5 of the Best Business Checking Accounts for an LLC
Owning a business is never easy, whether you choose an LLC or any other business structure. There are so many things you need to be on top of that it can make your head spin. You have payroll, taxes, benefits, inventory, accounts receivable, accounts payable, sales, marketing…and if you are running lean, most of these tasks may rest on your shoulders.
In an effort to help with your finances, we’ve compiled a list to help you find the best business checking account for your LLC needs. We focused on nationally-recognized banks that will hopefully give you more opportunities to consider than niche institutions only found in a handful of states.
Are you looking for the best checking account for an LLC-structured business? The Chase Total Business Checking might be perfect for your needs. Obviously, Chase is a big name and not some fly-by-night company; they have over 5,100 branches across the U.S. and millions of customers.
The only stipulation with this checking account is that you either need to deposit $500 monthly or carry a daily balance of at least $1,500 to avoid a $12 monthly fee. Honestly, if your business is running smoothly and you are bringing in revenue, this should be a non-issue for you. And if you’re on good terms with Chase and you don’t meet these requirements one month, give them a call and plead your case — they might just waive the fee.
Depending on how your business accepts transactions, you may incur some fees with this account. There is a transaction fee of $0.40 after you reach 100 transactions during any given month — but if you don’t have that many, you won’t have any transaction fees to worry about. The second fee is the cash deposit fee: You will pay $2.50 per $1,000 after the first $5,000 in cash deposits during any given month.
Bank of America is another huge bank I’m sure many people have heard of, which gives it a place on our list of the best checking accounts for LLCs. If your business is doing well and you can keep $5,000 in the account, you can waive the $15 monthly fee. It also allows you a whopping 200 transactions without any fees. Additionally, you can have up to $10,000 worth of cash deposits without any fees, which is one of the highest limits you’ll find.
If you want even further ease from your business checking account, you can download the Bank of America app to access your account from anywhere, make mobile deposits, transfer funds and pay bills directly from your smartphone.
Another addition to our list of the best business checking account for LLC structures is the Wells Fargo Business Choice Checking. It gives you the following:
- 200 monthly transactions ($0.50 fee if you go over 200 per month)
- Cash deposit limit of $7,500 (no fee up to that amount, but $0.30 for every $100 you go over)
- Monthly fee of only $14 (though from what I’ve read online, you can fairly easily get this fee waived)
If you want to have the monthly fee waived, all you need to do is maintain one or more of the following conditions:
- Sign up for select Wells Fargo business services
- Have a minimum of 10 debit card purchases in a given month
- Maintain a combined minimum balance of $10,000 across all of your Wells Fargo accounts (great for if you have personal accounts with them)
- Maintain a minimum of $7,500 in your Wells Fargo Business Choice Checking account
When it comes to branch locations, no one in the nation is larger, which makes stopping by a local branch a breeze. This is a very strong contender for the top business checking account on our list.
U.S. Bank’s Silver Business Checking account is flexing its financial muscles against the competitors on this list. And for many, this could be the clear winner as the best business checking account.
Monthly fee? What monthly fee? U.S. Bank’s Silver Business Checking allows 150 transactions monthly without a fee, and if you go over you will simply pay $.50 per transaction. You also get 25 units of cash deposits per month without any fees — anything over that will carry a fee that varies by state. A “unit” is a cash value divided by 100 and rounded up. For instance, a $200 cash deposit would account for 2 units toward the monthly 25 units you get fee-free.
U.S. Bank has around 3,000 branches across 28 states, which gives many business owners the ability to drive directly to the bank if you want to drop off a deposit or ask a question in person.
If you aren’t concerned by not having a physical branch nearby, the Capital One Spark Business Checking could be the best business checking account to suit your needs. So if your business collects payments electronically and does not accept cash, this could definitely be a convenient checking account for you.
The monthly fee of $15 is waived if you can maintain a minimum balance of $2,000 or use at least two business products that they offer. (More than likely you’ll be able to hit the $2,000 requirement.) There are actually no transaction fees, plus you get an unlimited number of transactions each month. Without any branches nearby, you can always use the ATM, which gives you free access to your funds without any service fees.
If having mobile access to your business checking account is important to you, Capital One has an app you can download for free to check your balance(s), pay bills, deposit checks and obviously make transfers. You’ll need to sign up online since there are only around 700 branches across the entire U.S.
Only you can decide which account will be best for you based on your business’ needs. If you need more help, check out our resources — we have a free help center along with plenty of other useful blog content. Once you’ve picked a bank account, we can also help manage your company, like filing annual reports or taking care of your business taxes.