Mixing personal and business money is the fastest way to turn tax season into a nightmare. A separate business bank account fixes that on day one, and the right one won’t charge your LLC a monthly fee for the privilege.
If you just want the answer: Grasshopper if you keep a balance and want it to earn, Novo if you want checking that’s truly free, Lili if you’re a one-person LLC and want taxes handled in the app. The full list of 10 accounts is below.
Open an account in as little as 5 minutes
- Earn up to 3.25% APY with automated savings
- Unlimited transactions with no monthly or overdraft fees
- Free ACH transfers and incoming wires
Earn 2.25% APY on savings with automatic tax savings
- Earn 2.25% APY on savings balances up to $500,000
- Automatic tax savings and expense tracking
- No monthly fees, minimums, or hidden charges
Connects to QuickBooks, Xero, Gusto and PayPal
- Connects to QuickBooks, Xero, Gusto, PayPal, Amazon and eBay
- Free unlimited transactions and no monthly fees
- Free physical and virtual debit cards included
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Best Business Bank Accounts for LLC
Grasshopper Business Checking
4.7/5Earns up to 1.35% APY on checking with no monthly fee
at Grasshopper Bank, Member FDIC
Details, pros and cons
Why we like it: Most business checking pays you nothing. Grasshopper pays 1.00% APY under $25,000 and 1.35% APY from $25,000 to $250,000, with no monthly fee. Keep $25,000 in checking and that’s about $338 a year.
- No monthly maintenance fee and no overdraft fees
- 1.00% APY on checking balances under $25,000 and 1.35% APY from $25,000 to $250,000
- 1% cash back on signature and online debit card purchases
- Connects to QuickBooks and Autobooks, with free unlimited ACH transfers and incoming domestic wires
- You need $100 to open it
- Cash back only kicks in with a $10,000+ average monthly balance
- No branches and no Zelle. Cash deposits only at select MoneyPass ATMs
Novo Business Checking
4.4/5$0 monthly fee, no balance to keep, nothing to waive
at Novo, banking by Middlesex Federal Savings, F.A., Member FDIC
Details, pros and cons
Why we like it: Novo is free with no strings: no monthly fee, no waiver rules and no minimum balance. It also refunds up to $7 a month in other banks’ ATM fees.
- No monthly maintenance fee and no waiver requirement
- No minimum balance
- Third-party ATM fees refunded up to $7 a month
- Invoicing, bookkeeping and Reserves at no extra charge
- No interest advertised on checking
- Express ACH and some other optional services cost extra
- Novo is a fintech, not a bank. Banking is through Middlesex Federal Savings
Lili Business Banking
4.7/5Free Core plan, with savings that earns 2.25% APY
at Lili, banking by Sunrise Banks, N.A., Member FDIC
Details, pros and cons
Why we like it: Lili Core costs $0 a month and needs no deposit to open. The savings side pays 2.25% APY on up to $500,000, and you get it on the free plan too.
- Lili Core is $0 a month with no minimum deposit
- 2.25% APY on savings up to $500,000 and 4.00% APY from $500,000 to $1 million, on every plan
- FDIC coverage up to $3 million through its sweep network
- Pro ($15 a month, $9 for the first 3 months) sorts expenses, saves receipts and sets money aside for taxes
- Debit card cashback is only on the paid plans
- Accounting, tax prep and invoicing need Smart ($35) or Premium ($55)
- Lili is a fintech, not a bank. Banking is through Sunrise Banks
More Business Bank Accounts for LLCs
These aren’t our top picks, but each one still makes sense for a certain kind of LLC. The big banks charge a monthly fee unless you keep a balance, so read the waiver rules first.
Bank of America Business Advantage
Big-bank checking with branches, fee waived at $5,000
Bank of America, N.A., Member FDIC
Details, pros and cons
Why we like it: Big-bank business checking with branches, and a good fit for LLCs that want a branch and already bank there.
- Branches if you want help in person
- The fee goes away with a $5,000 average balance or $500 in debit card buys
- No minimum opening deposit
- $16 a month if you miss both waivers
- No interest listed on this account
Bluevine Business Checking
Earns 1.3% APY when you spend $500 a month on the card
on Bluevine’s site
Details, pros and cons
Why we like it: Online checking that pays interest, and a good fit for earning interest without a big balance.
