A Limited Liability Company or LLC needs a secured bank account to run the business efficiently.
Since all your incomes and expenses must be run using a unique bank account, you need to choose
banks with the best business bank account that can offer you a good deal and also saves your pocket
at the end of the day.
But why do you need a business bank account in the first place? Can’t you just carry on with your
pre-existing personal bank account for the business? Well, the answer is ‘No’. Perhaps, opening a
business bank account for the LLC is one of the first moves that you should make.
As a business owner, be it a sole proprietorship or a small organization, all you’d like to do is
minimize your risk. That’s why you choose the LLC to claim a legal entity that ensures the same
liability as a corporation but in a cheaper and easier dimension.
In the same way, a business bank account certifies almost a risk-free fund transaction for your LLC. It
offers credibility of your business to the parties. Besides, a faster, safer, and easier transaction
experience happens to be its basic characteristic.
On top of that, as a professional, you’d never want to use your personal bank account for LLC and
perform a tragic scene on the podium. So, an LLC and a business bank account are a duo that can
surely let you experience harmonious hustling and set your back at ease at the end of the day.
Now, I assume you’re about to open a business bank account for your LLC. In the next section, I’ll try
to demonstrate the easiest way of starting a bank account and crack some insights to help you out
opening the best business bank account for you.
How to Open a Business Bank Account for LLC?
Before hopping into the procedure of opening a business bank account, let me tell you about some
of the fundamental strategies that you should follow while picking the best bank for you. Because, at
the end of the day, if the account doesn’t cooperate with your LLC accordingly, it’s a perilous
situation.
As you know that none of the commercial bank accounts come free of cost, you should always find a
bank that charges less and has a waiver option to outplay the monthly charges. Also, as a start-up
LLC owner, signing up with a bank that doesn’t require an initial deposit will be extremely
supportive.
Besides, a wide range of ATM facilities, as well as a ‘brick-and-mortar branch accessibility at your
doorstep, will indeed give you the advantage to get the best out of your LLC business bank account.
In addition to that, make sure your bank has that facility for future needs to invest in your LLC.
Well, now let’s find out how you can open a bank account for your LLC in a brief.
As you know, every bank has its own rules and regulations. So, before taking it into account, keep in
mind that these requirements may vary from bank to bank. But let me tell you about the standard
requirements of papers that most of the banks in the USA ask from their clients.
In the USA, to open a business bank account, you are required to come up with documents such as a
certificate of LLC formation, a copy of LLC agreements, federal tax ID number (EIN). Besides, you’ll
need to provide the address of your LLC.
Some of the LLC owners get rejected by banks for using PO Box. So, make sure your business has a
physical address. Be it a residential or commercial space it doesn’t matter as long as you are able to
prove the physical presence of your LLC.
The Bank of America, one of the most prolific banks in the USA, requires Article of Organizations,
EIN, Date of Establishment of the LLC, and the Personal Information and Identifications of the owner
of the LLC. On the other hand, banks like Capital One require the annual gross revenue of the LLC
additionally.
However, once you’ve completed all the processes of your LLC and have the papers in hand, you can
easily go to the nearest commercial bank or union to open the business bank account for your LLC in
a flash.
The officer of the bank can complete your account within 30mins or so. Besides, you’ve online
options too to sign up from home or office. So, it's really not that hard to open a business bank
account for your LLC and also keep your personal finances safe from any unwanted situation.
To find out the best business bank account for your LLC, you can check out the top 8 banks, as well
as unions below that, are offering outstanding deals for the newly established LLC. Currently, there
are hundreds of banks that provide commercial bank accounts, these are the most popular among
them.
So, buckle up, and let’s find out the top 8 banks with business checking bank accounts that you can
get into 2021.
Novo Business Checking for LLC
Novo offers a powerful banking service in the simplest manner that comes with a free business
checking bank account for your LLC or small business. It doesn’t have any monthly requirements and
needs just 50$ to open a bank account. They’ve no hidden charges at all.
Its free transfers, mailed checks, and digital invoicing system turn out to be one of the best features.
On top of that, Novo’s business bank account for LLC is well protected by the FDIC insurance system.
Besides, its bulletproof bank-grade encryption system prevents counterfeits.
