cash deposits.
When it comes to selecting the best business bank accounts for LLC, take into consideration certain factors like monthly maintenance fees, online and mobile banking features, overdraft fees, merchant services, and cash deposits.
The above-discussed banks comprise the top choices for business checking accounts for LLCs with unlimited transactions, no monthly fees, and other essential features. Choose the right business bank account that fits your requirements, and thrive in your business!
