5 best business bank accounts for LLCs in 2026

Key takeaways  

• Deloitte found more than 80% of small businesses would consider an online-only banking provider, and 76% now prefer digital banking over traditional methods.¹

• In 2026, the best small business accounts for LLCs balance costs, flexibility, and yields.

• The best business accounts for LLCs in the US include Airwallex, American Express, Novo, Relay, and Chase Bank, based on this research. Airwallex 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.

This guide highlights what makes a strong business bank account for LLCs, comparing leading providers across fees, features, integrations, and scalability to help a business find an account that best suits its needs.

The best business accounts and bank accounts for LLCs at a glance

Best business accounts and bank accounts for LLCs in the US

Best for cross-border businesses and no-fees: Airwallex Business Account

Ideal for

Airwallex Business Accounts combine its global financial infrastructure with intelligent automation to move funds at agentic speed across entities, currencies, and markets. Airwallex is an "all-in-one" financial platform that removes the trade-off between low costs and global scale. Designed to be the first and last business account an LLC ever needs, it lets eCommerce, travel, and online businesses collect, hold, and spend in 20+ currencies natively. Airwallex routes around the forced conversions and fees built into traditional rails, providing the interbank FX rates and automation small-to-medium LLCs need to operate like local entities in over 70 countries.

Our take

Airwallex Business Account is a strong fit for businesses with international customers or suppliers. While it is not a bank account, it gives businesses a way to collect payments in supported currencies, hold multi-currency balances, and send international payments through a single platform with $0 monthly fees for the Explore plan. These features can help reduce unnecessary currency conversions and lower foreign exchange and cross-border payment costs for businesses operating globally.

Beyond payments, Airwallex's business account 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 business growth. For more details, see our full Airwallex Business Account review.

Note: Airwallex is a fintech company, not a bank. U.S. customer funds are held with FDIC-insured partner banks, including Evolve Bank & Trust, and are eligible for FDIC pass-through insurance of up to $250,000 per qualified customer account and banking institution.

Pros

• Corporate debit cards available for employees

• 3 pricing plans, which scale as a 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 

Ideal for

American Express Business Checking targets US-based LLC owners who maintain high cash balances and those already integrated into the American Express rewards network.

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 pays 1.30% APY on balances up to $500,000, a solid return for a $0-fee checking account, though it falls short of dedicated high-yield options. Entrepreneurs seeking more robust yield strategies and digital rewards may prefer to explore Slash business account alternatives to better leverage their day-to-day operating capital.

The account is also appealing for businesses looking to earn rewards on their spending. At the time of writing, a business can earn 30,000 Membership Rewards® points by depositing US$5,000 within the first 30 days, holding that balance for 60 days, and completing five qualifying transactions.² Those points redeem for cash deposits, travel purchases, gift cards, and more. One catch worth flagging: Amex Business Checking has no physical branches, and cash deposits aren't supported, which makes it a poor fit for an LLC that handles much cash.

While Amex doesn't offer the same built-in expense management tools as platforms such as Airwallex, its Business Checking account does integrate with QuickBooks accounting software. This integration helps LLCs speed up financial management and reduce tax-filing hassles.

Pros

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

• 24/7 customer service

• Earn a reward point for every US$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

Ideal for

Novo is a high-utility "starter" account for local freelancers and simple US-based solopreneurs who want a free way to send invoices and automate their bookkeeping.

Our take

Unlike most business bank accounts, Novo doesn't require an Employer Identification Number (EIN) to open an account, sole proprietors can sign up with just a Social Security number. For those who do want one, Novo points customers to the IRS's own free EIN application, which typically takes around 15 minutes, and owners can usually complete Novo's own account application 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 US$7 per month for third-party ATM provider fees.

Its Standard checking account does not earn interest on the balance. A business sitting on meaningful cash reserves will want to hold that money elsewhere, since Novo works strictly as a zero-fee transaction account, not a place to grow idle cash.

Novo lacks many of Airwallex's advanced global payment features. For instance, it only accepts wire payments in USD, and international payments route through its Wise integration to reach competitive FX rates.⁷

Pros

• No minimum balance requirement

• Integrations with Gusto, Stripe, and QuickBooks

• Set automated invoice reminders

Cons

• Outgoing wires can cost up to US$30

• No proprietary ATM network

• Standard checking earns no interest; select tiers offer up to 1.10% APY

Best for free checking: Relay 

Ideal for

Relay is an "organizational" account for local, US-based LLCs that follow the "Profit First" method and need multiple accounts to manage their budgets.