Novo has a wide range of ATM booths that refunds all fees. However, unfortunately, it doesn’t have
any APY programmed for business bank accounts. Otherwise, the highly renowned bank will grant
you acceptance all over the country and beyond as well as promote your LLC further.
Chase Business Complete Banking℠ for LLC
Let me tell you the first thing first – this business bank account from Chase requires a high monthly
amount and purchases to waive the fees. If your business is well established and needs a decent
cash flow in the account, then this is your chance to earn up to 300$ as a sign-up bonus.
Though you can waive the fee of 15$ as a monthly charge either by making a purchase of 2000$ or
by depositing 2000$ from any eligible Chase Merchant Services or maintaining an average minimum
balance of 2000$ to the account.
It might seem complicated but as a successful LLC owner, it won’t be difficult for you to match one
of the above-mentioned criteria to waive the fees. However, this top-class business bank account for
LLC doesn’t cost any additional fees for electronic deposits. For in-cash deposits – up to 5000$ is
cost-free.
In addition to that, convenient access to 16,000 ATMs and more than 4,700 branches around the
county, as well as same-day deposits with QuickAccept℠ without any additional cost, will certainly
boost up your business.
Bank of America Business Checking Bank Account For LLC
If your LLC is highly dependent on cash-based transactions and needs a wide range of acceptance to
the corners of the country then this is the bank account that you might be in need of. You can
deposit up to 7500$ in cash every month without being wracked by any fees.
Well, you need to deposit at least 100$ at the opening of the account and will be charged around
13$ to 18$ depending on the place your LLC is run from. However, you can waive the monthly fees
by qualifying some criteria such as spending $250 in net purchases on a debit or credit card.
You’d be glad to know that this business checking bank account’s first 200 transactions are
completely free. What’s more! This comes with a pay-as-you-go method where you’ll be charged
45% per transaction thereafter. So, you don't have an extra burden on your head.
Like all the LLCs out there, you also will need to use ATMs to withdraw your finances. Since the Bank
of America offers no charges for unlimited in-network ATM transactions, you won’t need to worry
about withdrawing money from more than 17000 booths across the country.
Capital One Spark Business Basic Checking® for LLC
Before signing up for any business account you should always determine what it’s best for. In this
case, Capital One’s business bank account suits best those LLCs that need unlimited monthly
transactions.
The flexible checking account that you can count on has a low monthly charge of 15$ with few easy
options to waive it out. You can deposit up to 5000$ each month for free and thereafter, you’ll need
to pay only 1$ for each $1000 deposit.
Capital One has two separate pricing policies for wire charges. For instance, they charge 15$ for each
incoming wire and $25 for an outgoing wire if the case is in a domestic circuit. On the other hand, the
foreign incoming wire remains the same while the outgoing wire hits $40 for each.
Beyond this, this business bank account ensures easy access for the LLC owners as it is enriched with
online and mobile banking facilities. Besides, impressive suits of debit and credit cards that come
with a Capital One business bank account qualify it as a great option for any LLC in the USA.
Wells Fargo Initiate Business Checking for LLC
Very few banking solutions have come up with business checking accounts optimized for the desires
of the LLCs. Wells Fargo has three business checking accounts that cover all the present-day needs of
the LLC owner. But as a fresh LLC owner, the following account should suit you best.
The Wells Fargo Initiate Business Checking account is for the ambitious LLC owner seeking a stable
foundation. It consists of all the basic business banking facilities as well as produces reliable financial
support.
The monthly charge of this business bank account is as low as 10$ with easy ways to waive the fees.
You can freely deposit the first $5000 cash and thereafter it's $.30 per $100 deposited. Each month
you are awarded 100 free transactions and $0.50 per transaction fee onwards.
Well, don’t worry about the effectiveness of the account as it comes with an advanced mobile
banking option as well as features like Zero Liability Protection – in case any unauthorized
transaction takes place. Besides, 13000 ATMs, as well as customized cards and checks, are also on
offer for this account.
Axos Bank Basic Business Checking for LLC
This is actually an online-based banking solution that provides business checking bank accounts for
LLC and small businesses. Even though it's generally recommended for the real estate business as
Axos provides separate accounts for each of the properties.
