10 Best LLC Business Bank Accounts – Complete Guide

As the proprietor of an LLC, it is essential to establish a boundary between your company and individual finances. Having a distinct bank account for your Limited Liability Company (LLC) may be beneficial for organizing your financial documents, developing trust with customers and suppliers, and protecting your individual resources from business obligations and legal disputes. 

The greatest business bank accounts for LLCs will be examined, in addition to their benefits.

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10 Best Business Bank Accounts for LLCs 

For this review of business bank accounts for LLCs, we employed a method that regarded a large selection of factors. We commenced examining the available banking services such as checking, savings, and business accounts. 

We also compared the charges for running each account, making withdrawals, and utilizing ATMs. We also evaluated the bank’s online banking and on-site support services to evaluate its standing and customer service. 

In the end, we looked at any extras or benefits the bank provided, such as loyalty schemes or overdraft security. By considering all these factors, we were able to supply a comprehensive and impartial ranking of business bank accounts for LLCs.

Bluevine – Best LLC Bank Account Overall

Star rating: 4.9/5

For small businesses, Bluevine is a great choice for an online checking account. There are no recurrent expenses, and you can use it to pay bills, get quick loans, and get a good interest rate. Opening one does not require a long and complex application, you can have it functioning the same day you submit it. 

This is one of the best banks for startups because of all the helpful characteristics it offers. Furthermore, you can set up up to five subsidiary accounts with their own individual ID numbers. Plus, interest is earned on all balances (up to $100,000) in these accounts.

Why we chose it: Every account comes with two complimentary checkbooks, which is atypical for business banking accounts. This is great news for businesses that make payments in person, such as those that pay their employees and vendors.

Pros: 

• An unlimited number of transactions with no additional charges, no penalties for going into the red
• There’s no requirement for a minimum balance to be maintained, nor is there a need to pay any fees on a monthly basis
• MoneyPass ATMs are free to use, and cash deposits can be made at Green Dot locations, although it should be noted that fees and limits apply

Cons: 

• Cost of utilizing ATMs located outside of a given network
• A prohibition against having shared accounts between two people
• It’s possible to only put up to $500 each time a deposit is made, with a maximum of $2,000 a day 

Fees

Bluevine stands out from the crowd by not assessing any maintenance, non-sufficient funds, or deposit fees. You can execute multiple transactions without being charged extra. Moreover, the company does not demand a minimum balance or deposit amount.

Interest Rates

Bluevine’s checking account offers a 1.5% annual percentage yield on balances of up to $100,000, making it a very competitive interest rate. To enjoy this benefit, account holders must either make a $500 debit card purchase each month or receive at least $2,500 in customer payments.

Lending

Owners of small businesses are eligible to receive an interest rate of 4.8% on credit lines of a maximum value of $250,000. Completing the application form only takes a few minutes and you will receive a response shortly if you’re accepted. There are no fees associated with setting up, managing, paying in advance, or terminating an account with Bluevine.

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Novo – Best Low-Fee Business Bank Account for LLC 

Star rating: 4.8/5

Novo is a great option for businesses that need a checking account due to its user-friendly design, straightforward sign-up process, and the capacity to make digital payments without any difficulty. Completing and submitting the application form only takes about ten minutes and they’ll get back to you with any further details that may be required. To get started using your checking account, you’ll need to open one and deposit a minimum of $50. 

With Novo, you have the opportunity to link hundreds of other apps to your business checking, such as Shopify, QuickBooks, and Slack. This allows you to manage all aspects of your professional life centrally. 

You have easy access to account info and recent banking activities, making it simpler than ever to keep your financial life organized. The app will also present a summary of your monthly income and expenses in an easy-to-understand format.

Why we chose it: Those who set up a single-member Limited Liability Company could greatly benefit from Novo’s business checking account due to the unrestricted incorporated invoicing it offers.

Pros: 

• There are no dues or minimum deposits required
• Free and unlimited money transfers
• All international ATM expenses are reimbursed

Cons: 

• Inability to send either local or foreign wire transfers
• With bill pay, you can’t set up regular payments
• Unable to make a bank deposit

Fees

Opening a checking account with Novo is without cost. All you need is a minimum of $50 to get started. This financial institution does not charge any fees for depositing cash, sending wire transfers, or withdrawing via ACH. Furthermore, Novo is supported by Middlesex Federal Savings, F.A., which provides FDIC coverage and will reimburse any ATM costs.

