This article is written by our friends at Relay Financial.
Why LLCs need a business bank account
One of the best features of limited liability company (LLC) ownership is liability protection—but to preserve it, you need to keep your personal and business expenses separate. If your LLC ever goes bankrupt or gets sued, you can use this separation to make sure your personal assets are off-limits.
Establishing a business bank account can also help you build a credit profile for your business. A small business bank account will allow you to apply for business credit cards, lines of credit, loans, or mortgages in the business’s name, instead of in your own.
Not all business bank accounts are created equal, though. The options are endless, and you have both digital banks (also known as “neobanks”) and traditional financial institutions to choose from. At Bench, we work with thousands of small businesses—and we see the common pain points they face daily. To save you some time, we narrowed down the eight best business bank accounts for LLCs. Let’s get started!
Best business bank accounts for LLCs: our top picks
We broke down our top picks into two main categories: online business banking platforms and traditional brick-and-mortar banks, with four options to choose from in each category.
Let’s start with your options for online banking:
Best online business banking platforms
Online banking platforms are designed for day-to-day business operations. As the name implies, all banking here is done online, without any physical branches. These types of platforms usually partner with existing financial institutions to deliver basic banking services.
Since online banks are built to help businesses manage daily spending, they typically offer more features and flexibility than traditional brick-and-mortar banks. For example, online banks often allow you to open multiple checking accounts, manage expenses with virtual cards, and take advantage of advanced automation—all with no or very few fees. Here are our top picks in this category:
- Relay - Best for managing cash flow
- Mercury - Best for technology startups
- NorthOne - Best banking for side hustles
- BlueVine - Best for business lending
Relay: Best for managing cash flow
Relay is a no-fee, online business banking and money management platform designed to give you clearer visibility into your operating expenses and help you manage your cash flow.
Want to allocate cash for things like taxes or payroll across multiple checking accounts? With Relay, you can open up to 20 individual checking accounts to compartmentalize your expenses. Need better tools to track and control team spending? Relay lets you issue up to 50 physical or virtual debit cards with spending limits to your team. Prefer more clarity on your transactions? Relay provides you with detailed data about every deposit, payment, and card transaction.
Relay is also a great option for easy collaboration with your team. You can avoid tons of back-and-forth by giving secure, read-only banking access to your bookkeeper, lawyer, or anyone else.
And for businesses that want to take that extra step, Relay Pro—an accounts payable upgrade—allows small businesses to review, approve, and pay bills directly in their banking dashboard.
Pros
- Checking accounts: Up to 20, each with its own unique account and routing numbers
- Debit cards: Up to 50 physical or virtual cards
- FREE business banking: No account fees, no minimum balance requirements, and no overdraft fees
- FREE withdrawals: At over 55,000 Allpoint ATMs
- Detailed transaction data: See the vendor’s phone number, website, address, and industry category next to every transaction
- Bank from anywhere: Web, iOS, or Android
- Get personalized customer support when you need it
Cons
- No savings accounts
- No credit cards
- Not a good fit if making a lot of cash deposits
Applicable banking fees
- Domestic outgoing wires: $5
- International outgoing wires: $10
- Relay Pro for $30/month, you get:
- Unlimited outgoing domestic and international wires
- Same-day ACH transfers
- Advanced accounts payable features
TrustPilot Score: 4.4/5
Who Relay is best for
Relay is the perfect business banking platform for businesses that are super serious about taking control of their cash flow. If you’re looking for modern business banking for your LLC, Relay’s free checking accounts, debit cards, and payment options make it an easy choice.
In collaboration with Bench, Relay is offering small businesses a $50 sign-on bonus when they open a new Relay account using our link! Open a Relay Account Now
Mercury: Best for technology startups
Mercury has built an online banking solution for growing, digital-first technology startups. They offer all the basic banking features you’d need to scale your business, a savings account, and even their own venture debt program.
The idea behind Mercury is a banking platform full of features—in Mercury’s own words—designed for “hockey sticks” or high-growth startups.
In addition to providing business banking essentials, Mercury also gives founders access to community resources. This includes things like “Investor DB,” a curated list of some of the best startup investors, and “Raise,” a connector program that puts founders in touch with investors for seed, series A, and DTC funding. Finally, Mercury also provides funded startups with additional access to more capital through its venture debt product.
Pros
- Checking accounts: 15 individual checking accounts
- Debit cards: One physical card per user
- FREE business banking: No account fees, no minimum balance requirements, and no overdraft fees
- FREE withdrawals: At over 55,000 Allpoint ATMs
- Bank from anywhere: Web, iOS, or Android
- Savings account: One savings account per business at 0.001% interest
- Tea Room: $250k balance unlocks elevated perks such as events, phone support, and free tea
- Venture debt program facilitates fundraising for seed, series A, and DTC rounds
Cons
- No credit cards
- No cash deposits
- Debit card: Limit of 1 physical card per user
Applicable banking fees
- Exchange fee: 1% for 30+ currencies conversions
TrustPilot Score: 4.0/5
Who Mercury is best for
Mercury is the best for startups looking for basic banking features and access to a founder community. They have a ton of bells and whistles geared towards startups looking to scale, including opportunities to network with investors, an investor database, technology discounts, and access to capital.
