10 Best Business Bank Accounts for Your LLC

As a proprietor of an LLC, it’s indispensable to distinguish between your personal and commercial funds. Establishing LLC bank accounts for your organization can help you organize your bookkeeping records, enhance your reputation among customers and vendors, and secure your personal resources from any potential business liabilities. In this article, we’ll study the top business bank accounts for LLCs and their advantages.

 

 

10 Best Business Bank Accounts for LLCs 

• Bluevine – Best LLC Bank Accounts Overall
• Novo – Best Low-Fee Business Bank Accounts for LLCs
• American Express – Best LLC Bank Accounts for Membership Rewards
• Capital One – Best LLC Bank Accounts for Unlimited Transactions
• Bank of America – Best LLC Bank Accounts for Traditional Banking 
• Axos – Best Full-service Online Business Bank Accounts for LLCs
• Lili – Best LLC Bank Accounts for One-Person Businesses
• U.S. Bank – Best LLC Bank Accounts for Lending Options 
• Oxygen – Best LLC Bank Accounts for Freelancers
• Chase Business – Best LLC Bank Accounts for Merchant Service

We employed a method to rate business bank accounts for LLCs that factored in a variety of elements. To begin, we assessed the different banks for LLC accounts available, by analyzing checking, savings, and merchant services. Additionally, we reviewed the expenses connected with each account, like recurring maintenance fees, exchange fees, and ATM fees. Besides, we looked into the bank's reliability and customer service, incorporating online banking services and the existence of in-person aid. 

Finally, we studied any unique features or advantages provided by the bank, such as rewards programs and overdraft coverage. Through taking into account all these factors, we had the capacity to rate business bank accounts for LLCs in an all-inclusive and unbiased way.

 

 

 

Bluevine – Best LLC Bank Accounts Overall

Star rating: 4.9/5

Bluevine provides a comprehensive, web-based business checking account ideal for most small companies. It offers a variety of services, such as bill payments, quick loan applications, and a competitive interest rate, all with no monthly charges. 

Signing up is straightforward and can be done within minutes. You could also have your account activated on the same day. These advantages make Bluevine a top choice to start-ups and firms alike.

Furthermore, you’re able to establish 5 subsidiary accounts to optimize the management of your firm's money. Each sub account will be given its own unique account number. And even better, you’ll receive interest on all the accounts (up to a combined balance of $100k).

Why we chose it: With our accounts, you’ll receive two complimentary checkbooks. This is an ideal benefit for more traditional small enterprises that conduct payments to their vendors and personnel in person.

Pros: 

• No minimum opening deposit or monthly expenses
• Unlimited transactions without fees, no overdraft charges
• MoneyPass ATMs don't charge fees, the Green Dot network is used for cash deposits (limits and fees apply)

Cons: 

• Cash deposits are restricted to $2,000 per day and $500 per deposit. Green Dot deposits cost $4.95
• Charge for using ATMs outside of the network
• No shared accounts

Fees

Bluevine surpasses the industry standard since it doesn't charge any fees for maintenance, insufficient funds, or deposits. An abundance of transactions can be completed without extra fees, and there's no requirement of keeping a minimum balance or making minimum deposits.

Interest Rates

With Bluevine, customers can attain up to 1.5% interest on their checking account for balances up to a maximum of $100,000. The only requirement is that the account holder spend at least $500 using their debit card each month, or have incoming transactions from clients totaling $2,500 or more every month.

Lending

Business bank accounts for LLCs can be able to access up to $250,000 in lines of credit with competitive interest rates, as low as 4.8%. The application process is both swift and uncomplicated, and decisions are typically made within five minutes. Moreover, Bluevine doesn't charge any costs for establishing, sustaining, paying in advance, or terminating the account.

