The finest business bank accounts for LLCs keep personal and corporate funds separate, keeping the legal separation between the LLC and its owners and their limited liability protections.
June 2022’s Best Business Bank Accounts for LLCs
Although there is no state or federal requirement requiring LLC members to create a separate company checking account, it is a best practice to do so in order to maintain liability protections.
Furthermore, establishing a business bank account for your LLC will help you simplify your taxes and bookkeeping while also establishing your company’s financial presence. Before applying for a company credit card or an LLC business loan, your LLC may require a specialized bank account.
You can create a business bank account as the owner of an LLC at digital banks, as well as national, regional, and local brick-and-mortar institutions. Here are a few of the most popular choices.
For LLCs, Chase is the best brick-and-mortar bank
Because they have over 4,700 branches near businesses, Chase has the finest brick-and-mortar business checking account. With so many branches, it’s simple for brick-and-mortar companies to make deposits.
The Chase Business Complete BankingSM Account is the most popular Chase account. It’s perfect for small company banking in general and startup enterprises in particular.
Business Checking Accounts at Chase Summary:
- There are around 4,700 branches and 16,000 ATMs.
- Account Alerts to safeguard your account against fraud, provided by a Chase business professional.
- Deposits are free and limitless.
To get a Chase business checking account for your LLC, follow these steps:
Gather your business formation paperwork (LLC Banking Resolution, EIN, and Articles of Organization), as well as government-issued identification, such as a driver’s license.
Visit a branch or fill out an application online.
Instructions will be provided on the website. A business banker will assist you in opening the account if you visit a branch.
PROS
- There are almost 4,700 physical sites.
- There is no minimum to open.
- Deposits are free and limitless.
CONS
- $300 sign-up bonus Online access
- Monthly service cost that varies
BlueVine is the best online bank for limited liability companies (LLCs)
Because they operate totally online and don’t charge fees when you do business online, BlueVine offers the greatest online LLC business checking account.
BlueVine Business Checking is the only business checking account offered by the company.
BlueVine Business Checking Account Summary:
- There are no monthly fees for non-sufficient funds (NSF) or inbound wires.
- Transactions are not restricted, and there is no requirement for a minimum balance.
- When your balance is at least $1,000, you will get 1.0 percent interest.
- ACH, wire, or cheque are all options for paying suppliers and invoices.
- There are around 38,000 ATMs with no charge.
- Dedicated live assistance
To create a BlueVine business checking account for your LLC, follow these steps:
Gather your business formation paperwork (LLC Banking Resolution, EIN, and Articles of Organization), as well as government-issued identification, such as a driver’s license.
Copies of these papers should be made in digital format.
To open an account, go to the website and fill out the form.
Extras: Using BlueVine Payments, you may pay suppliers, payroll, or anybody else with a credit card. This service is charged at a rate of 2.9 percent. BlueVine can help you get a business loan.