Opening a business checking account is an important step in the early life cycle of every limited liability company (LLC). One of the crucial components of maintaining an LLC’s corporate veil is keeping your personal assets and business assets strictly separated, and a business bank account helps you do just that.
In fact, if you don’t open a business checking account for your LLC, you may lose this personal asset protection entirely, which would undermine the best reason to form an LLC to begin with. But how are you supposed to know which bank has the best offer for small business checking accounts?
In this article, we’ll discuss seven of the best business checking accounts for an LLC. We spent countless hours scouring the internet to find the best offers from reputable banks, and we hope that our legwork can help you make an educated decision. Let’s get started!
7 Best Business Checking Accounts for an LLC
There are nearly 7,000 FDIC-insured commercial banks in the United States, which can make it incredibly difficult to determine which checking account is the right fit for your business. It’s even more difficult when you consider that, for the most part, many of these banks are offering nearly the exact same accounts.
Because there isn’t nearly as much difference between most business checking accounts as there is between business credit cards — which have varying levels of rewards, interest rates, cashback, etc. — it’s not always obvious when you’re looking at a truly great offer compared to just an acceptable one.
With this in mind, we believe that all of our readers should be able to find a good fit with one of the following seven business checking accounts.
1) Chase Total Business Checking
With the Total Business Checking account, Chase provides its business clients with the most well-rounded checking account available today. This account has a robust $200 signup bonus, and it’s quite easy to attain this bonus as well.
All you need to do is deposit $1,000 in the first 20 business days your account is open, maintain that balance for 60 total days, and complete five qualifying transactions — including debit card purchases, ACH credits, remote deposits, and wire transfers — in that 60-day window.
In addition to the signup bonus, this checking account also has no minimum deposit to open an account, 100 transactions per month with unlimited electronic deposits, and $5,000 of no-fee cash deposits per month. There is a $15 monthly fee, but that fee drops to $12 when you sign up for paperless statements, and they’ll waive it entirely if you maintain a $1,500 balance or link your account to a Chase personal checking account.
Finally, as with any Chase account, you’ll get access to their 4,900 physical branch locations and their 16,000 ATMs. Overall, it’s nearly impossible to find any faults with this business checking account, which is why it tops our list for best accounts for an LLC.
2) Bank of America Business Fundamentals
One of the big selling points for Bank of America’s business checking accounts is their generous signup bonuses. However, it’s important to note that these bonuses do change over time, so we can’t guarantee that the offer you get will be the same as the one we’re discussing here.
At the time of this writing, Bank of America is offering up to $750 in signup bonuses for any business checking account. You can earn $200 if you deposit at least $5,000 within 15 days of opening your account, and that number jumps to $500 if you deposit at least $20,000, or $750 if you deposit more than $50,000. All you need to do then is maintain that balance for 60 days and make five electronic payments, and you’ll receive your bonus.
Aside from the bonus structure, Bank of America Business Fundamentals has a $14 monthly fee, which can be waived if you spend $250 on your business debit card, or maintain a minimum $3,000 daily balance (or a $5,000 average monthly balance).
Finally, Bank of America has 4,600 banking centers across the country, and they also have nearly 16,000 ATMs. They’re a great pick for LLC bank accounts, especially if you have enough cash on-hand to take advantage of their signup bonuses.
3) U.S. Bank Silver Business Checking
If you operate a small business that doesn’t handle a particularly high volume of transactions, U.S. Bank’s Silver Business Checking is well worth looking into. With Silver Business Checking, there is no monthly fee whatsoever, and you receive 125 free transactions and 25 free cash deposits per month.
While there is no signup bonus for this account, we feel like the lack of fees and minimums make the U.S. Bank Silver Business Checking account a great option for businesses that don’t need a ton of advanced features.
The only drawback with U.S. Bank is that they don’t have a major presence in every part of the country, but they do have more than 3,100 branches and nearly 5,000 ATMs.
4) PNC Business Checking
We actually had PNC Business Checking in our #3 spot for a while when we were researching and writing this article, but eventually we decided to slide them down to fourth. Like U.S. Bank, PNC Business Checking is a solid choice for entrepreneurs who don’t need a high-volume business banking solution.
