What is the best bank for an LLC?

The best bank for an LLC depends on your needs. For a new single-member LLC with no employees: Relay or Mercury offer free checking, strong accounting integrations, and instant online opening. For an LLC needing branch access and cash deposits: Chase Business Complete Banking (extensive branch network, waivable $15 fee). For an LLC that wants SBA loan access from the same institution: Live Oak Bank or a local SBA preferred lender. For multi-member LLCs needing team features: Relay (up to 50 debit cards, 20 sub-accounts).

Do I need a special account for a single-member LLC?

No special account type is needed — a standard business checking account works for single-member LLCs. The key is that the account is in the LLC's name, opened with the LLC's EIN (not your SSN), and used exclusively for business transactions. Using the correct account maintains the legal separation between you and your LLC.

Can a new LLC get a business bank account?

Yes. Online banks like Relay, Mercury, and Novo accept applications from newly formed LLCs — even those formed the same day. You need the LLC's EIN (free from IRS.gov) and a copy of your Articles of Organization. Most online applications are approved and open within 24–48 hours. Traditional banks may require 30–90 days of operating history for some business account types.

Which bank is best for an LLC that wants a business loan?

For SBA loans: Live Oak Bank, Huntington Bank, and local community banks that are SBA preferred lenders offer the best access. For online business loans: Bluevine or Fundbox (also offer business checking). For relationship banking (checking + loan): Chase, Bank of America, and Wells Fargo — having your checking there gives the lender visibility into your cash flow. Maintaining at least 6–12 months of business bank statements at the lending bank significantly improves approval odds.

Best Banks for LLCs 2026 — Checking, Loans, and Business Credit

Your LLC needs a dedicated bank account the day it’s formed — and the right bank depends on your LLC’s size, how it makes money, and what financial products you’ll need later. Online banks are best for most new LLCs: free, instant to open, strong accounting integrations. Traditional banks are better when you handle cash or want loan access from the same institution. Here’s the breakdown.

Best Banks for LLCs at a Glance

Bank	Monthly Fee	Best For	LLC Loan Access
Relay	$0	New single-member and multi-member LLCs, teams	Through partners
Mercury	$0	Tech/startup LLCs, VC-backed	Mercury Venture Debt
Novo	$0	Freelancer/service LLCs, Stripe/Square users	Through partners
Bluevine	$0	LLCs wanting interest + loan access	Yes (LOC up to $250K)
Chase Business Complete	$15 (waivable)	LLCs needing branches + cash deposits	SBA preferred lender
Bank of America Business	$16–$30 (waivable)	LLCs with existing BofA relationship	SBA preferred lender
Live Oak Bank	$0	LLCs planning SBA loan	Top SBA lender
Local credit union	$0–$15	Established LLCs, community ties	Member business loans

What LLCs Need from a Bank (That Individuals Don’t)

An LLC account isn’t just a checking account with a business name on it. The bank relationship for your LLC should eventually provide:

1. Proof of cash flow — Lenders want 6–12 months of bank statements showing consistent revenue when you apply for a business loan, line of credit, or commercial lease.

2. Separate financial identity — All business income in, all business expenses out. This maintains the corporate veil and makes tax filing simple.

3. Team access — Multi-member LLCs often need multiple authorized signers, employee debit cards, and role-based spending controls.

4. Pathway to credit — The bank where you keep your checking is often where you apply for your first business credit card, line of credit, or term loan.

Single-Member LLC: Best Bank Options

Single-member LLCs (SMLLCs) are the most common LLC structure. The IRS taxes them as sole proprietors (Schedule C) by default, though you can elect S-corp taxation.

Best for most single-member LLCs: Relay

$0 monthly fee
Opens online in 15–20 minutes
Up to 20 checking sub-accounts (separate operating, taxes, savings)
Automatic QuickBooks and Xero sync
No minimum balance requirement

Best for freelancers and consultants: Novo

$0 fee, Stripe instant payouts (minutes instead of 2 days)
Built-in invoicing and reserves for tax savings
Great for businesses receiving payments via Stripe, Square, or PayPal

If you need branch access: Chase Business Complete Banking

$15/month, waived with $2,000 average daily balance
4,700+ branches nationwide
Access to Chase business credit cards and SBA preferred lender loans
Integrates with Zelle for business (good for B2C service businesses)

Multi-Member LLC: Best Bank Options

Multi-member LLCs are taxed as partnerships (Form 1065) by default. Banking requirements are more complex: multiple authorized signers, potentially employee debit cards, and clearer expense tracking.

Best for multi-member LLCs: Relay

Up to 50 debit cards, each with customizable spending limits
20 sub-accounts for different purposes (payroll, taxes, operating, reserves)
Role-based access for team members (view-only, spend-limited, or full access)
No fee per card or per user

For larger multi-member LLCs: Chase or Bank of America

Dedicated business banking relationship manager
Direct payroll services integration
SBA and conventional business lending

LLCs Planning to Apply for Business Loans

If you plan to apply for a business loan in the next 1–3 years, your banking choice today affects your loan access tomorrow.

What lenders want to see:

6–12 months of consistent bank statements showing revenue
Average daily balance above $10,000–$25,000 (varies by lender)
No overdrafts or bounced payments in the last 12 months
Clear business income separate from personal funds

Bank strategy for loan access:

Open a business checking account the day you form the LLC
Maintain it consistently — even before you have revenue
If you plan an SBA loan: bank with an SBA preferred lender (Chase, BofA, Live Oak, Huntington, local community banks) so the lender has direct access to your statements

Live Oak Bank is particularly strong for LLC owners planning SBA loans — it’s one of the top SBA lenders by volume in the country, offers competitive business savings rates, and the SBA loan team works directly with business banking customers.

What Documents You Need to Open an LLC Bank Account

Document	Where to Get It
EIN (Employer Identification Number)	Free at IRS.gov — instant online
Articles of Organization	Your state filing office (you received this when forming the LLC)
Operating Agreement	Drafted when forming the LLC; create one if you don’t have it
Government-issued photo ID	Your driver’s license or passport
Opening deposit	$0 (online banks) to $100 (traditional banks)

For multi-member LLCs: you’ll also need information for each member and may need all members to sign the bank’s signature card or resolution form.

Switching Banks: When to Do It

You may need to switch banks as your LLC grows:

Outgrew online-only banking — your business now handles significant cash, requiring branch access
Need a business loan — want to establish a relationship at an SBA preferred lender
Team has grown — need more sophisticated team controls, payroll integration, or commercial banking services
Fees no longer waivable — traditional bank fee structure no longer fits your balance level

Switching business bank accounts is straightforward: open the new account, update all vendors and payment sources, allow both accounts to run simultaneously for 30–60 days to catch any stragglers, then close the old account. Notify any lenders or credit cards linked to the old account.

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy