Best Business Bank Accounts for LLCs in 2024
Every LLC needs to open a business bank account, but which one is going to be the right fit?
We’ve ranked the best LLC bank accounts in 2024 to help you find a banking partner that caters to your business needs. From fee-free checking and third-party integrations to employee debit cards and free wire transfers, here are the top five business checking accounts tailored to LLCs.
Recommended: Lili is our top-choice for single-member LLCs– their free features make business banking easy and affordable.
Best Business Bank Account for LLC
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Best Bank Accounts for LLCs in 2024 |
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Lili
4.9/5 |
BEST FOR SINGLE-MEMBER LLCs
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Relay
4.9/5 |
BEST FOR MULTI-MEMBER LLCS
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Novo
4.4/5 |
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Chase
4.4/5 |
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NorthOne
4/5 |
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1. Lili: Best Bank Account for Single-Member LLCs
Lili is a leading fintech company that offers bank accounts through its partner, Choice Financial Group. Business bank accounts through Lili have access to a wide range of tools and features geared toward freelancers and single-member LLCs. Named as one of the 50 Most Innovative Companies of 2022 by Fast Company, Lili is marketed as being a tech-forward, user-friendly mobile app that simplifies everything from bookkeeping to taxes for the average user. If you’re a small business owner without employees, Lili may be able to help you manage your finances, save for important business purchases, and prepare for tax filing all within the same platform.
Getting started with Lili is a fairly simple process that can be completed online without any initial paperwork, account opening deposits, or credit checks. Once inside, you’ll find a wealth of resources, including the Lili Tax Optimizer, which helps freelancers save money when it’s time to file taxes.
Using the Lili bank mobile app, small business owners and freelancers can:
- Categorize business transactions
- Set aside a portion of your earnings for tax payments
- Scan receipts
- Automatically generate expense reports
- Pre-fill your Schedule C tax forms based on transaction data
The perks don’t stop there. Lili Bank Visa debit cards earn cash back on select purchases. You can enable automatic savings to transfer a portion of deposits into an interest-earning account. The Balance Up feature allows you to overdraft up to $200 via ACH or debit card without any overdraft fees or penalties.
Included With Every Lili Business Checking Account:
- No minimum balance
- No opening deposits
- No monthly fees
- No overdraft fees
- Free ATM withdrawals
- Automatic savings features
- Expedited payments (up to two days faster)
- Lili Tax Optimizer tools
Additional Features Included With Lili Pro ($15/Month):
- Free BalanceUp Overdraft up to $200
- Interest-earning savings account
- Pre-filled Schedule C
- Create and send unlimited invoices
- Cashback debit card rewards
- Advanced expense management
- Higher account limits
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
PROS
- Fee-free business checking
- No hidden fees
- No overdraft or bounced check fees
- Free ATM withdrawals
- Cashback rewards on debit purchases
- Fast and easy application
- Award-winning mobile apps
- Collection of business and tax tools
- High limits on incoming and outgoing transactions
- Automatic savings with interest earning accounts
CONS
- Small funding limits between linked accounts
- Only available to single-member LLCs and sole proprietors
- Only available to US businesses
- Cash deposits only available at GreenDot locations
- No wire transfers
- No checks
Lili’s pricing and features make it our top choice for single-member LLCs.
*Lili is a financial technology company, not a bank. Banking services are provided by Choice Financial Group, member FDIC.
2. Relay: Best Bank Accounts for Multi-Member LLCs
Relay is a powerful business banking platform that allows businesses of all sizes to manage their finances. Business owners who use Relay can benefit from having an arsenal of tools designed to make all aspects of running a business easier. Like many online banks, Relay is a fintech company that partners with Evolve Bank & Trust to offer free and affordable business banking solutions to its customers. Both the website and smartphone apps are user-friendly and easy to navigate for even the most technologically challenged individuals. The website also has an extensive support center where customers can find answers to important questions or reach out via support ticket, email, or phone.
Relay is one of the few business banks that is genuinely fee-free. Relay doesn’t charge monthly fees for their business bank accounts but instead charges $30 per month for additional features like accounts payable, faster ACH transactions, and unlimited wire payments. There’s no charge for things like bounced checks or overdrafts and no minimum balance to maintain. If your current business bank likes to nickel and dime you for every feature, you may consider switching to an online bank like Relay.
