What's the best business checking account for an LLC?

Panna Kemenes

12.05.23 (last updated)

7 minute read

Opening a business checking account is important for any LLC. This will facilitate business transactions and payments, and tax and accounting tasks. It will also offer personal protection by preventing business owners from becoming liable for company debts.

The best business checking account for an LLC is not always obvious. There are a wide range of accounts on offer - with different features and operating costs. For example, Wise Business is a smart banking alternative that’s great for international use.

Need an international business account?
Check out Wise Business

📝 Table of Contents
Best business checking account for LLC: Quick overview Best business checking account for your LLC: Top 5 What type of bank account is best for an LLC? What do you need to open an LLC business checking account?

Best business checking account for LLC: Quick overview

	Monthly fee	Great for
Chase Business Complete Banking℠	$15 (waived for balances over $2000 and other conditions).	Those that prefer the option of branch use. Businesses that accept credit card payments.
Bluevine Business Checking	No monthly fee	Businesses that are comfortable managing the account fully online. Businesses that do not need to make cash frequent deposits. Businesses that can benefit from interest payments.
Novo Business Checking	No monthly fee	Online businesses that will use the app integration options. Businesses that do not need to make cash deposits. Business owners that need to use ATMs (including overseas) extensively.
Bank of America Business Advantage Fundamentals™	$16 (waived for balances over $5000)	Businesses that want to use physical branches. Businesses that need to meet regular, or high, cash deposits.
U.S. Bank Silver Business Checking	No monthly fee	Small businesses that want the option of branch access, but without any account fees. Businesses that can qualify for the high signup bonus.
Wise Business	No monthly fee	Businesses that make or receive international payments. Any business that wants an online-only account with strong business tools and features.

Best business checking account for your LLC: Top 5

Chase Business Complete Banking℠

Chase offers a comprehensive business checking account, with the convenience of online access as well as branch use. It is one of the few banks to offer combined checking and credit card services, using its own tools. There are also frequent account opening bonuses, as well as promotions for taking out a business credit card.

Great for:

Those that prefer the option of branch use, as you can use the extensive Chase branch and ATM network.
Businesses that accept credit card payments.

Key features:

Online and branch access to account.
Cash deposits allowed and unlimited free electronic transactions.
Offers integrated credit card processing.

Account pros:

Access to the full Chase branch and ATM network across the US.
Free cash deposits, up to $5,000 per month.
Unlimited free electronic transactions.
Built in acceptance of credit card payments (without an additional merchant account).
Same day account deposits are possible when taking payments using Chase QuickAccept.
Regular promotions when opening a new account (in the first half of 2023, this is $300 for any new business that deposits $2,000 within 30 days of offer enrollment, maintains that balance for 60 days, and makes five qualifying transactions).¹

Account cons:

High monthly fees if you don’t meet the requirements to waive this.
Overdraft fee of $34.
No interest payments on account balances.

Account fees:

There is a monthly service fee of $15. This is waived if you have a daily ending balance of at least $2,000 each day in the month, or have at least $2,000 eligible deposited into the account.
Overdraft fee of $34, with a $50 limit and a 24-hour grace period.

⭐️ Trustpilot rating: 1.3 out of 5

Bluevine Business Checking

Bluevine Business Checking account is an online only option, ideal for small businesses or others who are happy to manage the account this way. It offers market leading interest rates on account balances, and no monthly fees.

Great for:

Businesses that are comfortable managing the account fully online.
Businesses that do not need to make cash frequent deposits.
Small businesses that typically maintain a balance and can benefit from interest payments.

Key features:

Full online account, with many useful banking features.
Cash deposits possible at Green Dot locations.
Use of MoneyPass ATMs.
The account allows up to five subaccounts (with separate account numbers) to better manage access and finances.

Account pros:

No monthly fees or balance requirements.
High interest rates (currently 2% APY on balances up to $250,000). This applies when you spend $500 per month with the account debit card or receive payments of $3,500 per month.
Two free checkbooks are included.
Free use of MoneyPass ATMs.

Account cons:

There is a fee for cash deposits, and these are limited to $500 each.
Use of other ATMs is charged.
No branch access is possible.

Account fees:

No monthly fees or minimum balance requirements.
Cash deposits charged at $4.95 each.
No overdraft fees.³

⭐️ Trustpilot rating: 4.3 out of 5⁴

Novo Business Checking

The Novo Business Checking account is an online only account, with interesting options for smaller and online businesses in particular. It specializes in offering extensive digital integration with other business and finance apps. It has no monthly fees, and no ATM fees domestically or internationally. Overdraft fees are high though, and there is no option for cash deposits, so this will affect some businesses.

Great for:

Online businesses that can take advantage of the extensive app integration options.
Businesses that do not need to make cash deposits.
Business owners that need to use ATMs (including overseas) extensively.

Key features:

Full online banking, but no branch use options.
Digital integration with thousands of apps (including Quickbooks, Stripe, Shopify, Ebay, Etsy, and Wise).

Account pros:

Free use of ATMs worldwide (any ATM fees are rebated to the account).
Novo offers valuable savings for account holders with several apps and services.
No monthly fees or balance requirements.

Account cons:

No cash deposits are allowed.
No physical checks are available.
No interest payments on account balances.

Account fees:

No monthly fees or minimum balance requirements.
Overdraft fee of $27.⁵

⭐️ Trustpilot rating: 3.9 out of 5⁶

Bank of America Business Advantage Fundamentals™

Bank of America offers the Business Advantage Fundamentals business checking account. This is a fully online account, but also has the option to use the Bank of America branch network. Fees are among the highest on offer, but it is possible to waive these by meeting balance requirements.

