We’ve compiled a list of the best business checking accounts for LLCs.
Each bank has its own pros and cons, so we’ll help you decide which one is right for your business.
Best Business Checking Accounts
What Are Business Checking Accounts
Business checking accounts are great for small businesses and startups. They offer the same features as regular checking accounts, such as online bill pay and mobile deposit.
But they also have some unique features that make them more suitable for small businesses.
The main benefit is that these accounts typically have no minimum balance requirement, which makes them a good choice for companies with little to no money on hand. In addition,
many business checking accounts allow you to write checks directly from your account, making it easy to pay employees or vendors without taking out a loan or overdraft line of credit (which can be costly).
Business checking accounts also offer other benefits like free ATM withdrawals, debit card access and free online banking services.
What Are The Best Business Checking Accounts For LLCs?
1. Chase Bank
Chase Bank is a bank and financial services company that offers consumer and commercial financial products and services to individuals, small businesses, and commercial clients. x
Best for small business owners who want to take control of their overall finances
This app is easy to use, tracks your taxes and makes it easier to pay them on time. It also allows you to track your mileage on the go so you don’t forget to deduct it from your taxes.
In addition to those features, it lets you keep track of your expenses and income in one place, pay vendors and employees through its bill pay feature, create invoices and estimates, track mileage and more.
The app is available for Android or iOS devices but requires an annual subscription fee from $10 per month up to $50 per month depending on how many users you have at once.
The company offers a number of different types of checking accounts that have fees based on the type of account you choose and how often you use it. Chase also offers a variety of savings accounts with varying interest rates depending on the amount deposited into the account each month.
Chase offers several types of checking accounts including Basic Checking, Chase Premier Plus Checking and Chase Total Business Checking that offer various fee structures based on how often you use your account each month as well as what type of account you choose to open with them.
You can also earn interest if you have enough money in your account at any one time or if you are willing to deposit a certain amount into an account each month like $100 for example which will then earn interest on those funds until they are withdrawn from your account or invested elsewhere by Chase Bank.
JPMorgan Chase is deploying a new, cloud-based core system for its retail bank using software developed by Thought Machine, the two companies said Wednesday.
JPMorgan Chase moving retail bank's core system to cloud.
2. Bank of America
Bank of America is the second largest bank in the United States by assets and one of the Big Four banks of the United States.
The company offers personal and business banking services to individuals and small businesses, as well as commercial banking, wealth management and investment banking services for corporations and institutional investors.
In addition to its core retail bank operations, Bank of America also operates various non-bank subsidiaries that focus on wealth management or provide financing for certain segments of the economy.
These include Merrill Lynch & Co., which provides brokerage services; U.S. Trust Corporation, which provides wealth management services; and Synchrony Financial (formerly GE Capital Retail Finance), which provides financing for consumer goods like automobiles, appliances and furniture.
Bank of America offers customers several different types of checking accounts: basic checking accounts, interest-bearing checking accounts, convenience checks (checks that you can use anywhere) and savings accounts.
It also offers credit cards such as Visa Signature credit cards (with no annual fee), cash back rewards cards and low interest rate cards for people with excellent credit scores (750+). In addition, Bank of America offers home mortgages through its subsidiary Countrywide Home Loans
Their bank accounts come with a number of fees, including overdraft fees and monthly service fees. These fees can add up quickly if you’re not careful.
To avoid paying these fees, it’s important to know what they are before opening an account with Bank of America or any other bank for that matter.
- ATM Fees — $2 per withdrawal (some locations may be free)
- Debit Card Transaction Limits — $50 daily limit per purchase transaction**
The Bank of America Business Advantage Travel Rewards World Mastercard® is designed for business owners who have frequent travel expenses. It offers fixed-rate unlimited points on all purchases regardless of spending categories.
3. Wells Fargo
Wells Fargo is one of the leading providers of financial services in the United States. Founded in 1852, Wells Fargo is one of America’s oldest, largest and most successful banks.
Wells Fargo provides a broad array of personal banking, small business banking, and wealth management products and services to consumers, businesses, asset managers, governments and institutions in more than 80 countries.
Wells Fargo serves three primary customer groups: retail customers, including households and small businesses; wholesale clients, which include large corporations, institutional investors and government entities; and corporate customers.
The company operates through four divisions: Community Banking; Wholesale Banking; Wealth & Investment Management (formerly known as Asset Management); and Corporate & Investment Bank (formerly known as Capital Markets).
