Running an LLC? Compare the best business bank accounts for low fees, rewards, APY opportunities, and business banking features.
Erica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
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Erica SeppalaErica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
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A dedicated business bank account helps LLC owners separate personal and business finances, simplify bookkeeping, and manage business income and expenses more accurately.
The best business bank accounts for LLCs also offer valuable perks like low fees, APY opportunities, integrations, rewards, and access to business financing.
We reviewed more than three dozen business bank accounts to find the best options for LLCs, including accounts designed for startups, growing businesses, freelancers, and established companies.
An LLC business bank account is simply a business bank account that supports LLCs and other eligible business structures.
Keeping business and personal finances separate helps LLC owners simplify bookkeeping, manage taxes more easily, and maintain cleaner business records.
Best Business Bank Accounts For LLCs
The best business bank accounts for LLCs combine low fees, modern banking tools, APY opportunities, and flexible financing options.
High-yield savings opportunities and cashback rewards
Built-in bookkeeping and expense management tools
Cons
No lending or credit products
Many advanced features require a paid plan
Why We Chose Lili
Lili stands out for combining business banking with built-in bookkeeping, expense tracking, invoicing, and tax tools designed for small businesses and LLCs.
The platform offers low fees, APY opportunities through eligible savings accounts, and automated tools that help business owners organize finances and identify potential tax deductions.
Lili also integrates with accounting software, making it easier for LLC owners to manage bookkeeping and cash flow from one platform.
Lili is a financial technology company, not a bank. Banking services provided by Sunrise Banks N.A., Member FDIC.
Lili's Benefits & Features
Lili offers cashback rewards through eligible debit card purchases on select plans, along with high-yield savings opportunities for qualifying accounts.
Additional tools include:
Expense tracking
Invoicing
Cash flow management
Reporting tools
Mobile check deposits
Accounting integrations
Lili also offers a credit-building feature designed to help businesses monitor and improve their business credit activity.
Lili's Pricing & Fees
Lili keeps traditional banking fees relatively low, though many of its more advanced bookkeeping, accounting, and rewards features require a paid subscription plan.
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Pros
No monthly fees
Excellent customer support
Partner perks and discounts
Cons
No APY on checking balances
No cash deposits
Why We Chose Rho
Rho is a strong fit for startups and incorporated businesses that want a modern financial platform with very few banking fees.
Rho combines business checking, savings, expense management, bill pay, corporate cards, and accounting integrations into a single platform. While checking accounts do not earn APY, eligible businesses can earn APY through Rho Savings and cashback rewards through the Rho Corporate Card.
One of Rho’s biggest differentiators is its customer support, which includes access to dedicated relationship managers without requiring expensive account tiers.
Rho is a fintech company, not a bank. Checking and card services provided by Webster Bank, N.A., member FDIC; savings account services provided by American Deposit Management Co. and its partner banks.
Rho's Benefits & Features
Rho offers a centralized financial platform designed for startups and growing businesses.
Features include:
Business checking and savings
Corporate cards with cashback rewards
Bill pay and expense management
Accounting integrations
Mobile banking tools
Partner discounts and software perks
Rho also offers partner perks with companies like AWS, Slack, Zoom, and QuickBooks.
Rho's Pricing & Fees
Rho keeps fees relatively low compared to many business banking platforms.
There are:
No monthly maintenance fees
No ACH fees
No wire transfer fees
No minimum balance requirements
Additional fees may apply for:
Foreign transactions
Wire recalls
Certain corporate card payment situations
Rho does not support ATM withdrawals or cash deposits.
When To Use Rho
You operate a startup or incorporated business
You want checking, savings, expense management, and corporate cards in one platform
You want low-fee business banking with strong integrations
You value personalized customer support through dedicated relationship managers
Mercury is a great option for growing businesses. In addition to business checking and savings,¹ you'll also find cash-back credit cards, employee cards with spend management controls, and venture debt.
