Is your growing company currently registered as an LLC? LLCs are not only super common, with nearly 2.5 million of them in operation in the United States, but they’re one of the fastest growing business structures in the country. It’s likely due to the flexibility to choose how you want to be taxed and due to the fact that this type of business structure protects you as the owner from personal responsibility for debts or liabilities.
But, enough about business structures. How do you bank as a business? More specifically, how do you bank as an LLC? Are there business bank accounts specifically for LLCs? Sort of, yes! There are a few online banks that give out cash bonuses and offer other services specifically for businesses registered as limited liability companies.
However, the best bank account for an LLC is going to be one that caters to your specific business needs. When deciding on which bank is best for you, you’ll need to factor in things like whether or not you need in-person services, how much money you’ll be moving around, and a few other things. To help you make your decision easier, we’ve gone ahead and reviewed a few of the best business bank accounts for LLCs for you.
Already have a bank account for your business and need cash to put into it? By joining the Wealth Stack Growth Pack you can access our digital advisory services, which include the ability to access alternative sources of funding. Click here to learn more.
Best Business Banks Accounts for LLCs
Whether you’re a new LLC or have been around for a while, you’re definitely going to enjoy the features available with Axos, one of the most well-known online banks of today. What’s so great about it? New LLCs can enjoy a $100 cash bonus. And, the rewards are great, with the ability to earn up to 0.81% annual percentage yield.
More than that, though, this account helps business owners manage their employees, too. The Workplace Banking Program provides access to personal banking options for employees. They can also access financial literacy tools and low monthly fees (which can be waived pretty easily for qualifying businesses).
If you’re an existing Bank of America customer then it might make sense to opt for a Bank of America business checking account. As they’re one of the largest banks in the country, they have a pretty great mobile banking app and online platform already set up for you that makes it easy to track purchases and do a variety of other things.
For business owners, there’s also a Cash Flow Monitor feature that helps you keep track of business debts and credits. The feature allows you to also integrate a variety of other third-party programs, too, such as payroll platforms and analytics sites. Best of all, this business bank account provides you with access to bonuses on Bank of America credit cards.
Unlike some of the digital banks on this list, if you’re looking for a business bank account for your LLC where you know you can visit a physical bank branch when you need to, Capital One is a great option.
What’s so great about this business bank account? For starters, you can enjoy unlimited transactions and $0 deposit fees as long as you deposit under $5,000 per month. Really, though, what makes this a great bank account for LLCs is the fact that Capital One offers accounting software integrations. Do note that, currently, you’ll have to visit a physical branch to actually open your account.
Note: Capital One does also offer a Merchant Services option for those of you who need payment processing solutions on top of business banking.
Nerd Wallet actually gave BlueVine 5 stars, which is quite impressive given it’s probably the newest bank on this list. And, it’s pretty easy to see why it ranks so high. The Business Checking account with BlueVine comes with zero fees, no minimum opening deposit or balance requirements, and unlimited fee-free transactions. On top of that, one of the coolest perks is that you can earn 0.60% annual percentage yield on up to $100,000 in your account, which is pretty high.
The only real drawbacks with this business account for your LLC would be that you can only deposit up to $7,500 in cash per month and the fact that they don’t allow for joint accounts. This means that if you and your business partner want one card for your LLC, that won’t be possible.
Oxygen is a special type of online bank with super special offerings. Not only can you set up a bank account for your LLC, but you can actually set up your LLC with them! It’s as simple as downloading the Oxygen app and entering your information (note that you do have to create what they call a Personal Oxygen Account first to do this). However, once you do, they’ll set up the LLC for you, including getting you an EIN, and then you’re able to receive business-focused financial insight through the app.
What’s included in their business bank account aside from business-focused financial insight? 5% cashback rewards on everyday business spending, no monthly fees, and the ability to funnel money into a Business Savings Account where it’ll be safe for when you need it (like when it comes time to pay those quarterly taxes).
Manage Your Money with Wealth Stack
We aren’t in the business of bank accounts, but we are in the business of helping you manage your company’s money. Once you’ve found the best business bank account for your LLC, it’ll be time to learn how to effectively manage that money to get the most value out of it.
How do we help? We offer digital advisory services and access to an exclusive platform where we provide business owners with the right capital introductions at the rates and terms they need. Access to this platform, which we’ve called our sidebar, includes:
- Access to alternative sources of capital for those seeking non-dilutive capital to expand and grow their business.
- A knowledge base of corporate financial resources, including the latest news, and trends in your industry, benchmark comparable financial data.
- Assistance in navigating the path to raising capital from alternative providers (hedge funds & private equity funds).
Ready to get started? Sign up for the Wealth Stack Growth Pack today.