PNC only requires a minimum of $100 to open a new account, and their $10 monthly fee is quite low as well. You can get your monthly fee waived easily too, as you only have to maintain a $500 average monthly balance to get that fee down to $0.
PNC Business Checking customers also get 150 free transactions and $5,000 in no-fee cash deposits per month. While they don’t have any signup bonuses or extra features, PNC Business Checking provides everything you need to get your business bank account up and running with ease.
However, just like U.S. Bank, PNC Bank isn’t a truly national bank with widespread reach. They do have around 2,500 branches and 9,000 ATMs though, so if you operate a business in a location where PNC operates, they’re a solid contender for your business checking account.
5) Axos Business Interest Checking
Do you operate a cashless business, such as a company that strictly operates online? If so, you may be interested in what Axos has to offer. Their Business Interest Checking account actually provides interest, with a rate currently set at 0.8% — a feature you simply won’t see if you use a brick-and-mortar legacy bank. Additionally, they’re currently offering a $50 welcome bonus to all new accountholders.
This account also has a reasonable $100 minimum opening deposit, and a $10 monthly fee that can be waived by maintaining a $5,000 balance. The Axos Business Interest Checking account also provides unlimited domestic ATM reimbursements, for those situations when you do find yourself needing cash. They’ll even throw in your first order of checks for free.
Of course, because Axos has no physical bank branches, this offer is only sensible for those of you who don’t transact any business in cash. However, for web-based businesses, Axos Business Interest Checking is an awfully intriguing option.
6) Wells Fargo Business Choice Checking
This is the part of the list where we get to options that are just okay, like the Wells Fargo Business Choice Checking account. There’s nothing wrong with this account, but it’s also not terribly inspiring in any given way. Business Choice Checking has a low $25 minimum to open an account, along with a $14 monthly fee that can be waived by maintaining an average $7,500 balance or making ten debit card purchases in a month.
This account is rather generous when it comes to included transactions, as it allows you to complete 200 transactions per month at no charge. Wells Fargo Business Choice Checking also includes $7,500 in no-fee cash deposits per month.
The big advantage of using a bank like Wells Fargo is how many branches and ATMs you have access to. They have more than 8,000 physical bank branches in the United States, and they also have more than 13,000 ATMs.
7) TIAA Small Business Checking
Like Axos, TIAA Bank is an online-only bank, so you should not consider them if you generate any business in cash. Interestingly, TIAA is the only bank we’re aware of that has a special account just for sole proprietors and single-member LLCs: the TIAA Small Business Checking Account.
The selling point for this account is the fact that TIAA provides interest, which is a rarity for any business checking account. This rate is set at 1.01% for your first year — after that, TIAA has tiered interest rates based on your balance:
- $0-9,999.99: 0.20%
- $10,000-24,999.99: 0.30%
- $25,000-49,999.99: 0.40%
- $50,000-99,999.99: 0.45%
- $100,000+: 0.55%
The TIAA Small Business Checking account has a $1,500 minimum opening deposit, but it has zero monthly maintenance fees of any kind. They also offer ATM fee reimbursement. Overall, we still think Axos is a better option for online banking, but TIAA’s first-year introductory interest rate is admittedly inviting.
Opening a business bank account is a vital step in the business formation process for any LLC. Without one, you will have a very difficult time demonstrating that your personal and business assets are truly separate, which could lead to a court piercing your corporate veil and allowing creditors to pursue your personal assets.
Thankfully, it isn’t too difficult or time-consuming to open a business bank account. You can even just walk down to your local bank branch and ask them to help you open an account. However, we think the options discussed in this guide are the best in the business. They all provide reasonable terms for business banking, and some of them even throw in some perks like interest or signup bonuses.
All told, the important thing to focus on is that you absolutely need to open a business checking account for your LLC. Where you choose to open that account is not of great importance, but we think you’ll find what you need with one of these seven options.
We hope this article helped you choose the right business checking account for your LLC!