6 Best Business Checking Accounts for Your LLC
- Chase Business Checking Accounts: Best for small LLCs and side businesses.
- Capital One Business Checking Accounts: Best for LLCs with numerous transactions.
- Bank of America Business Checking Accounts: Best for LLCs who make frequent cash deposits.
- Wells Fargo Business Checking Accounts: Best for small but growing LLCs.
- Azlo Business Checking Account: Best for online-based LLCs.
- Axos Business Checking Accounts: Best for real estate LLCs.
We all have a favorite personal bank—perhaps the one you grew up using or the one where you opened your first bank account yourself. But when you need to choose the best business checking account for your LLC, pure loyalty simply isn’t enough. There’s actually a lot that goes into this decision. After all, the business bank account you use will not only allow you to separate your personal and business finances—it will also have an effect on the way you manage your day-to-day business operations.
This being said, with all of the small business bank accounts on the market, there’s no doubt that you may be able to find a few options that will serve your business well. However, in order to truly find the best business checking account for your LLC, you’ll want to step back and consider your business’s needs, priorities, and budget with regard to your business bank account.
To help you through this process, therefore, we’ve compiled this list of the best business bank accounts for LLCs. We’ll explore business checking account options from six of the best banking providers and break down all of the information you need to decide which is the right account for you.
The Best Business Checking Account for Your LLC: 6 Top Options
As we mentioned, choosing the best business checking account for your LLC is an important decision. Once you’ve established your LLC, setting up a business checking account will be the natural next step to take in order to get your operations running and manage your finances.
This being said, then, let’s dive into the details of our list of the best business bank accounts for LLCs.
1. Chase Business Checking Accounts: Best Business Bank Accounts for Small LLCs and Side Businesses
If you operate your LLC as a side business—or if you’re just starting out and have a slow trajectory of growth—the high minimum balance requirement of some other business checking accounts might be unrealistic for your stage of business.
If this is the case, then a business checking account from Chase Bank may be a perfect fit for you.
Chase Bank offers three of the best business checking accounts for LLCs:
- Chase Total Business Checking
- Chase Performance Business Checking
- Chase Platinum Business Checking
With a low monthly fee and small minimum balance requirement compared to other options on the market, the Chase Total Business Checking Account might be a great option if you’re a small or low-income LLC.
The Total Business Checking Account costs just $15 a month, but that fee is waived if you maintain a minimum daily balance of $1,500. This is the lowest balance required by any bank for waiving the monthly fee. Therefore, if you’re a small business just starting out and don’t have extra cash flow in the bank, the Chase Total account might be the best business checking account for your LLC.
Additionally, with this Chase business checking account, you receive 100 transactions a month, unlimited free electronic deposits, and can deposit $5,000 in cash without having to pay a fee. Plus, for a limited time, Chase is offering the opportunity to earn an extra $200 bonus for those opening a new business checking account. To see offer details and even apply for this account, you can click the button below.
Moreover, if you don’t think the Chase Total account is the best business checking account for your LLC, you may consider one of the two other options Chase offers—keeping in mind that Chase Performance and Platinum both have higher monthly fees.
Other LLC Benefits From Banking With Chase
If you choose to get a business checking account for your LLC from Chase, you’ll also have access to some of the best business credit cards on the market.
Through your Chase business checking account, you’ll be building rapport and financial history with a credit card provider that offers significant benefits. For example, the Chase Business Ink Preferred card offers:
- An 80,000 point sign-up bonus
- Approval for credit scores starting around 660
- Ability to earn 1 to 3 points per dollar spent
- Potential to earn substantial cashback
Because it offers all of these benefits for a small $95 annual fee (waived in the first year), the Chase Business Ink Preferred card is considered one of the best business cards on the market.
Moreover, Chase provides a variety of other business credit cards as well as merchant services and other assistance for small businesses. On the whole, therefore, as a banking provider, Chase has a robust product suite—adding to their position on our list of the best business checking accounts for LLCs.
2. Capital One Business Checking Accounts: Best Business Bank Accounts for LLCs With Lots of Transactions
Some banks have a pretty small limit for the number of transactions that you can process each month before having to pay additional fees. When you run a business that processes a substantial number of transactions, especially at a low dollar amount for each sale, these fees can quickly add up to a significant expense.
If that’s the case for your business, the best business checking account for your LLC might be from Capital One.
There are two options for business checking accounts from Capital One:
- Spark Business Basic Checking
- Spark Business Unlimited Checking
Depending on the size of your LLC, you might want to go for the more robust option, Spark Business Unlimited Checking. This business checking account from Capital One offers your LLC unlimited transactions, no fee for cash deposits up to $40,000 per month, and they’ll waive the monthly fee if your 30- or 90-day account balances average $25,000. With the Spark Business Unlimited, you also receive two Spark Business Basic Checking accounts for free.
