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Best Business Bank Accounts For LLCs

If you run a limited liability corporation (LLC), find out what banks are best and why when it comes to opening a business bank account.

    Chelsea Krause
  • Last updated onUpdated

  • Jason Vissers
  • REVIEWED BY

    Jason Vissers

    Expert Contributor

Our content reflects the editorial opinions of our experts. While our site makes money through referral partnerships, we only partner with companies that meet our standards for quality, as outlined in our independent rating and scoring system.

A business bank account for LLCs helps you track your income and expenses accurately, limits your personal legal liability, and keeps your personal money safe from any business downturns or unexpected threats. Plus, the best bank accounts for LLCs offer rewards and perks specifically targeted toward LLCs.

Merchant Maverick considered more than three dozen of the best business bank accounts to compile the list of the best options for LLCs in particular. The best picks on this list have competitive fees and worthwhile rewards to help meet your LLC’s banking needs.

Learn More About Our Top Picks

CompanyBest ForNext StepsBest For
LendingClub

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  • $0-$10/month
  • Unlimited transactions
  • SBA Preferred Lender
  • $0-$10/month
  • Unlimited transactions
  • SBA Preferred Lender

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Lili

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  • $0-$35/month
  • Unlimited transactions
  • Built-in bookkeeping
  • $0-$35/month
  • Unlimited transactions
  • Built-in bookkeeping

Visit Site

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Novo Bank

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  • $0 monthly fees
  • Unlimited transactions
  • Business software discounts
  • $0 monthly fees
  • Unlimited transactions
  • Business software discounts

Visit Site

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Mercury

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  • $0 monthly fees
  • Unlimited transactions
  • Corporate card and investor cash
  • $0 monthly fees
  • Unlimited transactions
  • Corporate card and investor cash

Visit Site

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Live Oak Bank

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  • $0 monthly fee
  • Unlimited transactions
  • SBA loans
  • $0 monthly fee
  • Unlimited transactions
  • SBA loans

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Bluevine

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  • $0 monthly fees
  • Unlimited transactions
  • Lines of credit and other financing options
  • $0 monthly fees
  • Unlimited transactions
  • Lines of credit and other financing options

Apply Now

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Capital One Business Banking

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  • $0-35 monthly fees
  • Unlimited digital transactions
  • Loans, credit cards, & lines of credit
  • $0-35 monthly fees
  • Unlimited digital transactions
  • Loans, credit cards, & lines of credit

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Read more below to learn why we chose these options.

What Is An LLC Business Bank Account?

An LLC bank account is simply a business bank account that supports LLCs. Not all business bank accounts support the LLC business structure, so it’s important to find a bank that your LLC is eligible for.

Typically, an LLC bank account also provides better perks and rewards, as well as more security and personal liability protection, than using a personal bank account for business would.

Types Of Business Bank Accounts LLCs Need

The point of forming your business as an LLC is to limit your personal liability, so opening a separate bank account for your business is a must to ensure that your business finances and personal finances remain separate.

Using a business bank account improves your professional image, protects your personal assets from bankruptcy and legal action, and helps you organize your business income and spending in ways that keep you out of the IRS’s audit. But which type of business bank account does your LLC need?

LLCs should have two to three bank accounts, including:

There are several great high-yield business savings account options that fulfill the savings account and investment account function in one single bank account.

Some businesses may have multiple savings accounts to differentiate funds, but this isn’t a necessity (especially since many of the top business savings accounts allow customers to divide funds into “envelopes” or even multiple savings accounts within one login).

7 Best Business Bank Accounts For LLCs

The best business bank accounts for LLCs offer easy ways to deposit, withdraw, and borrow money, with low or no fees for mostly unlimited transactions. Here are the best LLC bank options worth trusting with your time and money.

