Best Business Bank Accounts for LLC in 2023

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Written by: David Reed
Read 18 minLast updated on

Regardless of your business structure, be it a C-corp, a non-profit, or an LLC, you need a bank account to perform financial operations.

Also, keeping your company finances separate from your personal assets is generally better for privacy and management.

So, how do you choose a good banking service for your business?

Don’t worry!

We prepared the top three best business bank accounts for LLC along with a detailed guide on what you need to start managing your finances.

A Quick Preview:

Best Overall - Editor’s Choice — Chase Business Complete Checking Best Business Bank Account for New Businesses — Axos Bank Business Checking Best for Growing Business — Wells Fargo Navigate Business Account

Our List of the Top-3 Best Bank Accounts for LLC in 2023

Best Overall - Editor’s Choice — Chase Business Complete Checking

Chase Business Complete Checking


  • up to $300 welcome bonus for opening a Total Checking account;
  • same-day deposits if approved by 8 p.m.;
  • free online and mobile banking with round-the-clock customer support.

Let’s start our review with one of the best business bank accounts for LLC by Chase Banking. You can open a checking account online or by visiting one of the Chase and JPMorgan branches around the country. 

Quite a few things make Chase Checking accounts one of the best picks. For example, the bank has a 0% opening deposit and provides six different business credit cards with a reward system. There are no hidden fees: you only pay 2.6% + 10 cents for transactions through QuickAccept and 3.5% + 10 cents for manual transactions.

Note that Chase takes a $15 monthly service fee, but there are several ways to waive it, such as:

  • making a $2,000 in purchase using one of the Chase business credit cards;
  • maintaining a minimum $2,000 daily balance;
  • linking a Private Checking account to your LLC account.

Plus, the Chase online banking is effortless to use and features round-the-clock customer support for any questions.

Best Business Bank Account for New Businesses — Axos Bank Business Checking

Axos Bank Business Checking


  • no monthly service fees;
  • $100 welcome bonus;
  • FDIC-insured deposit accounts for up to $250,000 per depositor.

Axos Bank proudly holds second place on this list of the best business bank accounts for LLC. This is a bank with a good reputation that offers fee-free online banking without any minimum balance requirements. 

Axos Bank is perfect for those who had just formed their LLC, as it offers a lot of features for new businesses, such as:

  • the first 50 checks for Business Interest Checking account are free;
  • up to 0.81% APY for Business Interest Checking account;
  • unlimited ATM fee reimbursements;
  • free online bill pay;

If you have employees, they can open low-fee bank accounts in Axos as well.

Also, Axos Bank has three different types of checking accounts: 

  • Essential Checking, which is excellent for direct depositing; 
  • Rewards Checking, which is great if you want to earn interest on your deposits;
  • Cashback Checking for those who frequently use their debit card.

Top it with excellent fraud protection, FDIC insurance, and 24/7 customer support, and you’ll get one of the best banks for new and experienced entrepreneurs.

Wells Fargo Navigate Business Account


  • a network of more than 12,000 ATMs nationwide;
  • has interest-earning checking accounts;
  • great for managing your growing finances.

Our final pick for the best business bank accounts for LLC is Navigate Business account at the Wells Fargo Bank. Wells Fargo has three options for small businesses: Initiate, Navigate, and Optimize, and we want to focus on the second option because it’s perfect for scaling your business up.

Navigate expands your no-fee cash deposit up to $20,000  compared to Initiate, which has only a $5,000 limit. Also, it comes with 250 free transactions (after you exceed the limit, it’s $0.3 per transaction). A service fee for this account is $25/month, by you can waive it if you keep your daily balance higher than $10,000.

Finally, Navigate is an interest-earning account, which means you can easily multiply your annual savings and continue growing your business.

Why Do You Need a Business Bank Account?

You need a business bank account for legal reasons:

A state views each business, regardless of its structure, as a separate entity from its owner. It means that your assets will be protected should the company get in trouble. And as a separate entity, it should have a different bank account to perform the financial operations, pay taxes, and maintain your savings.

Aside from legal reasons, having a business bank account also gives you these advantages:

  • Better financial management. Having all your business financing in a particular place allows you to track all the transactions more efficiently. Also, you can set up your business account to remind you about important things, such as tax returns and reports.
  • An additional layer of privacy. When using a business account, you operate under your company’s name, which keeps your personal data protected from possible fraud.
  • Extended features. Business accounts often have extra features that aren’t common in personal accounts. These can include delegating authority to the third party, for example, to an accountant or other LLC member, allowing wire transfers or ACh payments, lower interest rates, etc.