 

 

Novo Business Banking – Best Low-Fee Business Bank Accounts for LLCs

Star rating: 4.8/5

Novo is perfect for small business bank accounts for LLCs since it has an easy-to-use platform, a straightforward application system, and enables digital payments with ease. Completing and submitting your application will only take 10 minutes, and you'll get an instantaneous response with regard to any missing information. As soon as your account is officially approved and you make a minimum deposit of $50, you’re ready to use your checking account. 

Novo is a modernized account that can be integrated with thousands of applications, such as Shopify, QuickBooks, and Slack. Therefore, you can make all your business transactions from one place. This app will give you a full view of your spending and earning every month, so you can stay on top of your financial responsibilities.

Why we chose it: Novo's commercial banking services offer unrestricted built-in invoicing, which makes it an ideal selection for independent professionals, contractors, or other single-member LLC proprietors. 

Pros:

• Worldwide refunds of all ATM costs
• No minimum opening deposit or monthly expenses
• Unlimited transactions without fees

Cons: 

• Cannot transmit wires internationally or domestically
• With bill pay, no recurring payments are possible
• Unable to deposit cash

Fees

Novo offers a free checking account with no extra charges. To begin, you only need to make an opening deposit of fifty dollars. There's no need to keep a certain amount in the account, and there are no fees associated with cash deposits, ACHs, or incoming wires. Plus, all ATM fees are refunded, and your money is insured through Middlesex Federal Savings, F.A.

Interest Rates

Novo doesn't charge anything for its LLC bank accounts, which is similar to Bluevine's policy. Unfortunately, there's no possibility of earning interest on your checking account deposits with Novo.

Lending

Novo doesn't provide any type of lending service, it only offers business bank accounts for LLCs  services. It doesn't give out loans, credit lines, or a business credit card.

 

 

American Express – Best Banks for LLC Accounts for Membership Rewards

Star rating: 4.8/5 

Following the modern trend of business banking, American Express Business Checking provides plenty of services without any fees and doesn't require a minimum balance for its fundamental business checking account. Companies have the freedom to carry out unlimited transactions through their payment services. To the astonishment of many, Kabbage was procured by American Express. 

This banking option is excellent for entrepreneurs who are interested in obtaining a loan and a bank account. American Express facilitates the loan approval up to $250,000 with Kabbage Funding.

Why we chose it: American Express offers business bank accounts for LLCs that can be adjusted to meet the exclusive requirements of different companies. Moreover, American Express incorporates advanced safety measures to stop any dishonest behavior and defend the financial security of their customers.

Pros: 

• Simple credit line, no prepayment fees
• Simple application procedure
• With no minimum balance

Cons: 

• Only accessible to American Express users
• Only iOS supports mobile check deposits
• Not supported for cash deposits

Fees

With American Express Business Checking, you don't have to pay any monthly charges. You don't need to put forward a minimum deposit when first opening the account, and you'll not be charged for online transactions. All MoneyPass ATMs can be used without cost, but if you use an ATM from a different network, you'll incur a fee of around $3 per transaction. Cash deposits aren’t accepted by American Express.

Interest Rates

American Express Business Checking has an APY that’s second-highest on the list, yet it's not as lucrative as Bluevine, whose APY produces a 1.5% return on sums up to $500,000. The APY for American Express Business Checking is 1.30%.

Lending

An attractive feature of an American Express account is Kabbage Funding, which provides users with access to a line of credit up to $250,000. Unlike other loan services, Kabbage Funding doesn't require an excellent credit score, as an application can be approved with a FICO score of 640.

 

 

Capital One – Best LLC Bank Accounts for Unlimited Transactions

Star rating: 4.7/5

Capital One offers two different sorts of business bank accounts for LLCs. The Basic account is easy to use and comes with unlimited digital deposits, online and mobile banking services, and a minimal account balance to avoid fees.  

Capital One has a broad selection of business credit cards with cash back or travel rewards. All their credit cards are free of foreign transaction charges, so they are excellent if you travel overseas for business.

The bank's customer service team is exceptionally responsive and seasoned, which is one of its greatest advantages. Remember that Capital One's business checking is only available in a few states, and you need to go to a branch in person to submit an application for a business checking account.

