Best Business Bank Accounts for LLCs – Top 10 Providers in 2024

Novo is a great checking account for small businesses because of its easy-to-use platform, straightforward application process, and ability to make digital payments seamlessly. You can complete and submit your application in under 10 minutes and get a quick response with any missing information. As soon as your account is approved and you make your first deposit of at least $50, you can start using your checking account.

Novo thrives with its easy-to-use mobile app. Since the bank offers free ACH transfers you can easily sign in to your app via your mobile device and pay bills, send money, run payroll, or transfer money to your personal account within seconds. You always have your banking details and transactions at your fingertips to help you stay on top of your financial obligations. The app also gives you a nice overview of what you’re spending and bringing in each month.

Fees

Novo charges no fees for its checking account service. You only need an opening deposit of $50 to get your account running. There are no minimum balance requirements, cash deposit fees, incoming wire fees, or ACH fees with this bank. Novo also refunds all ATM fees and is backed by FDIC insurance through Middlesex Federal Savings, F.A.

Interest Rates

Novo charges no fees for its business checking account, much like Bluevine. However, you have to forgo earning interest for it. The bank offers no interest on your checking account deposits.

Lending

Novo offers no lending options. It’s purely a checking account service and does not offer loans, lines of credit, or even a business credit card. Want a loan? Then here’s a list of the best bad credit loans available for you.

American Express Business Checking follows a newer trend in business banking, offering more fee-free services and not requiring a minimum balance for its basic business checking account. You can also charge unlimited transactions through their payment services. If you’re looking for Kabbage business checking, you’d be surprised to know that Kabbage was acquired by American Express.

American Express Business Checking is a great option for business owners who want to get a line of credit and a bank account. It offers easy loan approval for small businesses for lines of credit of up to $250,000 with Kabbage Funding by American Express. Read our full Kabbage Funding review to find more. Don’t forget also our other reviews of other business bank accounts like NBKC Bank Account Review and SoFI Review.

Fees

American Express Business Checking has no monthly fees. There’s no minimum opening deposit requirement and no online transaction fees either. You can use all MoneyPass ATMs for free, however, using an out-of-network ATM will cost you around $3 per transaction. Cash deposits aren’t supported by American Express.

Interest Rates

This bank account has one of the highest APYs, offering a 1.30% return on balances of up to $500,000, though it does fall short of Bluevine’s generous 2.0% return. American Express Business Checking’s APY doesn’t beat that of Bluevine, still, it’s the second-highest on this list.

Lending

The best thing about opening an account with American Express is that it also has Kabbage Funding which offers easy loan approval for lines of credit of up to $250,000. It’s a great option even if you don’t have a high credit score. You can get your application approved with a FICO score of 640.

With Kabbage Funding, you’re going to receive a simple application process on both the checking and the line of credit products. Kabbage can use your banking history to get you approved for a line of credit automatically and if you’re initially denied you can show history by using a Kabbage checking account and they’ll auto-approve you when your account shows you should be.

Why we chose it:

American Express Business Checking offers all the services of a traditional business account but with the convenience of an online bank. It offers an attractive APY and is perfect if you also need a business line of credit. Sign up today.

Capital One offers two different options for business checking accounts. The Basic account is just that, offering unlimited electronic deposits, online and mobile banking, and a relatively low minimum balance to waive fees. The Unlimited business bank account includes two Basic accounts, so might be a good fit for businesses with complicated finances.

Capital One is a very traditional banking company but it blows the other traditional banks out of the water with its app and ease of use for your account. Capital One also offers a lot of other products, such as credit cards, that you might qualify for if you’re able to get approved for their business checking account.

The bank’s experienced and highly responsive customer service is one of its strongest features. If you’re interested, bear in mind that Capital One’s business checking is only available in a few states. You also need to visit a branch in-person to apply for a business checking account.

Fees

Capital One’s Basic Checking account comes at a monthly fee of $15, which is steep compared to American Express’s zero maintenance fee. However, the fee can be waived if your balance exceeds $2,000. Cash deposits are free for up to $5,000 in deposits per month. Standard wire transfer fees are charged with this product.

The Unlimited Checking account has a monthly fee of $35 which can be waived with a minimum balance of $25,000. This account has free cash deposits with no limits. All incoming wires are free. You also get five free outgoing wire transfers per month.

Interest Rates

Capital One offers no APY on its checking account. However, you can earn interest at 0.2% with a savings account.

