Best Business Bank Accounts for LLCs in 2022

Finding the best business bank accounts for LLC entities can be a different process for every business. 

In this Best Business Bank Accounts for LLCs in 2022 review, we break down why you may need both personal and business accounts for your LLC. Plus, we offer insights to help you pick the best LLC bank account for your business.

Recommended Service: Relay is a no-fee, online banking and money management platform that lets you spend, save and plan more efficiently.


Best Bank Accounts for LLCs

Our Approach to Finding the Best Business Checking Accounts for LLC:

  • Total cost (e.g., monthly maintenance fees, transaction fees, account opening fee, etc.)
  • Number of useful features: How many useful features are offered when it comes to the needs of small business owners?
  • Bank requirements: How strict are the requirements of each business checking account? Is each checking account available to foreign owners of US LLCs?
  • Security: What safety measures were by each bank to ensure that their business accounts are as safe as possible for small LLCs. 
  • Other perks: The best business checking accounts offer significant discounts on tax and accounting software and can even offer expedited payments on popular ecommerce platforms (e.g., Shopify, Amazon, eBay, etc.).

Learn More: Read our Best Banks for Small Business in 2022.

Best Overall LLC Bank: Relay

Relay offers a small business checking account through its online money management platform. 

Relay offers its users two business checking accounts:

Relay Standard: $0 Monthly Fee

  • No monthly maintenance fees
  • No minimum opening deposit requirement
  • $0 bounced checks
  • Cash withdrawals in 32,000 AllPoint ATMs
  • 24/7 customer support service
  • Up to 20 no-fee checking accounts
  • Up to 50 virtual or physical debit Mastercards
  • Payments via ACH, wire, or check
  • Ability to invite team members to Relay
  • Automated spending limits for team members
  • Third-party integrations, including Xero and Quickbooks Online
  • iOS, Android, and Web app availability
  • Third-party integrations (e.g., Expensify, Gusto, Plaid, Wise, etc.)
  • Online banking
  • Mobile check deposits
  • One to two-day ACH delivery time
  • Domestic wires available for $5
  • Partner Program
  • Client Portal

Relay Pro: $30 Monthly Maintenance Fee

  • Automatic importation of bills from Quickbooks Online and Xero
  • Ability to view, approve, and pay all bills from a single dashboard
  • Ability to set up and automate multi-stage approval workflows for bills
  • Ability to pay bills in batches
  • Free domestic and international wires
  • Free same-day ACH transfers
  • Same-day ACH delivery time
  • Auto-import bills from QuickBooks Online and Xero
  • Multi-step approval rules for bill payments to increase security

Schedule of Fees Summary

  • Direct deposits or ACH Transfers initiated from an outside financial institution: Limited to $1 million/day
  • Wires initiated from an outside financial institution: Limited to $1 million/day
  • ACH Transfers: Limited to $100,000/day
  • Wires: Limited to $200,000/day
  • Bill Pay Checks: Limited to $40,000/day
  • Internal Transfers: Limited to $1 million/day

Relay Pros and Cons

PROS

  • 4.5 stars on Trustpilot
  • Free Relay Demo offered with live Q&A
  • Relay Partner Program, with which you can earn very generous revenue share and discounts by adding clients (e.g., 17% revenue share by adding 10 clients, etc.)
  • Collect payments from PayPal, Stripe, Square, and much more
  • No account fee option
  • No withdrawal fees
  • No overdraft fees
  • No account minimums
  • High security — accounts are FDIC insured up to $250,000, cards are covered by Mastercard’s Zero Liability Policy, and two-factor authentication for logins is provided
  • As an accountant, you can log in to multiple clients’ Relay accounts by using one set of credentials. This means you do not need to share client passwords and 2FA codes
  • Extremely scalable — very high limits on wires, direct deposits, and ACH transfers
  • Available to foreign owners of US businesses
  • Can accept credit card payments

CONS

  • Not as many integrations and free rewards as other providers
  • Relatively high monthly fee, although this is made up through unlimited free transactions
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Recommended: Try Relay’s premium online banking platform as a small LLC. 