Why we chose it: Capital One is comparable to other major banks for LLC Accounts in terms of the services it provides and the cost. If you’re someone who prefers to handle their banking in person, this is an excellent choice. Capital One has an extensive network of ATMs, allowing you to use over 70,000 ATMs without any additional fees in both the Allpoint and MoneyPass networks.

Pros: 

• Services for self-service escrow
• Seasoned assistance from a big bank

Cons: 

• Only accessible in certain states
• Must go to a branch to open an account
• Fees waived for high balances

Fees

Capital One provides services that are similar to other major banking entities, with a similar cost. It's a great choice if you would rather do your banking through physical branches. The Basic Checking account has a monthly fee of $15, which is higher than American Express’ zero fee. This charge can be avoided if the balance surpasses $2,000. You can make free deposits of up to $5,000 every month. Standard wire transfers come with a fee.

The Unlimited Checking account comes with a $35 monthly fee which can be done away with if the minimum balance is $25,000. Cash deposits for this account are free with no limit. All incoming wires are also free. 

You get five free outgoing wires each month. Capital One has a very large ATM network and you can access more than 70,000 ATMs in the Allpoint and MoneyPass networks without incurring a fee.

Interest Rates

Capital One doesn't provide any interest rate on its checking account. You gain some interest at 0.2% if you have a savings account.

Lending

Capital One provides small business loans and lines of credit but you can only access them if you have an active checking account with them. They have one of the largest lines of credit available with a maximum limit of $5 million.

 

 

Bank of America – Best Business Bank Accounts for LLCs, Traditional Banking

Star rating: 4.67/5

Bank of America is the prototype of a conventional bank. It offers two different settings that you can adjust anytime when the needs of your business vary. It's possible to join your checking account with many applications such as QuickBooks, Google Analytics, Expensify, and more, which lets you have a comprehensive view of your progress, allowing you to make better business decisions. 

Additionally, Bank of America has a group of Small Business Bank Accounts for LLCs that provide assistance for your enterprise, regardless of the size.

Why we chose it: Bank of America provides a comprehensive suite of banking services for businesses. It's an optimal choice for companies that manage a high volume of cash transactions.

Pros: 

• Online account linking to accounting apps
• Payroll services are available
• Seamless integration with Zelle to simplify money transferring 

Cons: 

• High extra charges
• No choice of a banking account that doesn't have any costs attached
• Price for accessing ATMs that aren’t part of the network

Fees

Bank of America has two kinds of business checking accounts, Business Advantage Fundamentals and Business Advantage Relationship banking. The Fundamentals account carries a fee of $16 every month, but it can be waived by either keeping a $5,000 combined average monthly balance, spending at least $250 on fresh net qualified debit card purchases every statement cycle, or joining the Preferred Rewards for business program. 

The Relationship Checking account has a cost of $29.95 per month, which can be avoided if the combined average balance is $15,000. If you open a savings account, it has a fee of $10 each month, which can be waived by having a $2,500 minimum daily balance.

Interest Rates

Bank of America's checking account doesn't give any profits in terms of interest. The returns one can get from the business savings account with this bank is only a minuscule 0.01% APY, which is considerably lower than the 1.5% return rate from Bluevine.

Lending

Bank of America provides various financing methods for enterprises, such as a business credit card, secured loans ranging from $25,000 to $250,000, and secured lines of credit starting at $25,000. However, applicants must have a minimum credit score of 700 to be eligible for these options.

 

 

Axos – Best Full-service Online Business Bank Accounts for LLCs

Star rating: 4.61/5

Axos is a banking platform that doesn't have any physical branches and instead operates solely online. It's often featured in lists of the top business bank accounts for LLCs due to the great range of services and terms they offer. 

Furthermore, they provide a convenient and user-friendly experience for their customers, especially those who are small or digital businesses. They offer a competitive APY rate of 0.20% with their basic checking and up to 1.01% with their interest checking, provided a minimum balance of $5,000 is maintained.

