Tag: Best Options

Juggling all the components of a business is no easy task. When dealing with finances, a standard bank account simply won’t cut it.  The best business checking accounts go beyond traditional banking, providing several tools to help manage your finances while offering a number of features to help you keep everything in the air.

Best Business Checking Accounts On the Market

• BlueVine – Best Business Checking Overall
• Novo – Best for Small Businesses
• Capital One – Best for Digital Transfers
• Chase Business – Best for Business Services
• Bank of America – Best for Traditional Banking
• Axos – Best for Cash Deposits
• Lili – Best for Tax Optimization
• U.S. Bank – Best for Lending
• Oxygen – Best for Freelancers
• American Express – Best for Member Rewards
• NBKC – Best for Add-On Services
• NorthOne – Best for Integrations

When looking into the best business checking accounts, we made sure to consider fees for use and potential upsides in the form of interest rates. Next, we studied lending options, rewards, and how easy it is to transfer funds. Finally, we dig deep to discover any additional features that made a particular checking account stand out.

You can find a more detailed look at our ranking methodology below.

Bank

Fees

Interest Rates

Lending Options

Rewards

Additional Features

BlueVine Business Checking

$4.95 for cash deposits, $15 for outgoing wires

Up to 2.0% APY

Up to $250,000 line of credit

None

Cash deposits, online payments, multiple subaccounts

Novo Business Checking

$27 overdraft fee

0% APY

No lending options

Up to $5,000 in online perks

Reserve accounts, invoice tracking, virtual debit card

Capital One Basic Checking Account

$15 monthly service fee, $15 per incoming domestic wire, $25 for outgoing domestic wire

0% APY

Loans and lines of credit up to $5 million

None

Unlimited digital transfers, overdraft coverage, $5,000 in free cash deposits

Chase Business Complete Banking

$15 monthly service fee

0% APY

Loans and lines of credit up to $500,000

$300 sign-on bonus, up to $750 in cash back

$5,000 in no-fee cash deposits, waived savings account fee, long list of business services

Bank of America Business Advantage Fundamentals™ Banking

$16 monthly service fee

0% APY

Loans and lines of credit from $10,000

None

Integrates with Zelle payment app, business services

Axos Bank Basic Business Checking

$35 for outgoing wire transfers

0% APY

Loans and lines of credit starting at $10 million

Up to $200 sign-on bonus

ATM reimbursements, first 50 checks free, Quickbooks integration

Lili Business Checking

$2.50 for out of network domestic ATMs, $5 for international

0% APY

No lending options

Cash back with debit card

Tax optimization software, fast enrollment, smart mobile banking

U.S. Bank Silver Business Checking

$0.50 fee for transactions after the first 125, fees at out of network ATMs

0% APY

Many types of loans and lines of credit up to $12 million

None

$2,500 of free cash deposits, 50% discount on first check order

Oxygen Business Checking

No monthly maintenance fees, possible out of network and international fees

1.0% APY in attached savings account

No lending options

5% cash back from various merchants

LLC creation assistance

American Express Business Checking

$20 for outgoing domestic wires

1.3% APY

Available through Kabbage funding

30,000 membership reward points

24/7 support, earn points on most purchases

NBKC Bank Business Checking

$5 for outgoing domestic wires, $45 for incoming or outgoing domestic wires

0% APY

Available to business owners in the Kansas City metro area

None

Four branch locations in the Kansas City area, $12 in ATM reimbursement, several additional service options

NorthOne Business Checking

$10 monthly maintenance fee, $15 for domestic wire transfers

0% APY

No lending options

None

Virtual envelopes to budget money, long list of integrations

 

 

BlueVine Business Checking: Best Business Checking Account Overall

Monthly Fee: None

★★★★★

4.9

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BlueVine Business Checking Review

BlueVine stands out for a high interest rate that few banks can compete with and doesn’t require a minimum deposit or balance to maintain your account. The only fees you’ll need to worry about revolve around cash deposits and outgoing wire transfers. There are no savings accounts to store excess funds in, and you’ll need to watch for monthly transfer limits.

Fees

BlueVine avoids most fees that other best business bank accounts still have. There are no monthly fees, minimum requirements to maintain your account, or costs for an overdraft or incoming wires. You’ll pay $4.95 any time you make a cash deposit, and each outgoing wire is $15.

Interest Rates

It’s possible to receive 2.0% interest on your business checking account if you meet one of two conditions. You must either spend at least $500 per month on your BlueVine Business Debit Mastercard or receive $2,500 per month in customer payments to your account. The interest caps at $100,000, and anything you have beyond that doesn’t earn a thing.

Lending

While BlueVine doesn’t have lending per se, you can get access to a flexible business line of credit to use as you see fit. Lines reach as high as $250,000, with decisions in as little as 5 minutes. There’s no fee for maintaining the account, and you’ll only pay interest on what you use. Current rates are as low as 4.8%.

Rewards

BlueVine’s 2.0% APY is quite the reward in itself. That said, the business checking account doesn’t offer any other rewards for joining at this time.

Additional Features

You can pay bills directly from your BlueVine account or credit card through ACH, check, or wire. The online bank doesn’t place limits on the number of transactions you perform each month. For organization and finance tracking, multiple subaccounts allow you to drop funds into different buckets. 

• High interest rate
• Very few fees
• No minimum deposit or balance required

• Checking accounts only
• Monthly transfer limits
• Fee for cash deposits

Why we chose it: BlueVine’s ease of use, few fees, and incredible interest rate make it the best business checking account currently available. 

>>> Visit BlueVine and create your business checking account for free.

Novo Business Checking: Best Business Checking Account for Small Businesses

Monthly Fee: None

★★★★★

4.8

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Novo Business Checking Review

Novo has one of the best small business checking accounts, as you can perform all its services fee-free business bank account if you’re careful. You won’t need to pay a thing to keep your account, and the bank will refund ATM fees on out-of-network machines. There’s no way to deposit cash, and you will need to keep a close eye on expenses lest you face the wrath of a hefty overdraft fee.

Fees

You’ll have to look pretty hard to find fees with Novo, but they do exist. In addition to a maintenance-free checking account, the online bank refunds all ATM fees no matter where in the world you find yourself. As long as you watch your account carefully, you should never have to worry about the $27 fee for an overdraft. 

Interest Rates

Novo’s business checking account does not have a way for your funds to accrue interest. There’s also no savings account for excess money to grow.

Lending

There are no lending or line of credit options within Novo’s list of features. This may not be an issue for some, but those needing a shot of income will have to look elsewhere.

Rewards

Novo has a relationship with several other business apps and can score you some good deals. For instance, HubSpot’s slew of business tools are 30% off with a Novo checking account. Depending on the software you use, it’s possible to save up to $4,000.

Additional Features

Through a carefully crafted dashboard, you can send and track invoices with ease. A virtual debit card lets you spend funds online or in person through your favorite payment app without the hassle of a physical one. Novo Reserves lets you drop money into various accounts to plan for incoming expenses or a big project.

• Zero monthly fees to maintain an account
• No minimum balance required
• Refunds all ATM fees

• Cannot deposit cash
• Fee for overdrawn accounts
• No savings accounts

Why we chose it: Novo’s nearly nonexistent fee structure speaks well to small businesses. If you’re looking for a bank for your startup, Novo is a great choice. 

>>> Sign up with Novo!

Capital One Basic Checking Account: Best Business Checking Account for Digital Transfers

Monthly Fee: $15/month

★★★★★

4.7

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Capital One Basic Checking Account Review

Capital One does away with transfer restrictions, allowing you to keep funds flowing from one bank account to the next. There is a small monthly fee to maintain if you don’t need the requirements, but there are no overdraft fees to contend with. You can even deposit up to $5,000 each month via an ATM or one of Capital One’s branch locations.

Fees

Keeping a Capital One Basic Business Checking account requires paying a monthly $15 fee, but the bank will waive the charge if your prior 30 or 90-day balance averages at least $2,000. There are also fees for both incoming and outgoing wires, but it is possible to transfer funds digitally without penalty.

Interest Rates

There is no interest associated with this account, but the money you have in abundance doesn’t have to collect dust. Moving those funds over to one of Capital One’s savings accounts will allow it to generate some annual yield.

Lending

Capital One has a ton of lending options your business can benefit from. You will need an open business checking account and have at least two years in business to apply. Loan and line of credit amounts range greatly, capping at $5 million each.

Rewards

You won’t find any rewards for joining Capital One outright, but the scenario changes once you check out its credit card offerings. With several to choose from, you’ll likely find a card befitting your business needs that will earn rewards for each use.

Additional Features

Unlimited digital transfers allow you to send funds from your bank account to another anywhere on Earth. Capital One Basic Business Checking also protects from overdraft fees and allows free cash deposits of up to $5,000 each month.

• Unlimited free digital transfers
• Does not charge overdraft fees
• Free cash deposits up to $5,000

• Limited physical locations
• Monthly account fee
• No available interest rate

Why we chose it: Capital One eliminates limits on digital transfers, allowing you to keep your finances moving. 

