Best Business Checking Accounts for an LLC
If you are looking for the best options in checking accounts for your business? Here are some of our top picks for your consideration.
A business checking account is an important component of your limited liability company (LLC) especially during the early stages of development. Perhaps the most important function of maintaining the corporate veil for your LLC is having your personal assets and business assets well separated. A bank account can help you accomplish this essential task.
Actually, failure to open a business checking account can place you at risk of losing your personal asset protection, which would neutralize the very reason for having an LLC in the first place. But with all the options available, how are you supposed to recognize the best option for you from the rest?
If you are at this important stage of opening your LLC and not sure which way to turn, we have the answers for you. We will present the top 7 options we have found after an exhaustive search spanning digital space and many hours of leg work. We hope that our attention-to-detail in this investigation provides you with the information you need to make a good decision for your needs.
So, let’s begin!
Our List of Best Business Checking Accounts for an LLC
The United States has over 7,000 commercial banks insured by the FDIC, this means that it can be especially difficult to choose the perfect option for you when choosing the business that will fit your business perfectly. It doesn’t get any easier when you realize that upon close examination, many of these banks are offering identical products.
Unlike business credit cards, which can have a wide range of interest rates, rewards, cashback, interest rates, etc., you can’t expect such differences when looking for a good business banking account. This means the difference between the perfect solution for you and an acceptable option will not always be so easy when seen from a glance.
But we have taken the time to explain the subtleties of this tricky decision and provide clarity. We believe that any of our readers will find a perfect selection by considering one of the following 7 business checking accounts.
1) Chase Total Business Checking
Chase offers an advantageous checking account to their clients with their Total Business Checking account. Probably one of the most well-rounded options available today. This account begins with a solid $200 sign-up bonus that is actually very easy to attain.
Attaining this hefty bonus is simple. You must deposit $1000 within 20 business days of opening the account and maintain the account open for at least 60-days. Then, you must complete five qualifying transactions including remote deposits, wire transfers, ACH credits and debit card purchases. These must be completed within that 60-day window.
In addition to a very generous bonus, this account offers zero minimum deposit top when opening the account, unlimited electronic deposits, 100 transactions per month, and $500 of no-fee cash deposits for each month. There is a monthly fee of $15 but this will be lowered to $12 if you choose to sign on with paperless statements. If you can maintain a balance of $1,500 or link your account to a personal checking account in Chase, the fee will be removed entirely.
As with any Chase account, you have the added advantage of accessing any of the 4,900 physical locations and over 16,000 ATMs. All in all, it would be hard to find any fault with this superior business checking account, which is why we have included Chase Total Business Checking in our list of top 7 options.
2) Bank of America Business Fundamentals
One of the things we liked the most about setting up an account with Bank of America’s business checking service was their impressive sign-up bonus. But we have to point out that these bonuses have been known to change over time, so when you arrive you should check carefully to ensure you get the same offer you see here.
At the time of writing, there is a $750 signup bonus for all business checking accounts being opened. If you deposit a minimum of $5,00 within 15 days of opening the business checking account, this number increases to $500 if you deposit $20,000 and even further to $750 if deposit over $50,000. Then, you only have to keep the account open for 60 days and complete 5 electronic payments and you get the cash and the caboodle.
In addition to this considerably magnanimous bonus, Bank of America’s business checking account has a small $14 monthly fee, which can also be eliminated by spending over $250 with a debit card or maintaining an average of $3,000 in the account each day or an average of $5,000 each month.
Then, the Bank of America users have access to 4,600 banking locations across the country and over 16,000 ATMs. This is especially beneficial for LLCs, especially if you have the cash on hand to take full advantage of the bonus.
3) U.S. Bank Silver Business Checking
If you are working with a smaller business that will not be handling that many transactions, U.S. Bank’s Silver Business Checking could be the best option for your needs. One great thing about the silver Business Checking Account from U.S. Bank is that there is no monthly fee at all, you will also receive 25 free cash deposits and 125 free transactions each month.
There is no sign-up bonus offered for this business checking account. But we feel that on the whole, the lack of fees and minimum requirements make this service especially well-suited to smaller businesses. That doesn’t need many advanced features.
One of the major setbacks with the U.S. Bank is that they don’t have a considerable presence throughout the country. But 5,000 ATMs and 3,100 branches is an acceptable amount.
4) PNC Business Checking
We had originally chosen PNC Business Checking as our third option while this writing was being planned and compiled. But we chose to drop it into 4th place in the end. Much like U.S. Bank Silver Business Checking Account, the PNC Business checking is a good option for those smaller businesses and entrepreneurs that don’t do much high-volume business banking.