Why we chose it: Axos Bank's Basic Business Checking doesn't have any charge for a monthly fee or for the initial deposit, and it allows for unlimited transactions. In addition, cash can be added to the account through Allpoint or MoneyPass ATMs. Customers can benefit from 24/7 customer service and free access to ATMs around the nation, with no fees charged by other banks or ATM owners in the United States being refunded.

Pros: 

• Any ATM fees incurred domestically will be automatically reimbursed
• Cash deposits can be done through both MoneyPass and Allpoint ATMs
• There's no requirement for a certain amount to open an account and no fees charged on a monthly basis
• As a bonus for new customers, there's a welcome offer available (terms and conditions apply)
• Customers are able to access customer support round the clock
• All transactions can be done without incurring any extra charges

Cons: 

• The number of third-party integrations is restricted
• The APY isn’t the highest
• There are no physical branches available

Fees

Axos offers four distinct business bank accounts for LLCs, Basic Business Checking, Business Interest Checking, Business Savings Account, and Business Premium Savings. There's no charge for the Basic Business Checking, however, the Business Interest Checking has a fee of $10 each month. The Basic Savings version entails a cost of $5 monthly while its Premium version is free.

Interest Rates

Clients of Axos have various interest-bearing choices, though the yield levels are’t as high as those of other banks for LLC Accounts. The regular checking account doesn't offer an APY, while the interest-bearing checking account has an APY of 1.01%. For the Basic and Premium Business Savings accounts, the yield is 0.20%.

Lending

Axos Bank has joined forces with Centerstone SBA Lending to assist companies with SBA loans, which are backed by the federal government and feature flexible stipulations. Apart from this, the bank also offers commercial lines of credit and term loans, but they are more suitable for bigger corporations.

 

 

Lili – Best LLC Bank Accounts for One-Person Businesses

Star rating: 4.57/5

If you possess a straightforward single-member LLC, you'll likely appreciate how convenient Lili is. It's a comprehensive platform that encompasses banking, accounting, and taxes. Initially created for freelancers and sole proprietors, it's now open to LLCs too.

As an LLC, you must differentiate your personal and company finances. Lili allows you to maintain one bank account for both, but you can still keep your finances divided within the application.

Why we chose it: This system can also create detailed expenditure statements and will fill out your yearly tax forms for you.

Pros: 

• It's possible to distinguish between personal & business accounts
• Generate and distribute invoices
• The platform provides a tax optimizer utility

Cons: 

• No legitimate loans or business services
• Online banking 
• Not suitable for larger companies

Fees

All of Lili's basic banking options don't incur any charges. This is similar to Bluevine, which is considered having the best business bank accounts for LLCs, and doesn't have a monthly fee, overdraft cost, ATM fee, or a required minimum balance. If you choose the upgraded version of Lili, the Lili Pro, then you'll have to pay $4.99 per month for the extra services you'll receive.

Interest Rates

With Lili's conventional services, you'll not obtain an APY. Yet, if you choose the Lili Pro option, you can get a savings account with a maximum of 1% APY. Additionally, the Automatic Savings feature enables you to arrange an automated transfer of a minimum $1 a day to your savings account.

Lending

Lili is significantly different from a conventional bank and, consequently, has a minimal selection of loan possibilities. The only thing that can be taken advantage of is a complimentary overdraft of up to $200 for debit card acquisitions.

 

 

U.S. Bank – Best Business Bank Accounts for LLCs, Lending Options

Star rating: 4.5/5

U.S. Bank is amongst the few large conventional banks that offers a free business checking account. The Silver Business Checking account doesn't come with any cost of monthly maintenance or demand any minimum balance. This could be a suitable fit for companies that don't have a great deal of transactions each month, such as a contractor working for one main client.

