Best Business Bank Accounts for LLC – Where You Need to Look!

A company structure requires a protected bank account to run efficiently as an LLC. Business Globalizer helps you to pick the best business bank accounts for LLC.
Best Business Bank Accounts for LLC

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A limited liability company, or LLC, needs a secured bank account to run the business efficiently. Since all your income and expenses must be run using a unique bank account, you need to choose banks with the best business bank accounts that can offer you a good deal and also save 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 the 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 an 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, we assume you’re about to open a business bank account for your LLC. In the next section, we’ll try to demonstrate the easiest way to start a bank account and crack some insights to help you open 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 us 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, none of the commercial bank accounts come free of charge. 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 of getting the most out of your LLC business bank account.

In addition to that, make sure your bank has the 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.

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 us 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, and a 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 can prove the physical presence of your LLC.

However, once you’ve completed all the processes for 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 30 minutes or so. Besides, you’ve got online options to sign up from home or the 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 situations.

To find out the best business bank account for your LLC, you can check out the top 8 banks, as well as the unions below that are offering outstanding deals for the newly established LLC. Currently, hundreds of banks 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 in 2024.

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 got no hidden charges at all. Its free transfers, mailed checks, and digital invoicing system turn out to be some of the best features.

On top of that, Novo’s business bank account for the 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 refund all fees. However, unfortunately, it doesn’t have any APY programming 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 us tell you the first thing: 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.

You can waive the fee of $15 as a monthly charge, either by purchasing 2000$ or depositing 2000$ from any eligible Chase Merchant Services or by 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 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 in all corners of the country, then this is the bank account that you might need. 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 you will be charged around 13 to 18 dollars, depending on where your LLC is located.

However, you can waive the monthly fees by qualifying for 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 will also need to use ATMs to withdraw your finances. Since Bank of America offers no charges for unlimited in-network ATM transactions, you won’t need to worry about withdrawing money from more than 17,000 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 a few easy options to waive it out. You can deposit up to $5,000 each month for free and thereafter, you’ll need to pay only $1 for each $1,000 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, the impressive suite of debit and credit cards that come with a Capital One business bank account makes it as a great option for any LLC in the USA. 

Wells Fargo initiates Business Checking for LLC

Very few banking solutions have come up with business checking accounts optimized for the desires of 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 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 in cash and thereafter, it’s $.30 per $100 deposited. Each month, you are awarded 100 free transactions and $0.50 per transaction fee onward.

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 unauthorised transaction takes place. Besides, 13000 ATMs, as well as customised 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 LLCs 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 score some points if you own multiple LLCs. You can open an independent checking account for all of your businesses and merge them 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 flourish.

However, you might find it difficult to deposit the mandatory $1,000 at the opening of the account. But once you can do it, it’s your time to claim a sign-up bonus of 100$ 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 offers first-class services. It requires only $100 to open a bank account. Besides avoiding a $10 monthly maintenance charge, you can follow certain easy steps, such as maintaining an average monthly balance of $500.

As the bank doesn’t have a widespread outlet, you should be aware of whether any of its 2500 branches are available at your LLC’s doorstep or not. If you have one of them nearby, you can consider this checking account for this growing financial corporation.

What we 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 which one is best for you. They seem to be open with their pricing policy, as everything is clearly stated on the site.

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 online within a few minutes and start accepting deposits using the account.

BluVine has an enormous ATM network accessibility of 38,000 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.  

FAQs on Best Business Bank Accounts for LLC

Q1: Which bank is best for an LLC?

Answer: 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 with the nearest bank to your LLC.

Q2: Can I use my personal bank account for an LLC?

Answer: 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 an LLC.

Q3: Who can open a business bank account for an LLC?

Answer: The owner of the LLC can open a business bank account for the LLC. However, banks let you opt to assign employees and determine their role in operating the business bank account.

Q4: Do I need a business bank account for an LLC?

Answer: Actually, opening a business bank account is one of the secondary steps that come after forming an LLC. However, it is required to open a bank account for an LLC before starting financial operations. For example, you can’t receive deposits and transfer funds unless you have an account for the LLC.

Q5: Can I open a bank account for my LLC?

Answer: Yes, you can. You can either visit the nearest branch of your preferred bank or 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 operations. 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. We’ve tried to sort out the most popular and best business bank account for the newly affiliated 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 an LLC rather than carry on with your account for better safety.

 
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