How The Best Business Bank Accounts For LLCs Compare

Services Offered APY Cashback Monthly Fee
LendingClub Checking, Savings, Invoicing Up to 4.65% 1% $0 – $10
Lili Checking, Savings, Accounting Up to 4% Varies by vendor $0 – $35
Novo Checking, Invoicing 0% 0% $0
Mercury Checkings, Savings, Credit cards, Investor Opportunities Up to 5.5% 1.50% $0
Live Oak Savings, CDs, Loans Up to 4% 0% $0
Bluevine Checking, Lines of Credit Up to 2% 0% $0
Capital One Checking, Savings, Credit Cards, Lending Varies Varies $0-$35

LendingClub: Best for LLC rewards

Total Rating 4.3
Fees & Rates3.9

Services5.0

Rewards4.2

Features4.0

Eligibility Requirements5.0

Application Process5.0

Sales & Advertising Transparency3.9

Customer Service4.4

User Reviews4.2

Monthly Fee Range

$0-$10/month

APY Range

Up to 3.35%

Account Types Offered

Checking and high-yield savings accounts

Pros

  • Waivable monthly fee
  • High APY
  • Cash rewards

Cons

  • High minimum balance required

Why We Chose LendingClub As The Best For Rewards

LendingClub is one of the few business bank accounts to offer APY and cashback with its checking account. LendingClub offers 1.5% APY and 1% cashback on debit purchases, and up to 4.65% APY on savings accounts, making LendingClub a solid option for interest earning.

LendingClub Rewards & Perks

Keep a balance in your LendingClub Tailored Checking account of up to $100K, and you’ll be rewarded with a relatively high APY, currently at 1.50% for checking accounts and up to 4.65% for savings.

When you use your LendingClub debit card, you’ll receive unlimited 1% cash back on qualified purchases.

LendingClub accounts also offer automatic rebates on ATM fees and accounting integrations for Quicken, QuickBooks, and other accounting software.

Another great benefit of LendingClub is that it offers small business loans and other lending options if you need access to capital. As a Small Business Administration Preferred Lender, LendingClub also offers SBA loans of up to $500K.

LendingClub Fees

LendingClub’s Tailored Checking account has a $10 monthly fee. The fee can be waived entirely if you maintain a $500 minimum balance in your account.

Other fees with a LendingClub business checking account include $18 for domestic outgoing wire transfers, $40 for international outgoing wire transfers, a $25 stop payment fee, and a small international transaction and currency exchange fee.

While the outgoing wire transfer fees are higher than we like to see, all of LendingClub’s other fees are competitive for the online banking space.

Get Started With LendingClub

Read our in-depth review

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Lili: Best for small businesses

Total Rating 4.1
Fees & Rates4.0

Services5.0

Rewards3.3

Features3.6

Eligibility Requirements4.5

Application Process4.5

Sales & Advertising Transparency4.9

Customer Service4.1

User Reviews2.9

Monthly Fee Range

$0-$35/month

APY Range

Up to 3.65%

Account Types Offered

Checking and high-yield savings accounts

Pros

  • $0 minimum balance
  • $0 minimum balance
  • High APY & cashback rewards
  • Business management tools available

Cons

  • No access to credit
  • No wire transfers

Why We Chose Lili For Small Businesses

Lili is a great option for small businesses because it offers low fees, strong rewards, and built-in cash flow, expense management, and bookkeeping tools. Lili offers up to 4.00% APY and covers all overdrafts up to $200. Lili's tax optimizer tool is particularly noteworthy for helping small businesses automatically find tax deductions. Lili also integrates with accounting software to make managing your business finances even easier.

Lili Rewards & Perks

Lili’s Visa business debit cards are automatically enrolled into a cash-back rewards program. Lili doesn’t offer a flat cashback rate like LendingClub. Instead, you’ll find cashback on purchases from specific vendors within Lili’s cashback network like 5% cashback at Microsoft, 30% cashback at TaxAct, 5% at MailChimp, 2% at Chevron, and many more.

Lili’s savings account offers a competitive APY of 4.00% on balances up to $100k.

Other Lili perks include accounting and cash app integrations, financial reporting, basic bookkeeping, tax support, unlimited invoicing, and other bookkeeping perks.

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Lili Fees

You’ll find almost no fees attached to a basic Lili bank account. There are monthly fees if you want Lili’s bookkeeping tools. Lili plans range from $0-$35/month.

No matter which Lili plan you choose, you’ll pay no account fees, overdraft fees, or foreign transaction fees. You will pay a $4.95 fee for cash deposits via GreenDot.

