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

Many banks offer accounts for Limited Liability Companies (LLCs). We recommend Lili, 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.

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

• Lili Business Banking
• U.S. Bank Silver Business Checking
• Grasshopper Business Checking
• LendingClub Tailored Checking
• Wells Fargo Business Time Accounts
• First Internet Bank Commercial Checking
• TD Bank Business Premier Checking
• Bluevine Business Checking
• Axos Basic Business Checking
• PNC Treasury Enterprise Plan

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 account12	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 May 9, 2023)	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 Feb. 20, 2024) 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%-4.50% (as of Feb. 20, 2024)	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 Sep. 13, 2023)	Automated accounts payable Access for team members Up to five subaccounts
Axos Basic Business Checking	LLCs that receive incoming wires	1.01% (as of Sep. 13, 2023)	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

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

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

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 May 9, 2023) 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

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 Feb. 20, 2024) 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

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

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

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

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 Sep. 13, 2023) 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

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

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

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.