For midsize or rapidly growing businesses, Relay allows you to open up to 20 separate checking accounts under one dashboard. You can also issue up to 50 physical and virtual debit cards and assign spending limits to employee accounts. Integration with platforms like QuickBooks, Xero, Gusto, and more make Relay an easy decision for LLCs with employees and vendors to pay.
Included With Every Relay Business Checking Account:
- No monthly maintenance fees
- No minimum opening deposit requirement
- No fees for bounced checks or overdrafts
- Free ATM withdrawals
- 24/7 customer support service
- Up to 20 employee checking accounts
- Up to 50 virtual or physical debit cards
- Fast, free ACH transactions
- Online employee access
- Third-party integrations, including Xero, QuickBooks, and Plaid
- iOS, Android, and Web app availability
- Mobile check deposits
- $5 outgoing domestic wire transfer
- $10 outgoing international wire transfer
Additional Features Included With Relay Pro ($30/Month):
- Same-day ACH delivery
- Free outgoing domestic wire transfers
- Free outgoing international wire transfers
- Auto import bills from QuickBooks and Xero
- Automated bill approvals system
- Easy vendor payments
- One-click reconciliation with QuickBooks and Xero
Schedule of Fees Summary
- Direct Deposits/ACH Transfers Initiated From Outside Financial Institutions: Limited to $1 million/day
- Wires Initiated From Outside Financial Institutions: 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
PROS
- No monthly fees
- No overdraft or bounced check fees
- No account minimums
- Free ATM withdrawals
- Up to 20 individual/employee accounts
- Up to 50 virtual and physical debit cards
- Payment processing features
- Integrates with third-party business tools
- FDIC insured up to $250,000
- 4.5 stars on Trustpilot
- Free Relay Demo offered with live Q&A
- Relay Partner Program for affiliate and referral earnings
- Collect payments from PayPal, Stripe, Square, and much more
- Accountant access to client accounts
- Very high limits on wires, direct deposits, and ACH transfers
- Available to foreign owners of US businesses
CONS
- Phone support only available during weekday business hours
- Accounts do not earn interest
- High monthly fee for premium Relay Pro features
Try Relay's premium online banking platform if you’re a multi-member 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.
3. Novo: Bank Accounts for Ecommerce LLCs
You’ve probably heard of the fintech banking platform Novo, a financial partner of Middlesex Federal Savings. Started in 2016, this online business bank is aimed at helping small businesses, especially ecommerce companies, streamline their workflow with easy integrations to top business tools and platforms. Applying for an account can be done within minutes, although some customers report having their application immediately under review pending document uploads. Once you’re approved, you’ll have access to a wealth of free business tools like virtual cards, integrated invoicing, and free payment processing.
If you run an ecommerce business that uses apps like Shopify, Etsy, eBay, or even Amazon to sell to customers, Novo can connect directly to your merchant accounts to import sales, categorize merchant and shipping fees for tax purposes, and accept direct deposits up to two days faster than other banks. The Novo app also integrates with popular payment processors like PayPal and Stripe, offering up to $20,000 in free payment processing for new Stripe customers. Best of all, Novo claims they will refund any and all ATM fees, adding more value to this LLC bank account.
Included with every Novo business bank account:
- No monthly fees
- 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
- Integrations with popular ecommerce and payment processing platforms
Schedule of Fees Summary
- Minimum Deposit to Open a Business Checking Account: $0
- Minimum Amount Required: $50
- Insufficient Funds Charge: $27
- Uncollected Funds Returned Fee: $27
- No account, transaction, or deposit fees
PROS
- No monthly fees
- No account minimum or opening deposit
- User-friendly mobile apps
- Mobile check deposit
- Refunded ATM fees
- Popular third-party integrations
- $20,000 in fee-free card processing with Stripe
- Cashback debit card offers
- Valuable credits for ad platforms and business tools
CONS
- Only available to US residents
- Certain industries such as gambling and cryptocurrency businesses excluded
Novo's prolific integrations make it a recommended banking service for ecommerce LLCs.