NorthOne: Best banking for side hustles
NorthOne is built to help make managing money easy so you can focus on running your business. Its basic banking features and low fees make it the perfect business banking platform for solopreneurs and side hustles.
They provide small businesses with streamlined access to managing their finances—with a heavy focus on managing finances through a mobile app. The platform promises to put financial management on autopilot, with features like automatic categorization of expenses and the ability to manage receipts from one place.
With NorthOne, you can open one checking account with unlimited envelopes to automatically budget money for rent, payroll, taxes, and other budget categories. Traditionally, envelope budgeting was done with paper envelopes, but online banks have adapted digital envelopes to help businesses get better clarity into how they’re spending their money.
Pros
- Checking accounts: One, with unlimited envelopes
- FREE cash deposits: At over 90,000 Green Dot ATMs
- Bank from anywhere: Web, iOS, or Android
Cons
- Monthly account fee: $10
- Minimum balance to open: $50
- Debit cards: Physical cards only
- No savings accounts
- No credit cards
- No support for check payments
- No support for international wires
Applicable banking fees
- Domestic outgoing wires: $15
- Domestic incoming wires: $15
TrustPilot Rating: 3.7/5
Who NorthOne is best for
NorthOne offers the best business bank account for solopreneurs and side hustlers that are just starting their businesses. It offers the perfect banking mix for most small businesses, but the lack of international wires and check deposits could be a big gap for some small businesses.
BlueVine: Best for business lending
BlueVine is an online banking platform for small businesses that combines interest-bearing checking accounts, lending, and accounts payable features all into one product. If you’re looking to scale your business, they offer flexible funding solutions like a revolving line of credit so you can borrow, repay and access more funds as you grow.
Pros
- FREE business banking: No account fees, no minimum balances, and no overdraft fees
- FREE cash deposits and withdrawals: At over 90,000 Green Dot ATMs
- Two FREE physical checkbooks per business
- Interest checking account: 1.2% interest on an account balance up to $100,000
- Line of credit: Up to $250,000 for businesses that are at least six months old and generate $10,000 in monthly revenue
Cons
- Checking accounts: One main checking account, with two sub-accounts
- Debit cards: One physical debit card per business, can only be linked to main checking account
- No support for international wires
Applicable banking fees
- Domestic outgoing wires: $15
- Bill Pay with credit cards: 2.9% fee
TrustPilot Rating: 4.4/5
Who BlueVine is best for
With an interest-bearing checking account and a line of credit, BlueVine is the best business banking solution for business lending. The line of credit offers business owners up to $250,000 of debt that can be used at any time, and payback periods are more generous than charge cards (six to 12 months). In addition, the interest-bearing checking account rate is actually quite high (up to $1,200 in yield per year).
Best traditional banks
In contrast to online banking platforms, traditional banks have physical branches and provide you with face-to-face customer service. Not many online banking platforms offer interest-bearing savings accounts, so you’ll need to look for a traditional institution if you need one of those.
Traditional banks are also a good source of financing and offer lower interest rates, but you will usually pay higher fees compared to online banking alternatives. Our picks are:
- Chase for Business - Most comprehensive traditional bank for LLCs
- Capital One - Best traditional bank for high transaction volume
- Bank of America - Best suite of banking rewards for mature businesses
- Wells Fargo - Best for in-person business banking
Chase Business Complete Checking: Most comprehensive traditional bank for LLCs
If you don’t make many monthly deposits or other transactions but prefer the security of a large network of ATMs and storefronts, Chase Bank is a good choice for a new business bank account.
With Chase Business Complete Banking, you can enjoy a cash sign-on bonus, make unlimited electronic deposits, and manage multiple employee debit cards.
Pros
- Sign-on bonus: $300
- No minimum opening deposit
- Electronic deposits: Unlimited
- Bank from anywhere: In-person, Web, or the Chase Mobile® app
- Credit cards: Several business credit card options available
- ATM Network: 16,000 Chase ATMs
- Branches: 4,700 branch locations across 29 states
Cons
- Monthly account fee: $15, but can be waived with a minimum $2,000 daily balance, by spending $2,000 on a Chase debit card, or by depositing $2,000 per month into the account.
- Cash deposits: $5,000 every month
- Limited physical card transactions: 20 free transactions per month
Applicable banking fees
- Additional transaction fee: $0.40 per transaction after the 20 free transactions (not including electronic deposits)
- ATM fees: $2.50 per transaction at non-Chase ATMs
- Cash deposit fee: $2.50 per $1,000 after you deposit $5,000 in a billing cycle
- Domestic incoming wires: $15 ($0 if it originates from Chase)
- Domestic outgoing wires: $25 to $35
- International outgoing wires: $40 to $50
Who Chase is best for
The Chase Business Complete Checking account is the most comprehensive traditional banking account for LLCs. It’s built to cover the essentials but offers premium tools and services to take your business to the next level.