>>> Sign up with Capital One!

Chase Business Complete Banking: Best Business Checking Account for Business Services

Monthly Fee: $15/month

★★★★★

4.6

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Chase Business Complete Banking Review

Chase introduces a number of business services, such as payment collection and fraud protection alongside a $300 bonus just for signing up. You can even accept credit card payments directly into your account with the Chase app. While there is a monthly service fee, there are several ways to avoid paying it.

Fees

A monthly service fee may be a turn-off with so many fee-free accounts available, but there are several methods of having it waived. All you have to do is keep a $2,000 minimum daily balance, make $2,000 in net purchases on a business card, or receive $2,000 in deposits through the Chase QuickAccept app.

Interest Rates

Chase Business Complete Checking does not offer any interest, but not all hope is lost. It’s possible to open a Chase business savings account to complement what checking can do. Best of all, enrollment in savings is free as long as your checking account is active.

Lending

As a Chase member, you’ll have both loans and lines of credit at your fingertips. You can borrow up to $500,000 at a time, and there’s a lot of flexibility in paying your borrowed money back. Lines of credit similarly go to $500,000 you can pull from as needed.

Rewards

There’s no shortage of rewards at Chase. The bank will deposit $300 into your Business Complete Checking account as long as you meet certain requirements. In addition, Chase has a wide range of credit cards for earning cash back or points toward things like travel.

Additional Features

Signing up for a business checking account with Chase gives access to one of its savings plans at no extra charge. You’ll also have access to an abundance of business solutions for protecting and managing finances to use as you please.

• Several available business services
• Multiple ways to waive the monthly maintenance fee
• $300 sign-on bonus

• Monthly maintenance fees
• Only 20 physical transactions per month
• No APY

Why we chose it: Chase meets your banking needs and beyond with a long list of additional business services. 

>>> Check out Chase Business Checking.

Bank of America Business Advantage Fundamentals™ Banking: Best Business Checking Account for Traditional Banking

Monthly Fee: $16/month

★★★★★

4.6

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Bank of America Business Advantage Fundamentals™ Banking Review

Business Advantage Fundamentals is a solid business checking option with a low monthly service fee. You can access your account online or from more than 4,000 locations scattered across the country. For such a large bank, it does not have 24/7 customer service or cover out-of-network transaction fees.

Fees

Bank of America is a full-fledged bank with multiple account options and its own list of fees. Business Advantage Fundamentals featured here has a $16 maintenance cost unless you can meet one of the requirements to negate it. To do so, you’ll have to either keep a $5,000 combined average monthly balance or spend at least $250 per month on debit card purchases.

Interest Rates

There’s no APY on Bank of America’s Business Advantage Fundamentals checking account. Although you can open a business savings account for $10 per month, funds within will only earn 0.01%. You can also visit our guide on how to open a business bank account.

Lending

Lending with Bank of America requires you to meet specific revenue and business requirements in order to be considered for a loan or line of credit. Both options start at $10,000, and you can choose to receive funds when needed. Monthly payments vary based on the balance in your account.

Rewards

You won’t find any special rewards for becoming a member of Bank of America. Being able to bank at over 4,300 locations around the country in addition to online adds a lot of flexibility, whatever your current needs may be.

Additional Features

Bank of America is a large bank and has the tools to prove it. You have the benefit of 4,300 branches around the country and the security only something its size can bring. There are a number of business services to make use of, and the bank works with Zelle for quick payments and transfers.

• All-in-one business banking services with a low monthly fee
• Over 17,000 ATMs and 4,300 branches
• Easy to waive the monthly fee

• Lacks 24/7 customer service
• Monthly fees
• Transaction fees when using non-Bank of America ATMs

Why we chose it: Bank of America has all the trappings of a traditional bank, with thousands of locations and several excellent services.

>>> Create a business checking account at Bank of America.

Axos Bank Basic Business Checking: Best Business Checking Account for Cash Deposits

Monthly Fee: None

★★★★★

4.5

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Axos Bank Basic Business Checking Review

Companies dealing with copious amounts of cash will find Axos’s free deposits a blessing. There are no fees to contend with outside of outgoing wire transfers to eat away at your bottom line. This makes Axos one of the best free business checking accounts out there. The business checking account does not offer interest, but Axos does have a handful of business savings accounts you can take advantage of.

Fees

Axos Bank Basic Business Checking does not charge a monthly maintenance fee or impose requirements on keeping your account open. You’ll receive back any ATM fees you incur each month, making this account effectively free to use. If you plan to send a lot of wire transfers, be aware of Axos’s $35 charge for each one.

Interest Rates

This particular account does not have an annual percentage yield and instead focuses on business perks. Anyone with extra money can open up one of Axos’s interest-bearing business savings accounts and accrue interest that way.

Lending

There are several line of credit and lending options Axos offers its members. Qualifications can be rigid, requiring at least two years in business, among other things. It’s no surprise, considering the minimum loan amounts are $10 million.

Rewards

At present, signing up for an Axos checking account as a new business owner earns a $200 welcome bonus. Even if you’re not a new business, you can still grab $100 for opening your Axos account.

Additional Features

Over 91,000 ATMs across the country are considered in-network with Axos, but there’s fee reimbursement if you happen to come across an out-of-network one. The online bank will pay you back for the first two wire transfers each month as well. On the financial side, Axos integrates seamlessly with Quickbooks to help with your books.

• Cash deposits allowed via MoneyPass and AllPoint ATMs
• No monthly fee and unlimited transactions
• Interest-bearing savings accounts available

• Limited integrations
• No APY available
• Poor customer service

Why we chose it: Free cash deposits and a low fee structure make Axos Basic Business Checking one of the best business bank accounts out there.

>>> Get started with Axos Business Checking.

Lili Business Checking: Best Business Checking Account for Tax Optimization

Monthly Fee: None

★★★★★

4.4

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Lili Business Checking Review

Lili has all the tools you’ll need to file an accurate report at tax time. The account doesn’t earn any interest, but no minimums or monthly fees help remove the sting. It takes no more than a few minutes to create your Lili business checking account, as the site doesn’t require paperwork or a credit check. You’ll need to track transfers and deposits, as there are some limitations on how much you can move around each month.

Fees

While Lili shines for its free tax software, business owners can also rejoice over a lack of account and overdraft fees. You won’t even incur a charge for foreign transactions or at over 38,000 in-network ATMs in the United States. If you end up using an out-of-network machine, expect a charge between $2.50 and $5.

Interest Rates

There is no interest on Lili’s Business Checking account. Those willing to pay can access a savings account with 1.5% APY, but you’ll need at least $34,000 in your account at all times to offset the monthly cost.

Lending

Lili does not offer any lending options to its clients. If you need a loan or a line of credit, you’ll have to look into other options.

Rewards

Your Lili debit card earns cash back on participating merchants, with the money deposited directly into your business checking account. There are no service or transaction fees to use your debit card anywhere in the world.

Additional Features

Nothing compares to Lili’s tax optimizer, designed to help you reduce tax-based expenses. The software allows you to categorize purchases, find your tax bracket, and file without headaches. The online bank also has a smart mobile app to help keep tabs on personal and business expenses while on the road. Enrollment is simple, requires no paperwork, and can have you banking within minutes.

• Tax optimization software
• No minimum balance or monthly fees
• Quick enrollment

• 0% APY
• No wire transfers
• Low monthly transfer and deposit limits

Why we chose it: Lili’s minimal fees and tax optimization software help businesses hold onto hard-earned income. Plus, if you’re looking for an online business checking account with no credit checks, Lili is a great option.

>>> Open your business checking account with Lili.

U.S. Bank Silver Business Checking: Best Business Checking Account With Lending Options

Monthly Fee: None

★★★★★

4.3

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U.S. Bank Silver Business Checking Review

U.S. Bank has loans and lines of credit for any need your business may face, from expansion to an unexpected expense. Depending on your business, you can also benefit from specialized merchant services for various business industries. Banking in person is possible in one of 2,400 locations if you’re lucky enough to find yourself in one of the 26 states they exist.

Fees

U.S. Bank Silver Business Checking doesn’t have any overt fees for service, but you can quickly find yourself in trouble with transactions. Your first 125 are free each money, with every subsequent one $0.50 a piece. It’s also wise to watch out for non-U.S. bank ATMs, as these frequently come with a charge as well.

Interest Rates

U.S. Bank’s interest rates with checking accounts are a bust, but the institution does have business savings and money market accounts to consider. If you have the funds to float, storing some in savings will earn you an amount depending on what you choose.

Lending

Lending options are plentiful with U.S. Bank, and one of the biggest reasons it stands out for having the best business bank accounts. Small business or large, you can request amounts from $5,000 to several million, depending on your business type. Lines of credit work much the same way, with varying amounts based on what you’ll use the money for.

Rewards

U.S. Bank doesn’t have any rewards for signing up or maintaining an account. There are multiple credit card options with welcome offers and options for you to peruse.