Interest Rates

Novo’s banking account does not come with a fee, however, you will not be able to make any interest off the money you deposit. Your checking account deposits will not gain any interest from the bank.

Lending

Novo does not offer any loan services, its only product is a checking account. There are no forms of credit like loans, lines of credit, or business credit cards that can be acquired from Novo.

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American Express – Best for Membership Rewards

Star rating: 4.8/5

American Express Business Checking is up-to-date with the most recent trends in business banking, which include minimal cost for customers and no requirement of a set amount of money in the most fundamental business checking account. Additionally, their payment processing services provide unlimited billing cycles. Kabbage business checking is no longer an option since American Express acquired the company.

If you have a business and need a bank account and line of credit, American Express Business Checking is a great option. Kabbage Finance by American Express simplifies the process of getting approved for a line of credit of up to $250,000 for small businesses.

Why we chose it: American Express offers various account selections which enable companies to come up with a suitable plan. To protect its customers’ funds from fraudulent activities, American Express provides advanced fraud prevention services.

Pros: 

• Line of credit with no fees for early payoff
• The absence of a required minimum balance
• Quick and simple application procedure

Cons: 

• Only for American Express cardholders
• iOS is the only platform that supports mobile check deposits
• Deposits in cash are not permitted

Fees

American Express Business Checking accounts do not need any monthly fees to be paid. There is no specific starting deposit, nor are there any fees for depositing or withdrawing money from the website. Utilizing MoneyPass ATMs is gratis, however taking out money from an ATM outside of the MoneyPass network will cost around $3. American Express does not permit deposits in cash.

Interest Rates

Even though Bluevine has an enticing 1.5% APR rate, the 1.30% APY on balances up to $500,000 is one of the highest currently available. Despite being lower than Bluevine’s APY, American Express’s Business Checking is still the second-highest option.

Lending

One of the best benefits of owning an American Express card is access to Kabbage Financing, which makes it easy to get a loan of up to $250,000. Even if your credit isn’t the best, you can still apply and get approved with a FICO credit score of 640.

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Capital One – Best for Unlimited Transactions

Star rating: 4.7/5

Capital One provides different kinds of checking accounts to businesses. The Basic account is comprehensive and has advantages like endless digital money deposits, access from any gadget, and no charges for regular maintenance. Companies with complicated financial needs may be better off with the Unlimited banking plan, which gives two Basic accounts. 

The bank’s credit cards for business may give you money back or miles for the expenses made by the company. All the cards are free from fees for international purchases, which makes them perfect for business trips.

One of the best features of the bank is it’s knowledgeable and accommodating customer service. Remember that Capital One’s business checking is only obtainable in some states, so double-check before you open an account. In addition, you must visit a bank personally to open a business checking account.

Why we chose it: Capital One is comparable to the other major banks with regard to the cost of their services and the range of products they offer. If you like to take care of your money matters in person, this is an excellent choice. Moreover, it’s unparalleled in terms of the availability of ATMs, as you may use any machine in the Allpoint or MoneyPass networks free of charge.

Pros: 

• Expertise from a big financial institution
• Automated escrow services that users may use on their own time
• Two free Basic accounts are part of the unlimited package

Cons: 

• In order to open an account, you must physically visit a branch
• Available in certain states only
• When your balance is sufficiently large, service charges will be removed

Fees

In comparison to American Express’ no-cost charge every month, Capital One’s Basic Checking account is more expensive at $15. If you have more than $2,000 in your account, however, the fee will be waived. Deposits of up to $5,000 each month are not charged interest. This product requires the customary expenses for wire transfers. 

The Unlimited Checking Account’s usual fee of $35 per month is not applicable if the balance is at least $25,000. Placing money into this account is completely free with no limit. Incoming cables have not incurred any costs. Moreover, you can make five wire transactions in either direction without fees.

Interest Rates

Contrary to a checking account, Capital One’s savings account does offer you the opportunity to gain interest, which is currently set at 0.2%.

Lending

In order to take advantage of the small business financing options offered by Capital One, applicants must first open a checking account with the bank. This financial institution offers among the most generous credit facilities, with one of the highest loan limits being $5 million. SBA 504 and SBA7(a) loans offer longer repayment periods, fixed interest rates, and require less equity than traditional bank loans.

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Bank of America – Best for Traditional Banking

Star rating: 4.67/5

When you think of a conventional financial institution, Bank of America will be the first to come to mind. Your Business Advantage Banking account can be switched between two different modes at any point. Therefore, you’re able to adapt to the changing needs of your business.