U.S. Bank has more than 2,000 branches mainly in the West coast. This is a good selection for small local businesses that like to do banking in person and require human support. When the LLC is ready to expand, U.S. Bank also provides small business loans (inclusive of SBA loans), payment processing, cash management services, and payroll.

Why we chose it: U.S. Bank offers a wonderful selection of products and services, particularly its lending options which are a standout feature. This institution is a good option for any company that has a minimum number of transactions. Sign up now to take advantage of this great opportunity.

Pros: 

• Optional payment processing services ranging from mobile apps to in-store payment terminals
• No monthly service fee for Silver Business Checking account
• Welcome bonus for new customers (terms apply)
• Business accounts can be opened entirely online

Cons: 

• No APY is available for checking accounts, while the APY on savings accounts is very low
• A fee is levied for every transaction
• Penalties for withdrawing money from certificates of deposit (CDs) before maturity are high

Fees

U.S. Bank has three different checking accounts. The Silver Business Checking Account offers no fee and 125 free transactions per month. If the number of transactions surpasses 125, there's a charge of $0.50 for each one. 

The Gold package is a $20-per-month plan, and each transaction is $0.45 after surpassing the 300 limit. The Platinum option comes with a $30 fee each month and $0.40 for each transaction beyond 500. These fees are much higher than the zero fees charged by the top-rated Bluevine.

Interest Rates

It's not possible to gain any income from keeping money in the U.S. Bank checking account. However, if you deposit at least $25 into a U.S. Bank savings account, you could receive an annual percentage yield of 0.01%.

Lending

This financial organization provides various borrowing choices such as business credit cards, lines of credit, and loans. U.S. Bank has a selection of business credit cards that give different benefits such as cash backs, no yearly charges, low interest rates, and reward plans.

It also provides a wide range of small business loans that can be picked to meet your business requirements. Loan amounts go up to $250,000 with Quick Online loans and up to $12.375 million with government-funded loans.

 

 

Oxygen – Best LLC Bank Accounts for Freelancers 

Star rating: 4/5

Upon perusing Oxygen's website, you may mistakenly believe it's a fashion magazine or upmarket store. In fact, it provides business bank accounts for LLCs by means of its virtual banking system. There's a no-charge version and, uniquely, plans with an annual cost. Oxygen is ideal for a freelancer that just wants to distinguish between their individual and professional funds.

Oxygen offers 4 diverse business checking levels based on your monthly expenditure/deposit activities. The fundamental level is free with no balance requirements. The higher levels have strategies to waive the yearly fee after the first year.

Oxygen's business bank accounts for LLCs come with plenty of benefits. You can receive money back at collaborating retailers for such items as food, fuel, rideshare, and delivery. Furthermore, you receive a competitive interest rate on your savings goals.

Along with other advantages, the account holders get more benefits such as protection for mobile phones, compensation for misplaced or held baggage, and waiver of rental car charges. Those with higher-level accounts are eligible for greater cash back incentives, higher APY on savings, and additional advantages.

Why we chose it: Oxygen is revolutionizing the financial services industry by introducing trendsetting and progressive solutions, which come with plenty of incentives and features for both individual customers and LLC bank accounts.

Pros: 

• Companies can earn 1% APY on their savings
• Receive a 5% rebate when using cash
• Generate a one-time-use debit card online

Cons: 

• Banking that’s conducted online with no ability to make physical money deposits
• No borrowing options
• A registration payment is expected for the more advanced accounts

Fees

Oxygen has separated its services into four distinct levels, which it labels as Earth, Water, Air, and Fire. These tiers have been established to assist entrepreneurs on their journey of success. 

Earth is the most basic level, provided without any additional cost. It grants up to 0.50% APY on savings. The Water tier is the subsequent level and comes with an annual fee of $19.99. It furnishes an array of features in addition to 1.00% APY on savings. 

Air and Fire are the third and fourth tiers and are priced at $49.99 and $199.99 per year, respectively. These tiers provide 2.00 and 3.00% APY on savings.

