3 Best Business Bank Accounts for LLC

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Read our helpful guide to point you in the right direction, finding the right bank that is beneficial to your LLC. is just a click away.

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As the owner of an LLC (Limited Liability Company), you have the option of opening up a checking account at most banks, whether brick-and-mortar or online. This is a smart move, as it will go a long way in helping you separate your business finances from your personal finances. 

The accounts that will benefit you the most will have features that serve to make banking more convenient. These features include things like payroll services or software integration for accounting. As you are searching for the right bank account, you want to be sure to choose one that is beneficial to your LLC.

To help you with this, we asked our team to research the best banking options for LLC owners. At Seek Capital, we understand that your business keeps you busy. You have a lot of responsibilities that demand your time and attention.

As such, we are here to make things easier for you. By using our helpful guide to point you in the right direction, finding the right bank is just a click away.

It’s important to mention that although the banking institutions included here are great for bank accounts, their small business loan options leave a little to be desired. 

We invite you to reach out to us if you are interested in securing a small business loan, as we are far better equipped to serve you in this area and will do all that we can to help you get the best loan possible.

The Top 3 Best Business Bank Accounts

Azlo

Upon researching Azlo, the first thing that’s likely to stand out to you is that this banking company offers totally free checking. That’s right — whereas most banks charge a fee to use their services, Azlo is a true, fee-free banking option for your LLC.

As an online bank, Azlo comes with several perks. For starters, it’s guaranteed that you’ll never pay a monthly fee. But moreover, this guarantee holds true even if your bank account runs low. That means you don’t have to worry about carrying a minimum balance at all times.

This is great customer service, especially during the COVID-19 pandemic. As a small business owner trying to keep your doors open, finances may be tight right now. As such, it’s nice to know that you have a banking option that makes things a little easier.

What’s more, even though Azlo operates online, you can still access your funds through more than 55,000 ATMs across the United States. 

Another nice bonus is that Azlo is ideal for business owners who rely on payment apps. When you sign up for an Azlo bank account for your LLC, you can look forward to its services working with PayPal, Stripe, and Square.

Since Azlo functions completely online, you won’t be able to make cash deposits. If this is an issue for you, it may be best to consider another banking option. 

Terms/Fees:

  • Cash deposit fee: Non-applicable (cash deposits aren’t accepted)
  • Minimum balance: N/A
  • Minimum deposit: N/A
  • Transaction fee: N/A
  • Monthly fee: N/A
  • ATM fee: N/A

BlueVine

BlueVine’s business banking account is still relatively new. That said, it is an excellent option for LLC owners. Thanks to its online platform, you can look forward to convenience and ease-of-use. What’s more, you can earn an ongoing 1% APY (Annual Percentage Yield). 

This is a welcome addition for small business owners. You will be able to clearly see what your money is earning you while getting the most out of your finances.

The perks don’t end there. Like Azlo, you don’t have to pay a monthly service fee as you would with many other financial institutions. Furthermore, there are no ATM fees, and you are allowed to make unlimited transactions without fear of being charged.

When you choose BlueVine, you’ll have access to more than 38,000 ATMs across the country. Again, you may access these ATMs free of charge.

BlueVine is notable for not requiring its LLC customers to keep a minimum balance in their bank accounts. However, if you wish to earn ongoing APY, BlueVine requires that you keep at least $1,000 in your account.

You will receive a free debit card when you sign up with BlueVine. You won’t, however, be able to make cash deposits, as they are not accepted. 

If you use tools like Expensify, PayPal, or Stripe, BlueVine easily connects with these services for greater convenience. 

Terms/Fees:

  • Cash deposit fee: Non-applicable (cash deposits aren’t accepted)
  • Minimum balance: $0 ($1,000 to qualify and earn APY)
  • Minimum deposit: N/A
  • Transaction fee: N/A
  • Monthly fee: N/A
  • ATM fee: N/A

Bank of America

The first two bank account options are ideal for LLCs if you don’t make cash deposits. But where can you turn if you do make cash deposits? 

Fortunately, Bank of America is a viable option. Admittedly, we tried to stick with banks that don’t charge monthly fees, but it wasn’t easy to avoid. As such, you will be charged fees to use Bank of America’s services. 

However, you do get a bit more features not offered by Azlo or BlueVine. One of those features is the ability to earn up to $450 when you start a new business checking account. 

And since you’ll likely be making cash deposits, Bank of America allows you to deposit up to $7,500 at once, fee-free. What’s more, your business bank account can be easily integrated into bookkeeping tools, such as QuickBooks. 

All mobile and online banking through Bank of America are free, as well. You also get access to handy bill pay services for added convenience. 

While Bank of America does charge a monthly checking account fee, you can avoid paying this by keeping a minimum daily balance of $3,000. If this is too much, there are some other ways to earn free checking.

As long as your monthly balance averages $5,000 or more, you won’t have to pay a monthly fee. Or, if you have other accounts linked to your Bank of America account and maintain an average balance of $15,000, you can qualify that way, as well.

There are other fees you need to be aware of, such as transaction fees. Although your first 200 transactions are free, afterward, you will be charged 45 cents for every transaction.

While Bank of America lets you make cash deposits, you may be charged for this service depending on how much you deposit. Each month, you are allowed free deposits up to $7,500. But once you reach that amount, you will be charged 30 cents for every $100 that you deposit.

Furthermore, although in-network ATM transactions are free, anything outside of the Bank of America network will cost you $2.50 per transaction.

Lastly, upon opening your Bank of America business checking account, you will be required to make a deposit of at least $100 to get started. Fortunately, a minimum balance isn’t needed, although you will be charged if your monthly average is less than $5,000. 

Terms/Fees:

  • Minimum balance: $0 ($5,000 [avg] to qualify free checking)
  • Cash deposit fee: 30 cents per $100 (first $7,500 is free)
  • Monthly fee: Free (in-network), $2.50 (out-of-network)
  • Transaction fee: 45 cents each (first 200 are free)
  • Minimum deposit: $100
  • ATM fee: N/A

Opening an LLC Checking Account

Before choosing a bank, you’ll want to carefully evaluate its fees, the services offered, and what kind of features you can expect. If you don’t typically bring in a lot of revenue each month, it might be best to choose a banking institution that offers free checking.

Take the time to ensure that the bank you’re considering is tailored to your needs as a small business owner. This will help you weed out the ones that don’t fit into your personal requirements. 

Once you have decided that a banking institution is right for your LLC, you will need to gather some information before proceeding. Make sure that you have your LLC registration handy, as well as your EIN (Employer Identification Number).

The great news about the banks we featured is that you can set up your LLC checking account online. Simply get your business information ready and visit the bank’s website. 

Summary

Choosing the right bank is a crucial step in your business ventures. You want to be sure that you have a bank that has your best interests in mind. In doing so, you can look forward to having a good business relationship.

As we mentioned in the opening, if you are interested in securing a small business loan, we encourage you to reach out to us. Our experts here at Seek Capital will be happy to help you establish the best loan for your needs.

Please don’t hesitate to contact us with any questions. That’s why we’re here. You can count on our business finance specialists to provide experienced guidance every step of the way!

Sources

https://www.azlo.com/

https://www.bluevine.com/

https://utility.bankofamerica.com/alliance/?formid=FT9&sourceid=10003SCK1410000&cm_mmc=SB-General-_-FitSB-_-StrategicAlliance-_-BA2

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