Best Bank For Small Business LLC: One of the main reasons for forming an LLC for your business is to separate your personal assets and money from your business.
This means you will need a business bank account, but finding the right account can be difficult due to the number of options available. The best options are going to be free and a great online portal or app for easy business transactions.
The best small business bank account for an LLC
For many people, the formation of an LLC marks a transition, turning their side gig for a little extra income to start a serious business.
There are many boxes to check in that process, but the most important one is to choose the best business checking account for your needs.
Choosing one early is important because LLC protection is only valid when your personal and business finances are separated.
However, opening a business checking account for your LLC can provide many other benefits as well. Even a basic business banking account can offer credit, invoice services, and much more.
A business checking account can come with merchant services, while a savings account can help you grow your money.
In the past, LLC business owners had limited options for business accounts, but using an online bank, with smaller fees and better rewards, is becoming more popular.
- Business banking fees
- Savings Interest Rate (APY)
- Liability protection
- Credit options
- Rewards and benefits
Best Business Bank Accounts for LLCs
The best business bank accounts for LLCs are going to vary greatly, depending on how much money you plan to go through the account and how much money you need to deposit.
Most are free but some, especially traditional options require a transaction fee that you need to pay attention to.
Novo – Best for small business
Novo is a good checking account for small businesses due to its easy-to-use platform, the easy application process, and seamless digital payment capabilities.
You can apply in less than 10 minutes and get a quick response with any missing information you need to submit before your account goes live.
Novo really improves with its easy-to-use app. Since the bank offers free ACH transfers, you can easily sign in to its app via your mobile device and pay bills, send money, collect payments or pay your bills in seconds.
You can transfer money to a personal account Your banking details and transactions are always at your fingertips to help you stay on top of your financial obligations. The app tells you what you are spending and bringing each month.
BlueVine – Best Overall
A BlueVine Business Checking Account provides a basic online business checking account option that rounds out very well for most small businesses.
You can pay the bills, apply for a small loan in minutes and even earn a reasonable interest rate without any monthly fees. The application process is simple and can be completed in minutes, your account is likely to be activated on the same day.
With Blueline, you can complete as many transactions as you like without any extra charge. There is no minimum balance or minimum deposit after opening your account, so it is really suitable for any size business and can be a great option even for freelancers.
BlueVine offers a great APY on its checking account, giving users a 1.2% return on balances up to $100,000. It is only available to account holders who either spend $500 per month on your loan card or accept $2,500 per month from customer payments to your checking account.
The best Lili for one-person businesses is small and suitable for one-person operations. This widens the strange and sometimes non-existent divide between personal bank accounts and business checking accounts for small businesses. It provides an easy-to-use platform that you can create in minutes.
It offers a business check account option, especially invoices, without some unnecessary and expensive features.
However, you will miss the loan and merchant service options. There are also free online bill payments to help a ‘small business, which makes it one of the best business accounts for an individual LLC.
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US Bank – Best for business loans
Unlike its established counterparts on this list, US Bank Law Instead of a transaction fee, your basic US bank waives the monthly maintenance fee on your Silver Business Checking account.
Fees can be waived on more expensive accounts by meeting the minimum balance requirement or by meeting one of the other criteria. As long as you only do a few transactions per month, US Bank can offer you a good account.
Capital One – Best for customer service
Capital One offers two different options for checking business accounts. The Basic Account offers a relatively low minimum balance for unlimited electronic deposits, online and mobile banking, and fee waivers. Unlimited Business Bank accounts have two basic accounts, so maybe suitable for complex money transactions.
Capital One is a very traditional banking company but it easily blows other traditional banks out of the water using its app and your account. Capital One also offers many more products, such as credit cards, which you may qualify for if you are approved for their business checking account.
Bank of America – Best for Traditional Banking
A Bank of America business checking account is one of the many products that BofA offers for small businesses.
Like two levels of Chase and Capital One, with two different levels of service, each targets small or large bank accounts. Bank of America business loans, credit lines, and credit cards are available to grow a business.
Bank of America is a symbol of a traditional bank. Although it has online capabilities with a decent app, it is still not as easy to use as other options.
Also, the fee structure is not designed for small businesses because of the large balance required to waive these charges.
Axos – Best Online Bank
Axos is a virtual bank so it only offers an online business bank account, not supported by actual locations. However, unlike some competitors, it does not depend on any other financial institution.
It is a bank in itself. Axos regularly appears on the web as one of the ‘Best Business Checking Accounts’ due to its generous terms and range of services.
It prides itself on creating a great online presence and experience for its customers, making it a great choice for small or digital businesses. Unfortunately, the APY you earn is only up to .20% for the initial check or .81% for the interest check if you maintain a minimum balance of $5,000.
The bottom line
The best small business bank accounts for LLCs. When you start your own LLC to separate business and personal liabilities, you need a business bank account to realize the liabilities you are looking for.
BlueVine is going to be the best business bank account for most small businesses It pays no fees, has no minimum balance, and can be activated within minutes. Apply today and secure your personal finances with your LLC.
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