Best for having a checking account that is specific to your unique needs
Wells Fargo makes it easy to find the right checking account for your individual needs and preferences. We offer a variety of accounts that include student, teen, and business accounts so you can choose the one that works best for you.
Our checking accounts include:
Student Checking — offers online banking, mobile banking and text alerts; plus, no monthly service fee with an average balance of $1,500 or higher throughout the month
Teen Checking — designed for teens between 13-17 years old; offers paperless statements, free debit card and free Debit Card PIN Change
Adult Checking — designed for adults 18+ years old; offers paperless statements and free Debit Card PIN Change.
One of the most popular features of Wells Fargo is its free ATMs that are available at more than 24,000 locations across the country for customers who are enrolled in their checking account program or have a debit card on file with the bank.
The ATMs allow users to withdraw cash from their checking accounts without paying any fees or charges other than those associated with using another bank’s ATM machine when traveling outside of their home area or country location.
Another popular feature associated with Wells Fargo is its credit cards that offer rewards programs for frequent purchases made using their cards at participating merchants while also helping cardholders build up points.
If you’re looking for a personal checking account or business savings account from Wells Fargo, here’s what you need to know about their pricing:
Standard Checking Account – $10 monthly service fee (waived if you maintain an average balance of $1K or more during each statement cycle).
Free Checking – No monthly maintenance fee with direct deposit; otherwise $8 per month service fee.
The Wells Fargo Business Secured Credit Card is an excellent option for businesses that need to establish or improve their credit.
PNC is a leading financial services company, providing consumer and commercial banking to nearly 5 million personal, business and commercial clients. PNC’s 15,000 retail branches are located in the Northeast, Mid-Atlantic and Midwest regions of the United States.
Best for establishing a great foundation for your business with their multiple checking accounts
For business owners who are looking to establish a great foundation for their business, Chase offers several different checking accounts. The bank’s Premier Business Checking account is ideal for companies that need multiple accounts and want to avoid monthly maintenance charges.
The Premier Business Checking account has no minimum balance requirement, but it does have a monthly fee of $25 if you don’t meet the monthly minimum average balance of $15,000 or more in linked deposit or securities accounts (or $5,000 if you have an average daily balance of at least $1 million).
You can avoid this fee by paying an annual fee of $150 or more. Chase’s other options include basic business checking accounts without monthly fees but with lower minimum balances requirements, as well as accounts designed specifically for small businesses with less than $250,000 in total assets.
We offer a wide range of financial services, including checking and savings accounts, money market accounts, CDs and IRAs. You can also choose from a variety of credit cards, personal loans, auto loans and home equity lines of credit.
We’re committed to helping you achieve your financial goals. That’s why we offer specialized products and services like: Durable Power of Attorney (POA) – POA allows you to appoint someone else as your legal representative in case you become incapacitated or are out of town at the time an important decision needs to be made.
A durable PPOA allows you to appoint someone who will take over if you become incapacitated and then die. Medicaid Planning – Medicaid is a health insurance program for low-income individuals who are disabled or over 65 years old.
It’s funded jointly by states and the federal government, but each state has its own rules regarding eligibility for Medicaid coverage, including asset limits and other criteria that determine whether an individual qualifies for benefits. We can help determine if there are ways you can reduce your assets so that you qualify for Medicaid benefits should you need long-term care services at some point in the future.
PNC offers a variety of checking, savings and money market accounts with different features and services. You can open an account in person at a local branch or by visiting the PNC website.
The bank offers two types of checking accounts: basic and premium. Basic checking accounts are available to anyone who lives within PNC’s branch footprint, while premium accounts are reserved for customers with higher balances or who meet other criteria.
PNC also offers a variety of savings and money market accounts that come with different perks and features. All of these accounts can be opened online with just a few clicks or in person at any PNC branch location.
5. LendingClub Tailored Checking
Your money is at the center of everything we do. That’s why we offer a checking account with a high-yield savings account that gives you access to your funds when you need them.
With LendingClub Tailored Checking, you’ll have access to free online and mobile banking, as well as a debit card that allows you to take advantage of a low flat rate for ATM withdrawals. You can also set up mobile deposit so it’s easy to deposit checks from your phone or tablet.
In addition, if you sign up for eStatements, there are no monthly service fees on your checking account!
Personalized Service – Our account representatives know you and your business. They’re here to help you every step of the way so you can get back to what’s important – running your business.
Online Banking – Log in 24/7 and access your account anytime, anywhere with our mobile app or online banking platform.
Free Debit Card – You’ll receive one free debit card with direct deposit privileges when you open an account with LendingClub Tailored Checking today!