If your startup wants resources to position it for growth in the future, Mercury's startup-friendly features and resources are a great place to start.
¹Mercury is a financial technology company, not a bank. Banking services provided through Choice Financial Group, and Column N.A.; Members FDIC.
Mercury's Benefits & Features
Mercury offers a corporate charge card called IO² to qualified customers that includes automatic 1.5% cash back on all purchases.
Mercury also offers additional discounts from select business software vendors. Since Mercury is aimed at startups, these offers from accounting and finance, advertising, eCommerce, hosting, and other software types may be useful.
Additional benefits include financial tools such as built-in invoicing and bill pay, as well as venture capital resources and working capital loans.³
²The IO Card is issued by Patriot Bank, Member FDIC, pursuant to a license from Mastercard®. To receive cash back, your Mercury accounts must be open and in good standing, meaning they cannot be suspended, restricted, past due, or otherwise in default.
³Mercury’s Venture Debt and Working Capital loans are originated from Mercury Lending, LLC (NMLS: 2606284) and serviced by Mercury Servicing, LLC (NMLS: 2606285).
Mercury's Pricing & Fees
Mercury keeps fees relatively low compared to many business banking platforms.
There are no:
Monthly maintenance fees
Minimum balance requirements
ACH fees
Fees for additional cards
Mercury does charge a fee for converting foreign currency to US dollars through the SWIFT network.
Mercury offers free checking and savings accounts, along with paid plans that include additional features.
When To Use Mercury
You operate a startup or growing LLC
You want startup-focused banking and financing features
You send or receive wire transfers
You want spend controls and employee card management
Relay is an excellent choice for multi-member LLCs and growing businesses that need more advanced banking organization tools.
Relay allows businesses to open multiple checking accounts, issue employee debit cards, and assign role-based account permissions, making it easier to separate operating expenses, payroll, taxes, and reserves.
The platform also integrates with accounting, payroll, and payment processing software, helping LLC owners manage finances more efficiently as their business grows.
Relay is a financial technology company, not a bank. Banking services provided by Thread Bank, Member FDIC.
Relay's Benefits & Features
Relay’s biggest strength is organization and account management flexibility.
Businesses can:
Open multiple checking accounts
Issue physical and virtual debit cards
Set employee spending controls
Assign role-based account access
Deposit cash at supported retail locations
Relay also includes accounting integrations, bill pay tools, and expense management features.
Eligible customers may also earn APY through Relay savings products.
Relay’s Pricing & Fees
Relay offers a free business checking option with relatively few fees.
There are:
No monthly maintenance fees on standard accounts
No ACH transfer fees
No overdraft fees
Some advanced bookkeeping integrations and premium features require paid plans.
Additional fees may apply for wire transfers and certain specialty banking services.
When To Use Relay
You operate a multi-member LLC or growing business
You want multiple checking accounts for budgeting and organization
Novo is a strong option for LLCs looking for low-cost online business banking with very few fees.
While Novo checking accounts (provided by Middlesex Federal Savings, F.A., Member FDIC) do not earn APY, the platform includes useful business tools like invoicing, bookkeeping, budgeting, software integrations, and access to funding products for eligible customers.
Novo also offers partner discounts and integrations that can help LLC owners save money on business software and operations.
Novo's Benefits & Features
Novo focuses less on traditional banking rewards and more on business tools, integrations, and low-cost banking.
Eligible customers may qualify for:
The Novo Business Credit Card with cashback rewards
Invoice financing
Merchant cash advances
Novo also includes:
Virtual and physical debit cards
Invoicing tools
Budgeting and bookkeeping features
Accounting and payment integrations
Novo's Pricing & Fees
Novo keeps fees relatively low compared to many online business banking platforms.
There are no:
Monthly maintenance fees
Minimum balance fees
Standard ACH transfer fees
Incoming wire transfer fees
Novo also charges no foreign transaction fees and offers limited ATM fee reimbursements each month.