Get Started With Lili

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Novo Bank: Best for no fees

Total Rating 3.4
Fees & Rates4.3

Services3.6

Rewards0.9

Features2.9

Eligibility Requirements5.0

Application Process4.4

Sales & Advertising Transparency4.1

Customer Service2.9

User Reviews3.7

Monthly Fee Range

$0/month

APY Range

0%

Account Types Offered

Checking account

Pros

  • $0 fees
  • Free transfers
  • Virtual & physical debit cards
  • Cashback offers on travel

Cons

  • No access to credit
  • No interest accounts

Why We Chose Novo As The Best For No Fees

Novo stands out from its competition by offering zero-fee business checking with unlimited fee-free transactions. Novo's straightforward $0 fee approach even includes zero fees for foreign transactions, ACH transfers, and full reimbursement of ATM fees. While Novo doesn't offer APY, credit card, or lending options, the lack of fees is noteworthy enough to be worth considering on the list of best LLC bank accounts.

Novo Rewards & Perks

Novo doesn’t offer APY or traditional cashback rewards; however, you will find some significant partner discounts on various business software and services. For example, Novo customers get $5,000 off of Stripe payment processing fees and three months off of Gusto payroll.

Novo Fees

Novo users will pay no monthly fees, no minimum balance fees, no transaction fees, no ACH or incoming wire transfer fees, and no hidden fees. If your business travel takes you overseas, you can use your Novo debit card without incurring foreign transaction fees. Novo also reimburses users for any ATM fees they encounter.

Novo includes only uncommon or rare fees that most users can easily avoid, including a $27 overdraft/returned payment fee.

Get Started With Novo Bank

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Mercury: Best for growing LLC businesses

Total Rating 4.0
Fees & Rates4.3

Services3.6

Rewards4.5

Features3.5

Eligibility Requirements3.9

Application Process4.3

Sales & Advertising Transparency3.9

Customer Service4.2

User Reviews4.1

Monthly Fee Range

$0

APY Range

Up to 4.88%

Account Types Offered

Checking, savings, and treasury accounts

Pros

  • Access to capital and venture debt
  • No fees or minimum balances
  • Partner perks and discounts

Cons

  • No cash deposits
  • EIN required for account opening

Why We Chose Mercury For The Best For Growing LLC Businesses

Mercury Bank is a great option for growing businesses because on top a competitive bank account, you'll also find access to cash-back credit cards, employee cards with spend management controls, venture debt, and high-yield money market accounts. If your LLC is planning on growth and wants to capitalize on earnings with a market money account with 5.43% APY, Mercury is definitely worth considering.

Mercury Rewards & Perks

Mercury offers a corporate charge card to qualified customers that include an automatic 1.5% cash back on all purchases, plus 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.

Mercury also offers access to a special savings vehicle, Mercury Treasury, that delivers a satisfyingly high APY to customers. Mercury’s corporate credit card, known as IO, offers straight 1.5% cashback rewards. Unlike some other corporate cards (such as Brex), you won’t need a large amount of cash on hand to qualify for IO. Mercury does not report to credit bureaus, however.

Mercury customers can also access capital in the form of venture cash. Mercury Capital offers straightforward payback plans, minimal dilution, and competitive interest. You’ll also be able to access an investor database that’s searchable by industry, type, check size, and global location.

Mercury Fees

You won’t find a long list of fees attached to a Mercury LLC bank account. There are no annual fees, monthly account maintenance fees, global ACH or wire transfer fees, or fees for additional cards.

You may encounter some uncommon fees, such as for mass payments through the Mercury API, treasury management, and currency exchange.

Get Started With Mercury

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Live Oak Bank: Best for high-yield savings

Total Rating 2.9
Rates & Fees2.1

Services4.4

Eligibility Requirements2.1

Application1.0

Sales & Advertising Transparency4.6

Customer Service3.9

User Reviews3.9



Pros

  • High APY on savings
  • $0 monthly fees
  • Free ATM network

Cons

  • No cash deposits

Why We Chose Live Oak For High-Yield Savings

Live Oak Bank offers one of the best high-yield business savings options on the market, with 4.00% APY on business savings accounts and 5.4% on certificates of deposit. Live Oak Bank also offers a higher FDIC insurance limit than most online banks, and there are no APY tiers or balance caps for its savings accounts, making Live Oak a good choice for businesses looking to earn money on large sums.