*Relay is a financial technology company, not a business bank. Relay deposits are insured for up to $250,000 per user through Evolve Bank & Trust, member FDIC.

Ideal for Venture-Backed LLCs: Brex

Brex is a great business banking choice for LLCs for several reasons. It offers no monthly account fees, unlimited transactions on both domestic and international wires, and no minimum balance requirements. 

Brex's basic business checking account additionally offers an exceptionally high number of discounts and rewards, which can make it ideal for a large range of venture-backed LLCs.

Brex Business Checking Account: $0 Monthly Maintenance Fee

  • No monthly fee
  • No transaction fees
  • No hidden fees
  • No minimum balance requirement
  • Live chat, phone, and email support
  • Can create up to eight different accounts in Brex mobile banking app or dashboard to separate operational expenses
  • Can schedule payments to and from any account
  • Unlimited transactions when it comes to ACH and wire transfers
  • Fee-free international transfers 
  • Can deposit checks for free
  • FDIC insured up to $250,000 

Schedule of Fees Summary

  • Domestic ACH: No cost
  • International ACH: No cost
  • Checks: No cost, sending and receiving
  • Domestic wire transfers: No cost, incoming and outgoing
  • International wire transfers: No cost, incoming and outgoing
  • Monthly maintenance fees: None
  • Account opening fees: None

Brex Business Checking Account Pros and Cons

PROS

  • Expedited payments for ecommerce platforms, including Amazon, PayPal, Shopify, Square, and Stripe.
  • High number of third-party integrations, including Rippling, Gusto, Expensify, QuickBooks, Xero, and Slack
  • Partner perks worth over $150,000
  • Up to $100,000 credits via AWS Activate
  • 3x rewards on eligible Apple purchases, including hardware purchases
  • 40% off your first 12 months of QuickBooks
  • 50% discount every time you ship with UPS
  • Up to 150% in Google Ads
  • FDIC insured up to $250,000 per account
  • No transaction, account, or international fees
  • No monthly fee
  • Brex credit card available
  • Available to foreign owners of US businesses
  • No minimum deposit

CONS

  • Needs a pre-existing business bank account — you must connect at least one Linked Account to your Brex account
  • Must be in business for six months and be venture-backed to be considered for an account
  • Cannot be used to withdraw money from an ATM
  • Cannot deposit cash into your Brex account
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Recommended: Looking for a zero-fee business account? Check out Brex.

Optimum for Ecommerce-Oriented LLCs: Novo

Novo is a fintech banking platform that is sponsored by Middlesex Federal Savings, a member of the FDIC. 

Novo’s features inevitably mean that it's a strong business checking account for most small businesses. Having said that, we found that its third-party payment processing integrations make it optimum for ecommerce businesses looking to get paid faster. 

Novo additionally refunds all ATM fees, both inside and outside the US.

Novo Business Checking Account: $0 Monthly Maintenance Fee

  • Free ACH transfers
  • Free mailed checks
  • Free incoming wires
  • FDIC Insurance
  • No minimum balance requirements
  • Refunds all ATM fees
  • Thousands of dollars in exclusive perks
  • One virtual card for immediate and secure spending
  • High number of integrations, including QuickBooks, Shopify, Stripe, Xero, Slack, Wise, eBay, and Etsy
  • No early closing fee
  • No monthly fees

Schedule of Fees Summary

  • No account, transaction, or deposit fees
  • Minimum deposit to open business checking account: $0
  • Minimum amount required: $50
  • Insufficient funds charge: $27
  • Uncollected funds returned fee: $27

Novo Pros and Cons

PROS

  • Very secure — includes EMV chip, bank-grade encryption, and a disposable virtual card
  • FDIC insured up to $250,000
  • Accounting software integrations
  • $20,000 in fee-free card processing with Stripe
  • 6% cashback on all Booking.com trips when you pay with your Novo debit card
  • $3,000 in Google Cloud credits
  • 100% discount on the first three months of any Gusto package
  • 40% discount on the first six months of any QuickBooks Online package
  • 30% discount off first year HubSpot subscription, as well as 15% for all the following years
  • $25,000 in segment credit for the first two years
  • Free six months on any Zendesk Suite licenses
  • $150 in Snapchat ads credits 
  • Online and mobile banking check deposits
  • Fee-free ATM access due to refunds.