- No Monthly Fee
- Up to $25 Cash Bonus
- Free Bill Pay and Online Banking
- Flexible Debit Card with No ATM Fees
LendingClub is America's largest lending marketplace, connecting borrowers with investors since 2007. Our LCTM Marketplace Platform has helped more than 4 million members get over $70 billion in personal loans so they can save money, pay down debt, and take control of their financial future.
What are Business Checking Accounts?
Business checking accounts are designed for small- to medium-sized businesses operating in the U.S. These accounts are meant to help you manage your business finances, which often include payroll, tax payments and other expenses.
Business checking accounts are different than personal checking accounts in a few ways:
They may have fewer transaction limits and lower limits on monthly fees. They’re intended for businesses that don’t need a lot of services or features, such as direct deposit or mobile banking.
What Are Business Checking Accounts?
Business checking accounts aren’t just a place where you can deposit checks and pay bills they’re also designed to help you manage your money as efficiently as possible. Here are some common features of business checking accounts:
Low or no minimum balance requirements: Many business checking accounts have no minimum balance requirement and thus don’t require you to keep large amounts of money sitting in your account at all times. This makes it easier to manage cash flow because you won’t have to worry about maintaining an unnecessary balance when there’s not enough money in the account yet.
Flexibility with overdraft protection: If a check bounces due to insufficient funds in your account, overdraft protection allows you to cover the cost by tapping into another line of credit.
Business Checking Accounts FAQ
What are the benefits of Business Checking Accounts?
Business checking accounts are designed to be an all-in-one solution for your business needs. These accounts provide a variety of features and benefits that can help your business grow and become more profitable.
What types of Business Checking Accounts are available?
There are many different types of business checking accounts available, from basic checking to high-end options with more features. Here are a few different types:
Basic Business Checking Accounts: Basic business checking accounts often offer low monthly maintenance fees and no minimum balance requirements. They also come with free online banking and bill pay services, as well as mobile banking apps to help you manage your finances on the go.
Enhanced Business Checking Accounts: Enhanced business checking accounts provide additional features like overdraft protection, premium customer service and other perks that can make managing your finances easier and more convenient.
These accounts typically have higher monthly maintenance fees than basic business checking accounts but may come with fewer restrictions or requirements when it comes to opening up an account.
Business Credit Cards: If your business has a strong credit history and good standing with its vendors, then applying for a business credit card might be worth investigating further if you’re looking for a way
What is the best business bank account for a small business?
What is the best business bank account for a small business?
There are many different types of business accounts available from banks and building societies. Here we look at some of the most popular and explain how they work.
A cash account is an account in which your money is deposited by cheque or cash. Your balance can never be overdrawn, although it may be temporarily negative because a cheque has been paid in but has not yet cleared through the bank.
Cash accounts are easy to set up, but they tend to pay lower interest rates than other types of business accounts.
A current account allows you to pay bills and make withdrawals and deposits at any time, as well as provide you with access to an overdraft facility (more on this below). Current accounts are simple and straightforward, but they do tend to charge high fees for services such as using an ATM abroad or making credit card payments by phone or internet banking.
What Makes Up A Business Checking Account?
Checking accounts for businesses come in a variety of types, but all have certain features in common. The following are some of the basic components that you can expect from a business checking account:
Minimum balance requirement: This is the minimum amount of money that must be maintained in your account at all times. This is typically expressed as a percentage of the account balance, such as $500 or 0.10% of your account balance.
If there is not enough money in your account to meet the minimum balance requirement, your bank may charge you a monthly fee until the balance reaches the required level.
Service fees: Some banks charge a fee if you use an ATM outside their network or if there is insufficient activity on your account over a period of time (such as 90 days).
Be sure to read through all of the terms and conditions before opening an account to avoid being charged these types of fees.
Free checks: Most banks offer free checks for all customers; however, this may not include customized checks with logos or other graphics printed on them.
If you need customized checks but are willing to pay for them, then you will have to purchase them from another company and then submit them for reimbursement by your bank through an internal process called
How much does it cost to start a business in the US?
The cost of starting a new business depends on several factors, including the industry you’re in and whether or not you need to rent an office or store. The biggest expenses are startup costs, which include things like legal fees and permits, as well as ongoing operating expenses like employee salaries and taxes.
Startup costs: $1,000 to $5,000 Some startup costs are non-negotiable, such as registering your business entity with the state. Other costs depend on the type of business you’re starting.
For example, if you plan on selling food products out of a storefront location, your startup costs will include buying commercial kitchen equipment and building out the space with tables and chairs.