Outgoing wire transfers and certain ATM operator fees may still apply.
When To Use Novo
You want a business bank account with very few fees
You rely heavily on ACH transfers
You want accounting, eCommerce, and payment integrations
Square Business Banking is a strong option for LLCs that already use Square for payment processing, invoicing, or point-of-sale transactions.
Square combines business checking, savings, payment processing, invoicing, and POS tools into one ecosystem, making it easier for business owners to manage operations and cash flow from a single platform.
One of Square’s biggest advantages is fast access to sales revenue through Square’s banking and Instant Transfer features.
Square Checking is provided by Sutton Bank, Member FDIC.
Square's Benefits & Features
Square’s biggest strength is the integration between banking and the broader Square ecosystem.
Features include:
Business checking and savings
Square POS integrations
Invoicing tools
Payment processing
Instant Transfer options
Business financing through Square Loans
Debit cards and mobile banking tools
Eligible customers can also earn APY through Square Savings accounts.
Square's Pricing & Fees
Square Business Banking has no:
Monthly maintenance fees
Minimum balance requirements
ACH transfer fees
Foreign transaction fees
ATM operator fees from third parties may still apply.
Most banking features are free, though businesses using Square payments or POS hardware will still pay standard payment processing and hardware-related costs.
When To Use Square
You already use Square for payment processing or POS
You want banking, payments, and invoicing in one ecosystem
Higher wire transfer and foreign transaction fees than some competitors
Why We Chose Live Oak
Live Oak Bank stands out for its high-yield business savings accounts and competitive CD rates for businesses looking to earn interest on reserve funds.
The bank offers up to 2.85% APY on business savings accounts and up to 4.00% APY on CDs, with no APY tiers or balance caps on savings accounts.
Live Oak also offers business checking accounts, SBA lending options, and expanded FDIC insurance through partner banks, making it a strong fit for LLCs focused on long-term growth and cash management.
Live Oak's Benefits & Features
Live Oak’s biggest draw is its strong APY opportunities for business savings.
Bluevine stands out for offering one of the more competitive APYs available on business checking accounts.
Instead of requiring businesses to open a separate high-yield savings account, Bluevine allows eligible customers to earn APY directly through its business checking products. Combined with low fees, flexible banking features, and access to business funding, Bluevine is a strong option for LLCs that want their operating cash to earn interest.
Bluevine also offers sub-accounts, bill pay tools, accountant access, and financing opportunities for eligible businesses.
Bluevine is a financial technology company, not a bank. Banking services provided by Coastal Community Bank, Member FDIC.
Bluevine's Benefits & Features
Bluevine focuses heavily on business banking functionality and APY opportunities rather than traditional rewards programs.
Higher overdraft and wire transfer fees than many online banks
Why We Chose Capital One
Capital One stands out from many online-focused business banking options by offering physical branch access alongside digital banking tools.
For LLCs that prefer in-person banking or regularly handle cash deposits, Capital One provides a more traditional banking experience while still offering modern business banking features.
Capital One also offers a wide range of business credit cards, lending products, savings accounts, and lines of credit, making it a strong all-in-one banking option for growing LLCs.
Capital One Benefits & Features
Capital One offers business checking, savings, lending, and rewards credit card options.
Eligible customers may qualify for:
Cashback business credit cards
Travel rewards credit cards
Business loans and lines of credit
Promotional savings APYs
Additional features include:
Physical branch access
Cash deposits
Mobile banking tools
Bill pay
ATM access
ACH and wire transfer support
Capital One Pricing & Fees
Capital One offers several business checking and savings options with waivable monthly fees.
If you want a checking account with free incoming domestic wire transfers, 5 free outgoing wire transfers each month, no foreign transaction fees, and up to $40,000 in cash deposits each month
If you want a checking account with free incoming domestic wires, 10 free outgoing domestic wires, 4 free outgoing international wires, and advanced money movement and account management
We spend hours researching and evaluating each business banking service we review at Merchant Maverick, placing special emphasis on key characteristics to generate our ratings.
