Best Business Bank Accounts (2024)

FAQs

Which bank is the best for a business account? ›

Opening a business bank account for your LLC doesn't just help streamline bookkeeping and operations (though it does that, too). A dedicated LLC bank account is an essential step to maintaining the legal distinction between the business and its owners, which is necessary to preserve limited liability protections.

Chase business checking is best for business owners who deal with high cash deposit amounts and process many transactions each month. It's also ideal for account holders with larger balances, which are needed to easily waive the account's steep monthly fees and make the most of its features.

Most business bank accounts can be opened with $0, but some business checking accounts require an opening deposit, which typically ranges from $25 to $100.

Whether a traditional bank or online bank is better for a small business depends on your needs and preferences, such as low fees, lending options and in-person customer service. Take time to explore your options before choosing one.

The benefits of multiple business bank accounts

Separating expenses into different bank accounts helps with financial tracking. For example, let's say you want to track payroll or incoming invoices—having a separate account for each gives you a more accurate representation of money allocated to a specific need.

The IRS recommends that all small business owners have separate bank accounts. While a sole proprietor—an individual who owns a business and is personally responsible for its debts—is not legally required to use a business checking account, it's still a good idea from a tax perspective.

No, you cannot open a business bank account with an employer identification number (EIN) only. You'll also probably need other business paperwork — like your business license and formation documents — plus personal identification like a driver's license.

Does an LLC need an EIN to open a bank account? ›

Do you need an EIN to open a business bank account? Banks won't always require an EIN to open a business account. But you might have to get one based on your business structure: The federal government requires an EIN if you plan on doing business as a partnership, multimember LLC or corporation.

With a vast network of branch locations and ATMs, it's a solid choice for businesses looking for in-person banking. The bank's website also provides business customers with various tools to help manage cash flow. Wells Fargo is not a good option if you want a free checking account.

Overall, my analysis showed Tide to be the quickest business account to open: 53% opened new accounts in under 10 minutes, 70% in under 60 minutes, and 81% within 48 hours, according to the bank's own data.

Although some banks will fund startups, the loans can be difficult to qualify for due to a startup's limited time in business and revenue.

Credit unions may offer major cost savings compared to banks. Paying less for banking services directly increases profits, benefiting businesses of all sizes. These financial advantages make credit unions appealing for companies looking to impact their bottom line.

Across the small business sector, we lead the country in extending credit and investing in growth. We're the nation's largest small business lender and also the largest investor in Community Development Financial Institutions (CDFIs) that help startups in low- to moderate-income areas.

No, you cannot open a business bank account with an employer identification number (EIN) only. You'll also probably need other business paperwork — like your business license and formation documents — plus personal identification like a driver's license.

A Chase business account is a good choice overall for most new, small businesses—especially if you need to make cash deposits, access to fee-free ATMs, or if visiting brick-and-mortar locations is otherwise important to you.