The 10 Best Business Bank Accounts for an LLC [2024]

BANKING - CHECKING ACCOUNTS
LLCs need a bank account that offers business-friendly features and easy access to funds when needed.
Updated Feb. 22, 2024
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Many banks offer accounts for Limited Liability Companies (LLCs). We recommend Lili1, U.S. Bank, and Grasshopper due to their competitive features and high annual percentage yields (APYs).

Ultimately, though, the best bank account for an LLC depends on your needs. We've rounded up 10 accounts that can meet the needs of a variety of LLCs. Check them out to find the one that's right for you.

In this article

Key takeaways

  • Our top picks for business bank accounts for LLCs are Lili, U.S. Bank, and Grasshopper.
  • Defining your company's goals is key to choosing the best financial account.
  • Some business bank accounts offer merchant services, but not all do.

The best business bank accounts for LLCs

Best business bank accounts for LLCs comparison

Best for … APY Business features
Lili Business Banking Companies interested in automatic savings 4.15% (as of Oct. 11, 2023) in savings account23
  • Multi-user access
  • Free overdraft protection
  • No fees or incoming domestic wire transfers
U.S. Bank Silver Business Checking LLCs with cash transactions N/A
  • 125 free transactions per statement cycle
  • In-person branches
  • Can handle cash transactions
Grasshopper Business Checking LLCs interested in earning cash back Up to 2.25% (as of 06/27/24)
  • Automated bookkeeping
  • Ability to manage multiple users
  • 1% cash back on online and in-store signature-based purchases
LendingClub Tailored Checking LLCs with a $100,000 balance or less 1.50% (as of 06/27/24) for balances up to $100,000
  • Sync with QuickBooks or Quicken
  • Options to create and send digital invoices and get paid
  • Accepts card payments and wire transfers
Wells Fargo Business Time Accounts Companies with cash reserves 0.01%-4.75% (as of 07/01/24)
  • Flexible terms
  • Fixed interest rates
First Internet Bank Commercial Checking Companies with high transaction volumes N/A
  • Remote deposit capture
  • Merchant services available
  • Dedicated banking experts
TD Bank Business Premier Checking LLCs with multiple signers N/A
  • Allows up to four signers
  • High transaction limits
Bluevine Business Checking Companies looking to avoid fees and earn interest 2.00% (as of 06/26/24)
  • Automated accounts payable
  • Access for team members
  • Up to five subaccounts
Axos Basic Business Checking LLCs that receive incoming wires 1.01% (as of 07/02/24)
  • Free incoming domestic wires
  • Unlimited transactions
PNC Treasury Enterprise Plan Businesses with substantial cash deposits N/A
  • $50,000 cash deposited per month with no fees
  • One free monthly incoming domestic wire
  • Cash Flow Insight and Pinnacle Express tools

Lili Business Banking

Pros
  • No minimum deposits
  • No overdraft fees
  • Unlimited transactions
Cons
  • Money must be transferred into a linked savings account to earn interest
  • Cash deposits may require paying a fee
  • Daily and monthly limits on cash deposits

We like Lili Business Banking because it comes with no minimum deposits and you can apply for overdraft protection to get free protection against overdrawing your account. You do need to meet eligibility requirements, however. You also have the option to receive free incoming wire transfers, which some competitors charge for.

Unfortunately, while Lili Business Banking does allow cash deposits (unlike some other business bank accounts), you may be charged a fee of up to $4.95 for them.

You are also limited to depositing no more than $1,000 in cash per day and $9,000 per month, which may be too low for some businesses. Lili also offers a competitive APY on savings accounts and automated transfers to them, but you cannot earn interest in your checking account, which some competitors provide.

Users are very positive about their experiences with Lili. User Lisette on Trustpilot said, “I love Lili Bank — I have been with Lili Bank for over 4 years, and I love their services. I love everything about Lili banking!” It has a 4.7 out of 5 score on Trustpilot with over 2,800 reviews.

Visit Lili

U.S. Bank Silver Business Checking

Pros
  • Can handle cash deposits
  • 125 free transactions per statement cycle
  • No monthly maintenance fees
  • In-person branches
Cons
  • Relatively low transaction limit

We recommend U.S. Bank because, unlike some other banks on this list, it can handle cash deposits. It also has brick-and-mortar branches where you can receive in-person assistance. The Silver Business Checking option also has no monthly maintenance fees, so you don’t need to worry about meeting waiver requirements.

Some LLCs might find the free transaction limit low, but it doesn’t have cashback or an APY like other banks on this list.

Visit U.S. Bank

Grasshopper Business Checking

Pros
  • 1% cashback on online or signature based purchases
  • Earn 2.25% (as of 06/27/24) APY
  • No monthly maintenance fees
Cons
  • No in-person support
  • No business savings accounts
  • No cash deposits

We recommend Grasshopper because it offers built-in bookkeeping services for free, and it offers 1% cashback on online or signature-based purchases when using your business debit card. One percent cash back is a unique benefit that can add up and provide savings to your business.