- $0 monthly fee on Standard
- Pays 1.3% APY when you spend $500 a month on the debit card
- FDIC coverage up to $3 million
- No interest unless you hit the $500 monthly debit spend
Capital One Basic Business Checking
70,000+ fee-free ATMs, fee waived at a $2,000 balance
Capital One, N.A., Member FDIC
Details, pros and cons
Why we like it: Simple business checking from a big bank, and a good fit for LLCs that keep about $2,000 in the account.
- 70,000+ fee-free ATMs
- The fee goes away with a $2,000 average balance
- Big-bank checking with a simple setup
- $15 a month if your average balance dips under $2,000
- No minimum opening deposit listed
DCU Free Business Checking
$0 monthly fee and unlimited check writing
Federally insured by NCUA
Details, pros and cons
Why we like it: Credit union business checking, and a good fit for DCU members who want no fees.
- $0 monthly fee
- $0 to open
- Unlimited check writing
- You have to be a DCU member to open it
Mercury
$0 monthly fee, no minimum balance, no overdraft fees
on Mercury’s site
Details, pros and cons
Why we like it: Online banking for startups, and a good fit for tech startups and online businesses.
- $0 monthly fee
- No minimum balance
- No overdraft fees
- Built for tech startups and online businesses, so it’s online only
Relay
Split cash into up to 20 accounts, $0 on Starter
on Relay’s site
Details, pros and cons
Why we like it: Business checking split into up to 20 accounts, and a good fit for LLCs that budget with separate accounts.
- $0 monthly fee on Starter
- Split money into up to 20 accounts
- 1.19% APY on savings, even on Starter
- The 1.19% APY is on savings, not checking
Wells Fargo Initiate Business Checking
$25 to open, branches, fee waived at $2,000
Wells Fargo Bank, N.A., Member FDIC
Details, pros and cons
Why we like it: Starter business checking with branches, and a good fit for small LLCs that want in-person help.
- Branches if you want help in person
- Only $25 to open
- The fee goes away with a $2,000 daily balance
- $15 a month if your daily balance dips under $2,000
Why your LLC needs its own bank account
Your LLC is supposed to be a separate thing from you. If your business money and your grocery money sit in the same account, that line gets blurry, and that’s exactly what you don’t want if your business ever gets sued.
It also makes tax time a lot easier. Every deposit and every expense is already in one place, so you or your accountant aren’t digging through a year of personal statements.
Not sure which type of account you need? Our guide to choosing a business bank account walks through checking vs savings and what to look for. If you work for yourself, the best banks for freelancers list is worth a look too.
What you need to open an LLC bank account
Most banks ask for the same handful of things: your EIN, your articles of organization, your operating agreement if you have one, and a government ID for each owner. Online banks like Grasshopper, Novo and Lili let you upload all of it from your phone.
Want to get paid to open one? Check the latest business checking account promotions first. And if your LLC needs cash to grow, compare small business loans, or see what Fora Financial offers.
Bottom line: open Grasshopper if your LLC keeps money in the bank, Novo if you want free and simple, and Lili if it’s just you and you want help with taxes.
How we picked
We looked at what each account really costs your LLC to keep: the monthly fee and what it takes to waive it, how much you need to open, whether your balance earns anything, and how easy it is to deposit cash and hit an ATM. Fees, rates and bank partners come straight from each bank’s own pages. If an account is free with nothing to waive, it ranks first. Big banks that only go free when you keep a balance come after.
FAQs
For most LLCs it’s Grasshopper Innovator Business Checking. There’s no monthly fee, it pays up to 1.35% APY on checking, and you need $100 to open it. Novo is the best pick for zero fees with no minimum balance, and Lili is the best fit for one-person LLCs.
Yes. Keeping your LLC’s money apart from your personal money helps keep the line between you and your business clear, and it makes bookkeeping and taxes a lot easier. A single-member LLC should have one too.
Usually your EIN, your articles of organization, your operating agreement if you have one, and a government ID for each owner. Online banks like Novo let you upload it all from your phone.
Yes. Grasshopper, Novo and Lili all open online. Grasshopper says you can apply in as little as 5 minutes.
Grasshopper pays 1.00% APY on checking under $25,000 and 1.35% APY from $25,000 to $250,000. Lili pays 2.25% APY on savings up to $500,000, on every plan including the free one.
Yes. Lili has no minimum deposit, and Novo has no minimum balance. Grasshopper asks for $100 to open.