You can connect applications such as QuickBooks, Google Analytics, Expensify, and many more to your bank account. This allows you to keep track of your finances and make wiser decisions for your business.

Irrespective of the size of your company, Bank of America has a group of Small Business Experts who are ready to provide assistance.

Why we chose it: Bank of America’s corporate banking services are highly esteemed in the sector. This should be considered if your firm has a lot of money flowing in regularly and in significant amounts.

Pros: 

• Your online banking system can sync with your accounting software of choice
• Consists of Zelle money transfer integration
• Occupational compensation and benefits administration

Cons: 

• Using an ATM outside of your bank’s network will cost you a fee
• There is no cost-free checking account available for companies
• Fees that are astronomically high for every little thing

Fees

Bank of America offers two types of business checking accounts: Business Advantage Basics and Business Advantage Relationship Banking. If you can manage to keep a combined average monthly balance of $5,000 or make $250 in new net eligible debit card transactions each statement cycle or join the Preferred Rewards for Business program, the $16 monthly fee for the Basics account will be waived. 

Additionally, if you maintain a combined average monthly balance of $15,000, the $29.95 charge for the Relationship checking account will be canceled. There is a $10 monthly fee for opening a savings account, however, this will be eliminated if the daily balance is maintained at $2,500 or more.

Interest Rates

A Bank of America checking account does not yield any interest. Bluevine’s rate of return for the year stands at 1.5%, however, the business savings account offers a mere 0.01% annual percentage yield in terms of interest.

Lending

Bank of America provides different financial options to businesses, such as a business credit card, secured business loans ranging between $25,000 and $250,000, and secured lines of credit of a minimum of $25,000. To be eligible for these loan alternatives, applicants must have a credit score of no less than 700.

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Axos – Best Full-service Online Bank Account for LLCs

Star rating: 4.61/5

Axos doesn’t have any physical branches, which makes it a “virtual" bank that deals solely with business customers over the Internet. It isn’t dependent on any other banking establishment, so it can be thought of as a bank in its own right. With the incredibly beneficial terms and conditions it provides, Axos is featured on many “Best Business Checking Accounts" lists found online.

Axos has been created from the bottom-up to be an online bank, making it much more user-friendly than traditional branches. It makes a great effort to establish an excellent online presence and experience for its customers, making it the perfect option for small or digital businesses. Even with the $5,000 minimum balance requirement, the greatest APY you can get with a checking account is only 0.20% with basic checking and 1.01% with interest checking.

Why we chose it: Axos Bank’s Basic Business Checking account offers unrestricted transactions and cash deposits at Allpoint and MoneyPass ATMs with no regular payment or initial deposit prerequisite. The bank also permits free ATM withdrawals from any place in the US and will refund any fees that you bear from other banks or ATM companies located within the US.

Pros: 

• Funds deposited with MoneyPass and Allpoint ATMs
• Service to customers around the clock
• There aren’t any required payments or minimum deposits
• All ATM costs are refunded instantly (domestic)
• Purchases with no limits on fees
• Freebies for new clients

Cons: 

• Reduced levels of integration
• Lacks the best annual percentage yields
• There are no actual sites

Fees

Axos has four different financial services for its business customers. These include a basic business checking account, a business checking account that earns interest, business savings account with extra benefits, and a premium business savings account. There is no cost for the standard business checking while the business interest checking account comes with a $10 monthly fee. Basic Savings is priced at $5 per month and the Premium Savings has no associated cost.

Interest Rates

People who use Axos have access to multiple investment products that give an interest return, though the yields are not as high as those provided by other banks. The checking account does not accumulate interest. The APY for the interest-bearing checking account is 1.01%. Both the Basic and Premium Business Savings accounts from Axos offer a 0.20 percent return.

Lending

Centerstone SBA Lending, which partners with Axos Bank, provides small companies with SBA loans, as well as convenient payment plans and federal government assurance. Moreover, bigger companies are eligible to receive Commercial Term Loans and Lines of Credit.

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Lili – Best for One-Person Businesses

Star rating: 4.57/5

Lili was initially created with solo entrepreneurs in mind because of its simplicity and convenience. It provides a one-stop shop for people to do their banking, accounting, and filing of taxes. LLCs can now take advantage of this system as well. It’s important to note that the money from your LLC must be kept apart from your own, and this is possible because of Lili’s feature which permits you to separate the funds privately.

Why we chose it: It can prepare your yearly tax return and create spending reports mechanically.