*Novo is a fintech, not a bank. Banking services are provided by Middlesex Federal Savings F.A., member FDIC.
4. Chase: Brick and Mortar Business Bank
Most of us are already familiar with JPMorgan Chase Bank, as they are one of the largest banks in America. While many small business owners may have had a personal checking account with Chase, others may be missing out on the benefits of maintaining a business bank account with them as well. Chase offers bank accounts for LLCs in three tiers: Chase Business Complete Banking, Chase Performance Business Checking, and Chase Platinum Business Checking. Unlike other business banks mentioned in this article, each account has a monthly maintenance fee that can be waived with certain transactions, account balances, or linked accounts. Services like payroll and vendor payments are also available for a monthly fee plus a small transaction fee based on the payment amount.
On the plus side, Chase is the only bank on our list that offers in-person banking services at over 5,000 branches nationwide. They are also an SBA-preferred lender, able to help your business facilitate government-backed loans through Chase. For this reason, we recommend Chase to established businesses that plan to make use of SBA loans, deposit cash regularly, or require physical locations. Getting started with Chase does require documentation and approval, but the process is fairly easy and can be done within minutes if you visit a branch.
Included With Every Chase Business Bank Account:
- Accept credit cards with Chase Quick Accept POS and mobile app
- Online and mobile banking
- Remote check deposit
- Free access to over 16,000 ATMs
- In-person banking at over 5,000 branches nationwide
- Employee debit cards
- Link with other Chase accounts and credit cards
- Free savings account with linked checking account
Additional Features With Performance And Platinum Business Checking:
- Higher cash deposit limits
- Higher transaction limits
PROS
- More than 5,000 branch locations and over 16,000 ATMs
- Largest US bank, most assets
- Ability to scale account type as your business grows
- Great mobile app and website
- 24/7 customer service
CONS
- Lower interest rates on savings accounts
- Monthly fees on checking accounts, can be waived
Learn more about Chase banking for LLCs.
5. NorthOne: Banking for LLCs With Frequent Payment Processing
If you run a service-based business that handles a lot of incoming and outgoing payments, NorthOne is a fintech company that offers powerful payment solutions built into its checking accounts. Partnering with The Bancorp Bank, one of the country’s largest payment networks, NorthOne makes it easy to send and receive payments directly into your business bank account instantly. Their mobile app is very easy to use and is ranked five stars in the Apple App Store and Google Play Store. NorthOne also connects to many popular third-party apps like Amazon, Airbnb, and even Etsy, making this a great bank account for LLCs that use online marketplaces.
NorthOne Bank doesn’t offer fee-free checking; accounts will run you $10 per month. Instead, this bank focuses on low payment processing fees, strong app integrations to ecommerce and accounting platforms, and budgeting tools.
Included With Northone Checking Accounts:
- Free ACH Payments
- $15 domestic wire transfers
- Online and mobile banking
- Remote check deposit
- Small business budgeting tools
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
PROS
- Fast, online applications
- Email, phone, and live chat support
- Highly-rated mobile apps
- Integrations with over 20 popular business tools
- In-account budgeting tools
- Partner and affiliate programs
- Can make cash deposits from anywhere
- Free ATM withdrawals at MoneyPass ATMs
- Activate and freeze debit cards from your phone
CONS
- Available to US residents only
- No "free" business checking accounts plan
- Costly domestic wire transfers ($15 each)
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 an 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.
Our Approach
We based our review of the best business bank account for LLCs on the following factors:
- 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 smaller 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.).
LLC Banking FAQs
The “easiest bank” to open a business account can depend on your business's structure and specificities. If your business has multiple owners, you may need to have proof of identification and signatures of all current owners.
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.).
The best business checking account is Relay, according to our Best 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 LLC business owners that may want to start with a "free" service while maintaining a certain degree of scalability in the long term.
When you are choosing a bank for your small business, you should consider the following factors:
- Customer service (e.g., Bank of America customer service, etc.)
- 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 is most important to you and your business before making a final, informed decision.
For more information, see our Best Banks for Small Business Review.
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.
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.
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.
Online bill pay is an electronic service that allows users to pay bills online without having to write and/or mail checks.