CONS

  • Only US residents are eligible for Novo's business accounts
  • Limited industries — if you work with cryptocurrencies, privately-owned ATMs, or gambling, you will be unable to use Novo
  • The minimum balance required to open is $0, but the minimum amount required is $50.
  • Some Novo Apps' advanced functionalities may incur fees charged by Novo's partners (e.g., Wise integration, etc.)
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Recommended: Novo's prolific integrations make it a recommended banking service for ecommerce businesses. 

*Novo is a fintech, not a bank. Banking services are provided by Middlesex Federal Savings F.A., member FDIC.

Great for In-Person Banking: Chase

Even though Chase's business checking accounts generally include monthly maintenance fees, users are able to "void" the fees if they satisfy certain criteria.

Chase offers three different business checking accounts:

Chase Business Complete Banking: $15 or $0 Monthly Fee

  • $2,000 of minimum daily balance, deposits from Chase QuickAccept℠, or Chase Ink Business Card purchases are needed to waive the monthly fee
  • Unlimited debit card and Chase ATM transactions
  • Up to 20 teller and paper transactions
  • $5,000 in cash deposits per statement cycle without a fee

Chase Performance Business Checking: $30 or $0 Monthly Service Fee

  • A combined average beginning-day balance of $35,000 needs to be maintained in order to waive the monthly fee
  • 250 transactions per month at no charge
  • Unlimited electronic deposits and incoming wires free of charge
  • $20,000 in free cash deposits every statement cycle
  • Can accept credit and business debit cards at the counter, on the go, or online via Chase Payments Solutions

Chase Platinum Business Checking: $95 or $0 Monthly Service Fee

  • No monthly fee if you maintain a $100,000 combined average beginning day balance
  • 500 transactions per month at no charge
  • Unlimited electronic deposits and incoming wires
  • $25,000 in cash deposits per statement cycle without a fee
  • Can obtain a CPC relationship status and monthly fee waiver with a $50,000 balance

Chase Business Checking Account Pros and Cons

PROS

  • More than 5,000 branch locations and over 17,000 ATMs
  • Largest US bank, most assets
  • Numerous business bank account types, lots of versatility
  • Great mobile app and website
  • Several ways to eliminate fees
  • 24/7 customer service
  • Potentially avoidable monthly fee: For example, the Chase Total Checking account allows users to avoid the $12 monthly fee if they satisfy certain transactional and account-finance requirements. 

CONS

  • Business savings account interest rates are on the lower end
  • Premium business checking is expensive — their Platinum Business Checking account costs approximately $95 per month

If you are interested in opening a business checking account with Chase, you can do this by visiting the bank in person or by filling out an online application. Keep in mind that you'll need your LLC’s formation documents (i.e., Articles of Incorporation, etc.) EIN, and ID.

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Recommended: For easy in-person banking for your LLC check out Chase.

Good for Single-Member LLCs: Lili

Lili is a fintech that offers both free and paid online business checking accounts through its partner — The Bancorp Bank. 

Lili offers two business checking accounts:

Lili Standard: $0 Monthly Service Fee

  • No minimum daily balance requirements
  • Automatic savings features
  • Built-in expense tracking
  • Expedited payments (i.e., up to two days faster)
  • Free ATM withdrawals in over 38,000 ATMs

Lili Pro: $4.99 Monthly Fee

  • Visa Business Debit Card with cashback features
  • Fee-free overdraft up to $200 per account
  • Advanced tracking to assist with tax deductions
  • Ability to create and send an unlimited number of invoices
  • Generous cash back program (e.g., Mailchimp, Microsoft, TaxAct, etc.)