Our take

Relay suits LLCs looking for free checking, as its Starter plan skips minimum balance requirements and account maintenance fees. In 2026, Relay added an insured cash sweep program providing up to US$3 million in FDIC insurance through its partner, Thread Bank.

Relay pays up to 3.00% APY on Relay savings balances on its paid Scale plan (US$120/month); the free Starter plan earns a lower 1.11% APY, since rates are tied to the monthly plan rather than the balance.⁴ Automated transfer rules sweep excess operating cash directly into savings.

The account doesn't charge fees for standard ACH, mobile check deposits, or AllPoint ATM withdrawals, which suits cost-conscious solo entrepreneurs. Relay also integrates with PayPal, Stripe, and Square, though its international features remain limited compared to Airwallex. Relay accounts cannot hold non-USD currency, so exchange rate fees still apply to international customer payments.**⁸

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 

Ideal for

Chase targets traditional, brick-and-mortar LLCs that deal with physical cash and want the security of a large branch network.

Our take

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

There is a standing US$15 monthly maintenance fee, and Chase offers several ways to waive it: keep a US$2,000 minimum daily balance, spend US$2,000 on a Chase Ink® Business credit card, receive US$2,000 in deposits through Chase QuickAccept® or Chase Merchant Services, link a Chase Private Client Checking℠ account, or show proof of active military service.

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

This list draws on dozens of online platforms and traditional financial institutions, including the largest US banks. The analysis covers criteria most important for LLCs, including Federal Deposit Insurance Corporation (FDIC) insurance, fees, features, barriers to entry, and scalability. It 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.

A note on Airwallex's inclusion: Airwallex publishes this article. The Airwallex Business Account was scored against the same criteria as every other business account and business bank account here, and its trade-offs are listed just as they are for competing accounts.

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 utilize the benefits of business bank accounts by using a business checking account for income and expenses, often paired 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, such as 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, US-based LLCs, corporations, and partnerships usually need one to comply with tax laws, and a business account is often the leading option for managing company 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. The factors below matter most.

FDIC insurance

FDIC insurance protects a business's cash if a financial institution fails. Check coverage limits and their structure to determine whether they're sufficient for the business.

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 idle cash work harder. These returns can make a difference for businesses holding 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%⁹ of business owners prioritize consolidating digital tools and simplifying workflows.

Scalability

As an LLC grows, its banking needs become more complex, especially when expanding internationally or managing larger teams. A business planning to grow globally needs an account that can grow with it. 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?

Yes. As an independent legal entity, an LLC should have its own account to separate personal and business affairs. Opening a business account for an LLC typically requires:

• 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

Additional documentation may apply, such as an operating agreement or an ownership disclosure form, depending on the chosen provider.

How to open a business banking account for your LLC

Setting up a business bank account for an LLC typically takes the following steps:

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

2. Get EIN: Apply for an EIN from the IRS, even if for 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 the LLC’s needs.

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

5. Apply for the account: Applications run in person or online. The provider may ask for additional documentation or verification during this part of the process.

6. Activate the 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. A few alternatives are 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 such as Reddit¹⁰, 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.

Explore different types of business bank accounts

Most types of business bank accounts look the same until a growth spurt arrives and the fees start eating margins. The sections below break down the market's leading options for comparing features and finding the right fit.

Explore dedicated resources below to find business accounts tailored by growth goals.

• Business accounts for international business

• Business accounts for e-commerce

• Online business accounts

• Business accounts with no fees

• Business accounts for small businesses

• Multi-currency business accounts

• Business savings accounts

• High-yield savings business accounts

• Business bank accounts for sole proprietors

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 account for an LLC depends on how the business operates. A digital provider such as Airwallex lets businesses trade internationally, often across multiple currencies, making it a good option for LLCs that plan to scale globally. A traditional bank such as Chase offers in-person support, which a US-focused LLC might seek.

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

Digital-first providers such as Airwallex (not a bank) lead on fees, speed, and global payment tools, particularly for international businesses. 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.

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, credit unions 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.americanexpress.com/en-us/business/checking/

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

4. https://relayfi.com/pricing/ 

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

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

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

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

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

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

Disclaimer: We last reviewed and updated this article in April 2026. 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].