A mere $100 is needed to open an account and the $10 monthly fee to keep the account open is one of the lowest we have seen. This fee can also be waived without impacting a smaller financial plan. If you manage to keep a minimum of $500 in the account, the monthly fee is reduced to $0.
PNC Business Checking also allows their clients up to 150 free interactions each month and $5,000 in no-fee deposits each month. There are not any signup bonuses or all the bells and whistles, PNC Business Checking is a practical solution to business checking for your business.
On the downside, much like the U.S. Banks, PNC does not enjoy an especially widespread service area. There are 9,000 ATMs and 2,500 branches in the country. So basically, if you are in a location that has access to this bank, it could be one of the best options for your situation.
However, just like U.S. Bank, PNC Bank isn’t a truly national bank with widespread reach. They do have around 2,500 branches and 9,000 ATMs though, so if you operate a business in a location where PNC operates, they’re a solid contender for your business checking account.
5) Axos Business Interest Checking
If you work in a cashless business, like those that work only with online interactions, this next one is something to consider. They have a business checking account that actually provides interest and their current rate is 0.8%. This is something you will simply not find if you are operating in a traditional brick-and-mortar establishment. At the moment, Axos is offering a $50 bonus for all new account holders.
This account is also available for a mere $100 opening account. The rather small $10 fee can also be avoided by maintaining a balance of $5,000. There are also unlimited domestic ATM reimbursements, for those situations when you don’t need the cash on hand. They even throw in an order of checks for no charge.
Of course, the only caveat is that Axos doesn’t have any physical branches which means that this is only a sensible option for those who don’t work with cash. However, for those web-based businesses out there. There is hardly a better option.
6) Wells Fargo Business Choice Checking
We have now arrived at the various options that can be considered acceptable. The Wells Fargo Business Choice Checking Account is a good example. There is nothing inherently wrong with this account, but it also isn’t especially spectacular. Business Choice Checking offers a low $25 dollar deposit to open an account. There is a monthly payment of $14 but this can also be avoided with a continuous average of $7,500 or making ten at least purchases with your debit card.
On the other hand, this card offers a fairly generous number of transactions included in the plan. You will be able to make as many as 200 transactions each month for no extra charge. Wells Fargo also includes up to $7,500 in non-fee cash deposits every month.
Perhaps the greatest advantage of Wells Fargo is the especially extensive service radius and quantity of locations there are available in the country. There are over 8,000 physical locations and another 13,000 ATMs.
7) TIAA Small Business Checking
Like Axos, TIAA is a bank that operates online only. For this reason, you should not consider them a smart option if your company generates cash. They have an interesting banking option, the TIAA Small Business Checking Account, that offers special solutions for sole proprietors and single-member LLCs.
The important selling point for this account is the interest that TIAA provides, this is an especially rare advantage for any checking account. The rate is 1.01% for the first year. After that, there are different tiered ratings relating to different balance levels
$0-9,999.99 — 0.20%
$10,000-24,999.99 — 0.30%
$25,000-49,999.99 — 0.40%
$50,000-99,999.99 — 0.45%
$100,000+ — 0.55%
The TIAA Small Checking Account requires $1,500 as an opening deposit. There is also a ZERO monthly maintenance fee and clients can also take advantage of ATM reimbursement. We believe that Axos would be the better of the two options as far as online banking goes. Nevertheless, TIAA has an introductory interest rating that makes their deal especially interesting.
Opening your business checking account is an important step when you are getting your business or LLC together. Without this vital component, you will have a harder time proving that your business assets and personal assets are managed separately. This could lead to the courts piercing the corporate veil and creditors will be able to pursue your personal assets.
Opening a business bank account is a vital step in the business formation process for any LLC. Without one, you will have a very difficult time demonstrating that your personal and business assets are truly separate, which could lead to a court piercing your corporate facade and allowing creditors access to your personal assets.
The good news is that opening a business banking account is not a difficult or complex process. You could even perform the task by going down to your local bank and completing the simple process with a representative. But we think that you are sure to find a great option here. All of these provide reasonable terms and extensive options for business banking. You can even select from a number of special bonuses that have special advantages to different types of businesses, like sign-up bonuses.
In the end, the most important thing to remember is that you will certainly need a business checking account if you hope to open your LLC. It is not so important which account you choose. But any of the options mentioned here will be a good choice and offer plenty of advantages. We hope the information and advice offered in this article will help lead you to the best option for your needs.