Jack DonaldAt the heart of the popularity of a limited liability company is the principle of limited liability. However, maintaining the integrity of the LLC’s corporate veil, which guarantees the inviolability of the owners’ personal assets, requires compliance with certain conditions. The main one is that personal assets and business assets strictly separated. If this requirement is violated, the company may lose its special status, and, as a result, the purpose of forming an LLC is lost.
Having a business bank account not only allows you to separate the owner’s personal assets from the company’s assets, but it also makes bookkeeping easier.
That is why opening a business checking account for your LLC is an important step. Today there are many banks which offer small business checking accounts, but how to choose the best one?
Let us help you! We have prepared 7 best business checking accounts for an LLC by comparing them according to basic criteria like:
- Having a minimum deposit;
- Cost of monthly maintenance fee;
- Signup bonuses;
- Accessibility.
7 Best Business Checking Accounts for an LLC
There are about 7,000 commercial banks in the United States, and choosing the right one for your business can take time. We understand that you, as a business owner, are probably a busy person. That’s why we’ve compiled a list of seven business checking accounts to save you the trouble of doing the research yourself.
So, let’s take a look at the banks that offer the best terms!
1) Chase Total Business Checking
The favorite one from our list of banks for business clients is Chase Bank. Their Total Business Checking account has great benefits, making it one of the best accounts for an LLC on the market.
Minimum deposit
Chase Bank has no minimum deposit to open an account, giving their customers complete freedom of action.
Monthly fee
The monthly fee is $15. However, if you sign up for their paperless statements, that fee drops to $12. But that’s not all! You can get completely free service if you provide at least one of the following conditions:
- Link your account to a Chase personal checking account;
- You will maintain a monthly balance of at least $1500.
Bonuses and benefits
Chase Bank gives a signup bonus of $200. To get this money, you must:
- Deposit $1,000 in the first 20 business days your account is open;
- Maintain that balance for 60 total days;
- Complete five qualifying transactions, including debit card purchases, remote deposits, etc.
If you do this within the 60-day window, then you will receive a bonus on your account.
In addition, Chase Bank provides customers with the following options:
- 100 transactions per month with unlimited electronic deposits;
- $5,000 of no-fee cash deposits per month.
Branches and ATMs
Another strong argument is the accessibility of Chase Bank. They have 4,900 physical branches and 16,000 ATMs. This guarantees that you can easily get access to your corporate account, no matter where you are in the country at the moment.
2) Bank of America Business Fundamentals
Bank of America is a great pick for LLC bank accounts and has a good reputation as one of the industry leaders. Besides its reliability and credibility, Bank of America’s business checking accounts offers its customers a number of favorable terms.
Minimum deposit
To open a commercial account here, all you have to do is deposit $100.
Monthly fee
In spite of the fact that Bank of America Business Fundamentals has a $14 monthly fee, you can get the service for free if:
- You spend $250 on your business debit card;
- Or maintain a minimum $5,000 average monthly balance.
Bonuses and benefits
You can get up to $750 in signup bonuses for opening any current business account. To do this, you must meet the following requirements:
- Make five electronic payments;
- And maintain that balance for 60 days.
If you meet the requirements mentioned above, you will earn:
- $200 if you deposit at least $5,000 within 15 days of opening your account;
- $500 if you deposit at least $20,000;
- $750 if you deposit more than $50,000.
Branches and ATMs
Bank of America has 4,600 banking centers and about 16,000 ATMs, making it one of the most accessible in the country.
3) U.S. Bank Silver Business Checking
U.S. Bank is another good option if you operate a small business and plan to make a small number of transactions. The terms offered by U.S. Bank’s Silver Business Checking are the following.
Minimum deposit
U.S. Bank has no minimum limit to open a commercial account for your company.
Monthly fee
U.S. Bank does not charge a monthly service fee.
Bonuses and benefits
Opening an account here has no signup bonus, however you will get:
- 25 free cash deposits per month;
- 125 free transactions.
Branches and ATMs
Nowadays this bank doesn’t have a major presence in every state. They have 3,100 branches and 5,000 ATMs, and that is the only drawback with U.S. Bank, that should be considered when choosing the right option for you.