Great for:

Businesses that want to use physical branches.
Businesses that need to meet regular, or high, cash deposits.

Key features:

Full online, ATM and branch access possible.
The account offers free cash deposits, with some of the highest limits on the market.

Account pros:

Cash deposits are allowed free, up to a high limit of $7,500 per month.
Unlimited free electronic transactions (including ACH, debit cards, and mobile check deposit).
Sign up bonus for new customers (in early 2023, this is $200, when you make $5000 in deposits and maintain this for 60 days).

Account cons:

High monthly fees, and higher requirements than other banks to waive these.
Fees charged for using non-Bank of America ATMs.
No interest on account balances.

Account fees:

Monthly fee of $16. This is waived if a minimum balance of $5,000 is maintained.
Overdraft fee of $10.⁷

⭐️ Trustpilot rating: 1.4 out of 5⁸

U.S. Bank Silver Business Checking

U.S. Bank has an account offering that differs from the other major traditional banks. It provides the Silver Business Checking as a free business checking account. There are no monthly fees, and you still have access to physical branches for banking services.

Great for:

Small businesses that want the option of branch access, but without any account fees.

Businesses that can qualify for the high signup bonus.

Key features:

The account offers online and U.S. Bank branch opening and access.
Allows free use of U.S. Bank and MoneyPass ATMs.
Cash deposits are free, up to $2,500 per month.
The account allows 125 free transactions per month (more are charged at $0.50 each)
Payment processing solutions are available separately from U.S. Bank.
Sign up bonus for new customers of $500 (as at March 2023). This is only for new businesses in certain states, and requires $3,000 of deposits maintained for 60 days.

Account pros:

Branch use possible.
No monthly service fees or minimum balance requirements.
Welcome bonus for new customers is among the highest on offer.

Account cons:

Cash deposit limit of $2,500 is lower than some other banks.
No interest on account balances.
Limited banking tools and digital services interaction.

Account fees:

No monthly service fees or minimum balance requirements.⁹

⭐️ Trustpilot rating: 1.3 out of 5¹⁰

Wise Business

Wise provides the Wise Business account that is great for LLCs. Wise is not a bank, but a smart digital financial services provider. With Wise Business, you’ll get an online account with multiple features to manage your business with ease, and digital integration options. Wise accounts specialize in low-cost and convenient options for making and receiving payments in other currencies.

Great for:

Businesses that make or receive international payments.
Anyone that wants an online-only account with strong business tools and features.

Key features:

Integration with several apps and e-commerce platforms (including QuickBooks, Amazon and Stripe).
Several useful tools for business management, including batch payment and a free invoice generator.
The Wise Business account enables you to hold 50+ currencies in one account
For a one-off payment, you can also receive 10 local account details, including UK, Eurozone, Australian, New Zealand, and US account details. With these, you can get paid just like a local.

Account pros:

Ability to hold funds in multiple currencies and obtain local account details for several countries.
No hidden fees or exchange rate markup for currency conversion.
Ability to issue multiple debit cards and control card spending.

Account cons:

No branch access is available with online only service.

Account fees:

No ongoing account fees or minimum balance requirements.
There is a one-off fee to set up foreign currency local accounts.¹¹

⭐️ Trustpilot rating : 4.4 out of 5¹²

Get Wise Business today,
Easy to set up, easy to use

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

What type of bank account is best for an LLC?

It is important to have a separate business checking account for your LLC. Doing so will protect the company members in the event of lawsuits or financial problems. Members will not become personal liability for LLC debts.

While this liability protection is an overarching reason to open a business account, a good account will offer many more benefits. Different accounts will suit different types of business. There are many different features, offers, access and deposit methods, and costs to consider for any business. These will help you determine the best account for your LLC.

Some of the main differences and features to look out for when comparing accounts include:

Monthly account fees and any requirements to waive these.
Other fees - including overdraft fees, deposit/transaction fees, and ATM usage fees.
Payment of interest on account balances (many accounts do not offer this).
Ability to use physical bank branches as well as access the account online.
Availability, fees and limits for making cash deposits into the account.
Ability to use physical checks.
Sign up bonuses or other ongoing incentives.
Ability to connect to other digital services and apps.
Potential for the chosen bank to offer more services as the business grows.

What do you need to open an LLC business checking account?

There are strict documentation requirements for opening an LLC business checking account. Once the LLC is opened and paperwork has been completed and filed, none of these should be difficult, however.

The documentation requirements vary between banks. However, they will usually include the following:

Business and incorporation details. This includes the LLC Articles of Organization (also known as Certificate of Organization or Certificate of Formation, depending on the state).
LLC operating agreement. This will specify the members of the LLC and who is eligible to sign on the company’s behalf.
Tax details. You will need an Employer Identification Number (EIN) provided by the IRS. As proof of this, you may require the EIN Confirmation Letter (575 CP) or EIN Verification Letter (147C).
Personal identification. Two forms of identity are usually needed for each beneficial owner of the business. This should include one government-issued identity.¹³

Sources:

All sources checked March 21, 2023.

This publication is provided for general information purposes only and is not intended to cover every aspect of the topics with which it deals. It is not intended to amount to advice on which you should rely. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content in this publication. The information in this publication does not constitute legal, tax or other professional advice from Wise Payments Limited or its affiliates. Prior results do not guarantee a similar outcome. We make no representations, warranties or guarantees, whether express or implied, that the content in the publication is accurate, complete or up to date.