An LLC bank account is a secure home for your company's cash. It can also separate your personal and business finances, which is important for maintaining a distinction between your LLC and its owners — and preserving your limited liability protections.
The best business bank accounts for LLCs do more than that, though. Our top business checking accounts eliminate common fees, offer tools to streamline your taxes and bookkeeping and give you the opportunity to earn cash back on business purchases.
NerdWallet evaluated more than 30 business checking accounts from national, regional and online banks, scoring them on fees, perks and accessibility, among other factors. Our list of the best bank accounts for LLCs also includes our picks for other types of business accounts your business might need —including savings, money market and cash management accounts.
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Our pick for
Earning interest
Bluevine Business Checking
4.7
NerdWallet rating
at Bluevine, Deposits are FDIC Insured
APY
2.00%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fees vary by location.
Overdraft fees
$0
Bonus
$0
With no monthly fees and unlimited transactions, Bluevine’s online business checking account is a great option for LLCs that want to manage their finances digitally. This high-yield account also boasts a great APY. One key downside: No free cash deposits.
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Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 2.00% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at 37,000 MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
- Sub-accounts help users set funds aside for specific purposes.
Cons
- No fee-free cash deposits. Cash deposits at Green Dot locations are capped at $2,000 per day and a service fee of up to $4.95 per deposit applies. At Allpoint ATMs that accept cash, deposits are capped at $5,500 per day and a fee of $1 plus 0.5% of the deposit amount applies.
- Fee for using out-of-network ATMs.
- No joint accounts or employee debit cards.
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Our pick for
Payment processing + branch access
Chase Business Complete Banking®
4.5
NerdWallet rating
at Chase, Member FDIC
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Min. opening deposit
$0
Free cash deposits
Yes
Up to $5,000 per month.
Overdraft fees
$34
Bonus
$300
Requirements to qualify
The Chase Business Complete Checking account includes unlimited electronic deposits, offers the opportunity to earn a $300 sign-up bonus and has a low $15 monthly fee. It also gives you the ability to use Chase QuickAccept℠ to accept credit card payments with the Chase mobile app. Plus, if your LLC outgrows the Chase Business Complete Checking account, you have the option to upgrade to the Performance or Platinum Checking accounts.
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Pros
- No minimum opening deposit.
- Unlimited fee-free electronic transactions.
- Integrated credit card processing.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- 24/7 customer support.
- No fees at 16,000 Chase ATMs and access to around 4,700 branches.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
- Limit of $5,000 per month in free cash deposits.
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Our pick for
Multiple accounts
Relay Business Checking
4.7
NerdWallet rating
at Relay, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Bonus
$0
This free online banking platform offers unlimited fee-free transactions, has no overdraft fees and includes free incoming wires. You can have up to 20 business checking accounts and up to 50 business debit cards (physical or virtual) with the Relay platform, making it a good option for midsize LLCs or entrepreneurs with multiple LLCs.
Account holders can assign user permissions to other team members and automate their spending limits. Relay also offers direct integration with QuickBooks Online and Xero, plus the ability to connect your account with other popular business tools, including Expensify, Gusto, Plaid and Wise.
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Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Cash deposits via compatible AllPoint ATMs.
- Automatic transfers to high-yield business savings earning up to 3.00% APY.
- No foreign transaction fees when you use your Relay Mastercard abroad.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Phone support only available during business hours.
- Deposited checks are held for up to 6-7 business days.
- No bill pay feature in the free plan.
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Our pick for
1% cash back on debit card purchases
Grasshopper Business Checking Account
4.5
NerdWallet rating
at Grasshopper Bank, Member FDIC
APY
2.25%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
$0
Grasshopper bank’s free business checking account offers up to 2.25%
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Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 2.25% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Read full review
Our pick for
Cash deposits + branch access
Bank of America® Business Advantage Fundamentals™ Banking
4.5
NerdWallet rating
at Bank of America, N.A., Member FDIC
APY
N/A
Monthly fee
$16.00
Min. opening deposit
$100
Free cash deposits
Yes
Up to $7,500 per statement cycle.
Overdraft fees
$10
Bonus
$0
See offer page for more details
This account has a high cash deposit allowance for a brick-and-mortar bank and offers unlimited fee-free electronic transactions. Plus, you can open an account entirely online.
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Pros
- Fee-free electronic transactions.
- High cash deposit limits.
- Business accounts can be opened entirely online.
Cons
- No free business checking account option.