Schedule of Fees Summary

  • Direct deposit: Capped at $25,000 per day, or $50,000 per month
  • Monthly cash deposit capability: $9,000 per month
  • ACH inbound Pro: Capped at $1,000 per day, or $5,000 per month
  • ACH inbound standard: Capped at $500 per day, or $2,000 per month

Lili Pros and Cons

PROS

  • Expense management — businesses can categorize different expenses from Lili's online and mobile banking app in real-time 
  • If you deposit money from online platforms into your basic business checking account, you can get your money up to two days earlier (e.g., Uber, Lyft, Shopify, etc.)
  • No opening deposit
  • No hidden fees
  • Business cashback rewards on everyday purchases
  • Highly secure — FDIC insured, real-time transaction notifications, ability to freeze and unfreeze debit cards at any time through your app
  • Three-minute sign registration
  • Can find locations of free withdrawal ATMs within Lili app
  • Lili pre-fills your annual 1040 Schedule C form, saving time when you need to file it with your accountant or with the IRS
  • No foreign transaction fees
  • Very affordable
  • Can use Lili debit card internationally anywhere where VISA is accepted
  • “Auto-Saving” service
  • Invoicing tool to manage your bookkeeping by creating an unlimited amount of invoices through Lili's online and mobile banking app
  • Can save and download all invoices as PDF documents directly from Lili mobile app

CONS

  • Funding limits can be inconvenient unless it’s a very small business (e.g., $2,000 a month in ACH Inbound, etc.)
  • No 24/7 hour support — available Monday through Friday, 9 a.m.–7 p.m. EST
  • Business accounts only available for single-owner LLCs and sole proprietorships
  • Foreign Activity: If you move outside of the US or have frequent international transactions, you may be contacted for additional verification of your address. If you “will not be returning to the US, your account may be closed”
  • Does not accept deposits in foreign funds or checks drawn from banks outside the US
  • Cannot make deposits at an ATM
  • No wire transfers
  • No checks 
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Recommended Service: Check out Lili's services if you are a small single-member LLC. 

*Lili is a financial technology company, not a bank. Banking services are provided by Choice Financial Group, member FDIC.

Strong Payment Processing Integrations: NorthOne

NorthOne offers a compact business account that is currently used by over 190,000 US businesses.

NorthOne does not have a free business checking account. Unlike Chase, it also does not offer any way for users to avoid any existing monthly maintenance fees. Even so, we found that NorthOne’s monthly fee of $10 was quite affordable, particularly when considering how much its online business account offers.

NorthOne's main features include:

NorthOne: $10 Monthly Fee

  • Can send ACH and wire payments from your phone or computer
  • Can keep individual tabs on payments regardless of where you are
  • Can automatically budget a percentage of your payments to increase savings
  • Accounting integrations (e.g., Gusto, Freshbooks, QuickBooks, Wave, etc.)
  • Payment processing and ecommerce integrations (e.g., Amazon, PayPal, Shopify, Stripe, etc.)

Schedule of Fees Summary

  • Sending domestic wire: $15 per transaction
  • Receiving domestic wire: $15 per transaction
  • Monthly account fee: $10 per month
  • Optional expedited card mailing fee: $25 per card (standard delivery is no charge)
  • Cash withdrawals limited to five per day, $2,000 per transaction, $2,000 per day
  • ACH payments: Limitless number of transactions, up to $10,000 per day, up to $300,000 per calendar month 
  • Wire transfer (domestic): Up to $10,000 per wire, per day, maximum of $300,000 per calendar month

NorthOne Pros and Cons

PROS

  • Can open business checking accounts in as little as three minutes
  • Email, phone, and live chat support
  • FDIC insured up to $250,000 per account
  • Secure — includes multi-factor authentication, ability to freeze cards instantly, as well as touch and face ID
  • Optimized landing pages to promote businesses
  • Access to exclusive promotions and rewards
  • Partner and affiliate programs
  • Can make deposits from anywhere
  • Mastercard debit cards with withdrawals at any MoneyPass ATM in the US
  • Activate and freeze debit cards from your phone 

CONS

  • Needs a US physical address, not applicable to foreign owners of US businesses
  • No "free" business checking accounts plan
  • Quite expensive — $15 for sending and receiving domestic wires
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Recommended: NorthOne has a large range of accounting and payment processing integrations for a very small monthly fee. 