Interest Rates

Oxygen presents attractive APYs in its savings options for four tiers. The Earth, Water, Air, and Fire elements come with 0.50%, 1.00%, 2.00%, and 3.00% interest rates, respectively. These rates are significantly higher than the ones offered by Bluevine and American Express, which are capped at 1.5% and 1.3%, respectively.

Lending

Oxygen is an app that solely provides banking services and not loans, since it's not a full-fledged bank.

 

 

Chase Business – Best LLC Bank Accounts for Merchant Service

Star rating: 3.8/5 

Chase is amongst the leading banks for LLC accounts in the US, with a comprehensive range of branches, products and customer service. It offers a distinct Chase Business Complete Banking account, which is a combination of a checking and payment processing account. It's a perfect choice for business bank accounts for LLCs that accept credit cards. By opting for this, you don't need to open a separate merchant account, eliminating the time and trouble.

Why we chose it: The Chase Business Complete Checking account is a great choice for businesses, as it provides unlimited digital deposits, a $300 sign-up bonus, and a small $15 charge each month. Users can take advantage of Chase QuickAccept℠ to process credit card payments through the Chase mobile app. If your LLC's needs outpace the Chase Business Complete Checking account, you can always upgrade to the Performance or Platinum Checking accounts.

Pros: 

• Fraud protection
• Accept payments through Chase mobile app
• International with locations worldwide

Cons: 

• A large required balance necessary to avoid charges
• Unspecific APY for savings accounts
• Expensive charges

Fees

Chase has three different types of business bank accounts for LLCs options, which each come with a business debit card and the ability to deposit cash at in-person branches.

The Chase Business Complete Checking has a monthly charge of $15, which is waived if the daily balance is at least $2,000. The Chase Performance Business Checking requires a $35,000 combined average beginning day balance to be fee-free, while the Chase Platinum Business Checking calls for a $100,000 combined average beginning day balance to not have to pay a fee. 

These banks for LLC accounts do have features that are beneficial, unfortunately they aren’t offered without a monthly maintenance fee like Bluevine does.

Interest Rates

Chase Business Checking accounts don't provide any return on investments (ROI) for depositors. Nevertheless, businesses can gain interest by opening a Chase Business Savings account, however, one must inquire about the rate of return (APY) that’s available.

Lending

Chase for business provides different borrowing options. Besides its business credit card services, it has loans and lines of credit which can be tapped into. Lines of credit are available between $10,000 and $500,000, while loans commence at $5000.

 

 

Ranking Methodology for the Best Business Bank Accounts for LLCs

It's essential to take into account a few important elements when evaluating business bank accounts for LLCs in order to discover the account that’s most suitable for the business. The following is a thorough explanation on the process of rating business bank accounts for LLCs:

• Fees — Transaction, Minimum Balance, Early Termination, Daily Batch: Many banking institutions that supply business bank accounts for LLCs have tried to lure in small entrepreneurs by forgoing regular fees in specific scenarios or removing them completely. The right business bank accounts for LLCs won’t charge fees in areas that are significant to your venture, such as supplying unrestricted transactions or free cash deposits per month. Recurring maintenance payments and other expenses can quickly add up, making this an essential point to consider.
• Interest Rate — APY on Checking & Savings Accounts: A few of the banks for LLC accounts in our study provide an APY on their checking accounts. A few of the highest-rated banks for LLC accounts offer a return as high as 1.5%, making them a great choice for business owners. The higher the APY, the more financially beneficial it's. 
• Account Features — Online Banking, Mobile Banking, Bill Pay: When choosing banks for LLC accounts, it's important to look at the different features each account offers. This can include online and mobile banking, the ability to pay bills remotely, overdraft protection and other features that can help the organization manage money more productively.
• Lending — Lines of Credit, Credit History: Building a credit history is essential for a small business, just as it's for individuals. It's also likely that a business owner will need financial aid to pay salaries, bills, and other expenses. Moreover, loans to purchase equipment or expand the business are also essential. Business bank accounts for LLCs in particular banking institutions can make it easier to acquire such loans. Having an established relationship with the bank can increase the chances of a loan being approved, even if the business has bad credit. 
• Security — Multi-Factor Authentication, Encryption, Fraud Detection: When deciding on business bank accounts for LLCs, protection should be at the forefront of the company's mind. They should evaluate the strength of the bank's security features, like two-step verification, encryption, and anti-fraud measures. They should research the security history of the bank and confirm that it's compliant with government regulations.

