5 best business bank accounts for LLCs in January 2026

Key takeaways  

• The best small business accounts for LLCs balance costs, flexibility, and practical tools, helping businesses manage cash flow and day-to-day operations, while also supporting growth.

• The best business bank accounts for LLCs include Airwallex, American Express, and Chase Bank, based on our analysis of fees, business tool integrations, and more.

• Deloitte found more than 80% of small businesses¹ would consider an online-only banking provider, suggesting that LLCs are open to moving away from traditional banks in favor of digital-first financial companies.  

With SMBs making up 99% of small businesses in the US^2,, demand for flexible business banking remains strong. 

The best business bank accounts for LLCs in the US include Airwallex, American Express, Novo, Relay, and Chase Bank, based on our research. Airwallex, in particular, sets itself apart by combining multi-currency accounts, low fees, and built-in business tools that support day-to-day operations and long-term growth.

In this guide, we highlight what makes a strong business bank account for LLCs, comparing leading providers across fees, features, integrations, and scalability to help you find an account that best suits your business’s needs.

The best business banking account for LLCs at a glance

Best overall: Airwallex 

Our take: Airwallex is the best business account for LLCs as it lets you keep costs low while managing finances through a single, digital-first platform. The account has no monthly maintenance fees, no minimum opening deposit, and no minimum balance requirements, making it suitable for newly formed LLCs and owner-managed businesses.

Airwallex is also a strong fit for businesses with international clients or suppliers. Its multi-currency account lets you accept international customer payments in their currency, hold currency balances without forced conversion, and send vendor payments to 120+ countries. These features help you minimize costly currency conversion, foreign exchange (FX), and cross-border fees.  

Beyond payments, Airwallex offers practical tools that support day-to-day LLC operations, including corporate cards, expense management, and integrations with top accounting software such as Xero and QuickBooks. Overall, it provides a scalable, all-in-one financial solution that reduces admin and supports your business growth.

Pros

• Corporate debit cards available for employees

• 3 pricing plans, so you can scale as your business grows

• Bank-level security to protect business and personal funds

Cons

• Higher fees for converting to less common currencies

• No overdraft facility, which may limit short-term cash flow

• Traditional savings accounts not yet available in the US

Best for no deposit: American Express Business Checking 

Our take: With no minimum opening deposit or monthly maintenance fees, the American Express Business Checking account is a strong option for LLCs looking to keep startup and ongoing costs to a minimum.

The account is also appealing if you’re looking to earn rewards on your business spending. At the time of writing, you could earn 30,000 Membership Rewards points after performing select ‘qualifying activities’, which include maintaining a certain account balance. You can ultimately redeem those points for cash deposits, travel purchases, gift cards, and more.

While Amex doesn’t offer the same built-in expense management tools as platforms such as Airwallex, its Business Checking account does integrate with accounting software such as Xero and QuickBooks. These integrations can help LLCs streamline financial management and reduce tax-filing hassles. 

Pros

• Earn 1.30% annual percentage yield (APY) on balances up to $500,000

• 24/7 customer service

• Earn a reward point for every $2 of eligible debit card spending

Cons

• Cash deposits not supported

• No overdraft facility

• Possible fees for using third-party ATMs

Best for easy EIN application: Novo Business Banking

Like most business bank accounts, Novo requires an Employer Identification Number (EIN), a unique nine-digit number issued by the IRS to identify a business for tax and reporting purposes, to open its business account. But Novo has an online tool⁷ that helps businesses in need obtain one, and owners can typically complete its simple, digital-first application process in around ten minutes. 

Novo Business Banking is also a relatively low-cost account, skipping fees for monthly maintenance, incoming and outgoing ACH transfers, incoming domestic and foreign wires, and debit card replacement. It also waives ATM withdrawal fees and reimburses up to $7 per month for third-party ATM provider fees, although that amount may prove insufficient if you make a high volume of cash withdrawals. 

Notably, Novo lacks many of Airwallex’s advanced global banking features. For instance, it only accepts wire payments in USD, and you’ll need to use its Wise integration to send international payments at competitive FX rates.⁸

Pros

• No minimum balance requirement

• Integrations with Gusto, Stripe, and QuickBooks

• Set automated invoice reminders

Cons

• Outgoing wires can cost up to $30

• No proprietary ATM network

• No interest paid on deposits

Best for free checking: Relay 

Our take: Relay is the best business bank account for LLCs looking for free checking, as its Starter plan skips minimum balance requirements and account maintenance fees, yet offers a 0.91% savings account APY and 1% credit card cash back. 

The Starter Plan also doesn’t charge fees for standard ACH transfers, domestic and international wire transfers, mobile check deposits, and cash withdrawals at AllPoint ATMs, making it an option for cost-conscious business owners and solo entrepreneurs.