Lending

Capital One offers small business loans and lines of credit but you can only avail of these if you have your checking account with it. It offers one of the largest lines of credit of up to $5 million. If you are looking for a longer repayment term, fixed rates, and lower equity requirements, it also has SBA 504 and SBA7(a) loans.

Why we chose it:

Capital One offers a similar range of services to other large banks, with similar pricing. It’s a great option if you prefer to do your banking through physical branches. Sign up today. Read our in-depth review of Capital One to learn more about its services.

Bank of America business checking accounts are only one of several products that BofA offers to small businesses. The two levels are similar to Chase and Capital One, with two different levels of service aimed at smaller and larger businesses.

Bank of America is the epitome of a traditional bank. While it has online capabilities with a decent app, it’s still not as simple to use as other options. Plus, the fee structure is not built with small businesses in mind due to the large balances required to waive those fees.

Fees

Bank of America offers two types of business checking accounts, Business Advantage Fundamentals, and Business Advantage Relationship banking. The Fundamentals account has a monthly fee of $16 but it can be waived off if you maintain a $5,000 combined average monthly balance, spend at least $250 in new net qualified debit card purchases each statement cycle, or join the Preferred Rewards for Business program.

The Relationship checking account has a monthly fee of $29.95 but can be waived off with a combined average monthly balance of $15,000. If you open a savings account, it has a fee of $10 per month but can be waived off with a $2,500 minimum daily balance.

Interest Rates

Bank of America’s checking account offers no interest earnings. You can earn only a very minimal interest at 0.01% APY with the business savings account, which is far below the 2.0% return from Bluevine.

Lending

When it comes to lending, Bank of America offers a business credit card, secured business loans from $25,000 to $250,000, and secured lines of credit from $25,000. It offers plenty of lending options but you need a minimum credit score of 700 to qualify.

Why we chose it:

Bank of America offers a well-established set of business banking options. It’s a great option if your business deals with heavy cash flows. Read our Bank of America review for an in-depth analysis of its account types. Sign up today.

Axos is a virtual bank in that it only offers online business banking, not backed by physical locations. However, it doesn’t depend on another financial institution, unlike some competitors. It’s a bank in its own right. Axos regularly shows up on lists of ‘Best Business Checking Accounts’ across the web due to its generous terms and range of services.

Axos is an online-first bank that is easier to navigate and use than most traditional banking options. It prides itself on building a great online presence and experience for its customers, which makes it a terrific option for small or digital businesses. Unfortunately, the APY you’ll earn is up to only 0.20% for basic checking or 1.01% for interest checking if you carry a minimum balance of $5,000.

Fees

Axos offers four main types of business bank accounts. Basic Business Checking, Business Interest Checking, Business Savings Account, and Business Premium Savings.

Basic Business Checking has no monthly fee, but Business Interest Checking comes at a fee of $10 per month. Basic Savings has a monthly fee of $5 while its Premium version has none.

Interest Rates

While Axos’ customers have plenty of interest-bearing options, the yield rates aren’t as high as some of the other banks. The basic checking account has no APY. The interest-bearing checking account has an APY of 1.01%.

If you go with Axos’ savings options, you get a 0.20% yield on both the Basic and Premium Business Savings accounts.

Lending

Axos Bank partners with Centerstone SBA Lending to support businesses with SBA loans. They provide a federally backed guarantee and offer flexible terms. It also has commercial lines of credit and term loans but these are best for large corporations.

Why we chose it:

Axos is a full-service online bank and is a great option for any business that wants to keep all its banking online. It offers low fees and free cash deposits across all MoneyPass and AllPoint locations across the US. Read our in-depth review on Axos bank to learn more about its services. Sign up today.

Unlike its colleagues on this list, US Bank forgoes a monthly maintenance fee on their basic US Bank Silver business checking account, opting instead for transaction fees. This might be a good fit for businesses without a large number of transactions each month, such as a contractor with a single major client.

The fees on more expensive accounts can be waived by meeting minimum balance requirements or one of several other criteria. As long as you’re only running a few transactions each month, US Bank might offer a good account for your LLC.

Fees

US Bank offers three checking accounts. The Silver Business Checking Account package has no monthly fee and 125 free transactions per month. Every transaction is charged $0.50 if the count exceeds 125.