Weighted Rating Breakdown
Fees & Rates 20%
Services 20%
Features 15%
Rewards 10%
Eligibility Requirements 10%
Application Process 10%
Sales & Advertising Transparency 5%
Customer Service 5%
User Reviews 5%
When rating banks and banking services, we use a 53-point rubric that looks at rates and fees, services, eligibility requirements, application, sales and advertising transparency, customer service, and user reviews. We weigh each section differently to calculate the total star rating.
Rates & Fees: 25% of the total star rating
Services: 15% of the total star rating
Rewards: 15% of the total star rating
Features: 15% of the total star rating
Eligibility Requirements: 10% of the total star rating
Application Process: 5% of the total star rating
Sales & Advertising Transparency: 5% of the total star rating
Customer Support: 5% of the total star rating
User Reviews: 5% of the total star rating
Each section is further broken down into granular, weighted subsections, in which we examine specific attributes like the variety of banking features available, transaction types supported, requirements for revenue, credit score, or time in business, ease of application, opening deposit requirements, and the ethics involved in promoting the bank.
Many LLCs use more than one business bank account to organize operating funds, savings, and long-term reserves.
Common account types include:
Business Checking Accounts: Used for everyday business transactions like deposits, bill payments, debit purchases, and transfers.
Business Savings Accounts: Used to store reserve funds, emergency savings, or money set aside for taxes and payroll.
High-Yield Savings Or Investment Accounts: Used to earn interest on excess business cash through high-yield savings accounts, CDs, or cash management products.
Some banks also allow businesses to organize funds using savings “envelopes” or multiple sub-accounts within a single dashboard.
What To Look For In A Bank Account For Your LLC
When choosing a bank account for your LLC, start by confirming that the bank supports LLC business structures and that you meet any eligibility requirements related to revenue, business history, or identification.
After that, look for features like:
Transparent pricing and fees
Low monthly maintenance and transaction fees
Rewards or APY opportunities that match your financial goals
Transaction limits that fit your business activity
Payment and transfer options like ACH, wire transfers, and cash deposits
Integrations with accounting, invoicing, or payment software
With so many business banking options available, it’s worth comparing features, fees, rewards, and banking tools before opening an account.
How To Open A Business Bank Account For An LLC
To open a business bank account for an LLC, you’ll typically need personal and business information such as your name, EIN or Social Security Number, business address, and LLC formation documents.
Once you gather the required documents, you can begin the application process. Some banks allow you to complete everything online, while others may provide support from a dedicated representative.
After approval, you may need to make an opening deposit before fully activating the account. Processing times and fund availability vary by bank, so it’s important to review each provider’s policies before applying.
After opening your account, consider pairing your business banking with accounting software and other financial tools to help manage bookkeeping, expenses, and cash flow more efficiently.
Erica has been writing about small business finance and technology since 2008. She joined Merchant Maverick in 2018 and specializes in researching and reviewing business software, financial products, and other topics to help small businesses manage and grow their operations. Her expertise has been cited in MSN, Reader's Digest, Vox, U.S. News & World Report, and Real Simple. She is a Certified ProAdvisor for QuickBooks Online and QuickBooks Payroll, a graduate of Limestone University, and currently resides in Greenville, South Carolina.
View Erica Seppala's professional experience on LinkedIn.
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The vendors that appear on this list were chosen by subject matter experts on the basis of product quality, wide usage and availability, and positive reputation.
Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews. Each staff reviewer at Merchant Maverick is a subject matter expert with experience researching, testing, and evaluating small business software and services. The rating of this company or service is based on the author’s expert opinion and analysis of the product, and assessed and seconded by another subject matter expert on staff before publication. Merchant Maverick’s ratings are not influenced by affiliate partnerships.
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