*NorthOne is a financial technology company, not a bank. Banking services are provided by The Bancorp Bank, member FDIC.

Do I Need a Business Bank Account for LLC?

As of 2022, there is no "legal" requirement for LLCs to open a separate business bank account. Nonetheless, it remains highly recommended by the Internal Revenue Service (IRS) for several reasons.

For one, opening a separate business bank account for your LLC is a better option than relying on your personal checking account because it can mean that you do not lose your incorporated benefits (e.g., limited personal liability, etc.).

In order to avoid "piercing the corporate veil" and losing your limited personal liability under the law, you will need to separate your personal finances and personal accounts from your business's assets through a business checking account.

This is because doing this can act as proof that you are treating your LLC as a separate financial entity to yourself — by separating your personal and business finances — and should thus maintain your incorporated protections in law.

Online business checking accounts can also offer financial benefits, including:

  • No transaction fees
  • No minimum deposit accounts
  • Faster business credit building
  • Integrations that expedite customer payments (e.g., Shopify, etc.)
  • Merchant services

Other benefits to opening a business bank account include increased access to bank loans, as well as the ability to build business credit.

Tip: Interested in learning how to treat your business and yourself as separate financial entities? See our article on how to maintain your corporate veil.

Best Business Checking Accounts for LLCs FAQs

Which is the easiest bank to open a business account?

The “easiest bank” to open a business account can depend on your business’s structure and specificities. 

Generally speaking, most business checking accounts will have different identification requirements when it comes to how they interpret and apply Section 326 of the Patriot Act. 

Some may require in-person visits to a branch, a US phone number, and proof of a physical address (e.g., utility bill, etc.). On the other hand, other online banks and money management platforms can be a lot more flexible (e.g., Relay, Novo, etc.).

What is the best small business bank?

The best business checking account is Relay, according to our Best Online Banks for Small Business review. 

This is because its business checking account comes with extremely low fees while at the same time offering a very large amount of third-party integrations, bonuses, and discounts.

Its online banking platform offers two business checking accounts, making it an ideal option for the LLC business owners that may want to start with a "free" service while maintaining a certain degree of scalability in the long term.

How do I choose a bank for my small business?

When you are choosing a bank for your small business, you should consider the following factors:

  • Cost (e.g., monthly fees, transaction costs, etc.)
  • Bank requirements
  • Number of features
  • Perks and bonuses
  • Security

Finding the best LLC checking account can be difficult. Ultimately, you will need to consider which of the above factors are most important to you and your business before making a final, informed decision.

For more information, see our best banks for small business review. 

How do I pay myself as a single-member LLC?

As a single-member LLC, you can pay yourself in the following two ways:

  • Through paying yourself a distribution that is automatically passed through to your individual tax return, or
  • Through paying yourself a “reasonable” salary as an LLC that has elected s corp status. 

For more information, see our guide on how to pay yourself as a single-member LLC

Should I get a credit card for my LLC?

Getting a credit card for your LLC can give you greater cash flow and help you monitor your business expenses more effectively.

Generally speaking, most LLCs can benefit from having a small business credit card.

For more information, see our review of the best credit cards for small businesses.

Do you need an EIN to open a business checking account?

LLCs are required to have an EIN in order to open a business checking account. You can think of your EIN as your business's Social Security Number (SSN). It is used by the Internal Revenue Service (IRS) in order to track your business's activity.

Check out our how to get an EIN article for more information on the role of EINs on business checking accounts.

What is an online bill pay?

Online bill pay is an electronic service that allows users to pay bills online, without having to write and/or mail checks.

Online bill payments usually work through business checking accounts.

What are the benefits of a BlueVine business checking account?

There are several benefits to using BlueVine's business checking account, including:

  • No monthly fees
  • Unlimited transactions
  • 1.0% interest
  • 38,000 fee-free ATMs in the US

Having said that, keep in mind that you will be charged $4.95 per cash deposit when using BlueVine.