If you are a Limited Liability Company (LLC), you must register a business checking account in the name of the LLC as the legal entity that holds funds in your company. This will be extremely useful in the case of a lawsuit or big liability since it proves that you and your business are separate financial entities. Therefore, we reviewed the top 5 best business bank accounts for LLCs as belows.
List of Contents
1. Chase Business Complete Banking
Monthly fee: $15
Minimum opening deposit requirement: $0
APY: None
Transactions: Unlimited electronic deposits are permitted, as 20 free teller and paper transactions each month.
Bonus: $300
Why We Select It
Having an account with Chase is another good choice for LLC. This is because it provides the greatest branches and ATM access. Moreover, it offers the lowest monthly service fees and simple waiver choices, and reasonable minimum balance requirements to keep your account open.
In addition to these benefits, Chase offers 100 fee-free transactions per month, $5,5000 in free cash deposits each month, credit and debit card services, fast internet banking, and much more. The best thing is that the firm has over 4,700 branches and 16,000 ATMs nationally, with no domestic ATM fees.
Pros
- There is no minimum opening deposit.
- A $300 sign-up bonus is available.
- Over 16,000 Chase ATMs and 4,700 locations in the United States are available.
- Credit card processing is included.
- Electronic deposits are unlimited.
Cons
- Overdraft costs are expensive.
- Physical transactions with no fees are restricted to 20 per month.
- Monthly fee-free cash deposits are restricted to $5,000.
2. Bank of America
Monthly fee: Business Advantage Fundamentals costs $16 and Business Advantage Relationship costs $29.95.
Minimum opening deposit requirement: $100
APY: None
Transactions:
- Fundamentals of Business Advantage: Up to 200 fee-free transactions, then 45 cents per item.
- Relationship with Business Advantage: Up to 500 fee-free transactions, then 45 cents per item.
- Both accounts have an unlimited number of fee-free electronic transactions.
Bonus: New accounts will receive a $200
Why We Select It
If you deal with a lot of cash, Bank of America allows you to make 200 free cash deposits every month before incurring fees. Moreover, Bank of America provides a free minimum deposit of up to $7,500 before charging a 30-cent fee for every $100 cash deposit beyond the limit. As if that weren’t enough, they provide up to 200 free transactions every month.
Pros
- Cash deposit limitations are high.
- Has 16,000 Bank of America ATMs and 4,200 branch locations throughout the United States.
- There are several ways to open an account: online, by phone, or in person.
- Electronic transactions are fee-free continuously.
Cons
- Expensive incidentals.
- There is no option for a free business checking account.
- Non-Bank of America ATM fees is $2.50 for domestic ATMs and $5 for overseas ATMs.
3. NOVO
Monthly fee: $0
Minimum opening deposit requirement: $0
APY: None
Transactions: Unlimited
Bonus: None
Why We Select It
Novo is a wonderful alternative for small-company operators. This is because it has no monthly fees, unlimited ATM reimbursements, and an emphasis on digital banking. Moreover, Novo has its integrated invoicing solution as well as direct interaction with leading business tools, making it suitable for optimizing financial procedures and monitoring various accounts in one location. However, Novo has a strong online focus that it does not accept cash deposits. Many firms, on the other hand, allow you to deposit cash using an online business checking account.
Pros
- There are no monthly fees or a minimum balance required.
- All ATM costs are refunded globally.
- Online banking with limitless invoicing and bill pay capabilities
- The ability to send paper checks is free.
- Cooperation with leading business software such as QuickBooks, Xero, Stripe, and Shopify.
Cons
- Bill pay does not support recurring payments.
- It is unable to deposit cash.
- Insufficient funds cost $27.
- It is not possible to send domestic or international wires.
4. BlueVine
Monthly fee: $0
Minimum opening deposit requirement: $0
APY: 1.5% on balances totaling up to $100,000
Transactions: Unlimited
Bonus: None
Why We Select It
If you are seeking the perfect small company checking account for an LLC, here is an online business banking supplier that promises a quick free LLC account setup. Moreover, the company not only allows you to create a business checking account for an LLC in a matter of minutes, but there is no initial deposit necessary also. Therefore, once your account is established, you may enjoy unlimited free transactions, no monthly fees, and no monthly maintenance costs balance requirements to keep your account active. In addition to all of the benefits, you will have access to over 38,000 ATMs nationally and will be rewarded with a 1% continuous APY income if you keep more than $1,000 in your account.
Pros
- There are no fees, no minimum initial deposit, and no balance requirements.
- It provides fee-free ATM access via the MoneyPass network.
- On account balances up to and including $100,000, get 1.50 percent interest.
- There are no transaction fees.
Cons
- There are no linked accounts.
- Cash deposits at Green Dot locations are subject to a charge of up to $4.95.
5. LendingClub
Monthly fee: $10 (Waived with a monthly balance of $500 or more)
Minimum opening deposit requirement: $100
APY: 0.50% APY on accounts up to $100,000, and 0.10% APY on balances above $100,000
Transactions: Unlimited
Bonus: None
Why We Select It
LendingClub is an online account created exclusively for small company owners. Despite being an online bank, LendingClub maintains four unique ATMs and two locations in Boston. In addition, LendingClub operates a Small Business Administration loan office in Chicago. Therefore, unlike some online business checking accounts, which use banking services offered by other financial institutions, it is provided directly by LendingClub.
Pros
- There is ATM access with no fees and the option to deposit cash.
- Reimbursement for ATM costs incurred by other banks is unlimited.
- Earn up to 1% cash back on all debit card purchases.
- Transactions are not restricted.
- Earn 0.50% APY on accounts up to $100,000 and 0.10% APY on any subsequent amounts.
Cons
- A $100 starting deposit is required.
- The monthly charge is $10.
- A minimum balance of $500 is necessary to earn debit card rewards and avoid monthly fees.
Conclusion
To conclude, after reading our review, selecting the best business checking account for LLCs should be easy. However, one thing you should remember is that the greatest business checking institution should provide all of the capabilities that your company needs at a reasonable price. Moreover, if you operate a significant company that deals in cash, you will need a business bank account from a major U.S. bank. It is smart for small companies that deal in cash to create an account for their LLC by checking with a local bank. As a result, if you wish to do all of your banking operations online, choose the online provider.
FAQ
A business bank account for an LLC is a separate bank account that is used only for the LLC’s business operations, allowing for clear financial records and legal separation of personal and corporate funds.
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Source: Nerdwallet