Pros: 

• Provides a tax-avoidance calculator
• Makes invoices and mails them out
• Keeps your professional and private finances separate

Cons: 

• There is no legitimate banking or retail services
• Banking online (through Choice Financial Group)
• Not suitable for larger enterprises

Fees

Lili provides its basic banking services at no cost. For example, the most desirable business bank account for LLCs, Bluevine, has no fees associated with minimum balance, overdrafts, ATMs, or monthly upkeep. However, the Lili Pro option requires an additional monthly fee of $4.99 due to its extra features.

Interest Rates

Lili’s basic subscription plan does not provide access to an Annual Percentage Yield (APY). However, if you opt for the Lili Pro package, you can benefit from an APY of up to 1%. Additionally, with the Automatic Savings feature, you can enjoy a daily deposit of $1 or more into your savings account without any manual effort.

Lending

When it comes to gaining access to credit, Lili is not close to a traditional bank and so has very few options. In a nutshell, there is only a $200 overdraft available on debit card transactions that do not require any charges.

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U.S. Bank – Best for Lending Options

Star rating: 4.5/5

U.S. Bank, a well-known traditional bank, is offering a free business checking account, the Silver Business Checking account, with no minimum balance and no monthly maintenance costs. This could be a great fit for businesses not doing many transactions each month, such as a contractor working for a single customer.

The majority of U.S. Bank’s close to 2,000 branches are situated on the West Coast, which makes it an ideal choice for local small companies that appreciate in-person banking and customer service.

When it’s time to grow your LLC, U.S. Bank offers small-business loans (including SBA loans), payment processing, cash management services, payroll, and more.

Why we chose it: U.S. Bank provides a variety of products and services that are of the highest quality. A great advantage of this bank is the wide range of loan options that it makes available. Those companies with a limited number of daily transactions will find this option very beneficial. It’s the perfect time to join up.

Pros: 

Cons: 

• There are severe penalties for cashing out a CD before its maturity
• Costs money to make a transaction
• There is no annual percentage yield (APY) on checking accounts

Fees

U.S. Bank offers three types of checking accounts. The Silver Business Checking Account has no monthly fee and covers up to 125 transactions. Over that limit, each transaction incurs a fee of $0.50. The Gold plan costs $20 each month, plus $0.45 for every extra transaction beyond the initial 300. 

The Platinum package charges $0.40 for transactions after the first $500 worth of transactions in a month. This pricing is considered higher than Bluevine, the top online bank, which has no costs associated with it.

Interest Rates

The U.S. Bank does not pay interest on balances in checking accounts. However, by depositing at least $25, people can earn an Annual Percentage Yield (APY) of 0.01%.

Lending

U.S. Bank offers a variety of business financing options, such as credit cards, loans, and lines of credit. The business credit cards provided by this institution present no yearly fees, low-interest rates, cashback, and rewards programs. 

Furthermore, there is a broad range of small business loans specifically tailored to meet distinct financing demands. Quick Online loans have a maximum loan limit of $250,000, while government-supported loans can go up to $12,375,000.

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Oxygen – Best for Freelancers

Star rating: 4/5

With its online appearance, Oxygen may easily be mistaken for a stylish publication or hip store. Yet the bank’s online-only banking service includes a business checking account. There is a no-cost alternative as well as the more rare yearly charge option. For the sole purpose of keeping business and personal funds separate, Oxygen is ideal for the freelancer.

There are four distinct Oxygen Business Checking plans, each with its own set of benefits and fees based on your average monthly transactions. There is no minimum deposit or monthly fee on the free, basic plan. The yearly charge may be canceled after the first year for those in the higher categories.

The perks in Oxygen’s bank accounts are extensive. You can get cash back on purchases from participating businesses including restaurants, gas stations, ridesharing services, and online retailers. To top it all off, your savings targets receive an attractive interest rate.

You also receive coverage for things like auto rentals, misplaced or delayed baggage, and mobile phones. Further perks (including free airport lounge access and Netflix reimbursement) are available to account holders at higher tiers.

When you have an account with this company, you will be provided with protection for rentals of vehicles, any delayed or missing luggage and mobile phones. Furthermore, those who are at a higher level of membership can enjoy advantages such as complimentary access to airport lounges and reimbursement of Netflix charges.

Why we chose it: Oxygen banking platform is an advanced financial service that offers customers a plethora of advantageous and packed-with-features services and products.

