Best Business Checking Accounts for LLCs
Bizee reviews the best business checking accounts for LLCs — from traditional banks to online options — so you can find the right fit for how your business runs.
Bizee Editorial Staff
Editorial Team
Introduction
The best business checking account for your LLC depends on how you run your business — whether you need branch access, no monthly fees, or tools that connect to your bookkeeping software. This guide covers 10 strong options, from major traditional banks to online-only accounts built for small businesses.
The 10 best business checking accounts for LLCs
No single account is the best fit for every LLC. A business with regular cash deposits needs branch access. A solo freelancer running everything online needs low fees and good integrations. Use the options below to find the account that matches how your business actually operates.
Bank of America Business Advantage Fundamentals Banking
Bank of America is one of the most widely accessible traditional banks in the country, with branches in most major markets. The Business Advantage Fundamentals account carries a monthly fee, but it's waived if you maintain a $5,000 average monthly balance or spend $250 per month on a linked debit card.
This account works well for LLCs that want in-person banking alongside a full-featured mobile app. If your balance stays above the threshold, the fee disappears — making it a reasonable option for businesses with steady cash flow.
Chase Business Complete Checking
Chase Business Complete Checking offers a $300 welcome bonus for new customers who don't already have a Chase business account — a straightforward incentive if you're opening your first LLC account. Chase has nearly 5,000 branches and access to 16,000 ATMs nationwide.
The combination of online banking, a mobile app, and wide branch coverage makes this a strong pick for LLCs that want flexibility. The monthly fee can be waived by meeting minimum balance or transaction requirements.
Relay Business Checking Account
Relay is an online business banking platform built for small businesses and LLCs of all sizes. One of its standout features is the ability to assign individual debit cards and spending permissions to team members, which gives LLC owners tighter control over expenses without a lot of manual oversight.
Relay has no monthly fees and no minimum balance requirements. It's a practical choice for multi-member LLCs or any business where more than one person handles spending.
Wells Fargo Initiate Business Checking
Wells Fargo Initiate Business Checking is a straightforward entry-level account for LLCs that want traditional bank support. It includes online and mobile banking and access to Wells Fargo's branch network.
The monthly fee is on the lower end for a traditional bank account and can be waived by maintaining a minimum daily balance. It's a solid starting point for new LLCs that prefer an established bank over an online-only option.
Lili
Lili is an online financial platform built specifically for freelancers and solopreneurs. It's not a traditional bank, but it offers a business checking account with built-in tax tools — including automatic expense categorization and a tax savings feature that sets aside a percentage of income for estimated taxes.
For single-member LLCs run by one person, Lili removes a lot of the manual work that comes with tracking business finances. The free tier covers the basics; a paid plan adds more tax and invoicing features.
Bluevine Business Checking Account
Bluevine is an online business checking account with no monthly fees and no minimum balance requirements. It also offers a competitive interest rate on balances, which is uncommon for a business checking account.
Bluevine integrates with accounting tools and supports ACH transfers, wire transfers, and check payments. It's a strong option for LLCs that want to keep costs low while earning something on their cash balance.
Novo Online Business Banking
Novo is an online bank built for small businesses, with a particular focus on ecommerce. It connects directly with platforms like Shopify, Stripe, and Square, which makes it easy to track revenue from multiple sales channels in one place.
There are no monthly fees and no minimum balance requirements. For LLCs selling products online, the third-party integrations alone make Novo worth a close look.
Axos Basic Business Checking Account
Axos Basic Business Checking has no monthly maintenance fees and unlimited domestic ATM fee reimbursements. LLCs formed after June 2020 may qualify for a $200 welcome bonus — worth checking when you open the account.
Axos is a fully online bank, so there are no branches. But for LLCs that handle most of their banking digitally, the fee structure and ATM reimbursements make it a competitive option.
Capital One Basic Business Checking
Capital One is better known for credit cards, but its Basic Business Checking account is a capable option for LLCs. It includes unlimited transactions with no per-transaction fees, which matters for businesses with high transaction volume.
Capital One has physical branches in select markets and a strong mobile app. The monthly fee is waivable, and the unlimited transaction structure makes it worth considering for LLCs that process a lot of payments each month.
Grasshopper Business Banking
Grasshopper is a digital bank built for small businesses and startups. It offers no monthly fees, unlimited transactions, and 1% cash back on debit card purchases — a feature that's rare among business checking accounts.
Grasshopper also includes tools for managing cash flow and tracking finances. For LLCs that want a modern, app-first banking experience with a small reward on everyday spending, it's a solid pick.
What to look for in a business checking account
The right account depends on how your LLC operates day to day. A few things worth checking before you open one:
- Monthly fees — look for accounts with no fee or a fee you can waive by meeting a minimum balance
- Transaction limits — high-volume businesses need unlimited or high-cap transaction accounts
- Wire and ACH fees — some accounts charge to receive transfers, which adds up fast
- Bookkeeping integrations — accounts that connect to QuickBooks, Xero, or FreshBooks save time at tax season
- Branch access — if you deposit cash regularly, you need a bank with physical locations
- Welcome bonuses — several accounts offer $200–$300 for new customers, which is worth factoring in
Most LLCs do fine with an online-only account. But if your business handles cash, processes a high volume of transactions, or needs in-person support, a traditional bank with branches is worth the trade-off on fees.
FAQ
Yes. If you run an LLC, you need a separate business checking account used only for business transactions. Mixing personal and business finances in the same account can undermine your LLC's liability protection — a court could decide your business isn't truly a separate entity, and at that point your personal finances are fair game.
A dedicated business account also makes bookkeeping and tax preparation much cleaner. You won't have to sort through personal transactions to find what's deductible.
No. Using a personal account for LLC transactions puts your liability protection at risk. One of the main reasons to form an LLC is to separate your personal assets from business obligations. Running business money through a personal account blurs that line and can make you personally on the hook for business debt if the separation isn't clear.
Most banks require your LLC's formation documents (Articles of Organization), your Employer Identification Number (EIN), a government-issued ID, and your business address. Some banks also ask for your operating agreement. Having these ready before you apply avoids delays.
If you don't have an EIN yet, you can apply for one at no cost through the IRS website. It's issued immediately when you apply online.
It depends on what your LLC needs. Relay, Bluevine, Novo, and Axos all offer business checking with no monthly fees. Bluevine also pays interest on balances. Novo is strong for ecommerce businesses because of its integrations with Shopify and Stripe. Relay works well for LLCs with multiple team members who need individual spending controls.
Generally, yes. Most banks require an Employer Identification Number (EIN) to open a business checking account. A single-member LLC with no employees can sometimes use a Social Security number instead, but an EIN keeps your personal number off business documents and is worth getting regardless. You can apply for one free at irs.gov.
It varies. Traditional banks typically charge $10–$30 per month, though most waive the fee if you maintain a minimum balance. Online-only accounts from providers like Relay, Bluevine, and Novo charge no monthly fee at all. The real cost to watch for is transaction fees, wire fees, and ATM charges — those add up faster than the monthly fee for high-volume businesses.
