The account has no hidden fees, no monthly maintenance fee and no minimum balance requirement. Novo Business Checking offers free transfers, mailed checks and incoming wires and ATM fees are refunded up to $7 per month. The account integrates with other small business tools including Stripe, Shopify and QuickBooks. It also integrates with Zapier and Slack. Novo’s highly rated business banking app earns 4.8 out of 5 stars on the App Store and 4.6 out of 5 on Google Play. ¹Novo is a fintech company; not a bank. Deposit account services provided by Middlesex Federal Savings, F.A., Member FDIC. Physical debit cards issued by Middlesex Federal Savings or Patriot Bank, N.A., Member FDIC; virtual cards issued by Patriot Bank, pursuant to licenses from Mastercard® International Incorporated. Mastercard can be used everywhere Mastercard is accepted. Mastercard is a registered trademark of Mastercard International Incorporated.
Whether you’ve run a business for a day or a decade, you know how critical the right tools can be in keeping everything operating smoothly. One of the most important tools is a business bank account to handle your day-to-day financial needs. If you run an LLC and need to keep your business and personal funds separate, an account with helpful features and perks is key.
The best business bank account for LLCs offers low fees, competitive rates and practical tools. We’ve analyzed over 150 LLC-friendly business bank accounts to help you find the right one. Account details and annual percentage yields (APYs) are accurate as of May 5, 2024.
Best Business Bank Accounts For LLCs
Summary : Best Business Bank Accounts For LLCs
Methodology
To create this list, Forbes Advisor analyzed business checking accounts, savings accounts, money market accounts and CDs at 154 financial institutions, including traditional banks, online banks and credit unions. We ranked each account using the following metrics:
- Fees
- Branch and ATM access
- Digital experience
- Customer experience
- Minimums
- APYs
Our analysis included the following subcategories: monthly fees, excess transaction fees, overdraft fees, ATM fees, deposit fees and early withdrawal penalty fees; the number of fee-free ATMs and in-person branches; App Store and Google Play ratings; merchant services and integration with business tools; customer service ratings and live chat availability.
The weight of each metric differed for each type of account, and subcategories varied slightly. Some accounts were also scored using deposit and transaction limits and business features.
Only accounts that can be opened by LLCs were scored and ranked. Business bank accounts with fewer fees, better accessibility, higher digital experience and customer experience scores and easier minimum deposit and balance requirements to meet were ranked higher.
To learn more about our review methodology and editorial process, see How Forbes Advisor Reviews Banks.
How To Choose the Best Business Accounts for LLCs
It’s important to compare business bank accounts to find one that best suits your LLC’s needs. Here are a few points to consider.
Transaction limits. Many business checking accounts set limits on the number of transactions you can make each statement period before additional fees are assessed. Transactions typically include ACH payments, checks and deposits, and fees may be $0.25 to $0.50 or more per transaction over the limit. Look for an account with limits that meet your operational needs. The best business checking accounts set high limits on free transactions or none at all.
Fees. Bank fees can be a drag on your business profit. Find a bank account that doesn’t charge fees for activities you plan to do—such as making cash deposits, withdrawals, wire transfers or performing other transactions. Pay attention to monthly maintenance fees, which are often found with business savings, checking and money market accounts, and how to avoid them.
Rates. Finding a business account with the best APY possible is a no-brainer, but you should weigh other features along with interest rates to make sure an account is a good fit.
Requirements. Always find out how much you’ll need to deposit to open an account and what balance you’ll need to maintain to earn the best rates and avoid fees. CDs and money market accounts typically have higher minimum deposit and balance requirements than checking and savings accounts. Avoid committing to minimums you can’t comfortably meet.
Business banking features. Being able to grow or start an LLC may require having access to additional features like merchant services, invoicing tools and payment platforms. To compare accounts, think about the services you need now, as well as those you may need in the future. Find out if these are included free or carry extra fees.
Customer service and access. Being able to get support if anything goes wrong is a must. Look for banks that offer 24/7 customer service via your preferred channels, such as phone or live chat. If in-person banking is important to you, check out ATM and branch networks.
Can You Open a Business Account Without a Business?
In most cases, you cannot open a business account if you don’t have an established, legally registered business. Whether you operate an LLC, sole proprietorship, partnership or another type of business, you typically must provide business documentation to open a bank account.
If you’re opening an account as a sole proprietorship under your own name, some banks may allow you to simply supply your Social Security number and a valid government ID. But others may ask for documentation to prove the legitimacy of your business.
Find The Best Banks Of 2024
What You Need To Open a Business Account
Once you find a business bank account you want to open, you’ll need to gather the right information and documents. Here’s what you’ll typically need to open a business bank account:
- Full name
- Date of birth
- Employer Identification Number (or Social Security number)
- Email address
- Phone number
- Physical address
- Business address
- Legal name of business
- Business type
- Business registration (if applicable)
- Business formation documents (varies by entity type)
- Business license
- Ownership agreements
As an LLC, you may need to provide your certificate of organization or formation or articles of organization. Other business types might be asked for details such as number of employees or revenue numbers. Have your minimum opening deposit ready when applying as well.