Relay also integrates with popular software such as PayPal, Stripe, and Square, though it doesn’t offer the same sophisticated APIs as platforms such as Airwallex, and its international banking features are limited or potentially costly. Relay business accounts, for instance, can’t hold non-USD currency, so you’ll face an exchange rate fee if an international customer sends you payment in their local currency⁹.

Pros

• Choice of 3 plan types

• Open up to 20 checking accounts

• Unlimited same-day ACH transfers and incoming wires

Cons

• No interest on balances

• No physical branches or cash deposit support

• Limited access to lending and credit products

Best traditional bank: Chase Business Complete Banking 

Our take: Chase Business Complete Banking is a great option for LLCs that value in-person support and access to a range of financial products, given the big bank’s large branch and ATM network and wide suite of financial services, including business credit cards and loans. 

There is a standing $15 monthly maintenance fee, but you can have it waived if you meet certain balance or activity requirements, such as keeping a $2,000 minimum daily balance or linking another qualified Chase checking account. On top of this, the bank frequently offers a welcome bonus to new accountholders.

Note that Chase’s FX rates are approximately 2-3% higher than platforms such as Airwallex, which may not be ideal if you frequently make overseas transactions.

Pros

• Create digital invoices

• Accept credit card payments

• Same-day deposits

Cons

• Higher fees for wires and some transactions

• Digital tools less flexible than fintech alternatives

• High overdraft fees

Methodology for choosing the best business accounts for LLCs

To establish our list of the best business bank accounts for LLCs, we investigated dozens of online platforms and traditional financial institutions, including the largest U.S. banks. We analyzed them across criteria most important for LLCs, including Federal Deposit Insurance Corporation (FDIC) insurance, fees, features, barriers to entry, and scalability. We also considered specific categories of interest to LLC business owners, such as low deposits, easy EIN-based applications, free checking accounts, and traditional or in-person banking.

What is an LLC, and what type of bank account do you need for one?

A limited liability company (LLC) is a business structure that separates personal assets from business finances. This structure helps protect an owner’s personal property if their business gets into debt or faces legal expenses. LLCs can have one or more owners and usually pass profits to owners for tax purposes.

Most LLCs use a business checking account for income and expenses, with a savings or money market account (MMA) to hold cash for taxes and other upcoming costs. A good LLC business account combines low domestic and international fees with built-in business management features, like expense management tools, corporate cards, invoicing capabilities, and accounting software integrations. 

Benefits of a business banking account for LLCs 

• Keeps personal and business finances separate, preserving limited liability for owners

• Simplifies bookkeeping, taxes, and year-end reporting

• Easier to track income, cash flow, and expenses via a single platform

• Improves access to business credit cards, line of credit, and loans

• Helps build a financial history for the LLC

• Reduces the risk of errors and audits caused by mixed funds

Risks of a business banking account for LLCs

• Account fees and minimum deposit or account balance requirements are generally higher than those associated with personal bank accounts.

• Owners must be careful not to co-mingle personal and business funds.

• Increased fraud and security exposure with different liability protections

• Potential for account holds or closures due to compliance issues.

Important: While business accounts introduce new complexities that owners must manage, U.S.-based LLCs, corporations, and partnerships usually need one to comply with tax laws, and a business account is often your top option for managing your company’s finances.  

What to consider when choosing a business banking account for LLCs

Choosing the right business banking account is an important decision for LLCs and can affect everything from day-to-day cash flow to long-term financial planning. Here’s what you should consider when finding the right account for your circumstances.

FDIC insurance

FDIC insurance protects your business’s cash if a financial institution fails. Check coverage limits and their structure to determine whether they’re sufficient for your business. Note: Many fintechs, including Airwallex, partner with a trusted bank to provide FDIC insurance to their accountholders. 

Minimizing fees

Business banking charges can quickly add up, particularly monthly maintenance fees and wire transfer limits. Look for accounts with little or no fees, especially for day-to-day activities, such as making and accepting payments.

Maximizing yields

Some banks offer interest on balances, which can make your idle cash work harder. These returns can make a difference if you have significant cash reserves.

Business tool integrations

Many business accounts integrate directly with accounting software, such as QuickBooks, or eCommerce platforms, such as Shopify. These integrations can reduce manual data entry and make it easier to track expenses and tax liability. For example, a recent study found that 82%¹⁰ of business owners prioritize consolidating digital tools and streamlining workflows.

Scalability

As an LLC grows, its banking needs become more complex, especially when expanding internationally or managing larger teams. If you plan to grow globally, you’ll want a business account that can grow with you. Airwallex, for instance, is designed to support global transactions and offers spend management tools.

Can you open a bank account in an LLC’s name?