On the other hand, if you want to sell clothing online without any physical storefront, then your startup costs may be limited to hiring someone to build your website design and hosting fees for e-commerce software like Shopify or Amazon Web Services.
Ongoing operating expenses: $1 million+ per year: Even if you can keep your initial startup costs low, there are still ongoing operating expenses — such as paying employees or contractors — that can quickly add up over time.
Which bank is best for LLC?
If you are a business owner, you need to open a bank account for your LLC.
A business bank account is one of the basic things you will need in order to run your business smoothly. The reason why you need a bank account is because it will help you keep track of your business finances and make sure that everything is running smoothly.
However, if you have never opened up a bank account before, then it can be confusing at first. There are many banks out there that offer different services and benefits so choosing the right one can be tricky.
The best thing to do is compare them side by side so that you can make an informed decision about which one is right for your needs. Here are some important things to consider when choosing which bank is best for LLC:
Accessibility: Make sure that you choose a bank that has branches or ATMs in the area where your business operates so that you can easily get access to money when needed (i.e., if cash flow gets low).
Also, if there ever arises any problems or issues with your account, then it’s important that they have 24/7 customer service because this way they can help solve any problems quickly without having to wait until the next day or week (for example).
What is the purpose of a business checking account?
A business checking account is an essential component of your business’s financial health. It’s where you keep the money you earn and spend, but it’s also a place where you can save money and pay bills.
If you run a small business, it’s important to understand how your checking account works and what features are available to help you manage your finances.
What are some features of a business checking account?
A good business checking account has several features that make it easy to use and manage. Some of these include:
Free online banking. You can access your account online from anywhere in the world through a secure website or app.
You can make transfers from one account to another within the same bank or between accounts at different banks, so long as they have the same routing number (see below). You can also set up email alerts for when certain transactions take place, such as if someone tries to make an unauthorized withdrawal from your account or if there’s an error on a check you wrote that needs correcting before it clears.
No minimum balance requirement or monthly fee. Some banks require at least $1,500 in your account just to open an account.
What is the minimum amount to open a business checking account?
There is not a specific dollar amount required to open a business checking account. However, depending on your other financial activities and how you plan to use your accounts, you may want to consider certain factors before deciding on an account.
For example, if you are planning to use your account as a primary source of funding for your business, then you might want to consider an account with higher daily limits than an average personal checking account.
If you plan on using your business checking account as a secondary source of funding for your business, then it would probably make sense to keep the fees as low as possible so that you don’t have any surprises when it comes time to pay those bills.
In addition, if you are planning on making direct deposits into this account from customers and vendors, then it might make sense to look for an institution that has free direct deposit or low-cost wire transfer services.
Do banks offer a sign-up bonus?
Most banks don’t offer a sign-up bonus, but there are some that do. In general, the bigger the bank, the less likely it is to offer a sign-up bonus.
The best way to find out if your bank offers a sign-up bonus is to check its website and see if it’s listed in their terms and conditions. If it isn’t, contact customer support and ask them if they offer this benefit.
Other Banks To Consider
Many of the best banks in the U.S. are large, national institutions that offer a wide range of products and services, while others are local or regional banks that focus on a specific niche.
Here are some other banks to consider when shopping for a new account:
Ally Bank: This online bank offers high-yield savings accounts, IRA CDs and CDs with higher interest rates than traditional banks. The bank has no monthly maintenance fee for its checking accounts, which earn interest at a variable rate based on the Prime Rate.
The bank’s online platform is also easy to use and allows you to deposit checks remotely via your smartphone or tablet.
Charles Schwab Bank: Charles Schwab Bank offers high interest rates on its savings accounts (1% APY) as well as checking accounts that come with no monthly maintenance fees and free access to over 30,000 ATMs nationwide.
You can also get free access to more than 4,000 branches nationwide through its Schwab Bank High Yield Investor Checking account.
Fidelity Investments: Fidelity Investments’ High Interest Checking Account pays 2% APY on balances up to $50,000 and 1% APY on balances above $50,000 — much higher than most traditional checking accounts.
Best Business Checking Accounts For LLC – FAQ
What is an LLC?
An LLC is a legal entity that combines features of both corporations and partnerships. An LLC can be set up in any state where they are recognized by law, but they are most common in Delaware because this state has very flexible laws regarding the formation of such companies (other states have more restrictive rules).
What is the FDIC?
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government. It was created by the Banking Act of 1933 to restore public confidence in the nation’s banking system and to protect depositors’ funds.