4) PNC Business Checking
The conditions offered by PNC Bank are similar to U.S. Bank and meet the needs of small businesses. If you just need a business bank account up, PNC Business Checking is the perfect business banking solution at a reasonable price. It’s the right choice for entrepreneurs who want a quality service without overpaying for extra features.
Minimum deposit
If you choose this bank, you must deposit a minimum of $100 to open a new account for your LLC.
Monthly fee
There is a $10 monthly fee for the service, but you can reduce that amount to $0. Just maintain a $500 average monthly balance, and the bank will waive the fee.
Bonuses and benefits
Though PNC Business Checking customers do not receive signup bonuses, they have other beneficial opportunities:
- 150 free transactions;
- $5,000 in no-fee cash deposits per month.
Branches and ATMs
PNC Bank is a strong contender for your business checking account, but isn’t a truly national bank, so its presence is limited. They have 2,500 branches and 9,000 ATMs across the country.
5) Axos Business Interest Checking
If you have a cashless business or your company strictly operates online, you should think about cooperating with Axos Bank.
Minimum deposit
A $100 minimum opening deposit is required to open a company account. However, compared to some competitors this amount is quite reasonable.
Monthly fee
Axos Bank has a $10 monthly fee, which can be completely avoided by maintaining a balance of at least $5,000.
Bonuses and benefits
Each new customer is given by offering a $50 welcome bonus when opening an Axos Business Interest Checking. Another good thing is the 0.8% interest rate charged on your account.
The bank also guarantees an unlimited domestic ATM refund if you need to withdraw cash. And, in addition, you can get your first order of checks for free.
Branches and ATMs
Axos Bank has no physical bank branches, which somewhat limits its opportunities. This option works only if you do not do business in cash, i.e. for web-based businesses mainly.
6) Wells Fargo Business Choice Checking
The next bank to consider is Wells Fargo. It does not stand out as something special, but it is reliable and has proven itself well.
Minimum deposit
You need a $25 minimum to open an account if you decide to entrust your company’s funds to this bank.
Monthly fee
Wells Fargo Business Choice Checking charges a $14 monthly fee, which can be reduced to $0 by complying with one of the following conditions:
- Maintain an average $7,500 balance;
- Make ten debit card purchases in a month.
Bonuses and benefits
Even though Wells Fargo doesn’t have signup bonuses, they do give their customers:
- 200 transactions per month at no charge;
- $7500 in free monthly deposits.
Branches and ATMs
With 13,000 ATMs and 8,000 physical bank branches, this bank has wide representation.
7) TIAA Small Business Checking
TIAA is an online-only bank, so it’s not an option for everyone. You can use its services only if your company’s activities are not related to cash.
Minimum deposit
TIAA has a $1,500 minimum opening deposit, which is significantly higher than the similar requirement from Axos.
Monthly fee
If you work with this bank, you will have zero monthly fees.
Bonuses and benefits
TIAA provides interest for any current commercial account. They are 1.01% for your first year, after which the rate will depend on the amount:
- $0–$9 999 – 0,20%;
- $10 000–$24 999 – 0,30%;
- $25 000–$49 999 – 0,40%;
- $50 000–$99 999 – 0,45%;
- from $100 000 – 0,55%.
TIAA is also the only bank that provides specialized accounts for business entities such as:
- sole proprietors;
- single-member LLCs.
TIAA also offers ATM fee reimbursement if you need to cash out some money from a business account.
Branches and ATMs
Due to the fact that this bank deals only with non-cash payments, TIAA has no physical offices or its own ATMs.
In Conclusion
When the business formation process is complete, you probably can’t wait to make your first deals, but opening a business bank account is a really important step. By taking care of this in advance, you will protect yourself in case of lawsuits against the company. Having a business account will be the proof to the court that your personal and business assets are separate, and therefore, the corporate veil is not violated. Otherwise, the court may allow creditors to pursue your personal assets, which could cost you a lot of money.
The banks given in this guide are the best in the business, their positive reputation is confirmed by thousands of clients. By choosing one of them to open a business checking account for your LLC, you will get the best service that is possible. Just visit one of the local bank branches to find out what documents you need to open a business bank account, and enjoy the benefits that it provides.