Additional Features

U.S. Bank lets you deposit up to $2,500 in cash every statement cycle, which can be helpful if your business doesn’t use a ton of cash. If you plan to pay out in checks, it’s possible to get 50% off your first order. Besides lending, U.S. Bank has a slew of other services worth investigating.

• Lending to fit your needs
• Specialized merchant services for restaurants, retailers, and service providers
• 2,400 branch locations

• Charges transaction fees
• Only locations in 26 states
• No interest

Why we chose it: U.S. Bank’s lending options cater to businesses of all sizes, adding value to an already solid business checking account.

>>> Check what U.S. Bank Business Checking has to offer!

Oxygen Business Checking: Best Business Checking Account for Freelancers

Monthly Fee: None

★★★★★

4.2

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Oxygen Business Checking Review

Oxygen carved a space for itself in the fintech niche, acting as a great option for freelancers and boutique sole proprietors. There are no discernible fees across the board, and shopping at select merchants earns 5% cash back just for making a purchase. To keep finances secure, you can create an unlimited number of single-use debit cards with set dollar limits.

Fees

Oxygen claims to be fee-free from top to bottom but does specify that out-of-network and international withdrawals may be subject to a charge. You’ll never have to worry about paying for ACH transfers or keeping your account open.

Interest Rates

While you won’t earn interest for funds in your business checking account, Oxygen remedies the problem by adding business savings account to the mix. Any money hanging out in savings accrues 1.0% interest for balances of $20,000 or less. Amounts in excess still earn interest, but at a much lower rate.

Lending

Oxygen is a mobile fintech company and not a bank. Because of this, Oxygen is unable to offer any lending options.

Rewards

Making necessary purchases feels a little sweeter when you get paid to do it. Buying things like gas, rideshares, or shipping services can earn 5% cash back with no questions asked.

Additional Features

Oxygen is a great option for business bank account for LLCs and even offers formation services as part of its package. Freelancers wanting the personal protections that come with a limited liability company can speed up registration right from Oxygen’s mobile app.

• Aimed at trendy business owners
• 5% Cashback rewards
• Create virtual, single-use debit cards

• Virtual bank, no cash deposits
• Fewer integrations than other options
• No lending options

Why we chose it: Oxygen speaks the language of the trendy business owner, offering some cool banking features along the way. It’s also one of the best checking accounts for sole proprietors. 

>>> Open your business account with Oxygen

American Express Business Checking: Best Business Checking Account for Member Rewards

Monthly Fee: None

★★★★★

4.0

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American Express Business Checking Review

Where most of the best business bank accounts for LLCs forget about interest, American Express shows up with a 1.3% APY. You’ll also have access to a debit card that accrues points you can turn into cold hard cash. Many on-the-go features are only usable on iOS, and there’s no way to deposit cash. Should you ever encounter an issue with your account, customer service is always on hand to help.

Fees

You’ll only find a fee for outgoing domestic wires with American Express, and the price is quite reasonable. There’s no monthly maintenance fee, NSF penalties, or any charge for receiving money from various sources.

Interest Rates

American Express currently flexes an interest rate of 1.3% APY, 43 timeless the national deposit rate. The interest applies to amounts up to $500,000, but anything beyond that point doesn’t earn a penny.

Lending

Through Kabbage Funding, American Express makes available business loans and lines of credit for companies in need. Your venture must be at least a year old, bring in at least $3,000 in revenue each month, and have a FICO score of at least 640. Right now, it’s possible to earn $250 by connecting your American Express account to Kabbage. Check out our Kabbage Funding review for more information.

Rewards

New members can earn 30,000 reward points just for signing up. To be eligible, you’ll need to deposit at least $5,000 into your account and maintain that balance for at least 60 days. In addition, you’ll have to make at least ten qualifying transactions during that same time frame.

Additional Features

Select debit card purchases to earn reward points you can then convert into deposits dropped right into your bank account. It’s also possible to use points for gift cards, travel, and the like. If you have problems with points or any other American Express feature, the company has a customer service team standing by 24/7.

• Earn membership rewards on almost every purchase
• Up to 1.3% APY
• 24/7 customer service

• Mobile check deposits only available on iOS
• Cash deposits not supported
• Only available to American Express customers

Why we chose it: American Express offers a generous interest rate and pays you to shop with point-to-dollar deposits.

>>> Get started with American Express Business Checking.

NBKC Bank Business Checking: Best Business Checking Account for Add-On Services

Monthly Fee: None

★★★★★

3.9

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NBKC Bank Business Checking Review

NBKC Bank is the perfect blend of large-scale operations and down-to-earth customer service you want in a bank. While it only has four branches in the Kansas City area, NBKC’s online presence will more than suffice. There aren’t many fees to deal with throughout the bank’s many features, but you will want to watch out for international wire costs.

Fees

You can perform just about every one of NBKC Bank’s functions without worrying about a single fee. The one area you’ll want to tread lightly in is international wires, where incoming and outgoing transfers will set you back $45 each time.

Interest Rates

Sadly, there are no interest rate options with NBKC Bank’s business checking account. You can open up a fee-free business money market account and earn 1.25% APY on monies within.

Lending

NBKC Bank works carefully with business owners to determine the best loan option to suit your needs. It also has line of credit options to have on hand in case of emergency. The downside to lending with NBKC Bank is that your business must be located in the Kansas City metro area to be eligible.

Rewards

There aren’t any special perks for joining NKBC Bank. Fortunately, there are several credit cards providing cash back, sign-up bonuses, or point generation to incentivize use.

Additional Features

Anyone in the Kansas City area will have access to the four NBKC Bank branches currently open for business. Whether in-person or online, there are a number of business solutions you can use to better your business. Available services include fraud management, cash management, and professional invoicing.

• Many extra service options
• Few fees to contend with
• Excellent customer service

• No physical bank branches outside of Kansas and Missouri
• High international wire fees
• Zero APR for business checking account

Why we chose it: NBKC Bank acts like a digital provider but has all the add-on services you’d expect from a major financial institution.

>>> Check out NBKC’s business checking offerings.

NorthOne Business Checking: Best Business Checking Account for Integrations

Monthly Fee: $10/month

★★★★★

3.7

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NorthOne understands the need to move money around. It works with hundreds of financial apps to allow quick and easy money transfers and doesn’t put a limit on how much you can do. These perks come at the cost of a $10 monthly service fee that can’t be waived. On the plus side, calling support connects you with a real human being without the need to navigate an automated assistant.

Fees

NorthOne is quite transparent about its fees, announcing a $10 service charge each month to keep your account open. There’s no way to waive this cost. The only other fee comes from incoming or outgoing domestic transfers.

Interest Rates

Any money in your NorthOne business checking account won’t accrue any interest. What’s more, the financial services company doesn’t offer a savings account to tuck additional funds into.

Lending

NorthOne focuses solely on business checking accounts. Because of this, you won’t find any available lending options.

Rewards

At this time, there are no rewards for signing up with NorthOne. Perks for using the service all exist within your account.

Additional Features

With NorthOne, you can connect your favorite accounting, point of sale, or eCommerce software direct to your bank account. There’s no need to manually enter transactions or follow funds from one place to the other. It’s also possible to use envelopes to sort money into groups for taxes, rent, and other buckets.

• Integrates with popular business apps
• Unlimited free transfers each month
• Instant support from actual humans

• Monthly fee
• No international wire transfers
• No interest rate

Why we chose it: NorthOne links with the top apps across accounting, eCommerce, and point of sale software for a seamless financial experience.

>>> Sign up with NorthOne.

Our Ranking Methodology for the Best Business Checking Accounts

When it comes to the best for your business, not just any checking account will do. We studied the best business checking accounts across multiple banks to help find the perfect option for you. During our search, we considered the following methodologies when making our top picks:

• Fees: It’s not ideal to go broke from all the fees your financial institution charges. The best business bank accounts keep fees to an absolute minimum. Even if some charge a monthly fee, many provide a way to get costs waived.
• Interest Rates: Gone are the days of every institution giving interest for having money in a business checking account. There are still a few willing to deposit funds into your account each cycle just for doing business. The best ones offer significantly higher rates than the national average.
• Lending: There will likely come a time when you’ll need to borrow money for an expansion or an unexpected expense. Many of the top business checking accounts make it easier to acquire these funds because you already have a business relationship with them. Having to use a third party can increase risk and payback costs.
• Rewards: The financial institution shouldn’t be the only one to benefit from you opening an account. The best business checking accounts show their support through sign-up bonuses, cash back, or online perks.
• Transfers: As a business, your money moves around a lot. The last thing you need is to incur penalties for too many transfers or the inability to get funds where they need to go. The best business accounts remove limitations and make it easy to connect you with vendors and popular financial apps.
• Additional Features: Banks and fintech companies are not created the same. We dug deep to discover any additional features each one offers and how you can make the most of your business dealings.

Reasons To Consider a Business Checking Account

There are a multitude of reasons to consider a business checking account over other banking options. Here are some of the top motivations for doing so:

It May Be Required

While not the case for every type of company, some business structures require the use of a business checking account. If you have a limited liability company or corporation, you’ll need to separate personal and professional finances into two piles. Funds specific to your venture need to go into a checking account set aside for business purposes only.