Pros: 

• Make one-time use of debit cards online
• Discounts of 5% in Cash Value
• Including 1% AP into Corporate Budgets

Cons: 

• Registration costs more for premium accounts
• There are no available financing options
• No-cash-required virtual bank account

Fees

Oxygen has divided its services into Earth, Water, Air, and Fire categories. These loyalty programs are created to help business owners achieve their goals.

The Earth tier is the most basic and free to join. This plan offers a maximum of 0.50% APY on savings. If you upgrade to Water for $19.99 annually, you can benefit from a 1.00% APR on savings and other advantages. The Air tier costs $49.99 per year and has a savings rate of 2.00%, while the Fire tier costs $199.99 per year.

Interest Rates

Oxygen provides a savings option with varying subscription levels, each offering competitive rates of interest. Earth, Water, Air, and Fire options have annual percentage yields (APY) of 0.50%, 1.00%, 2.00%, and 3.00%, respectively. These figures are significantly higher than the maximum interest rates offered by Bluevine and American Express Business Checking, which are 1.5% and 1.3% respectively.

Lending

Oxygen does not offer any type of loan services as it’s not a conventional banking institution.

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Chase Business – Best LLC Bank Account for Merchant Service

Star rating: 3.8/5

If you want to pick a bank that offers many branch locations, great services, and modern services, Chase is the one to go for. It provides a special Chase Business Total Banking Account that includes checking and other payment options, which is particularly useful for LLCs that want to accept credit card payments. This can save you a lot of time and effort since you don’t have to create a different merchant account. 

While Chase’s app and potential fees put it at the bottom of the list, it offers a promising future. People who collect cash from clients and need to deposit it often may be interested in Chase, yet those who desire a more comprehensive online experience will likely find a different choice more appealing.

Why we chose it: The Chase Business Comprehensive Checking Account has a competitively low fee of $15 per month, unlimited electronic deposits, and offers a potential sign-up bonus of $300. 

Additionally, users can accept credit card payments with the Chase mobile app through Chase QuickAcceptSM. If your LLC needs more features, you may choose to upgrade from the Chase Business Comprehensive Checking account to the Performance or Platinum Checking account.

Pros: 

• Anti-theft measures
• Use the Chase mobile app to take payments
• Globally distributed and international

Cons: 

• Requires a sizable account balance to avoid charges
• More expensive prices
• Savings account yields are unclear

Fees

Chase offers three distinct checking accounts for businesses. The Chase Business Comprehensive Checking has a minimum balance of $2,000 required to avoid the $15 monthly service fee. 

When the combined average opening balance is $35,000 or more, the $30 monthly fee for the Chase Performance Business Checking is waived. By opening a Chase Platinum Business Checking account and keeping an average daily balance of $100,000, the $95 monthly fee is eliminated. 

All of these accounts provide businesses with different banking services, such as checking accounts, business debit cards, and in-branch cash deposits. Unlike Bluevine, Chase charges a monthly maintenance fee.

Interest Rates

Deposits into a Chase Business Checking account earn no interest. You can earn money on your business’s savings with Chase Business Savings, but the APY is something you’ll have to ask about.

Lending

Chase offers a wide variety of business finance options, including credit cards, small business loans, and lines of credit. Depending on the type of loan or credit line, companies can acquire anywhere from $2,500 up to $500,000.

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Ranking Methodology for the Best Business Bank Accounts for LLCs

In order to discover which bank account is the most beneficial for a Limited Liability Company (LLC), various factors need to be taken into consideration. This is a comprehensive explanation of the criteria employed to assess LLC bank accounts:

• Fees, Transaction, Minimum Balance, and Early Termination: Expenses that are required to be paid on a regular basis are usually the most important to consider. To attract local business owners, some banks that offer LLC bank accounts have gotten rid of monthly maintenance fees. 

When selecting a business checking account, it’s essential to find one that does not charge for certain services. For instance, unlimited monthly transactions and no-cost cash deposits are two services that should be available without any fees.

• Security, Multi-factor Authentication, Encryption, and Fraud Detection: The account’s safety should also be taken into consideration. For the sake of their business’s safety, LLCs should seek out financial institutions that provide advanced security measures like multi-factor encryption, authentication, and fraud protection software. They must think about the bank’s track record of safety and its ability to meet all necessary regulations.

• Account Features, Online Banking, Mobile Banking, and Bill Pay: LLCs need to think about which functions are most relevant to their company and then choose an account type accordingly. Financial management tools such as remote deposit, overdraft protection, bill pay, and online and mobile banking are included.