The Gold package comes at a $20 monthly fee and $0.45 per transaction after they cross the 300 limit. The Platinum package has a $30 monthly fee and costs $0.40 per transaction after 500 transactions per month. All these fees are pricey if you compare US Bank to the top-ranked Bluevine, which charges zero fees.

Interest Rates

US Bank doesn’t offer any yields on checking account deposits. When it comes to its savings account, you can earn 0.01% APY with a minimum deposit of $25.

Lending

This financial institution offers a range of lending options including business credit cards, lines of credit, and loans. US Bank has a range of business credit cards that offer different features including cash backs, no annual fees, low interest rates, and rewards programs.

It also offers a wide variety of small business loans that you can choose from to fit your business needs. Loan amounts go up to $250,000 with Quick Online loans and $12.375 million with government-backed loans.

Why we chose it:

US Bank has a range of great products and services. Its lending options are its strongest selling point. It’s a good choice for any business that has a low transaction count. Read our in-depth review on US bank to learn more about its services. Sign up today.

Looking at Oxygen’s website, you might think it’s a fashion magazine or trendy boutique. However, it offers a business checking account through its online-only bank. There is a fee-free option and, unusually, options with an annual fee. Oxygen is perfect for a freelancer that is just looking to separate their personal and business finances.

In fact, Oxygen is explicitly aimed at trendy small business owners or freelancers, with your choice of element-themed business bank account online. Don’t let the fancy presentation put you off, though, as it has some features that make it one of the best business bank accounts for freelancers, like cell phone and lost luggage protection. Perhaps most importantly, Oxygen will help you form an LLC with its business registration services.

Fees

Interestingly, Oxygen divides its services into the elements Earth, Water, Air, and Fire. It calls these loyalty tiers that are created to help business owners succeed in their own way.

The Earth tier is the most basic offering and comes at no fees. The savings option in the Earth tier earns you up to 0.50% APY. Water is the next tier that costs $19.99 per year. It offers a range of features plus 1.00% APY on savings. Air and Fire tiers cost $49.99 and $199.99 annually and offer an APY of 2.00 and 3.00% on savings.

Interest Rates

Oxygen has some lucrative interest rates with its savings option for each tier. You can earn with an APY of 0.50%, 1.00%, 2.00%, and 3.00% on the Earth, Water, Air, and Fire elements respectively. These interest rates are quite a bit higher than even Bluevine and American Express Business Checking, which offer up to 2.0% and 1.3%, respectively.

Lending

Since Oxygen is only a mobile banking app and not a full-fledged bank, it offers no lending options.

Why we chose it:

Oxygen is far from a traditional bank. It’s bringing style and innovation to the financial services sector and offering highly lucrative and feature-packed options for both personal and business bankers. Sign up today. To learn more about its services and fees, read our complete review on Oxygen.

Chase Business checking offers a strong account option if you’re looking for a traditional bank account where you can deposit cash. The bank offers a huge network of physical branches in addition to its sizable ATM network. Businesses in most states that need to deposit cash will find this to be a great option.

Chase offers business checking accounts with features like a business debit card and cash deposits at their brick-and-mortar locations. Unfortunately, it charges a monthly maintenance fee unlike most of its competitors.

Unfortunately, between the potential for fees and app, Chase ranks lowest on our list but with solid potential. Those needing a more robust online experience will find another option more appealing but traditional bank lovers who take cash from customers and need to deposit cash into their accounts regularly will find Chase to be worth taking a look at.

Fees

For a business checking account option, Chase has three offerings:

• Chase Business Complete Checking: $15/month waived off with $2,000 of minimum daily balance
• Chase Performance Business Checking:  $30/month waived off with $35,000 combined average beginning day balance
• Chase Platinum Business Checking: $95/month waived off with $100,000 combined average beginning day balance

Each offers business checking accounts with features like a business debit card and cash deposits at their brick-and-mortar locations. Unfortunately, it’s not monthly maintenance fee-free like Bluevine.

Interest Rates

Chase Business Checking accounts offer no APY on deposits. However, businesses can earn interest with Chase Business Savings but you will have to inquire about what APY it offers you.

Lending

Chase for Business offers several lending options. Apart from its business credit card offerings, it has small business loans and lines of credit you can avail of. Business lines of credit range from $10,000 to $500,000 while loans start at $5000

Why we chose it:

Chase business complete banking is a good option for a small business looking for some heavyweight banking options. Read our in-depth review on Chase business to learn more about its services. Sign up today.