The FDIC insures deposits at U.S. banks and savings associations, up to $250,000 per owner per bank, through a system of shared national responsibility among Federal, state, and local governments.
This guarantee has been in place since January 1, 1934 when President Franklin D. Roosevelt signed the Banking Act of 1933 into law. The FDIC is an independent agency that operates within the public sector but does not receive taxpayer dollars for its operations or losses.
The FDIC receives assessments from member financial institutions that are used to fund its operations and losses resulting from failed banks and insured credit unions. The FDIC receives no appropriations from Congress and is self-sustaining through assessments on member insured depository institutions; it does not use taxpayer money to pay out claims or operate its programs.
In addition to deposit insurance coverage, the FDIC provides deposit insurance premium discounts for low-income families; administers several programs that promote financial literacy and economic development in low-income communities.
How can I get the best deal on a business checking account?
Choosing the right business checking account can be a challenge. You want to find an account that has all the features you need and offers a competitive interest rate.
But not all banks offer the same rates and perks, so it takes time to shop around.
Here are some tips for getting the best deal on a business checking account: Look for free perks with your account. Some banks offer free checks, bank statements, or other perks.
Ask about promotions and discounts that may apply to your business. Some banks offer deals for new customers or existing customers who switch from another bank.
Compare interest rates on savings accounts, CD accounts, and money market accounts offered by banks where you’re considering opening a checking account. If you’d like to keep some of your money liquid in case of emergencies, consider keeping part of your funds in one of these accounts instead of keeping them all in your checking account at the same bank (although this may affect how much interest you earn).
What is the minimum amount to open a business checking account?
The minimum deposit for opening a business checking account varies from bank to bank. The average minimum deposit is $500, but some banks require at least $2,500 or more.
Some banks have no minimum deposit requirement for business checking accounts. These include Bank of the West and TD Bank — both of which are part of larger financial institutions with other products such as savings accounts and CDs that may have higher minimum deposits.
It’s also possible to open a business checking account that doesn’t require a minimum deposit if you use your personal funds to open it. This is called an “individual sweep” account, and it’s available at several banks including Chase and Wells Fargo.
Do all banks offer a sign-up bonus?
Some banks don’t offer a sign-up bonus, but the majority do. Banks that don’t offer a sign-up bonus may not be able to compete with the top banks like Chase, Bank of America and Citi, who are constantly offering $200-$300 bonuses for opening their credit cards.
If you’re interested in opening a new checking or savings account, check out our list of best online checking accounts and best savings accounts for more details on what to look for.
Do all credit unions have sign-up bonuses?
Some credit unions do offer sign-up bonuses, but others don’t. If you’re interested in opening an account at a credit union instead of a bank, check out our list of Best Credit Unions for Checking Accounts to find one that has no monthly fees and offers good rates on savings accounts.
What are the benefits of having a business checking account?
Having a business checking account is an essential part of running a small business. Having a separate bank account for your business helps you keep track of your finances, make better decisions and avoid unnecessary fees that come with personal accounts.
Here are some benefits of having a business checking account:
Separate from your personal finances: It’s easy to lose track of business expenses when you pay them from a personal checking account. A separate business account keeps your money separate from the rest of your finances, which can save you from overdrawing and incurring fees for insufficient funds.
No minimum balances required: Many banks require minimum balances to open accounts, but there’s no minimum balance requirement for most small-business checking accounts. This can help keep costs down if you don’t have much cash on hand at any given time.
Flexibility with deposits and withdrawals: Most banks allow businesses to make deposits by check or electronically — often without daily limits — and withdraw funds at ATMs without service charges or other restrictions on the number and location of transactions per month or year. That means if one method isn’t working, you can try another until you find what works best for your business’ needs and budget.
Best Business Checking Accounts – Wrapping Up
Two of the best business checking accounts are PayPal Here and Chase Liquid. They are both mobile-first and offer a variety of perks for business owners.
If you’re looking for a no-fee business checking account, these two may be worth considering.
PayPal Here is an online payment service that allows consumers to pay by swiping their debit or credit cards at merchants that accept PayPal Here payments.
It’s available on the web and in more than 200 cities across the country.
Its primary advantage is its ease of use — if you already have a PayPal account, you can link it to your PayPal Here account in minutes.
Chase Liquid is a free checking account that offers banking features like bill payments and overdraft protection combined with free ATM access at any Chase branch location nationwide.
There are also no fees for balance transfers or debit card purchases, which makes it especially attractive for small businesses looking to grow their credit line without incurring large fees.
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