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
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Our pick for
24/7 customer support
Axos Bank® Basic Business Checking
5.0
NerdWallet rating
at Axos Bank®, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$25
Bonus
$400
Requirements to qualify
Axos Bank’s Basic Business Checking offers 24/7 customer support, which is a rarity and big plus if your LLC operates outside of normal business hours. On top of that, this account has no monthly fee or minimum opening deposit requirement and offers unlimited transactions. Add in cash deposits via AllPoint and MoneyPass ATMs, plus free nationwide ATM access with unlimited refunds for fees charged by other banks and ATM operators in the U.S., and Axos is tough to beat.
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Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via MoneyPass and AllPoint ATMs.
- 24/7 customer support.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
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Our pick for
Early access to payments
Lili Basic Business Checking
4.3
NerdWallet rating
at Lili, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Overdraft fees
$0
Bonus
$0
Lili's entry-level account has no monthly fees, no minimum opening deposit and no transaction fees. And if you get paid via ACH transfers, you can get your money up to two days faster. This account also includes fee-free ATM access through the MoneyPass network and allows you to deposit cash through Green Dot locations (fees apply). Tax-planning tools and income and expense reporting are no longer included in the free Lili Basic account; you'll need to upgrade to Lili Pro or higher for those features.
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Pros
- No monthly fees, transaction fees or incoming wire fees.
- No fees at MoneyPass ATMs.
- Cash deposits via Green Dot network (fees and limits apply).
- Early payment feature allows you to receive funds up to two days sooner than with a traditional bank account.
Cons
- Fee for using out-of-network ATMs.
- Cash deposits limited to $1,000 per day, $9,000 per month. Service fee of up to $4.95 per deposit.
- No checkbooks; can’t send wire transfers.
- Limits of $2,000 per day or $5,000 per month on incoming ACH transfers. No outgoing wire transfers.
- No bill pay feature in the free plan.
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Our pick for
Welcome bonus + branch access
U.S. Bank Silver Business Checking
4.0
NerdWallet rating
at U.S. Bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
Yes
Up to $2,500 per month.
Overdraft fees
$36
Bonus
$800
Requirements to qualify
It's unusual to find a free business checking account from a big brick-and-mortar bank, but that's exactly what U.S. Bank offers with its Silver Business Checking account, which includes 125 free transactions and up to $2,500 in free cash deposits per statement cycle. You can open an account online, by phone or in person — U.S. Bank has more than 2,000 branches across 26 states. There's also a substantial welcome bonus for new customers (terms apply).
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Pros
- No monthly service fee for Silver Business Checking account.
- Welcome bonus for new customers (terms apply).
- No fees at 4,700 U.S. Bank ATMs and access to 2,900 branches.
- No fees if account is overdrawn by $50 or less.
Cons
- Low cash deposit limits.
- Terms and fees are not easily accessible via the bank’s website.
- Limit of 125 fee-free transactions per month.
- $1 fee for outgoing domestic ACH transfers.
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Our pick for
Free ATM access
Novo Business Checking
4.4
NerdWallet rating
at Novo, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
$0
Novo offers a free, online business checking account with unlimited transactions and refunds on all ATM fees — ideal for LLC owners on the go. Novo’s business bank account also includes unlimited integrated invoicing, making it a great option for freelancers, contractors or other self-employed business owners who have formed single-member LLCs. One important thing to note: Novo only offers customer support via email.
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Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- Refunds on all ATM fees worldwide.
- Integrates with top business tools, including Xero, Stripe and Shopify.
Cons
- Can’t deposit cash.
- Can’t send domestic or international wires.
- No recurring payments available with bill pay.
- No customer support by phone.
- No bill pay feature.
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Our pick for
Free cash deposits
LendingClub Tailored Checking
4.9
NerdWallet rating
at LendingClub Bank, Member FDIC
APY
1.50%
With $0 min. balance for APY
Monthly fee
$10.00
Waived with $500 minimum balance
Min. opening deposit
$100
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Bonus
$0
LendingClub is a great option for LLC business owners who often deal in cash, as the account comes with fee-free deposits and withdrawals (including unlimited ATM fee reimbursem*nts, if needed). In addition, the LendingClub Tailored Checking account offers 1% cash back on debit card purchases and 1.50% 0.10%
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Pros
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% APY on balances up to $100,000 and 0.10% on all balances after that.
- Fee-free ATM access with automatic refund of third-party ATM fees (worldwide).
- Cash deposits via MoneyPass and SUM ATMs.