Protection from Business Liability

Going hand in hand with the previous point, LLCs and corporations need to have distinct accounts for business finances far away from personal funds members have. In the event of a debt or lawsuit, no one can reach across this boundary and take money from your personal stash. This holds true even if your business does not have enough funds to cover the penalty.

If you mix your professional and personal finances in any way, all bets are off. You could become personally liable for expenses you otherwise would not need to pay. Even the slightest crossover can be enough for a judge to rule your business is not actually a separate entity.

Simplicity

Opening a business bank account can greatly simplify the management of company funds. Some of the best business checking accounts offer accounting or budgeting tools right within their suite of features, whereas others integrate with top financial apps. Either way, you can automate much of your bookkeeping to save time and monitor where your money goes any time at a glance.

A Boost of Credibility

Establishing a business checking account shows vendors, shoppers, and the government that you’re the real deal. Even if your company started out as a side gig, a business checking account serves to make you look more professional. You can make payments with a company card and have customers pay your business directly, making your operation look that much more credible in the process.

When dealing with the IRS, having a dedicated business bank account helps legitimize your business. You can’t deduct expenses at tax time if the government believes your business is just a hobby, but an account with payment and purchase records can swing things in your favor.

Easier Tax Preparation

Speaking of taxes, the prep process becomes way easier if all your money flows through a single business account. There’s no need to determine which purchases are personal and which came directly from your company.

Many of the best small business checking accounts have tools to help automate tax payments, or at least buckets you can store funds in for tax time. If the IRS detects foul play, you may have to deal with audits or careful scrutiny of your business practices.

Establishing Credit

Credit goes a long way when borrowing money. Lenders often require bank records and credit card statements to see how you handle your funds. While you may still be able to obtain a loan with poor credit, your chances of a better rate are much higher if you’re in good standing. Banks doubling as lenders usually require having a checking account for at least a year before considering a loan.

What You Need To Open a Small Business Checking Account

Starting your very own business checking account isn’t a complicated process if you have all the right paperwork. Be sure to have all the following available when you go to apply.

Personal and Business Identification

You’ll need at least one government-issued photo ID, such as a passport or driver’s license, to open a business bank account. The bank will also ask for your personal address, contact information, date of birth, and social security number. Any business owner with at least a 25% stake will need to do the same.

The application will also ask for your business name, address, and any assumed names you’re using. There will also be line items for your business type and the industry you work in. You will also need your EIN number.

Organizing Documents

No matter your business type, you’ll need to provide a registration certificate and any necessary business licenses. LLCs and corporations also must have organizing documents and operating agreements handy.

EIN Number

Sole proprietorships and single-member LLCs may be able to open an account with a social security number. However, it’s wise to have an employer identification number (EIN) for business purposes. Opening a bank account with an EIN helps create a divide between personal and professional finances, protecting private funds in the event of legal trouble.

Initial Deposit

Some business checking accounts require an initial deposit at the time of opening. It’s worth researching any requirements so you don’t find yourself in a pickle.

Bottom Line on the Best Business Checking Accounts

Having the right business checking account can go a long way toward making your company fruitful. The top options keep fees to a minimum while offering perks and rewards just for signing up. Many also facilitate money management so you can focus on more important matters. BlueVine Business Checking is our current favorite, but we believe any of the options on this list will serve you well. Check out also our SoFi Review and Kabbage Review

>>> Open your business checking account with BlueVine!

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

A Limited Liability Company helps you separate your personal finances from those of your business. If you’ve formed one, you need a separate business bank account for your LLC.   

Making the right choices when your business is still young can go a long way. This is especially true when it comes to choosing the right business bank accounts. But since there are so many options, picking one isn’t easy.

Find out everything you need to choose the best small business bank accounts for an LLC in this comprehensive guide.

Quick View on the Best Business Bank Accounts for LLCs

• Bluevine – Best LLC Bank Account Overall
• Novo – Best for Low Fees
• American Express – Best for Membership Rewards
• Capital One – Best for Unlimited Transactions
• Bank of America – Best for Traditional Banking 
• Axos – Best Full-service Online Bank
• Lili – Best for One-Person Businesses 
• US Bank – Best for Lending Options
• Oxygen – Best for Freelancers
• Chase – Best for Cash Deposits

Product or Service

Fees

Interest Rates

Lending

Rewards and Benefits

Support

BlueVine

No maintenance fee – 

$4.95 per cash deposit

Earn up to 1.5% APY

Funds available with a click, no opening or prepayment fees

Deposit cash and checks at Green Dot locations

Business hours phone support; email, chat, and support docs

Novo

$50 required to open

Earn 0% APY

No lending options

Free ATM access, discounts to some software

Business hours phone support; support docs

American Express

No maintenance fee

Earn 1.3% APY on up to $500K

Between $2,000 and $250,000; no prepayment penalty

Membership Rewards program

24/7 support

Capital One

Basic checking account – $15 monthly fee*

Business savings accounts – .01% APY

Business credit card, loans, and lines of credit

Unlimited digital transactions

Full-service support

Bank of America

Fundamentals – $16*

Maintain a $5,000 balance

Business credit cards, loans, and lines of credit

200 or 500 teller transactions and checks written w/no fee

Small business specialists, plus resources

Axos

Basic Business – no monthly fee

• Interest Checking – up to 0.81%
• Business Savings – 0.20%

Lines of credit and loans

ATM fee reimbursements

24/7 phone support

Lili

Standard – monthly fee-free, no overdraft fee, no ATM fee

Pro – 1% APY

$200 overdraft protection

Pre-fill 1040 forms

Business hours email support

US Bank

Silver – $0 monthly fee, $0.50/transaction after 125

Earn 0.01% APY

Credit cards, lines of credit, and loans

Send and request money

Phone support, support docs

Oxygen

Earth – No monthly maintenance fees

• Earth – 0.25% 
• Water – 0.75%
• Air – 1.00%
• Fire – 1.25%

No lending

Netflix and Peloton reimbursement, cell phone protection plan

Support docs, limited email, and phone support

Chase Business

Business Complete – $15/month*

Inquire for interest options

Loans and lines of credit, Chase products

Same day deposits

Physical locations, business hours phone and email support

 

 

Best LLC Bank Account – Quick Verdict

Best Overall – BlueVine. BlueVine is the best overall option because it’s well-balanced, has no transaction fees, and also provides a lending option for those that qualify. It’s a well-balanced checking account option for businesses just starting out or LLCs that have been around for a while. You can quickly open a business bank account and be ready to go within minutes. 

Best Small Business Bank Accounts for an LLC

The best business bank accounts for LLCs vary greatly depending on the amount of money you plan on moving through the account and how many deposits you need to make. Most are free but some, especially traditional options, require transaction fees that you’ll need to pay attention to. Here’s a detailed look at the best small business account options for LLCs below and how they stack up.

BlueVine – Best Overall

5.0

★★★★★

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A BlueVine business checking account provides a basic online business checking account option that is very well-rounded for most small businesses. You can pay bills, apply for small loans in minutes, and even earn a decent interest rate, all without any monthly fees. 

The application process is simple and can be completed in minutes, with the possibility of your account up and running on the same day. All these features make BlueVine one of the best banks for startups and for businesses in general. Read our complete review on BlueVine if you’re interested in opening a business account with it.

Fees

BlueVine charges no maintenance, NSF, or deposit fees, which goes beyond the industry standard. You can complete as many transactions as you need without incurring additional fees. BlueVine has no minimum balance or minimum deposit requirements either. 

Interest Rates

BlueVine also offers a great APY on its checking account, giving users up to a 1.5% return on balances up to and including $100,000. This is only available to account holders who either spend $500 per month on their debit card or receive $2,500 per month in customer payments into their checking account. 

Lending

You can also avail of business lines of credit of up to $250,000 at rates as low as 4.8%. The application process is fast and easy and you can often get a decision in under five minutes. BlueVine charges no fees for opening, maintaining, prepayment, or account closure.

• No minimum deposit
• Unlimited transactions
• Two free checkbooks

• Virtual bank (through Coastal Community Bank).
• Only allow cash deposits through Green Dot Services
• No business savings accounts

Why we chose it: With non-existent banking fees and one of the most lucrative APYs in the market, BlueVine is a top choice for opening a bank account for LLCs. Sign up today.

Novo – Best For Low Fees

4.8

★★★★★

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Novo is a great checking account for small businesses because of its easy-to-use platform, straightforward application process, and ability to make digital payments seamlessly. You can complete and submit your application in under 10 minutes and get a quick response with any missing information. As soon as your account is approved and you make your first deposit of at least $50, you can start using your checking account. 

Novo thrives with its easy-to-use mobile app. Since the bank offers free ACH transfers you can easily sign in to your app via your mobile device and pay bills, send money, run payroll, or transfer money to your personal account within seconds. You always have your banking details and transactions at your fingertips to help you stay on top of your financial obligations. The app also gives you a nice overview of what you’re spending and bringing in each month. 

