Best Business Bank Accounts For LLCs

Get Started With LendingClub

Total Rating	4.3
Fees & Rates3.9
Services5.0
Rewards4.2 Quality & Value Of Earned Rewards 4.2
Features4.0
Eligibility Requirements5.0
Application Process5.0
Sales & Advertising Transparency3.9 Sales Practices 4.0 Web Presence 3.7
Customer Service4.4
User Reviews4.2

APY

1.5%-3.5%

Monthly Fee

0$-$10

Minimum Account Balance

$0-$500

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.

Lili: Best for small businesses

Lili

Total Rating	4.1
Fees & Rates4.0
Services5.0
Rewards3.3 Quality & Value Of Earned Rewards 3.3
Features3.6
Eligibility Requirements4.5
Application Process4.5
Sales & Advertising Transparency4.9 Sales Practices 5.0 Web Presence 4.3
Customer Service4.1
User Reviews2.9

APY

4.15%

Monthly Fee

$0-35/month

Minimum Account Balance

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 4.15% 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 4.15% 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

Novo Bank: Best for no fees

Novo Bank

Get Started With Novo Bank

Total Rating	3.4
Fees & Rates4.3
Services3.6
Rewards0.9 Quality & Value Of Earned Rewards 0.9
Features2.9
Eligibility Requirements5.0
Application Process4.4
Sales & Advertising Transparency4.1 Sales Practices 4.0 Web Presence 4.3
Customer Service2.9
User Reviews3.7

APY

Monthly Fee

Business Size

Small to medium sized

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.

Oxygen: Best for creating a new LLC company

Oxygen	Visit Site

Pros

Support for LLC formation
$0 fees
Generous cashback rewards
Lines of credit available

Cons

No loans or credit cards
Foreign transaction fees

Why We Chose Oxygen For The Best For Creating A New LLC

Oxygen has one of the most unique LLC perks that we've seen -- help forming your LLC business structure. If you're building your LLC from the ground up, choosing Oxygen for your banking makes a lot of sense. On top of LLC formation support, Oxygen offers a notable 5% cashback on qualified debit card purchases, 1% APY, and automated savings tools for increased business earnings.

Oxygen Rewards & Perks

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 1.00%. Oxygen also offers “round-ups and accelerators” where you can automatically round up purchases and have the difference deposited into your savings account.

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.

Oxygen Fees

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, $10 wire transfer fees, and potential cash deposit fees.

Oxygen’s LLC formation support is offered in partnership with CorpNet, Inc. CorpNet may charge you fees for its services as well.

Get Started With Oxygen

Mercury: Best for growing LLC businesses

Mercury

Total Rating	4.0
Fees & Rates4.3
Services3.6
Rewards4.5 Quality & Value Of Earned Rewards 4.5
Features3.5
Eligibility Requirements3.9
Application Process4.3
Sales & Advertising Transparency3.9 Sales Practices 4.0 Web Presence 3.3
Customer Service4.2
User Reviews4.1

APY

Up to 5.5%

Monthly Fee

Business Size

Startups excluding sole proprietors

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

Live Oak Bank: Best for high-yield savings

Live Oak Bank

Get Started With Live Oak Bank

Total Rating	2.9
Rates & Fees2.1 Pricing 3.0 Affordability 1.2
Services4.4
Eligibility Requirements2.1
Application1.0
Sales & Advertising Transparency4.6 Sales Practices 5.0 Web Presence 4.0
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%-5.20%.

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.

Bluevine: Best for high-yield checking

Bluevine

Apply Now

Get Started With Bluevine

Total Rating	3.8
Fees & Rates4.1
Services3.6
Rewards3.6 Quality & Value Of Earned Rewards 3.6
Features3.6
Eligibility Requirements3.7
Application Process4.0
Sales & Advertising Transparency3.9 Sales Practices 4.0 Web Presence 3.7
Customer Service4.3
User Reviews4.2

APY

2.0%

Monthly Fee

Business Types

All

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.

Capital One Spark Business: Best for branch access

Capital One Spark Business

Get Started With Capital One Spark Business

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.

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.

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

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.

@AccountingMage

View Chelsea Krause's professional experience on LinkedIn.

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Sources

National Rates and Rate Caps (Accessed 06/01/2023) — FDIC

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1. LendingClub

❮ ❯

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

2. Lili

❮ ❯

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

3. Novo Bank

❮ ❯

$0 monthly fees
Unlimited transactions
Business software discounts

4. Oxygen

❮ ❯

$0 monthly fees
Unlimited transactions
LLC formation support

5. Mercury

❮ ❯

$0 monthly fees
Unlimited transactions
Corporate card and investor cash

6. Live Oak Bank

❮ ❯

$0 monthly fee
Unlimited transactions
SBA loans

7. Bluevine

❮ ❯

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

Apply Now

8. Capital One Spark Business

❮ ❯

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