Live Oak Rewards & Perks

Live Oak’s business savings accounts come with a 4.0% APY that’s well above the national average, with no minimum deposit amount. You can also open a certificate of deposit with Live Oak and earn from 2.00%-5.00%.

Live Oak also offers SBA loans starting at $150K to eligible businesses. While there is currently no checking option, Live Oak promises that this account service is on the way.

Live Oak Fees

You’ll pay no ongoing monthly fees for a Live Oak LLC account. There are also no in-network ATM fees and unlimited free ACH transfers.

However, you will be charged $15 for incoming wire transfers and $19 for outgoing wires. You may also encounter excess transaction or returned item fees.

Get Started With Live Oak Bank

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Bluevine: Best for high-yield checking

Total Rating 3.8
Fees & Rates4.1

Services3.6

Rewards3.6

Features3.6

Eligibility Requirements3.7

Application Process4.0

Sales & Advertising Transparency3.9

Customer Service4.3

User Reviews4.2

Monthly Fee Range

$0-$95/month

APY Range

2.0%-4.25%

Account Types Offered

Checking account

Pros

  • High APY on business checking
  • No monthly fees
  • Cash deposits allowed
  • Access to lines of credit

Cons

  • No savings account
  • Cash-deposit fees

Why We Chose Bluevine For The Best High-Yield Checking

Bluevine offers 2.0% APY on checking account balances of up to $100K. You usually have to open a high-yield savings account for those kinds of APY numbers, so Bluevine stands out with a high-yield checking option. Add low fees, helpful banking features, access to funding, and higher-than-average FDIC insurance, and it's easy to see why Bluevine is a contender for LLCs.

Bluevine Rewards & Perks

Bluevine does not offer a wide range of perks and rewards such as signup bonuses, partner promotions, or card perks. However, the high APY, currently 2.0% on account balances of up to $100K, is the most notable feature.

Bluevine also offers helpful banking features like sub-account organization, automated bill pay, and accountant access.

If you sign up for a Bluevine checking account, you may be eligible to open a BlueVine small business line of credit. You’ll have either a 6-month or 12-month repayment term.

Bluevine Fees

Bluevine has no monthly fees, no overdraft fees, and unlimited free transactions.

The only Bluevine fees you may encounter are an out-of-network ATM fee of $2.50, outgoing wire fees of $15, and a $4.95 fee for every $500 in cash you deposit.

Get Started With Bluevine

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Capital One Business Banking: Best for branch access

Capital One Business Banking

Total Rating 3.6
Fees & Rates2.9

Services5.0

Rewards2.7

Features4.4

Eligibility Requirements4.6

Application Process1.1

Sales & Advertising Transparency4.1

Customer Service4.6

User Reviews2.7

Monthly Fee Range

$3-$35/month (waivable)

APY Range

Up to 4.20%

Account Types Offered

Checking and savings accounts

Pros

  • Rewards credit cards
  • Account fees can be waived
  • Loans and lines of credit
  • Branch access

Cons

  • Minimum balance for waived fees

Why We Chose Capital One Spark As The Best For Branch Access

Capital One's Spark business bank account is one of the only entries on this list of the best banks for LLCs that has physical branches. As a traditional bank, Capital One offers loans, credit cards, and lines of credit that you can use to help your LLC grow. Capital One offers a wide range of credit cards, and you can choose between cash-back rewards and travel benefits. You can also take out a Capital One loan or open a line of credit for your LLC. The amount of services offered is one of the biggest perks of going with a more traditional, big-name LLC bank account like Capital One.

Capital One Spark Rewards & Perks

You may be able to access a promotional APY on new Capital One Spark savings accounts. Apply for a credit card linked to your account and you can earn rewards on your spending. Choose a Spark Classic or Spark Cash card for cashback rewards, or opt for Spark Miles to earn travel benefits.