Fees

Novo charges no fees for its checking account service. You only need an opening deposit of $50 to get your account running. There are no minimum balance requirements, cash deposit fees, incoming wire fees, or ACH fees with this bank. Novo also refunds all ATM fees and is backed by FDIC insurance through Middlesex Federal Savings, F.A. 

Interest Rates

Novo charges no fees for its business checking account, much like Bluevine. However, you have to forgo earning interest for it. The bank offers no interest on your checking account deposits. 

Lending

Novo offers no lending options. It’s purely a checking account service and does not offer loans, lines of credit, or even a business credit card. Want a loan? Then here’s a list of the best bad credit loans available for you.

• Unlimited fee-free business checking transactions
• Unlimited ATM fee refunds
• Smooth integrations with third-party software like Shopify and QuickBooks

• No lending options
• No cash deposits 
• No lines of credit or loans

Why we chose it: With its great mobile app and integrations with software like Shopify and QuickBooks, Novo is one of the best low-fee options out there. Read our Novo review for an in-depth analysis of its checking account service. Sign up today.

American Express Business Checking – Best for Membership Rewards

4.8

★★★★★

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American Express Business Checking follows a newer trend in business banking, offering more fee-free services and not requiring a minimum balance for its basic business checking account. You can also charge unlimited transactions through their payment services. If you’re looking for Kabbage business checking, you’d be surprised to know that Kabbage was acquired by American Express.

American Express Business Checking is a great option for business owners who want to get a line of credit and a bank account. It offers easy loan approval for small businesses for lines of credit of up to $250,000 with Kabbage Funding by American Express. Read our full Kabbage Funding review to find more. Don’t forget also our other reviews of other business bank accounts like NBKC Bank Account Review and SoFI Review.

Fees

American Express Business Checking has no monthly fees. There’s no minimum opening deposit requirement and no online transaction fees either. You can use all MoneyPass ATMs for free, however, using an out-of-network ATM will cost you around $3 per transaction. Cash deposits aren’t supported by American Express.

Interest Rates

This bank account has one of the highest APYs, offering a 1.30% return on balances of up to $500,000, though it does fall short of Bluevine’s generous 1.5% return. American Express Business Checking’s APY doesn’t beat that of Bluevine, still, it’s the second-highest on this list.

Lending

The best thing about opening an account with American Express is that it also has Kabbage Funding which offers easy loan approval for lines of credit of up to $250,000. It’s a great option even if you don’t have a high credit score. You can get your application approved with a FICO score of 640.

With Kabbage Funding, you’re going to receive a simple application process on both the checking and the line of credit products. Kabbage can use your banking history to get you approved for a line of credit automatically and if you’re initially denied you can show history by using a Kabbage checking account and they’ll auto-approve you when your account shows you should be.

• Easy line of credit, no prepayment charges
• No minimum balance
• Easy application process

• Mobile check deposits only available on iOS
• Cash deposits not supported
• Only available to American Express customers

Why we chose it:

American Express Business Checking offers all the services of a traditional business account but with the convenience of an online bank. It offers an attractive APY and is perfect if you also need a business line of credit. Sign up today.

Capital One – Best For Unlimited Transactions

4.6

★★★★★

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Capital One offers two different options for business checking accounts. The Basic account is just that, offering unlimited electronic deposits, online and mobile banking, and a relatively low minimum balance to waive fees. The Unlimited business bank account includes two Basic accounts, so might be a good fit for businesses with complicated finances.

Capital One is a very traditional banking company but it blows the other traditional banks out of the water with its app and ease of use for your account. Capital One also offers a lot of other products, such as credit cards, that you might qualify for if you’re able to get approved for their business checking account.

The bank’s experienced and highly responsive customer service is one of its strongest features. If you’re interested, bear in mind that Capital One’s business checking is only available in a few states. You also need to visit a branch in-person to apply for a business checking account.

Fees

Capital One’s Basic Checking account comes at a monthly fee of $15, which is steep compared to American Express’s zero maintenance fee. However, the fee can be waived if your balance exceeds $2,000. Cash deposits are free for up to $5,000 in deposits per month. Standard wire transfer fees are charged with this product.

The Unlimited Checking account has a monthly fee of $35 which can be waived with a minimum balance of $25,000. This account has free cash deposits with no limits. All incoming wires are free. You also get five free outgoing wire transfers per month.

Interest Rates

Capital One offers no APY on its checking account. However, you can earn interest at 0.2% with a savings account.  

Lending

Capital One offers small business loans and lines of credit but you can only avail of these if you have your checking account with it. It offers one of the largest lines of credit of up to $5 million. If you are looking for a longer repayment term, fixed rates, and lower equity requirements, it also has SBA 504 and SBA7(a) loans.

• Experienced support from a large bank
• Self-service escrow services
• Unlimited checking includes two Basic accounts

• High balances to waive fees
• Only available in some states
• Have to visit a branch to apply for an account

Why we chose it:

Capital One offers a similar range of services to other large banks, with similar pricing. It’s a great option if you prefer to do your banking through physical branches. Sign up today. Read our in-depth review of Capital One to learn more about its services.

Bank of America – Best For Traditional Banking

4.3

★★★★★

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Bank of America business checking accounts are only one of several products that BofA offers to small businesses. The two levels are similar to Chase and Capital One, with two different levels of service aimed at smaller and larger businesses. 

Bank of America is the epitome of a traditional bank. While it has online capabilities with a decent app, it’s still not as simple to use as other options. Plus, the fee structure is not built with small businesses in mind due to the large balances required to waive those fees.

Fees

Bank of America offers two types of business checking accounts, Business Advantage Fundamentals, and Business Advantage Relationship banking. The Fundamentals account has a monthly fee of $16 but it can be waived off if you maintain a $5,000 combined average monthly balance, spend at least $250 in new net qualified debit card purchases each statement cycle, or join the Preferred Rewards for Business program. 

The Relationship checking account has a monthly fee of $29.95 but can be waived off with a combined average monthly balance of $15,000. If you open a savings account, it has a fee of $10 per month but can be waived off with a $2,500 minimum daily balance.

Interest Rates

Bank of America’s checking account offers no interest earnings. You can earn only a very minimal interest at 0.01% APY with the business savings account, which is far below the 1.5% return from Bluevine.

Lending

When it comes to lending, Bank of America offers a business credit card, secured business loans from $25,000 to $250,000, and secured lines of credit from $25,000. It offers plenty of lending options but you need a minimum credit score of 700 to qualify.

• Integrated with Zelle money transfer.
• Online account integrates with accounting apps
• Payroll services

• High balances to waive fees
• App isn’t as easy to use as other options
• High monthly service fees

Why we chose it:

Bank of America offers a well-established set of business banking options. It’s a great option if your business deals with heavy cash flows. Read our Bank of America review for an in-depth analysis of its account types. Sign up today.

Axos – Best Full-Service Online Bank

4.0

★★★★★

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Axos is a virtual bank in that it only offers online business banking, not backed by physical locations. However, it doesn’t depend on another financial institution, unlike some competitors. It’s a bank in its own right. Axos regularly shows up on lists of ‘Best Business Checking Accounts’ across the web due to its generous terms and range of services.

Axos is an online-first bank that is easier to navigate and use than most traditional banking options. It prides itself on building a great online presence and experience for its customers, which makes it a terrific option for small or digital businesses. Unfortunately, the APY you’ll earn is up to only 0.20% for basic checking or 1.01% for interest checking if you carry a minimum balance of $5,000.

Fees

Axos offers four main types of business bank accounts. Basic Business Checking, Business Interest Checking, Business Savings Account, and Business Premium Savings. 

Basic Business Checking has no monthly fee, but Business Interest Checking comes at a fee of $10 per month. Basic Savings has a monthly fee of $5 while its Premium version has none. 

Interest Rates

While Axos’ customers have plenty of interest-bearing options, the yield rates aren’t as high as some of the other banks. The basic checking account has no APY. The interest-bearing checking account has an APY of 1.01%. 

If you go with Axos’ savings options, you get a 0.20% yield on both the Basic and Premium Business Savings accounts. 

Lending

Axos Bank partners with Centerstone SBA Lending to support businesses with SBA loans. They provide a federally backed guarantee and offer flexible terms. It also has commercial lines of credit and term loans but these are best for large corporations.

• No monthly fee and unlimited transactions
• Cash deposits allowed via MoneyPass and AllPoint ATMs
• Wide range of interest-bearing options

• No physical locations
• Limited integrations
• Doesn’t offer the highest APY

Why we chose it:

Axos is a full-service online bank and is a great option for any business that wants to keep all its banking online. It offers low fees and free cash deposits across all MoneyPass and AllPoint locations across the US. Read our in-depth review on Axos bank to learn more about its services. Sign up today.

Lili – Best For One-Person Businesses

3.8

★★★★★

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Lili is perfect for small, one-person operations. It straddles the awkward and occasionally non-existent division between personal bank accounts and business checking accounts for small businesses. Although it’s FDIC-insured, it’s not a traditional bank. 