This is where you can also score some points if you own multiple LLCs. You can open an independent
checking account for all of your businesses and merge them together into a master account that
comes from Axos bank and get full control over your entire network from one place.
Now, can it serve you anything more?
Yes. It can. It doesn’t require any monthly maintenance fee whatsoever. Besides, there is no
minimum monthly balance requirement for this business bank account. On top of that, unlimited
nationwide ATM fee reimbursement helps your business to flourish.
However, you might find it difficult to deposit the mandatory 1000$ at the opening of the account.
But once you can do it, it's your time to claim a sign-up bonus of 100$ using the promo code
EARN100. Besides, 200 free transactions each month and a low transaction fee thereafter earn
kudos for Axos.
PNC Business Checking For LLC
Well, some of you might haven’t heard of PNC before. But tell you what, this is our duty to explore
around the corners and find out some of the potential, rather unorthodox business bank accounts
that exist in the USA and have features on offer.
PNC is one such financial organization that’s offering first-class services. It requires only 100$ to
open a bank account. Besides avoiding a 10$ monthly maintenance charge you can follow certain
easy ways such as maintaining an average monthly balance of 500$.
As the bank doesn’t have a widespread outlet, you should be aware of if any of its 2500 branches is
available at your LLCs doorstep or not. If you have one of them nearby, you can consider this
checking account for this growing financial corporation.
What I like most about their business checking accounts is that they provide a tool that lets you
compare their four different types of checking accounts to help you decide the best one for you.
They seem to be open with their pricing policy as everything is stated on the site clearly.
BlueVine Business Checking Account for LLC
BlueVine is one of the popular online banking solutions that has been rocking the industry since
2018. If your LLC is fully dependent on digital marketing and needs huge ATM access then this is the
place where you want to be.
For example, if you need to start the operation of your LLC in a hurry and don’t want to hover
around the branch to open the account, then BlueVine can certainly help you out. You can complete
the proceedings totally online within a few mins and start accepting deposits using the account.
BluVine has an enormous ATM network accessibility of 38000 booths around the country and lets
you deposit money from 90000 Green Dot locations. When it comes to balancing traditional and
digital marketing in one place – BlueVine does it well for the LLC owners.
BlueVine is almost cost-free in its operation as there is no monthly charge, no minimum balance
requirements, no ACH fees, and no incoming wire fees, and also comes up with limitless free transaction
options. On top of that, you can also yield up to 1% annually from your business account savings.
FAQ
Which bank is best for LLC?
Determining the bank that suits you best is significantly dependent on your LLC’s formation. If your
business is highly dependent on your smaller and numerous transactions – go for the one that
provides unlimited free transactions. It’s always wise to be involved in the nearest bank to your LLC.
Can I use my personal bank account for LLC?
Hypothetically, you can. But in reality, it’s a risky move that you’d want to take for your LLC. As
personal bank accounts are endorsed for personal uses, merging professional transactions can
put your own and LLC finances in danger. So, it is better not to use a personal bank account for
LLC.
Who can open a business bank account for LLC?
The owner of the LLC can open the business bank account for LLC. However, banks let you opt to
assign employees and determine their role to operate the business bank account.
Do I need a business bank account for an LLC?
Actually, opening a business bank account is one of the secondary steps that come after forming the
LLC. However, it is required to open a bank account for LLC before starting financial operations. For
example, you can’t receive deposits and transfer funds unless you have an account for the LLC.
Can I open a bank account for my LLC?
Yes, you can. You can either visit the nearest branch of your preferred bank or can apply online from
your browser to open a bank account for your LLC. Point to be noted, you need to bring some papers
related to your LLC to open the business bank account.
Summing It All Up
So far, most of the banks that offer business checking accounts are almost identical in their policies
and operation. But there are still a few things that differ among themselves. Reputation, Security
System and Sincerity are the fundamental characteristics that draw the line between them.
I’ve tried to sort out the most popular and best business bank account for the newly affianced LLC
owner so that you can find it easier to pick the best one that suits you. Nevertheless, it’s always wise
to get a checking account for LLC rather than carry on with your personal account for better
safety.