Capital One Spark Fees

You can choose from two types of Capital One Spark business bank accounts, each with its own requirements and fee structure. Here’s a summary of each:

  • Capital One Basic Checking: The $15 monthly fee can be waived if you maintain an average balance of $2,000. Incoming wire transfers cost $15 and outgoing wires cost $25 with this account.
  • Capital One Enhanced Checking: This account comes with a $35 monthly fee that is waived with a minimum average balance of $25K. You’ll be allowed fee-free cash deposits up to $40K/month, free incoming wires, and five free outgoing wires each month.

You can add a savings account to either checking account as well. There are no ACh fees or mobile deposit fees with either checking account.

Get Started With Capital One Business Banking

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Business Banking Review Methodology

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 25%
Services 15%
Rewards 15%
Features 15%
Eligibility Requirements 10%
Application Process 5%
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.

Read more about how we rate business banking services.

What To Look For In A Bank Account For Your LLC

When looking for a good bank account for an LLC, first things first, make sure the bank’s eligibility requirements are a clear match. Check that the make works with LLC business structures and that you meet other eligibility requirements like credit history, business revenue, etc.

After that, you’ll want to look for:

  • Transparent rates and fees
  • Low monthly fees and low transaction fees for the transaction types you use regularly
  • Rewards that match your business’s spending habits
  •  Cashback or APY that meets your business’s savings goals
  • Transaction limits that fit your business
  • Transaction methods that your business needs like ACH, wire transfers, or cash deposits

With dozens of business bank account options out there, don’t settle for a bank that is mediocre. There are plenty of great options out there that can help you reach your business goals, whether that’s maximizing cash back on debit purchases, cutting banking costs, earning high interest rates on savings, or even managing cash flow insights and credit scores in one spot.

How To Open A Business Bank Account For An LLC

To open a business bank account for an LLC, you’ll need to gather important personal and business information like your name, SSN or EIN, business address, and your LLC formation documentation. Check out our full list of documents required to open a bank account and then move on to the main step — filling out the bank application.

Different businesses have slightly different processes regarding bank applications and follow-ups. Some banks conduct everything online, while others provide a dedicated representative throughout the application process.

Once your application is approved, you may need to make an initial opening deposit. From there, you can start using your account! Each bank has different time frames for how quickly you can access your funds, so be sure to ask your dedicated representative or check out our full bank reviews, where we give all the details on each bank’s processes, pricing, pros, and cons.

Once you’ve opened your business bank account, make sure you keep your finances in check with good accounting software and check out our other resources on the best small business loans to get access to more business funding or our top picks for the best business credit cards for LLCs.

FAQs About LLC Bank Accounts

Do LLCs have to have a business bank account?

You may not be legally required to open a business bank account for your LLC, but it’s a good idea to do so. Forming a limited liability corporation (LLC) helps you reduce your personal legal and financial risk. Separating your business and personal finances will also help you meet that goal.

Can I use a personal bank account for my LLC?

While you technically can use a perosnal bank account for your LLC, accountants highly recommend that you use a separate business bank account. This is especially important for LLCs because part of the power of the LLC business structure is the liability protection it gives business owners, which would be completely negated by using a personal business account.

What information do I need to open a LLC bank account?

Opening a business bank account for your LLC can be done quickly and easily. You can even apply online. What you need to open a business bank account will depend on how your business is structured and what the bank you choose requires. Expect to provide government-issued identification, an EIN or Social Security number, your business license, and your incorporation documents.

Do I need an EIN to open an LLC bank account?

You will likely need an EIN or an SSN to open a bank account for your LLC.

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Chelsea Krause

Chelsea Krause

Lead Staff Writer
Chelsea Krause is a writer who specializes in accounting, payroll, and small business loans. She has been with Merchant Maverick helping small business owners manage their finances since 2016. She is a QuickBooks Certified User and former eCommerce store owner. Her accounting expertise has been quoted in Forbes and her work appears in Startup Nation, Small Business Bonfire, and Women on Business. Chelsea graduated summa cum laude with a BA in English & Creative Writing from George Fox University and studied abroad at the University of Oxford as well. She currently resides in Boise, Idaho.
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