It provides business checking account options, particularly invoicing, without some superfluous and expensive features. You do miss out on lending and merchant services options, however. Also of help to a ‘tiny business’ is the free online bill payments, making it one of the best business accounts for a one-person LLC.

Fees

Lili’s standard banking services are free. There’s no monthly fee, overdraft fee, ATM fee, or minimum balance requirement, similar to the best business bank account for LLCs: Bluevine. However, if you go with Lili Pro, it costs you $4.99 per month on account of the additional services you receive. 

Interest Rates

You won’t get an APY on Lili’s standard offerings. If you go with Lili Pro, you can get up to 1% APY with a savings account. The Automatic Savings feature lets you set up an automatic transfer of at least $1 a day to your savings account. 

Lending

Lili is far from a traditional bank and so it has very limited lending options. All you can excerpt is a free overdraft of up to $200 on debit card purchases.

• Easily separate business and personal transactions
• Offers tax optimizer tool
• Create and send invoices

• Virtual bank (through Choice Financial Group)
• No real lending or merchant services
• Not good for bigger businesses

Why we chose it: 

Lili is designed to handle the sometimes blurred lines between personal and business finances common with single-person concerns. It’s a good choice for freelancers and one-person businesses and has innovative features including Automatic Savings and Tax Optimizer. Read our in-depth review of Lili bank to learn more about its services. Sign up today.

US Bank – Best For Lending Options

3.6

★★★★★

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Unlike its colleagues on this list, US Bank forgoes a monthly maintenance fee on their basic US Bank Silver business checking account, opting instead for transaction fees. This might be a good fit for businesses without a large number of transactions each month, such as a contractor with a single major client. 

The fees on more expensive accounts can be waived by meeting minimum balance requirements or one of several other criteria. As long as you’re only running a few transactions each month, US Bank might offer a good account for your LLC.

Fees

US Bank offers three checking accounts. The Silver Business Checking Account package has no monthly fee and 125 free transactions per month. Every transaction is charged $0.50 if the count exceeds 125.

The Gold package comes at a $20 monthly fee and $0.45 per transaction after they cross the 300 limit. The Platinum package has a $30 monthly fee and costs $0.40 per transaction after 500 transactions per month. All these fees are pricey if you compare US Bank to the top-ranked Bluevine, which charges zero fees.

Interest Rates

US Bank doesn’t offer any yields on checking account deposits. When it comes to its savings account, you can earn 0.01% APY with a minimum deposit of $25. 

Lending

This financial institution offers a range of lending options including business credit cards, lines of credit, and loans. US Bank has a range of business credit cards that offer different features including cash backs, no annual fees, low interest rates, and rewards programs.

It also offers a wide variety of small business loans that you can choose from to fit your business needs. Loan amounts go up to $250,000 with Quick Online loans and $12.375 million with government-backed loans.

• Lending to fit your needs
• Specialized merchant services for restaurants, retailers, and service providers
• Small business specialists

• Charges transaction fees
• No APY on checking accounts, very low APY on savings accounts
• High early withdrawal penalties on CDs

Why we chose it:

US Bank has a range of great products and services. Its lending options are its strongest selling point. It’s a good choice for any business that has a low transaction count. Read our in-depth review on US bank to learn more about its services. Sign up today.

Oxygen – Best For Freelancers

3.3

★★★★★

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Looking at Oxygen’s website, you might think it’s a fashion magazine or trendy boutique. However, it offers a business checking account through its online-only bank. There is a fee-free option and, unusually, options with an annual fee. Oxygen is perfect for a freelancer that is just looking to separate their personal and business finances. 

In fact, Oxygen is explicitly aimed at trendy small business owners or freelancers, with your choice of element-themed business bank account online. Don’t let the fancy presentation put you off, though, as it has some features that make it one of the best business bank accounts for freelancers, like cell phone and lost luggage protection. Perhaps most importantly, Oxygen will help you form an LLC with its business registration services.

Fees

Interestingly, Oxygen divides its services into the elements Earth, Water, Air, and Fire. It calls these loyalty tiers that are created to help business owners succeed in their own way.  

The Earth tier is the most basic offering and comes at no fees. The savings option in the Earth tier earns you up to 0.50% APY. Water is the next tier that costs $19.99 per year. It offers a range of features plus 1.00% APY on savings. Air and Fire tiers cost $49.99 and $199.99 annually and offer an APY of 2.00 and 3.00% on savings. 

Interest Rates

Oxygen has some lucrative interest rates with its savings option for each tier. You can earn with an APY of 0.50%, 1.00%, 2.00%, and 3.00% on the Earth, Water, Air, and Fire elements respectively. These interest rates are quite a bit higher than even Bluevine and American Express Business Checking, which offer up to 1.5% and 1.3%, respectively.

Lending

Since Oxygen is only a mobile banking app and not a full-fledged bank, it offers no lending options.

• 5% Cashback rewards
• Create virtual, single-use debit cards
• Business savings with 1% AP

• Virtual bank, no cash deposits
• Fewer integrations than other options
• No lending options

Why we chose it:

Oxygen is far from a traditional bank. It’s bringing style and innovation to the financial services sector and offering highly lucrative and feature-packed options for both personal and business bankers. Sign up today. To learn more about its services and fees, read our complete review on Oxygen.

Chase Business – Best for Merchant Services

3.0

★★★★★

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Chase Business checking offers a strong account option if you’re looking for a traditional bank account where you can deposit cash. The bank offers a huge network of physical branches in addition to its sizable ATM network. Businesses in most states that need to deposit cash will find this to be a great option. 

Chase offers business checking accounts with features like a business debit card and cash deposits at their brick-and-mortar locations. Unfortunately, it charges a monthly maintenance fee unlike most of its competitors.

Unfortunately, between the potential for fees and app, Chase ranks lowest on our list but with solid potential. Those needing a more robust online experience will find another option more appealing but traditional bank lovers who take cash from customers and need to deposit cash into their accounts regularly will find Chase to be worth taking a look at.

Fees

For a business checking account option, Chase has three offerings:

• Chase Business Complete Checking: $15/month waived off with $2,000 of minimum daily balance
• Chase Performance Business Checking:  $30/month waived off with $35,000 combined average beginning day balance
• Chase Platinum Business Checking: $95/month waived off with $100,000 combined average beginning day balance

Each offers business checking accounts with features like a business debit card and cash deposits at their brick-and-mortar locations. Unfortunately, it’s not monthly maintenance fee-free like Bluevine.

Interest Rates

Chase Business Checking accounts offer no APY on deposits. However, businesses can earn interest with Chase Business Savings but you will have to inquire about what APY it offers you. 

Lending

Chase for Business offers several lending options. Apart from its business credit card offerings, it has small business loans and lines of credit you can avail of. Business lines of credit range from $10,000 to $500,000 while loans start at $5000

• Accept payments through Chase mobile app
• International with locations worldwide
• Fraud protection

• Higher fees
• High minimum balance to waive fees
• Unclear APY on savings accounts

Why we chose it:

Chase business complete banking is a good option for a small business looking for some heavyweight banking options. Read our in-depth review on Chase business to learn more about its services. Sign up today.

Choosing the Best Small Business Bank Account for an LLC

For many people, the formation of an LLC marks a transition, changing their side gig for a bit of extra income to a serious business. There are many boxes to check in that process, but one of the most important may be choosing the best business checking account for your needs. 

The primary benefit is to separate your personal checking account from your business bank account. However, a business checking account for your LLC can also offer a range of other benefits. Even a basic business banking account can offer lines of credit, invoicing services, and more. A business checking account might also come with merchant services, while a savings account can help your money grow.

In the past, LLC business owners had limited choices for business accounts, but using an online bank, with smaller fees and better rewards, is becoming more popular.

Fees—Transaction, Minimum Balance, Early Termination, Daily Batch

In many cases, the main concerns are monthly maintenance fees and other charges that can add up. Many banks offering accounts for LLCs have sought to attract small business owners by waiving monthly fees under certain circumstances or dropping monthly fees entirely. Fees can show up in many places, however, including

• Transaction fees
• Deposit fees
• Minimum balance
• Overdraft fees

The best business checking account for your needs won’t charge fees in areas important to your business. For example, offering unlimited transactions or free cash deposits per month. 

Interest Rate—APY on Checking and Savings Accounts

Several banks on our list offer an APY on their checking accounts. Some of the top-ranked banks offer a yield as high as 1.5% which makes them a lucrative option for business owners. The higher the APY, the better it is for your business. However, note that some banks may offset your interest earnings by charging you monthly maintenance or transaction fees.

You can also earn interest on savings accounts, while you can earn interest on your primary checking with many of the best business bank accounts online. Again, the higher the interest rate offered, the better it is.

Liability—Business vs Personal Funds, Customer Purchase Protection

As the name implies, a limited liability company is intended to limit your financial liability in the event of a problem with your business. Even a basic business checking account for your LLC aids in that by separating your personal finances, creating a clear distinction between personal and business accounts. 

Accounts for LLCs can offer more protection from certain types of liability than just a separate business bank account. Most bank accounts have fraud protection these days. If your bank also offers merchant services, it may add a layer of additional protection by covering the cost of customers who dispute transactions and similar problems.