However, if your business doesn’t quite have the cash flow for the Unlimited Checking option, the Spark Business Basic Checking account still offers unlimited transactions for a lower monthly fee and waiver requirements.
Other LLC Benefits From Banking With Capital One
Similar to Chase, Capital One has a focus on small businesses—making it a great banking option for an LLC that’s just getting started. For example, if you open a business bank account from Capital One, you’ll also gain access to their Spark Business IQ, a resource for entrepreneurs in how to manage their business.
Additionally, Capital One provides an impressive suite of credit card products, including the five Capital One Spark Business Credit Cards. These cards offer numerous rewards, no matter what your business is looking for—whether you need to build or rebuild credit, or are looking for maximum cashback. Moreover, Chase offers business savings accounts, merchant services, cash management tools, and more.
Therefore, with a focus on small business and the ability to tailor products to different industries, if you’re a new entrepreneur just getting started, Capital One is a great option to consider for the best business checking account for your LLC.
3. Bank of America Business Checking Accounts: Best Business Bank Accounts for LLCs With Cash Deposits
Are you opening a brick-and-mortar retail location that often deals in cash? If so, this will be something that you’ll want to keep in mind when choosing the best business checking account for your LLC.
Some banks carry hefty fees for cash deposits—which can add up over time. This being said, to avoid substantial fees for depositing cash, you might consider Bank of America as the top option for your business bank account needs.
Bank of America has two options that are available to LLC business owners:
- Business Fundamentals
- Business Advantage
Of these two accounts, the best one for an LLC that makes numerous cash deposits is the Business Fundamentals account. The Bank of America Business Fundamentals account allows you to deposit up to $7,500 a month for free. After $7,500, you’ll pay $0.30 for each $100 in cash you deposit.
This business checking account from Bank of America has a monthly fee of $18. However, Bank of American offers five different ways for you to get this monthly fee waived:
- Charge at least $250 per month in net new purchases on a Bank of America business debit or credit card
- Maintain an average monthly balance of $5,000 or more
- Keep a minimum daily balance of at least $3,000
- Maintain a combined average in linked Bank of America accounts of $15,000 or more
- Qualify and enroll in Bank of America’s Preferred Rewards for Business program
If you can meet any of these qualifications, you’ll be able to receive a Business Fundamentals checking account with no monthly fee—each of which involves a step that financial experts recommend in order to maintain the general financial health of your business.
Moreover, in addition to offering some of the lowest fees on cash deposits, the Business Fundamentals account also includes 200 free transactions per month, as well as free online and mobile banking.
Other LLC Benefits From Banking With Bank of America
One of the reasons that Bank of America stands out as a great banking provider for LLC businesses is that they make it so easy to waive the monthly fee for their business checking accounts. You have five options to be able to waive your monthly fee and all of them are pretty simple to achieve, even for a small or newer LLC.
Additionally, Bank of America also offers a variety of business savings accounts, business credit cards, as well as point of sale systems through Clover POS. Therefore, considering all of these factors—especially for businesses with cash deposit needs—Bank of America offers some of the best business bank accounts for LLCs.
4. Wells Fargo Business Checking Accounts: Best Business Bank Accounts for Small but Growing LLCs
As we’ve mentioned, there are a number of factors to consider when choosing the best business checking account for your LLC. If you’re a fast-growing business, however, evaluating a bank partner can be even more significant, and possibly more confusing—what seems like the right fit for your business now may not be ideal six months from now—or even sooner.
Therefore, for businesses on a fast trajectory of growth, there are several reasons to look to Wells Fargo as your banking partner.
Wells Fargo offers LLCs four different options for business checking accounts:
- Business Choice Checking
- Simple Business Checking
- Platinum Business Checking
- Analyzed Business Checking
As you can see, one of the most immediate perks of opening a Wells Fargo business checking account for your LLC is having multiple options within one bank—not many banks offer four different business checking accounts to choose from. With all of these options, then, it makes it easier for your business to grow as you can continue to use a more advanced Wells Fargo checking product as your business progresses.
This being said, whether your business primarily deals in cash, is looking for a high number of free monthly transactions, or would prefer multiple ways to waive your monthly fee, the Business Choice Checking account may be the best business checking account for your LLC. This account has a number of benefits and is a great starting point for LLCs who plan on growing quickly.
The Wells Fargo Business Choice Checking account allows you to deposit up to $7,500 per month, with a small fee of $0.30 per 100 over that monthly limit. Additionally, this account includes 200 free transactions per month, with a $0.50 per transaction fee after that threshold.