- Earn unlimited 1% cash back on debit card purchases.
Cons
- $10 monthly fee.
- $100 minimum opening deposit requirement.
- Minimum $500 balance required to earn cash-back rewards and waive monthly fee.
- Limits of $10,000 on both incoming and outgoing ACH transfers.
Read full review
Our pick for
Business savings account
Live Oak Bank Business Savings
5.0
NerdWallet rating
at Live Oak Bank, Member FDIC
APY
4.00%
With $0.01 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits
Overdraft fees
N/A
Bonus
$300
Requirements to qualify
Live Oak has one of the best high-yield savings accounts on the market, paying out 4.00%
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Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- No monthly fee or minimum deposit.
- Access up to $10 million in FDIC insurance with Insured Cash Sweep.
Cons
- No ATM or debit card access.
- No weekend customer support.
Read full review
Our pick for
Business money market account
nbkc bank Business Money Market Account
4.5
NerdWallet rating
at nbkc bank, Member FDIC
APY
2.75%
With $0.01 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Up to $2,500 per day via compatible ATMs.
Overdraft fees
$0
Bonus
$0
Pros
- Earns 2.75% APY.
- No minimum balance to earn interest.
- No monthly fee or minimum opening deposit.
- Includes checks and an ATM card.
Cons
- High fee ($45) for international wire transfers.
- No weekend or after-hours customer support.
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Our pick for
Business cash management account
Mercury Business Bank Account
4.1
NerdWallet rating
at Mercury, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
$0
Mercury’s business bank account is a great option for LLCs that have a large operating budget and a lot of cash to manage. This neobank’s business checking account offers up to $5 million in FDIC insurance coverage through its partner banks, which participate in a sweep network. Companies with at least $500,000 in their Mercury Checking account can also apply for and open a Mercury Treasury account to earn up to 5.43% APY on idle funds.
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Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Free domestic and international wire transfers.
- Advanced digital tools including API access to automate and customize your banking.
Cons
- Can’t deposit cash.
- Mercury is not part of a fee-free ATM network.
Read full review
What is an LLC bank account?
An LLC bank account is a dedicated business bank account for your limited liability company. Having a distinct checking account for your LLC helps establish a separation between your business and personal finances — which is necessary to maintain the legal distinction between the business and its owners.
Other benefits of an LLC bank account include:
Makes it easier to maintain your LLC's finances.
Helps facilitate applying for a business loan when needed.
» MORE: Best banks for small businesses
Types of LLC bank accounts
A business checking account is a great first step for your LLC. These accounts are designed for day-to-day business banking functions, like ACH transactions, cash deposits and withdrawals and wire transfers.
Beyond that, your LLC may want to consider other account types, like a business savings account or money market account to earn extra interest on your idle cash. These options usually offer higher annual percentage yields (APYs) than checking accounts, though transactions may be more limited.
Startups with seed funding or businesses with large reserves may be interested in cash management accounts, which combine several different business account types with investment accounts.
Can you use your personal bank account for an LLC?
Mixing business and personal finances can negate the limited liability protections afforded to LLC owners, so it’s important to open a separate LLC bank account to draw a clear line between the business and its owners. That's true even if you’re a single-member LLC.
Your LLC also may need a dedicated bank account before you can apply for an LLC business credit card or LLC business loan.
You may be able to use a personal account for business expenses, but some banks have rules against it. A business bank account is your best bet.
» MORE: Business insurance for LLCs
What you need to get an LLC bank account
Depending on which bank or financial institution you choose, the steps for opening a business bank account for your LLC can vary. But expect to provide much of the following:
Personal information: Name, date of birth, Social Security number, address, phone number and government-issued photo ID.
Business information: Business name, address, website, annual revenue, industry and business type, and date the company was established.
Business documents: Articles of organization or certificate of formation, LLC operating agreement, business license, business tax ID or employer identification number, and DBA or fictitious name certificate if applicable.
Who can open a business bank account for an LLC?
Any LLC member (owner) or authorized manager should be able to open a business bank account on behalf of the LLC. If your LLC has multiple owners, you will likely need to provide information for anyone with 25% or more ownership in the business in order to apply for an account — although policies vary from bank to bank.
» MORE: Best online business checking accounts
Compare more business banking options
Want to explore more banks for small businesses? Use NerdWallet's tool to search for and compare business checking accounts based on the features that are important to you, whether that's unlimited transactions, free ATM access, no monthly fee or a low minimum opening deposit.