You can open a bank account in an LLC’s name. As an independent legal entity, an LLC should have its own account to separate personal and business affairs. To open a business account for your LLC, you’ll typically need:

• Articles of Organization (proof the LLC is legally formed)

• EIN from the IRS

• Government-issued photo ID for owners and authorized signers (someone who can make deposits, authorize payments, or sign checks)

• A business address and contact details

You may face additional documentation requirements, such as an operating agreement or an ownership disclosure form, depending on your chosen provider. 

How to open a business banking account for your LLC

To set up a business bank account for an LLC, you’ll typically need to take the following steps:

1. Form your LLC: Register your LLC with the state and receive your Articles of Organization.

2. Get your EIN: Apply for an EIN from the IRS, even if you’re a single-member LLC.

3. Choose a provider: Compare as many options as possible, including traditional banks, fintechs, and credit unions, to find the best business account for your LLC’s needs.

4. Prepare your documents: Gather your formation documents, government-issued IDs, and operating agreement (if needed).

5. Apply for your account: You can usually do so in person or online. The provider may ask for additional documentation or verification during this part of the process.

6. Activate your account: First steps normally include making an initial deposit, ordering debit cards, and connecting accounting software.

Alternatives to business banking accounts for LLCs

While large bank business accounts or fintech business accounts are sometimes the default choice for many LLCs, they’re not the only option. Here are a few alternatives worth considering. 

Local banks 

Local and regional banks can provide in-branch access, cash-handling services, and financing. They may be a good choice for LLCs that value face-to-face support, have established relationships in their community, or make frequent cash deposits.

Credit unions

Some experts recommend credit unions as a business banking alternative, particularly for smaller or locally focused LLCs. On forums like Reddit¹¹, several business owners suggest banking with a local credit union due to:

• Lower fees and more flexible minimum balance requirements

• More personalized, relationship-led customer service

• A strong focus on supporting local businesses and communities

However, credit unions may be limited in advanced digital tools, third-party integrations, and international payment features.

Cash management accounts (CMAs)

Some brokerage firms offer cash management accounts that work in a similar way to bank accounts, as they often provide:

• Competitive interest rates 

• Easy transfers between cash and investment accounts

• FDIC insurance through partner banks

However, CMAs are not designed as complete business banking solutions. They may lack essentials such as check-writing, cash deposits, or dedicated small-business support.

Frequently asked questions about the best bank accounts for LLCs

What is the best small business bank account for an LLC?

The best small business bank account for your LLC depends on how your business operates. A digital provider like Airwallex, for instance, lets businesses trade internationally, often across multiple currencies, making it a good option for LLCs that plan to scale globally. Meanwhile, a traditional bank, like Chase, offers in-person support, which a U.S.-focused LLC might seek.

What is the best bank to open up a small business account with?

Chase Complete Business Banking is a popular choice for businesses that prefer a face-to-face banking experience, thanks to its extensive branch and ATM network. However, digital-first providers such as Airwallex may outperform on fees, speed, and global payment tools, especially for international businesses.

Does an LLC need an EIN for a bank account?

Typically, yes – an LLC usually needs an Employer Identification Number (EIN) to open a business bank account. While single-member LLCs may be able to use a Social Security number, many banks still require an EIN during the application process.

Is a credit union better than a bank for an LLC?

A credit union could be an excellent choice for LLCs that prioritize low fees and personalized customer support. However, they often offer fewer digital tools, integrations, and international functionality than larger banks or online solutions.

Sources

1. https://www.deloitte.com/us/en/what-we-do/capabilities/converge/articles/small-business-banking.html 

2. https://www.deloitte.com/us/en/what-we-do/capabilities/converge/articles/small-business-banking.html

3. https://www.americanexpress.com/en-us/business/checking/

4. https://www.novo.co/60ca70f6cb7406afbf948a8e/6758945f19eeedcd8bc77e28_NovoFeeSchedule2024.pdf 

5. https://relayfi.com/pricing/ 

6. https://www.chase.com/business/banking/checking/business-complete-banking 

7. https://www.novo.co/blog/do-i-need-an-ein-for-my-llc 

8. https://www.novo.co/integrations/wise 

9. https://support.relayfi.com/hc/en-us/articles/31645411699220-Can-Relay-accounts-hold-non-USD-currencies 

10. https://www.usbank.com/content/dam/usbank/en/documents/pdfs/about-us-bank/leading-through-change-shaping-a-legacy.pdf

11. https://www.reddit.com/r/smallbusiness/comments/1hzuxpo/just_made_an_llc_any_suggestions_about_who_to/ 

Disclaimer: We wrote this article in Q4 2025. We based the information on our own online research and were not able to manually test each tool or provider. The information is provided for educational purposes only, and a reader should consider the specific requirements of their business when evaluating providers. If you would like to request an update, feel free to contact us at [email protected].