Top 5 Best Business Bank Accounts for LLC in 2021
If you run a Limited Liability Company (LLC), you need to have a separate bank account for your business transactions. Having a separate account not only ensures a clear separation between your personal and business finances but also helps you keep track of your business income and expenses. Here are the top 5 best business bank accounts for LLCs in 2021.
1. Chase Business Complete Checking
Chase Business Complete Checking is a great option for small businesses, including LLCs. It offers unlimited electronic deposits, outgoing wires, and free online bill payments. With no monthly service fee for up to 12 months, this account is perfect for new businesses. The account also comes with a $300 bonus after you opening the account and completing a few simple requirements.
2. Bank of America Business Advantage Checking
Bank of America Business Advantage Checking is another great account option for LLCs. It offers a range of benefits, such as no monthly service fees for up to 2 years, 200 free monthly transactions, and an option to waive the monthly fee if you maintain a minimum daily balance. This account also comes with the Bank of America Business Advantage Relationship Rewards program, which provides additional benefits based on your account’s balance.
3. Capital One Spark Business Checking
Capital One Spark Business Checking is an online-only bank account that offers no monthly fees and free transactions. This account is perfect for businesses that conduct most of their transactions online. It also offers cashback rewards on debit card purchases. If you’re looking for an easily accessible, low-cost checking account for your LLC, this is an excellent option.
4. Wells Fargo Business Choice Checking
Wells Fargo Business Choice Checking is another option worth considering, especially if you need more advanced banking services. This account offers a range of features, including free unlimited electronic transactions, mobile banking, and ATM access. You can also link this account to other Wells Fargo business accounts for easy management. However, it comes with a monthly fee, which can be waived if you maintain a minimum account balance or use other Wells Fargo business services.
5. Axos Bank Basic Business Checking
Axos Bank Basic Business Checking is an online-only account that offers a range of benefits for LLCs, including no monthly fees, free online banking, and unlimited monthly transactions. It also provides overdraft protection and access to its ATM network. This account is best for small businesses that conduct most of their transactions online.
Conclusion
Choosing the best business bank account for your LLC is essential for keeping your business finances organized, separate from your personal finances, and for making your taxes easier. When you’re looking for a business bank account, consider the fees, transaction limits, and services provided. All of the accounts listed above are excellent options for LLCs in 2021, depending on your specific requirements and preferences.