 

 

Best Business Banking Account for LLCs – Buying Guide

If you require further information, this section will assist you with your questions.

Why Business Bank Accounts for LLCs Are Needed?

Proprietors must have business bank accounts for LLCs that are independent from their own personal account. Legally, LLCs are individual from their owners, which implies they are shielded from any personal liability for business obligations and legitimate cases. If there's no such separation, the court can take any of the individual's own assets in case of a lawsuit.

To keep up the legitimate differentiation, it's imperative to keep the business and personal funds independent. If these two are blended together, a court may find that the LLC is a fake and hold the individual accountable.

How to Open Business Bank Accounts for LLCs

When you establish a limited liability company (LLC) you can opt for either a single-member structure or include multiple proprietors. If you choose the latter, it's essential to search for a financial institution which offers shared accounts. 

Necessary details to be provided are as follows:

• Primary business location
• Business name & address
• State where your LLC is registered
• EIN (employer identification number) or SSN if you’re a single-member LLC
• Personal information of the business owner (SSN, DOB)
• Date of LLC registration

What Other Documents Does the Bank Need to Open LLC Bank Accounts?

The paperwork that banks for LLC accounts will require of you can differ, but here's an overview of what you may be asked to provide.

• LLC articles of organization or certificate of formation
• LLC operating agreement

To avoid potential issues, it's advised to either contact the bank or visit their website to check if you have all of the necessary documents to open business bank accounts for LLCs. Certain banks may allow you to open business bank accounts for LLCs online, while other banks may require all owners to personally meet with a bank representative in order to submit their application.

 

 

Best Business Bank Accounts for LLCs: Frequently Asked Questions (FAQs) 

Can I Use My Personal Bank Account For My LLC?

It's possible to use your own bank account for your LLC, though we strongly discourage it. Establishing an LLC safeguards your personal resources should something go awry with your business. Nevertheless, if you keep using your own bank account for your LLC, it's likely that the authorities will be able to access your individual possessions.

Do I Need Separate Banks for LLC Accounts?

When you create an LLC, it's a distinct legal entity from its proprietor and is used to divide the individual and business funds. While it's not necessary to have separate banks for LLC accounts in accordance with state and federal regulations, it's sensible to have them apart to make handling of finances easier and to steer clear of issues down the road. 

Additionally, you can instantly open business bank accounts for LLCs with free online banks like Bluevineand start seeing the advantages in no time.

How Much Does It Cost to Open Business Bank Accounts for LLCs?

The prices for opening business bank accounts for LLCs may differ based on the financial institution. It's possible that there's no fee associated with opening one. However, you may be asked to pay either an annual or monthly fee. 

Additionally, some business bank accounts for LLCs need a specific amount of money as a minimum balance, which isn’t related to a fee.

Bottom Line on Best Business Bank Accounts for LLCs 

Banks for LLC accounts may appear intimidating and have an enormous influence on the success of a business, but there's a way to regain control. You can do this by researching the options available and selecting the terms that best meet your requirements. As a small business, you’re a consumer of the bank and the customer always has the authority. 

The best business bank accounts for LLCs will depend on the needs of the business. Bluevine, Novo and American Express are some of the more popular accounts because of their competitive fees, interest rates and features.

Read about the best small business banks for Indiana here!

 

 

Related Articles

Best Business Checking Accounts

Bluevine Business Checking Review

Chase Business Checking Review