• Lending, Lines of Credit, and Credit History: While you could have a good credit score as an individual, your company will need to build up its own credit profile to succeed. Little loans for things like payroll or bills, and bigger loans for things like expanding an existing facility or buying new machinery and furniture may all be necessities for some company owners. 

Having a business checking account with a certain bank might make applying for a loan like that simpler. One other way to increase your chances of being approved for a negative credit business loan is to establish a track record with a financial institution. 

Although we’ve mostly discussed large, well-known banks, like Wells Fargo and Chase, smaller, more local institutions like credit unions and community banks may be worth considering if a loan is in your future. Personal connections typical of small banks may be useful, particularly for specialized enterprises.

• Interest Rate and APY on Checking and Savings Accounts: This list includes a number of financial institutions that provide checking accounts with a competitive annual percentage yield. In terms of returns, some of the best banks in the country provide rates as high as 1.5%, making them a desirable choice for company owners. The better for your company the APY is.

Keep in mind, too, that the routine maintenance or transaction costs charged by certain banks might cancel out any income you would earn on your account. Several of the finest business bank accounts available online allow you to earn interest on your main checking account as well as savings accounts. A higher interest rate is always preferable.

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Best Business Banking Account for LLCs – Buying Guide

Here’s some additional information that may answer your questions.

Why LLCS Need a Business Bank Account

Owners of Limited Liability Companies  (LLCs) are expected to keep their company and personal finances completely separate. LLCs are considered to be “legally distinct entities" from their owners. This implies you’re insulated from personal responsibility for debts incurred and legal claims. If you’re sued and don’t have this partition in place, the court may seize your personal property.

When you form an LLC, financial records must be kept distinct from those of a personal nature in order to comply with the law. If you run the risk of a court deciding that your Limited Liability Company  is nothing more than a front, it’s best to keep your personal and corporate money separate.

How To Open a Bank Account As An LLC

You may create a Limited Liability Company with only one other person or with many. Look for a financial institution that will accept joint accounts if there is more than one owner.

You’ll have to supply:

• Insight into the owner of the company (SSN, DOB)
• Choose the state in which your Limited Liability Company is registered
• Principal Place of Operation
• Name and location of company
• LLC formation date
• Employment Identification Number for a single-member LLC

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Best Business Bank Accounts for LLCs – Frequently Asked Questions (FAQs) 

Can I Use My Personal Bank Account For My LLC

Legally, you may, but it’s not a good idea to use your own account for your LLC’s operations. Your personal assets will be shielded from business debts and lawsuits if you set up a Limited Liability Company. Yet, the authorities will have an easier time seizing your personal assets if you continue to use your personal bank account for the LLC.

Should You a Get a Business Bank Account for an Anonymous LLC?

Generally, LLCs are considered separate legal entities from their owners, and they are required to have their own bank account. This allows the LLC to conduct business and manage its finances separately from its owners’ personal finances.

When opening a bank account for an LLC, the bank will typically require identification and other information about the LLC’s owners, such as Social Security numbers or tax identification numbers. This information may be used to verify the LLC’s identity and to comply with various banking regulations.

It is important to consult with a legal or financial professional to determine the best course of action for your specific situation. They can provide guidance on the legal and financial implications of forming an anonymous LLC and opening a bank account in its name.

Do I Need a Separate Bank Account For My LLC

To maintain a wall between your company and personal funds, you establish an LLC. A Limited Liability Company (LLC) is treated as a distinct entity from its owner after it has been formed. That’s why it’s crucial that your LLC have its own bank account.

Neither federal nor state law necessitates that an LLC has its own bank account. But, keeping your money in different accounts may simplify your financial management and help you prevent potential issues down the road. Additionally, free internet banks like Bluevine make it simple to create a business account and immediately begin enjoying the rewards.

How Much Does It Cost To Open a Business Account

Expenses may change from one financial institution to the next. Establishing several business checking accounts might not incur any fees. Fees might be assessed on a yearly or monthly basis. Moreover, some accounts have what is essentially a minimum balance requirement but are otherwise free.

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Bottom Line on Best Business Bank Accounts for LLCs 

Even though banks are large, scary entities with a lot of power over your business, you may reclaim a lot of agency by shopping around for the loan conditions that work best for you. When it comes to banking, the proverbial saying that “the customer is always right" holds true, especially if you’re a small business.

LLCs’ banking requirements are unique, so the best business checking accounts are tailored to each company. On the other hand, there are certain accounts, such as Bluevine, American Express, and Novo, that stand out from the crowd due to the competitiveness of their interest rates, features, and fees.

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