Learn more about Chase Business Complete Checking
Capital One Unlimited Checking Account: Best for high transaction volume
If your small business makes many monthly transactions, you’ll need a bank account that doesn’t penny-pinch you every time you write a check or make a deposit. Many banks offer limited free transactions per month, but Capital One’s Unlimited Checking offers truly unlimited transactions every month without any additional transaction fees.
Pros
- FREE unlimited transactions
- Cash deposits: Free up to $40,000
- Good domestic wire options: Free incoming wires and five free outgoing wires each month
- Bank from anywhere: In-person, Web, iOS, or Android
- Large credit card selection: Several business credit cards available
- ATM Network: 39,000 dedicated ATMs
- Branches: 750 physical branches in eight states
Cons
- Monthly account fee: $35, waived if prior 30- or 90-day balance averages $25,000 or more
- Minimum deposit requirement: $250
- Sign-on bonus: None
Applicable banking fees
- ATM fees: $2 per transaction at non-Capital One ATMs
Who Capital One is best for
Capital One’s Unlimited Checking account is best for transaction-heavy businesses that require more money movement.
Learn more about Capital One Unlimited Business Checking
Bank of America Business Advantage Fundamentals™: Best suite of banking rewards for mature businesses
Bank of America’s Business Advantage Fundamentals Banking package includes a large number of deposits and access to thousands of storefront locations and ATMs nationwide.
Qualifying members also have access to a wide range of Preferred Rewards For Business, including rewards bonuses on eligible credit cards, interest rate discounts on loans, payroll services cash backs, and professional advice.
Pros
- Free transactions: Up to 200 every month
- Up to $7,500 no-fee cash deposits: Monthly allotment
- Credit card availability
- Free withdrawals at over 16,000 Bank of America ATMs
- Members have access to a wide range of benefits and rewards
Cons
- $16 monthly fee. Can be waived by either maintaining a minimum daily balance of $5,000 or using your business debit card for $250 in qualified purchases every month
- Second checking account: $16/month
- Adding a savings account: $10/month
Applicable banking fees
- Transaction fees: $0.45 fee per transaction after the first 200 monthly transactions, not including debit card transactions, online bill pay, or online app deposits
- Domestic incoming wire: $15
- Domestic outgoing wire: $30
Who Bank of America is best for
Bank of America is the best fit for mature LLCs that want to get rewarded for doing business. The combined three-month average balance of $20,000 to qualify is hefty, but if your business falls into this category, you get access to a wide range of valuable rewards, benefits, and savings.
Learn more about Bank of America Business Advantage Fundamentals™
Wells Fargo Initiate Business Checking Account: Best for in-person business banking
If you prefer conducting your business banking in person, then Wells Fargo’s Initiate Business Checking account is for you. With over 5,000 branch locations, they have the most brick-and-mortar locations of any bank in the U.S., making this a convenient option, no matter which state you live in.
Pros
- Branches: More than 5,000 branch locations (the most of any U.S. bank)
- FREE cash withdrawal: From 12,000 ATMs across the country
- Business accounts can be opened online
Cons
- Monthly account fee: $10, waived by either maintaining a minimum daily balance of $500 or with a $1,000 average ledger balance
- Transaction fee: 100 free transactions per period
- Cash deposits: Free up to $5,000
- Minimum opening balance: $25
Applicable banking fees
- Transaction fees: $0.50 per transaction after 100 transactions/period
- Cash deposits: $0.30 per $100 deposited after $5,000
- Domestic incoming wires: $15
- Domestic outgoing wires: $30
- International incoming wire or foreign currency: $16
- Overdraft fees: $35
- Domestic ATM fees: $2.50 per transaction at non-Wells Fargo ATMs
- International ATM fees: $5
Who Wells Fargo is best for
Wells Fargo’s Initiate Business Checking account is perfect for businesses that still want to conduct their banking in person, with real people. It covers all the most common business banking needs with the most convenient access to in-person branch support.
Learn more about Wells Fargo Initiate Business Checking Account
How to open a business bank account as an LLC owner
- Choose a business bank account that’s the right fit for your LLC
- Gather all the documents needed to open an account
- Your articles of organization and LLC operating agreement. You would have received both of these when you formed an LLC in your state.
- A partnership agreement, if multiple people run your LLC.
- Any relevant business licenses—for instance, those needed to operate as a restaurant.
- Set up your account either online or in-person at a local branch
- Start banking!
For full steps, check out our blog on how to open a business bank account.
Further reading: What Do I Need to Open a Business Bank Account (Checklist)
Ready to choose the right business bank account for your LLC?
Now that you know more about business bank accounts for LLCs, take what you’ve learned and evaluate which option fits your business best. As you choose, look for a business account that will empower you and your team with financial clarity and help you focus on growing your business.
