The Top 5 Small Business Bank Accounts for Your LLC: Which One Will Work Best for You?

The Top 5 Small Business Bank Accounts for Your LLC: Which One Will Work Best for You?

As a business owner, choosing the right bank account for your Limited Liability Company (LLC) is paramount. Not only does it help to keep your personal and business finances separate, but it also determines the level of fees you’ll pay and the features you’ll enjoy. With so many options on the market, it can be overwhelming to make a choice. That’s why we’ve done the hard work for you, and come up with a list of the top 5 small business bank accounts for your LLC.

1. Chase Business Complete Banking

For small business owners looking for an all-in-one account, Chase Business Complete Banking offers the perfect solution. With no minimum deposit or minimum balance requirement, this account is beginner-friendly. Plus, it comes with a welcome bonus of $300 if you open the account with a minimum of $2,000 within 30 days of account opening. Other features include unlimited electronic deposits at no extra cost, unlimited transactions, and free bill pay. With over 4,700 branches, you’re sure to find a Chase location near you.

2. Bank of America Business Fundamentals Checking

With Bank of America Business Fundamentals Checking, you can enjoy waiving your monthly maintenance fee if you maintain a minimum balance of $3,000. You can also take advantage of up to 200 free monthly transactions, unlimited electronic deposits at no extra cost, and free Bill Pay. With a network of over 16,000 ATMs across the country, this account is ideal for business owners who travel frequently.

3. Capital One Spark Business Checking

One of the stand-out features of Capital One Spark Business Checking is the option to earn interest on your account balance. Business owners with higher balances can enjoy higher interest rates, making this account ideal for those who maintain large balances. With no minimum deposit requirement and unlimited transactions, banking with Capital One Spark Business Checking sets you up for financial success.

4. Novo Business Banking

If you’re looking for a digital-first banking experience, Novo Business Banking has got you covered. With no minimum balance requirement and no monthly fees, it’s hard to find a better deal for a digital bank. Additionally, you get free ACH transfers, ATM withdrawals, and incoming wires. With a streamlined mobile app and 24/7 customer support, Novo is a great option for tech-savvy business owners.

5. Azlo Business Checking

Azlo Business Checking is ideal for small business owners who want to avoid any hidden fees. With no monthly fees and no overdraft fees, this account offers a simple, straightforward banking experience. Additionally, you can access your account 24/7 via desktop or mobile. One downside is that Azlo currently doesn’t support cash deposits. If that’s not a concern, however, this digital bank should definitely make your shortlist.

In Conclusion

Choosing the right bank account for your LLC is a critical decision. Look at the features each account offers, such as fees, interest rates, transaction limits, and availability of branches or ATMs. Consider what works best for you and your business type. And don’t be afraid to shop around and compare offers to find the best deal. Whichever bank account you choose, make sure it’s a good fit for your business needs. By doing your research, you can ensure your LLC’s finances are in good hands.