Lending—Lines of Credit, Credit History

You may have a personal credit rating, but your small business needs to establish its own credit history. Additionally, business owners may need small loans to cover payroll or billing, or larger loans for new equipment or a bigger space. A loan like that can be easier to get if you already have a business checking account with a particular institution. Developing a history with an institution can also improve the odds of bad credit business loan approval.

As a note, while we’ve focused on national and online banks, your local community bank or credit union might be a good option, especially if you’re anticipating needing a loan. Particularly for specialist businesses, the personal relationships common with local banks can be helpful.

Rewards and Benefits—New Account Bonuses, CashBack, Free Services

Even the best business checking account options tend to have a similar set of fees and services. Other factors may end up determining which bank is best for you. Offering some number of free cash deposits per month is common, as is online bill pay, or no minimum deposit requirements. Picking through those details can actually end up saving you money.

How to Open a Business Bank Account for an LLC

Opening a business bank account for an LLC is not a very complicated process. We answer some of the most important questions pertaining to LLC bank accounts in this section to give you a clear overview of the road ahead. 

What Do I Need to Open a Bank Account For My LLC

With an online business checking account like BlueVine, you can set up your LLC bank account in no time. You only need the following information:

• Business name and address
• EIN (Employer Identification Number) or SSN if you’re a single-member LLC (Read more about how open a business account with EIN only)
• Date of LLC registration
• State where your LLC is registered
• Primary business location
• Personal information of the business owner (SSN, DOB)

What Other Documents Does the Bank Need to Open My LLC Bank Account?

While the documentation requirements vary from bank to bank, here’s what you can expect the bank to ask for.

• LLC Articles of Organization or Certificate of Formation
• LLC Operating Agreement

Just to be on the safe side, call or visit the bank’s website to make sure you’ve got everything you need to open a business bank account. This will help you avoid the hassle. 

Do I Need an LLC to Open a Business Bank Account?

You can open a business bank account without an LLC. Any registered business can open a business bank account be it a sole proprietorship or a partnership. In the end, it all comes down to what you need to open a business bank account. Here are the different types of businesses and the documentation they need to create a bank account:

• Sole Proprietorship – DBA certificate
• Partnership – Business partnership agreement and business license if you operate an eatery or healthcare facility
• Corporation – Certified articles of incorporation, corporate bylaws, a signed corporate resolution, business license, and IRS 501(c) letter if you are a non-profit corporation
• Limited Liability Company (LLC) – Certified articles of organization, operating agreement, and business license. Learn more on how a corporation differs from an LLC here.

Want a business account for your sole proprietorship? Check out our list of the best banks for sole proprietorships.

Can I Open a Business Checking Account at a Credit Union?

Yes, you can open a business checking account at several credit unions. Digital Federal Credit Union, Navy Federal Credit Union, and America First Credit Union are some of the top-rated credit unions for opening an account.

Do LLCs Need a Specific Type of Bank Account?

There are no special LLC accounts as such. Most top-rated banks either offer checking or savings account and offerings vary from bank to bank. That said, a checking account can meet all the banking needs of an LLC if it’s in the right bank. We recommend BlueVine, Novo, and American Express Business Checking as the top-rated bank accounts for LLCs.

Do I need a separate bank account for my LLC?

You start an LLC to separate your personal and business finances. After formation, a Limited Liability Company becomes a separate legal entity from its owner. This is why we recommend creating a separate bank account for your LLC.

State and federal law don’t require you to create a separate bank account for an LLC. However, to make financial management easier and avoid trouble in the long run, it’s a good idea to have separate accounts. Plus, you can easily open a business account with free online banks like BlueVine and start reaping the benefits right away.

Can I use my personal bank account for my LLC?

You can technically, but we strongly advise against using your personal bank account for your LLC. 

Forming a Limited Liability Company protects your personal assets in case something goes wrong with your business. However, if you keep using your personal bank account for your LLC, the authorities can come after your personal assets easily. 

Create an LLC bank account for free with BlueVine and forget the trouble. 

Bottom Line on Best Small Business Bank Accounts for LLCs

Banks are often intimidating institutions, responsible for decisions that can make or break a business. However, you can take a lot of that control back by shopping around and finding the terms most favorable to you. After all, your small business is its customer and as the saying goes, the customer is always right. 

Apply today and protect your personal finances with your LLC.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.

Dealing with the headaches of a startup company is no one’s idea of fun. Fortunately, certain banks make the process a little more bearable through helpful features and low fees. This article reveals the best five banks for startups ready to work with you.

Best Banks for Startups

• Bluevine – Best Overall Startup Bank
• Lili Banking – Best Startup Bank for Tax Optimization
• NorthOne – Best Startup Bank for Integrations
• NBKC Bank – Best Startup Bank for Customer Service
• Novo – Best Startup Bank for Low Fees

Our Methodology for the Best Banks for Startups

When sifting through the best banks for startups, it was evident fees and interest rates play an important role. We also looked at lending options to cover big expenses or future expansion and the effect transactions would have on a business model. Lastly, we took note of any rewards or benefits banks offer to help set a fledgling business on the right path.

Check out a more detailed explanation of our methodology here.

Startup Bank

Fees

Interest Rates

Lending

Transactions

Transactions

Bluevine

• Cash deposits: $4.95
• ATM fees: $2.50 out of network
• Outgoing wires: $15

Up to 1.5% APY

Up to $250,000 line of credit

Unlimited

Can deposit cash and checks at Green dot locations

Lili Banking

• Pro service: $4.99 per month
• ATM fees: $2.50 out of network

Pro service: 1% APY

No lending options available

Unlimited

Up to $200 overdraft coverage, tax optimizer

NorthOne

• Service fee: $10 per month
• Domestic wires: $15

0% APY

No lending options available

Unlimited

Virtual envelopes to categorize funds, free cash and check deposits, multiple integrations

NBKC Bank

• Outgoing domestic wires: $5
• Outgoing international wires: $45

0% APY

Loans ranging from $25,000 to $75,000; lines of credit

Unlimited

ATM reimbursement, some physical locations, BIll Pay

Novo

$27 overdraft fee

0% APY

No lending options available

Unlimited

Perks with popular financial apps, unlimited ATM reimbursement, Reserve accounts

Bluevine: Best Overall Startup Bank

Interest rate: Up to 1.5% APY

★★★★★

4.7

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Bluevine Review

For a business checking account, Bluevine offers up to 1.5% interest on your hard-earned cash with minimal fees to drain the pot. This proves fruitful, as Bluevine doesn’t offer any savings accounts with interest rates of their own. There’s no minimum deposit required to start your service, but you will need to plan for costs for depositing cash. Bluevine has over 37,000 in-network ATMs for you to use but won’t reimburse you for using an out-of-network one.

Why we chose it: Bluevine’s high interest rates coupled with few fees and no minimum deposit make it the best bank for startups. Check out our Bluevine review for a more in-depth look at the service. Incase you missed it, we have also Bank of America Review and Chase Bank Review.

• High interest rates
• Very few fees
• No minimum deposit required

• No business savings account
• No ATM reimbursement
• Fee for cash deposits

Fees

Most of what you do in Bluevine, including money transfers and paying bills, is totally free. This also makes Bluevine our top pick for the best free business checking accounts on the market. If your business deals with cash, you will have to pay $4.95 each time you use a Green Dot location to deposit funds into your account. Similarly, out-of-network ATMs will set you back $2.50 a pop and outgoing wires another $15 each.

Interest Rates

It’s possible to earn 1.5% APY on your business checking account on balances up to and including $100,000. You simply need to spend at least $500 per month on your included debit card or receive at least $2,500 into your account from customers each month. If you miss the goal, you won’t earn any interest for the month.

Lending

Bluevine offers a line of credit up to $250,000 to use as you see fit if approved. Payback amounts see a 4.8% interest rate for any amount you spend. To qualify, you’ll need at least a 625 FICO score, six months in business, $10,000 in monthly revenue, and a business operating or incorporated in the United States.

Transactions

There’s no need to worry about maxing out monthly deposits or payments with Bluevine. The company even throws in two free checkbooks every year and waives NSF fees.

Rewards and Benefits

The online business checking account alone is enough to give Bluevine the top spot without rewards or benefits. You can make use of any Green Dot location around the country to deposit cash or checks to your account, and Bluevine sends two free checkbooks your way each year so you can stay on top of payments.

Lili Banking: Best Bank for Startups With Tax Optimization

Interest Rates: Up to 1% APY

★★★★★

4.5

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Lili Banking Review

Lili Banking’s stellar tax optimizer helps ensure you’re not over or underpaying when the season approaches. To help stay organized, you can drop money into self-created savings buckets designated for various purposes. The free service doesn’t generate any interest though, and Lili’s best features are only accessible through the platform’s paid Pro tier. While you won’t see any fees, Lili also doesn’t give the option to wire money.