You can also earn up to 2.25% (as of 06/27/24) APY in your business checking account depending on your balance, while some alternatives like TD Bank do not offer any interest on business checking.

Unfortunately, its merchant services are more limited than competitors, and no savings account is available. Additionally, there is no in-person or weekend customer support, though, but you do benefit from no monthly maintenance fees.

User reviews for Grasshopper are largely positive as well. For example, user John on Trustpilot said, “To be honest, the communication and regular follow-up was and is great. That is what I want from my financial support team.” Many users called out the helpful support staff.

Visit Grasshopper

LendingClub Tailored Checking

Pros
  • Earn unlimited 1% back on qualifying purchases
  • Automatic ATM fee rebates
  • Sync with QuickBooks or Quicken
Cons
  • APY is lower than some competitors
  • Monthly maintenance fees if account balance dips below $500
  • $500 balance required to earn cash back on purchases

We like LendingClub's Tailored Checking Account because it offers unlimited 1% cash back on qualifying purchases while many other business bank accounts do not. We don’t love that you must maintain a $500 minimum daily balance to take advantage of it. You also must maintain a $500 minimum daily balance to avoid a $10 monthly maintenance fee.

LendingClub does offer the ability to sync with QuickBooks or Quicken which can make accounting easier. And you will earn a 1.50% (as of 06/27/24) APY on balances below $100,000, which is lower than some competitors but better than business checking accounts that pay no interest at all.

Visit LendingClub

Wells Fargo Business Time Accounts

Pros
  • Competitive fixed interest rates
  • FDIC coverage
  • Flexible choice of CD terms
Cons
  • A $2,500 minimum deposit is required
  • Money must remain invested for the duration of the CD term to avoid penalties
  • A $15 monthly service fee applies unless certain criteria are met

Wells Fargo offers a choice of business accounts for LLCs, including a market rate savings account, some of the best checking accounts for small businesses, and Business Time Accounts.

We think that Business Time Accounts are ideal for companies with cash reserves that want to earn a competitive fixed interest rate for up to 144 months. However, your LLC will need to be prepared to make a minimum $2,500 opening deposit and commit to leaving money invested for the duration of the CD term.

You will also need to link to a Navigate or Optimize Business Checking Account or maintain a $10,000 minimum daily balance to avoid a $15 monthly service fee.

Visit Wells Fargo

First Internet Bank Commercial Checking

Pros
  • Remote deposit capture available
  • Merchant services for payment processing
  • Dedicated help from experts
Cons
  • Mixed customer reviews online
  • No physical branches for in-person support
  • No APY information online

First Internet Bank was one of the first online-only financial institutions, and its long history helps it to earn a place among the best online banks. Its commercial checking comes with many features companies will appreciate, including sweep services.

Commercial online banking features include the ability to set user limits, approve electronic transfers through the app, and manage transfers to deposit, loan, and credit accounts.

Merchant services, including payment processing, are another major benefit that not all LLC bank accounts offer, and these services can make it easier to manage all your company's financial transactions using one bank.

Visit First Internet Bank

TD Bank Business Premier Checking

Pros
  • Fees waived for money orders, ATM withdrawals, and official checks
  • Access to three additional TD Accounts at no extra charge
  • High transaction limit
Cons
  • Monthly fees are charged unless waived
  • No interest is earned on checking accounts
  • $200 minimum deposit to open

We like TD Business Premier Checking because it waives ATM fees, which not all competitors do, and you will also get fees waived for money orders and official checks. And, like First Internet Bank, TD also offers additional options, including merchant services for LLCs that want one institution handling most of their financial needs.

It’s not without its downsides, though. TD Bank's Business Premier Checking requires a $200 minimum deposit to open and charges a $30 monthly fee unless you qualify for a waiver. This is higher than some competitors.

You also won't earn interest on your Business Premier Checking account; however, you will be entitled to fee-free access to a TD Small Business premium Monthly Market Account and will benefit from a higher rate in that account due to a relationship reward.

Visit TD Bank

Bluevine Business Checking

Pros
  • No monthly fees or overdraft fees
  • No minimum balance required
  • 2.00% (as of 06/26/24) APY on balances up to $250,000 if you meet monthly activity goal
Cons
  • No physical branches for in-person support
  • No business savings accounts
  • Limited customer service hours

We like Bluevine because, unlike many competitors, Bluevine does not charge monthly maintenance fees, nor does it require a minimum balance. Your LLC also won't have to worry about overdraft fees.

Account access for your team and the ability to open multiple sub-accounts is also a business-friendly feature if you have a team that needs bank account access. And Bluevine pays a 2.00% (as of 06/26/24) APY on balances up to $250,000, although you do have to meet monthly activity goals to qualify.

Unfortunately, unlike some competitors, Bluevine does not offer business savings accounts and merchant services are more limited than some competitors like TD Bank.

