Best Business Bank Accounts For LLCs In 2023

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

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.

Although Novo does not offer users any interest-bearing accounts, you’ll find some significant rewards.

For starters, if you use your Novo debit card to arrange travel through Booking.com, you’ll earn a 6% cashback offer on those purchases.

You can also access some fee-free payment processing through Stripe and some Google Cloud credits. For example, Novo offers discounts and credits with Gusto Payroll, QuickBooks, HubSpot, Segment, Snapchat Ads, and more.

Novo does not offer loans, lines of credit, or credit cards.

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

Your only other fees with a LendingClub business checking account will be for outgoing domestic wires and outgoing international wires ($18 and $40 each, respectively).

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%.

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 Mint, Quicken, QuickBooks, and other accounting software.

As a Small Business Administration Preferred Lender, LendingClub offers SBA loans of up to $500K.

Oxygen business banking comes with a lot of $0 fees. You won’t pay anything for monthly fees, ACH or wire transfers, or in-network ATM usage.

Oxygen’s short list of fees includes the following: a $3 fee for out-of-network ATM use, 1% foreign transaction fees, and a $4.95 fee for each $1,000 of cash deposits.

Oxygen offers 5% cash back rewards on qualified purchases as well as $1 back on food and coffee purchases. Each user can also choose to activate one special offer at a time, such as gas or meal delivery rebates. Rewards are delivered almost instantly to your Oxygen account.

If you open a linked Oxygen business savings account, you can earn an APY of up to 2.0%.

After 90 days, you may be offered an Oxygen line of credit. This is contingent on many factors, including your business history and general creditworthiness.

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, foreign transaction 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.

Mercury offers a corporate charge card to qualified customers that include an automatic 1.5% cash back on all purchases and free 2-day shipping from hundreds of online stores.

You can also access a wide range of discounts and promotional offers from Mercury’s software partners. 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 who can meet the high minimum balance requirements for this type of account. Currently, that rate stands at 5.06 APY.

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.

You’ll pay no ongoing monthly fees for a Live Oak LLC account. You’ll also avoid fees for checks paid or deposited and for in-network ATM, ACH, or debit transactions.

However, you will be charged $15 for incoming wire transfers and $19 for outgoing wires.

Live Oak currently offers a cash bonus of up to $150 each for new business checking and savings accounts, for a maximum of $300.

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 2.0%-5.0%.

Live Oak offers SBA loans starting at $150K to eligible businesses.

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.

You’ll find no recurring fees with Bluevine, such as monthly account fees, transaction fees, or transfer fees.

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 makes a good impression on us.

Bluevine also seems to offer limited-time rewards to its banking customers. For example, customers recently have been awarded cash prizes for using their Bluevine debit cards.

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.

You’ll find almost no fees attached to a Lili bank account. Although you can upgrade to the Lili Pro account, with a $4.95 monthly plan if you want to access additional tools, Lili’s free plan is a worthy option.

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.

Lili’s Visa business debit cards are automatically enrolled into a cash-back rewards program. Eligible purchases earn rewards.

Lili does not offer any access to credit.

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. You can make up to $5,000 in cash deposits each month with no fees; after that, you’ll pay $1 for each $1,000 you deposit.
• Capital One Unlimited 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.

You can add a savings account to either checking account for a $3 monthly fee if your balance drops below $300.

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 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.