Why we chose it: Lili Banking helps business owners stay financially savvy with tax optimization tools and buckets for tracking funds. Our Lili Banking review dives even deeper into what the service offers. We also have US Bank Review and Axos Review

• Tax optimizer
• No minimum balance or monthly fees
• Can place money in savings buckets for future use

• Several features are locked behind Lili’s paid membership
• No APY in the free account
• No wire transfers

Fees

Lili Banking has two tiers of service, a free Standard option and a Pro plan costing $4.99 per month. Both keep fees low, but you will have to watch for out-of-network ATMs that can cost upwards of $5 per use.

Interest Rates

Anyone working with Lili Banking’s Standard tier won’t see any interest on funds in either checking or separate savings buckets. To unlock this feature, you’ll have to spend $4.99 each month to become a Lili Pro member.

Once at the Pro level, the money in your checking account will earn 1% interest. Savings buckets can also earn 1% interest if you can deposit at least $1 daily while saving for taxes or another big expense.

Lending

There’s no way to borrow money with Lili through a loan or line of credit. Should your organization need some extra cash, you’ll have to look elsewhere for funds.

Transactions

Lili Banking doesn’t place limits on the amount you can buy or sell from month to month. You’re also free to place money into a savings bucket any time you wish.

Rewards and Benefits

The tax optimizer tracks your income and spending, giving you the option to declare write-offs right from the app. You can even split purchases between business and personal to ensure you don’t miss a single item on your tax form. The software builds expense reports and pre-fills your annual 1040 Schedule C form to save time.

If you ever overdraft your account, Lili Banking protects you for up to $200 at a time. Such a buffer offers a little more peace of mind when funds get tight.

Novo: Best Bank for Startups With Low Fees

Interest Rates: 0% APY

★★★★★

4.3

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Novo Review

You’ll need $50 to put into your account when you sign up, but Novo doesn’t mess around with standard fees or minimum balance requirements. You don’t even need to worry about ATM charges from other banks, as Novo will pay you back for those. The only place you’ll see a charge is if you overdraft your account. There are no savings accounts nor a means to deposit cash, but the bank has a fantastic mobile app on top of already great features.

Why we chose it: Novo is one of the few banking locations available today that you can use completely fee-free. After looking for the Novo Review you can also check our other reviews of other banks like Capital One Review and SoFI Review.

• Zero monthly fees or minimum balance required
• Stellar mobile app
• Refunds all ATM fees

• Cannot deposit cash
• Fee for overdrawn accounts
• No savings accounts

Fees

As long as you’re keeping tabs on your account, you’ll never experience a fee while using Novo. If you try to pull from an account with insufficient funds, Novo will hit you with a meaty $27 charge. Even if you draw funds from another bank’s ATM, Novo will pay you back for any expense you incur.

Interest Rates

Fees are off the table with Novo, but unfortunately interest rates are as well. Interest rates on a Novo checking account are a resounding 0%.

Lending

Novo doesn’t have the means to lend money or provide lines of credit to business owners. You’ll have to establish a connection with another institution if you’re looking for a small business loan.

Transactions

You can send and receive money from just about anywhere with Novo without having to worry about fees or limitations on your account. It’s even possible to deposit checks and send money into your Reserves.

Rewards and Benefits

Novo’s Reserves allow you to set aside money for routine needs such as payroll or monthly rent. You can move funds to and from Reserves with a click and have up to ten open at a time. The bank makes use of Perks; special incentives with other financial institutions that you can’t find elsewhere.

If that wasn’t enough, Novo will pay you back for any ATM fee you incur when using machines from other banks around the country.

NorthOne: Best Bank for Startups With Integrations

Interest Rates: 0% APY

★★★★★

4.2

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NorthOne Review

Whether you’re on Shopify, Etsy, or flying solo, NorthOne integrates with financial software and payment apps to facilitate the flow of money through your business. The bank doesn’t place a limit on transfers or transactions but does have a monthly fee that’s off-putting for some. There’s unfortunately no way to wire funds internationally or earn interest on your account. If you need help along the way, NorthOne has instant support from actual human beings.

Why we chose it: In an ever-changing digital world, NorthOne works hard to streamline financial data between the applications you use.

• Integrates with popular business apps
• Unlimited free transfers each month
• Instant support from actual humans

• Monthly fee
• No international wire transfers
• No interest rate

Fees

NorthOne does charge a $10 monthly fee that may place some business owners on pause. However, the online bank doesn’t charge for transactions, deposits, integrations, or ATM fees. All domestic wires, both incoming and outgoing, do cost $15 per event.

Interest Rates

Despite NorthOne’s many perks, there’s no way to accrue interest on your account. The bank fancies itself as a hub for your money transfers but doesn’t help your funds grow.

Lending

There’s also no option to borrow money from NorthOne to supplement a purchase or expense. For lending solutions, you’ll have to look to other enterprises.

Transactions

NorthOne makes the transaction process a breeze, linking up with many of your favorite companies and apps to send and receive money with little to no effort on your part. If some of your customers pay in cash, you can even deposit funds into your account for no extra charge.

Rewards and Benefits

Within your NorthOne deposit account are virtual envelopes designed to hold money for specific purposes. Each envelope can hold funds indefinitely and help set aside amounts you’ll need for rent, payroll, and other costs of doing business.

The bank has relationships with most major financial applications from Amazon Pay and PayPal to Quickbooks and Wave. It also connects with payroll solutions and ecommerce marketplaces to save time and prevent errors.

NBKC Bank: Best Bank for Startups for Customer Service

Interest Rates: 0% APY

★★★★★

4.0

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NBKC Bank Review

Dealing with money can be a headache, but NBKC Bank helps shoulder the burden with live support staff during the work week. You can also reach out via email during weekend hours, although responses are slower. There’s little in the way of fees, and you can grab a loan or access a line of credit should you need the financial boost. The account itself doesn’t earn interest, and there are high international wire transfer fees to contend with.

Why we chose it: Issues happen, but NBKC Bank works to limit blocked transactions and downtime with a top-tier human customer service team.

• Few fees to contend with
• Loans and lines of credit available
• In-person assistance available

• High international wire fees
• Zero APR for business checking account
• Weekday support only

Fees

NBKC Bank is free to sign up for and most interactions won’t cost anything either. Even returned checks and overdrafts don’t come with a charge. Domestic outgoing wire transfers cost $5, but it’s international outgoing wires that really hurt at $45.

Interest Rates

You won’t find many fees with NBKC Bank, but there’s no way to generate funds, either. A 0% interest rate makes sure of that.

Lending

Lending options are plentiful with NBKC Bank, so startups can rejoice when looking for a little green to supplement that next big purchase. It’s possible to borrow between $25,000 and $75,000, with repayment rates as low as 5.95%. Your company must have at least two years in business in the Kansas City area, a credit score of 700 or higher, and a recent history of profitability.

The bank also has several lines of credit you can set aside and use as you see fit. There’s a fast approval process with competitive rates and a team equipped to help you find the best one.

Transactions

You’ll never have to worry about reaching a transaction ceiling while using NBKC Bank’s services. Everything you do outside of outgoing wires won’t cost a thing, either.

Rewards and Benefits

NBKC Bank lets you use Bill Pay right from the app and doesn’t charge for depositing checks either online or in-person. If you’re in the Kansas City area, you can find a handful of physical locations to take care of your banking needs. When using other ATMs, NBKC Bank will reimburse you for up to $12 in charges per month.

Ranking Methodology for the Best Banks for Startups

We studied several criteria when analyzing the best banks for startups. Below are the factors we considered most important when making our decisions. These are quite similar to the ranking methodology we used to rank our best business bank accounts for LLCs.

• Fees: Every penny makes a difference when getting a startup off the ground. Any fees from banks can eat away at hard-earned profits and funds that could otherwise go toward growing the business. The best business banks for startups avoid such fees, allowing you to maximize your potential.

• Interest Rates: Some banks are willing to put funds into your account in the form of quarterly or annual interest rates. While rarely more than a few percent, it never hurts to add a little to the bottom line.

• Lending: Few startups make it solely on their own efforts. When the time comes to take things to the next level, loans or lines of credit provide money to kick off that big expansion or project. It is possible to obtain loans outside of banking institutions, but having a rapport makes the process that much easier.

• Transactions: Even if your customer base isn’t extensive right now, you don’t want to reach a point where you can’t make or receive a payment because of monthly limits. The best banks for startups avoid such restrictions, allowing you to do business as often as need be. Furthermore, having the freedom to transfer money within your own bank account helps keep things organized.

• Rewards and Benefits: Tapping into a bank’s bonus features could save you money on things like ATM withdrawals or overdraft coverage. Other benefits include integrations with popular apps or sub-accounts to categorize funds into.

Bottom Line on the Best Banks for Startups

Creating a startup can be a messy process, but a business bank account can greatly reduce the stress on the financial side of things. When checking out your options for the best banks for startups, consider institutions with few fees, free transactions, and those offering a little interest to help you along. The road ahead may not be easy, but being in firm control of your finances is as sure a way as any to find success.

Best Business Bank Accounts by State

Below you will find an interactive U.S map that can help you locate and compare different banks and financial institutions that offer business accounts in your area.