This Wells Fargo account has a $14 monthly fee, however, like Bank of America, there are five different ways to waive it:
- Maintain a $7,500 average balance
- Maintain a $10,000 combined balance between business checking, savings, time accounts, and credit
- Make 10 or more posted business debit card purchases/payments
- Link a Wells Fargo direct pay service
- Make qualifying transactions from a linked Wells Fargo Merchant Services account
Other LLC Benefits From Banking With Wells Fargo
On top of offering a number of great business checking accounts for your LLC, Wells Fargo has additional benefits for small businesses. One of the most notable is that Wells Fargo is one of the biggest lenders out there. In fact, Wells Fargo is among the most active SBA lenders in the United States.
Therefore, Wells Fargo not only offers great options for LLC business loans, but they also have the highest access to SBA loans—considered the best small business loan product on the market. With all of these loan products, your business has options for financial growth, in addition to business checking accounts, within a single banking institution.
Plus, if you decide Wells Fargo does have the best business checking account for your LLC, you can use this bank account to build credit with a potential lender. If you pay your bills on time, maintain a significant balance, and show strong borrowing history, you’ll be more likely to be able to turn to Wells Fargo as a lending option for your business.
Moreover, like the other banks we’ve discussed, Wells Fargo provides savings accounts, credit cards, merchant services, and payroll services for small businesses as well.
5. Azlo Business Checking Account: Best Business Bank Account for Online-Based LLCs
If your business generates its revenue solely through digital transactions selling online—and you’re more than happy never to set foot in a brick-and-mortar bank again—you’ll want to check out Azlo Business Checking. This all-digital checking account doesn’t come with the wide-ranging suite of financing products you’d find at your local bank, but it’s simple, straightforward, and completely free to use. All Azlo accounts are backed by BBVA Compass Bank, so they’re all FDIC-insured.
Unlike the other banks on this list, Azlo only offers one business checking account option. Although this gives you less freedom to pick and choose your product, Azlo’s single option certainly makes the process of finding the best business checking account for your LLC much simpler. Plus, there are numerous benefits involved with choosing the Azlo Business Checking account.
For example, some key Azlo features include:
- Free bank-to-bank ACH transfers (domestic banks only, with free international transfers coming soon)
- Free debit card with free ATM access at select ATMs, and no foreign transaction fees
- Mobile check deposit
- Receive domestic and international wires for free
- No minimum balance requirement and no monthly fee
- A fast and free online signup process
Therefore, if your LLC is operating entirely online anyway, you might as well choose a business bank account that functions in the same vein.
Other LLC Benefits From Banking With Azlo
Although Azlo doesn’t offer quite the amount of business financial products as some of the more traditional banks on our list, there are supplementary tools you’ll receive when you sign up for an Azlo checking account.
With Azlo, you’ll be able to more efficiently track and manage your account with the ability to:
- Create and send invoices to request payment instantly
- Connect your business’s Stripe, Square or PayPal payment processing accounts
- Pay your bills electronically and mail check to anyone
- Make instant, free payments between Azlo users
- Get paid, fee-free by check or ACH deposit
As you may have noticed, the uniting factor between Azlo’s features is that they’re all completely free. Once again, even though Azlo can’t offer a small business loan or business credit card, this business checking account option thrives on simplicity, no fees, and accessibility. So, if your business is making money by accepting online payments, you want access to free transactions, and you don’t mind managing your bank account online as well, there’s no doubt that Azlo could be the best LLC bank account for you.
6. Axos Business Checking Accounts: Best Business Bank Accounts for Real Estate LLCs
Finally, we’ve reached the last option on our list of the best business bank accounts for LLCs. If you own more than one property under an LLC name and have no problem with an online-based bank, you’re an ideal customer for Axos. Axos provides online-only checking accounts, albeit with some different features than you would get with Azlo—more importantly for real estate LLCs, however, Axos allows you to create separate checking accounts for each of your properties, and link them all to one master account.
When it comes to Axos business bank accounts, you’ll be able to choose from two checking account options: Axos Basic Business Checking and Axos Business Interest Checking. The Axos Basic Business Checking account requires a $1,000 initial deposit, but once you open your account, you’ll have access to a variety of free features, including:
- Fee reimbursements on all domestic ATMs
- 200 free items per month ($0.30 per item after this limit)
- Free remote deposit for 60 items per month
- 50 free paper checks
- Online banking features (e-statements, bill pay, mobile app)
Additionally, once you open your Basic Business Checking account, you won’t pay any monthly maintenance fees and you’ll have no average daily balance requirements. With the Axos Business Interest Checking account, on the other hand, you’ll have to maintain a $5,000 average daily balance, otherwise, you’ll be charged a $10 monthly maintenance fee. However, you’ll want to maintain a balance with the Axos Business Interest Checking account, given that you’ll earn up to 0.8% APY after fulfilling your initial $100 deposit requirement.