Also, you can change or remove an authorized signer from your business account without closing it.

Note that transaction fees or monthly maintenance tend to be higher for business accounts than for individual ones.

What do You Need to Open a Business Bank Account?

Opening a business account usually requires more paperwork than a personal one. If you own a limited liability company, the required documents typically will include:

  • Employer Identification Number (EIN). It is your federal tax ID, and IRS requires any business, regardless of the structure, to have it (1). You can obtain an EIN online by filling the SS-4 form on the IRS website or use one of the business formation services: they often offer this service.
  • Articles of Organization. Articles of Organization show the main building blocks of your business, such as name, address, contacts of your registered agent, duration, and management structure.
  • Operating Agreement. The Operating Agreement specifies the duties of every member of the LLC. If you assign one of the members as your accountant, you should give this information to the bank.
  • Banking resolution. Along with the Operating Agreement, Banking Resolution provides the bank with the information about the person authorized to open a business bank account.
  • Business license. Certain businesses, such as beauty, healthcare, and HoReCa industries, might also need a valid business license.

Note that most banks require a minimum initial deposit to fund the account once it’s been opened. These requirements may vary from bank to bank, so it’s always better to contact the bank’s representative.

Once you have gathered all the docs, you can open a business account in any brick-and-mortar bank you choose to, or even online.

How to Choose the Right Bank for Your LLC?

Finally, let’s see what you need to consider when looking for an excellent bank to open your business account.

Because there are quite a few essential things:

  • Account fees. Business accounts have monthly service fees ranging from $10 to $100, depending on the bank’s account type. Some banks allow you to waive a fee, for example, by maintaining a certain daily balance for a certain period or linking your other accounts to the checking account.
  • Transaction fees and limits. Again, depending on the account type, you might have unlimited transactions per month or get a limit of debits, payments, and transfers and pay a small fee for each transaction beyond that limit. Generally, limited transactions are good for new businesses with small amounts of money per month.
  • Interest earning plans. Those who want to multiply their savings passively should consider opening an interest-earning account. Some banks offer interest-earning depositing accounts as a separate option to link to your business account and start saving.
  • Acceptable payment methods. Your customers should feel comfortable purchasing your services, so obtaining a business account that supports different payment methods is desirable. 
  • Online vs. offline banks. It usually boils down to personal preference, as you can equally easily open a business account both offline and online. However, it’s worth noting that online banks may have smaller fees since they don’t have to maintain physical branches, but they rely on internet connection.
  • National vs. local banks. National banks have a well-established reputation and can operate with large amounts of money, which is great for startups and expanding LLCs. Plus, they typically have an extensive ATM network. However, working with a local bank or a credit union might be a more desirable option (2).


Can you use your personal checking account for an LLC?

Using your individual account for business purposes is okay for some business structures, such as sole-proprietorship. However, if your LLC has several members and needs personal assets protection and clean financial record, it’s better to have a separate business account.

Is it legal to transfer money from my business account to my individual account?

Yes, it’s legal. However, you should get written consent from other members of the LLC and document all transactions out of your business account for tax purposes and audit.

Do I need a business bank account if I’m self-employed?

If you are operating your business under your name, you might not need a separate business account. However, it’s still recommended to keep better track of your finances.


Opening a bank account is essential for starting your business, and many banks offer you a lot of appealing partnerships.

You need to consider your bank’s reputation, the limits and transaction fees on your bank account, and if there are certain conditions to waive them. Also, it’s worth asking the banker if their accounts can handle the changes and growth of your business and are interest-earning, so you can multiply your savings.

The Chase Complete Checking Account really stands out from all the checking accounts we reviewed for this guide. It has a great welcoming bonus, several options to waive a service fee, and the possibility of linking other business accounts, including interest-earning, into one network and managing your finances from one place.


  1. Internal Revenue Service (2021, July 2). Employer ID Numbers. Retrieved from 
  2. Eliot Caroom (2009, February 2). Megabanks Denied Your Loan? Tapping community banks may be the best way to take advantage of falling interest rates. Retrieved from 

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