Visit Bluevine

Axos Basic Business Checking

Pros
  • Free incoming wires
  • No minimum balance requirements
  • Unlimited domestic ATM fee reimbursement
  • Unlimited item processing
Cons
  • No interest on Basic Business Checking
  • 60-item limit for remote deposit
  • Overdraft protection is only available to customers with linked Axos Bank business accounts

We like Axos Basic Business Checking because of its unlimited domestic ATM fee reimbursement and item process. And there is no minimum initial deposit required, no minimum balance required, and no monthly maintenance fee — all of which are charged by many competitors. Axios also waives the fee for two outgoing wire transfers monthly, which is a feature not many banks offer.

Unlike some competitors, Axos Basic Business Checking does not pay interest on your account balance. Unfortunately, you are also limited to depositing 60 items a month via remote deposit.

Visit Axos Bank

PNC Treasury Enterprise Plan

Pros
  • Cash Flow Insight provides tools to manage business transactions
  • Deposit up to $50,000 in cash per month at no charge
  • Overdraft protection with no set-up fee
Cons
  • $100 minimum opening deposit
  • $50 monthly account maintenance fee unless you qualify for a waiver
  • Very high required minimum balance to qualify for a fee waiver

PNC Treasury Enterprise Plan is unique among business bank accounts because it allows you to deposit up to $50,000 in cash per month with no fees via Quick Deposit or at the night depository. Many banks do not accept cash deposits at all, limit deposits, or charge high fees.

Unfortunately, there is a very high monthly maintenance fee of $50, and you must maintain a $30,000 average minimum daily balance to waive the fee. You also must pay an additional $10.00 monthly maintenance fee if you add more than four beneficiaries to the account. You also get just one free domestic wire transfer monthly while other competitors offer more free incoming wires.

Visit PNC

How to open a business bank account for an LLC

To open a business bank account for an LLC, here are the steps you'll need to take.

  1. Obtain the right documentation: You will need to show your LLC Is an official legal entity. This usually involves obtaining an Employer Identification Number (EIN) and registering the LLC in the location where it is headquartered.
  2. Research banks to find the one that's right for your LLC: Pay attention to the APY, fees charged, transaction limits, and business-specific perks such as access to merchant services or free bookkeeping tools.
  3. Submit an application: Most allow you to apply online. You will generally need to provide documentation, including your LLC confirmation, your business name and address, and your EIN verification.
  4. Make your minimum opening deposit: Most LLC bank accounts require you to deposit money. This can often be done via ACH transfer
  5. Identify who will be a signatory and who has access to your account: Many banks allow you to establish multiple sub-accounts, have multiple signers, and share account access with team members

By taking these steps, you can get your account open and operational.

FAQ about best business bank accounts for LLCs

What kind of bank account should I open as an LLC?

The right bank account will depend on your LLC's needs. There are CD accounts catering to companies, as well as checking, savings, and money market accounts. If you want to earn a guaranteed rate of return and have cash reserves, a CD would be best. A money market or savings account is appropriate for funds your business won't need immediately, and a checking account is the best place for funds used in routine business operations.

How much money should I keep in my LLC bank account?

The amount of money you should keep in your LLC bank account depends on your company goals and operating expenses. You will generally want enough money to cover several months of operating costs for your business.

Which bank is best for a company account?

Many banks offer company accounts, including Wells Fargo, TDBank, Bluevine, and Axos. The right one depends on what you are hoping to accomplish with the account. For example, Wells Fargo offers CDs that can provide a guaranteed rate of return on cash reserves, while Bluevine offers fee-free checking account options you may wish to take advantage of. Research different bank offerings to see which is best for you.

Can I open a business checking account for an LLC?

If your LLC has been properly established as a legal entity with its own EIN and with any additional documentation required by your state, you can open a business checking account for the LLC. You will need to provide the necessary paperwork your bank requires to open your account.

Do I need an LLC to open a business bank account?

You do not need an LLC to open a business bank account. Sole proprietors, partnerships, and corporations all have the ability to open a business account with a variety of different banks.

Best business bank accounts for LLCs: bottom line

Many business bank accounts provide access to merchant services, a generous APY, and even cash back for debit card purchases. We recommend Lili, U.S. Bank, and Grasshopper, but you should explore all of the options available to you to find the account that is right for you. One resource for getting started is our list of the best banks.

Methodology

The companies we chose for our list of the best business bank accounts for LLCs may be current or past FinanceBuzz partners. We did not review all companies in the market. When evaluating these companies, we considered factors such as the APY, fees, and features.

Lili Banking Benefits

  • Save money when even if your income fluctuates
  • Track personal and business expenses
  • Maximize your freelance tax savings

Author Details

Christy Rakoczy Christy Rakoczy has a Juris Doctorate from UCLA Law School with a focus in Business Law, and a Certificate in Business Marketing with an English Degree from The University of Rochester. As a full-time personal finance writer, she writes about all things money-related but her special areas of focus are credit cards, personal loans, student loans, mortgages, smart debt payoff strategies, and retirement and Social Security. Her work has been featured by USA Today, MSN Money, CNN Money and more, and you can learn more at her LinkedIn profile.