This Axos account will also offer features similar to the Basic Checking account, such as unlimited fee reimbursement on domestic ATMs and 60 free remote deposits per month. On top of gaining interest with the Axos Interest Checking account, the other main difference between this account and the Basic Checking account is that you’ll have fewer free items per month (50 compared to 200).
However, regardless of which of these two Axos checking accounts you choose, the main benefit for real estate LLCs is, once again, that you’ll be able to open a business checking account for your LLC and link additional accounts for each property to this main account.
Other LLC Benefits From Banking With Axos
Like Azlo, Axos will not offer some of the more in-depth business financial tools that some of the brick-and-mortar-based banks on our list can provide. Nevertheless, on top of their business checking account products, Axos also offers business savings accounts, commercial banking services, as well as commercial lending services. Moreover, if you’re looking to manage your personal and business finances within one banking institution, Axos provides a variety of personal bank accounts as well.
What to Look for to Find the Best Business Checking Account for Your LLC
Now that we’ve explored some of the best business bank accounts for LLCs, you may still be wondering how to choose the right one for you. After all, even within the scope of our list, there are numerous options to choose from. This being said, let’s talk a little bit more specifically about what you should be looking for as you consider these different business checking accounts.
Ultimately, the best business checking account for your LLC will be the product that can meet your needs and budget—which will be different from business to business. However, there are a few basic benchmarks you can use to compare business checking accounts against each other. These criteria will help you determine the account that’ll be the best fit for your LLC:
No Monthly Fees—or the Ability to Waive Fees
Although banks used to pay you in the form of interest to keep your money with them in a business checking account, that’s not quite the case any longer—unless, of course, you have an interest-bearing checking account or a business savings account. Now, it’s much more common for banks to charge you a monthly fee to maintain your business bank account once you’ve opened it.
Therefore, as you explore different business checking account options, monthly fees are one of the first criteria you’ll want to consider. Some banks do offer free business checking accounts, whereas others may charge a monthly fee, but also offer a variety of ways you can qualify to waive that fee.
Ideally, then, you’ll be able to find a business bank account that falls into one of these categories. If your business checking account provider offers more than a few ways for you to qualify to waive your monthly fee, even better. However, in this case, it’s important to keep in mind that if you choose a business checking account with a high monthly fee and fail to meet the specified requirement after a few months, then you may end up to having to consistently pay this fee.
This being said, you’ll always want to read the fine print—any details or terms and conditions regarding fees—before choosing the best business checking account for your LLC.
Features That Facilitate the Way You Do Business
In addition to looking to avoid a monthly fee that will cut into your bottom line, another key factor to consider is how any specific business checking account can accommodate your business’s particular situation.
For example, if you do most of your business in cash, you’ll want a business bank account that has brick-and-mortar branches for deposits and allows you to deposit a significant amount of cash on a monthly basis without charging additional fees. On the other hand, if your business makes a high amount of monthly transactions, you want to find the business checking account that offers the greatest number of free transactions so that you’re not exceeding your limit each month and paying corresponding fees. Or, if you’re completely new to business and aren’t sure about being able to maintain a minimum balance, you’ll want to find a business checking account that doesn’t require you do so.
Therefore, as you search for the best business checking account for your LLC, you’ll want to carefully consider how you operate—to ensure that the way you do business is a good fit for the terms and requirements of the bank you decide to partner with.
Finally, when you’re in the process of choosing the best business checking account for your LLC, you have to think about scalability and growth. It’s important to not only consider if the account is right for your current business circumstances but also how any given account will be able to accommodate your needs in the future.
This being said, you’ll want to consider the different business checking account products offered within any banking institution, as well as any additional products they offer, such as savings accounts, credit cards, small business loans, merchant services, etc. After all, setting up accounts and building a relationship with a new bank can be a time-consuming process. There may also be fees involved when switching from bank to bank.
To avoid making frequent changes, then, you’ll want to think about the future needs of your business as well as your current circumstances to make sure that the checking account you choose will be a good, long-term fit.
Choosing the Best Business Checking Account for Your LLC
At the end of the day, even with the variety of options from different banking institutions and the specifics involved in the search process, there is a business checking account out there that’s right for your LLC.
Although there are many factors to consider as you look for your business bank account, if you keep in mind the criteria we discussed—monthly fees, features related to how your business operates, and growth opportunities—you’ll be off to the right start.
Certainly, any of the options on our list of the best business checking accounts for LLCs might be right for you.
Ultimately, it’s most important to remember that when it comes to choosing a business checking account, you are the customer. Therefore, don’t be afraid to talk to different banks about their products and discuss what they can offer you throughout the lifecycle of your business.
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