Banking

Best Free Business Checking Account for LLC (2023)

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If you’re starting an LLC (Limited Liability Company), you may be wondering whether you need a separate business checking account. The answer is yes, having a dedicated business checking account can help you keep your personal and business finances separate, making it easier to manage your cash flow, file taxes, and apply for business loans.

When it comes to choosing a free business checking account for your LLC, it’s important to consider various factors such as account fees and charges, transaction limits and fees, online and mobile banking features, ATM access and fees, cash deposit options, and overdraft fees and policies. With so many options available, it can be overwhelming to choose the right one for your business.

In this article, we will explore the top popular free business checking accounts for LLCs and compare their features and benefits to help you make an informed decision for your business.

Factors to Consider When Choosing a Free Business Checking Account for LLCs

When selecting a free business checking account for your LLC, there are several key factors to consider:

Account fees and charges: Some banks charge monthly maintenance fees or transaction fees on business checking accounts. Make sure to read the fine print and understand all the fees and charges associated with the account before signing up.

Transaction limits and fees: Some accounts have limits on the number of transactions you can make each month or charge fees for exceeding those limits. If you anticipate a high volume of transactions, make sure to choose an account that can accommodate your needs.

Online and mobile banking features: In today’s digital age, it’s important to have online and mobile banking features that allow you to manage your account, pay bills, and deposit checks remotely.

ATM access and fees: Make sure to choose an account that offers convenient ATM access and reasonable fees for out-of-network transactions.

Customer service: Good customer service is crucial when selecting a bank account for your LLC. Choose a bank that offers excellent customer service and support to help you manage your account effectively.

Cash deposit options: If your business handles a lot of cash, make sure to choose an account that offers convenient cash deposit options, such as in-branch deposits or ATM deposits.

Overdraft fees and policies: Overdraft fees can add up quickly, so make sure to choose an account with reasonable overdraft fees and clear policies for handling overdrafts.

Popular Free Business Checking Accounts for LLCs

There are many free business checking accounts available for LLCs, but some of the most popular ones include:

Bank of America Business Advantage Checking

Bank of America Business Advantage Checking is a popular free business checking account for LLCs. Here are some of its key features and benefits:

  • Monthly transaction limit: Bank of America Business Advantage Checking offers up to 200 free monthly transactions.
  • No monthly maintenance fees: There are no monthly maintenance fees associated with this account.
  • Free online and mobile banking: You can manage your account, pay bills, and deposit checks using Bank of America’s online and mobile banking platforms.
  • ATM access: You can access over 16,000 Bank of America ATMs across the country without incurring any fees. Additionally, you can make deposits and withdrawals at select ATMs that accept deposits.
  • Cash deposits: Bank of America Business Advantage Checking allows for free cash deposits of up to $7,500 per month.
  • Overdraft protection: Bank of America offers optional overdraft protection for this account. If you enroll in this feature, the bank will automatically transfer funds from a linked account to cover any overdrafts on your checking account.
  • Additional perks: Bank of America Business Advantage Checking account holders can also take advantage of discounts on business services, including payroll, accounting, and marketing.

Bank of America Business Advantage Checking is a solid choice for LLCs that need a free business checking account with a reasonable transaction limit and free cash deposits. The account also offers optional overdraft protection and ATM access. However, if your LLC anticipates a high volume of transactions, you may want to consider other accounts that offer unlimited transactions.

Chase Business Complete Checking

Chase Business Complete Checking is a business checking account offered by Chase Bank. It is designed for small to mid-sized businesses, including LLCs, and offers a range of features and benefits to help manage business finances. Here are some key features and benefits of the account:

  • Monthly transaction limit: Chase Business Complete Checking offers up to 100 free monthly transactions. If you exceed this limit, you’ll be charged a fee of $0.40 per additional transaction.
  • No monthly maintenance fees: There are no monthly maintenance fees associated with this account if you maintain a minimum daily balance of $2,000 or more. Otherwise, you’ll be charged a $15 monthly maintenance fee.
  • Free online and mobile banking: You can manage your account, pay bills, and deposit checks using Chase’s online and mobile banking platforms.
  • ATM access: You can access over 16,000 Chase ATMs across the country without incurring any fees. Additionally, you can make deposits and withdrawals at select ATMs that accept deposits.
  • Cash deposits: Chase Business Complete Checking allows for free cash deposits of up to $5,000 per month.
  • Overdraft protection: Chase offers optional overdraft protection for this account. If you enroll in this feature, the bank will automatically transfer funds from a linked account to cover any overdrafts on your checking account.
  • Additional perks: Chase Business Complete Checking account holders can also take advantage of discounts on business services, including payroll, accounting, and marketing. Additionally, the account comes with access to Chase’s QuickAccept feature, which allows you to accept card payments from customers through a mobile device.

Chase Business Complete Checking is a strong choice for LLCs that need a free business checking account with a reasonable transaction limit and free cash deposits. The account also offers the convenience of online and mobile banking. However, the minimum daily balance requirement may be a drawback for some businesses, and the monthly transaction limit may not be enough for those with high transaction volumes.

Wells Fargo Business Choice Checking

Wells Fargo Business Choice Checking is a business checking account offered by Wells Fargo Bank. It is aimed at small to mid-sized businesses, including LLCs, and offers a range of features and benefits to help manage business finances, including:

  • Monthly transaction limit: Wells Fargo Business Choice Checking offers up to 200 free monthly transactions. If you exceed this limit, you’ll be charged a fee of $0.50 per additional transaction.
  • Monthly maintenance fees: There is a $14 monthly maintenance fee for this account, but you can waive the fee by maintaining a $7,500 average ledger balance, OR by having qualifying transactions totaling $10,000 or more per month.
  • Free online and mobile banking: You can manage your account, pay bills, and deposit checks using Wells Fargo’s online and mobile banking platforms.
  • ATM access: You can access over 13,000 Wells Fargo ATMs across the country without incurring any fees. Additionally, you can make deposits and withdrawals at select ATMs that accept deposits.
  • Cash deposits: Wells Fargo Business Choice Checking allows for free cash deposits of up to $7,500 per month.
  • Overdraft protection: Wells Fargo offers optional overdraft protection for this account. If you enroll in this feature, the bank will automatically transfer funds from a linked account to cover any overdrafts on your checking account.
  • Additional perks: Wells Fargo Business Choice Checking account holders can also take advantage of discounts on business services, including payroll, accounting, and marketing. Additionally, the account comes with access to Wells Fargo’s Business Online Banking platform, which includes features such as account alerts, online statements, and the ability to set up multiple users with different levels of access.

Wells Fargo Business Choice Checking is a good option for LLCs looking for a higher transaction limit and free cash deposits. The account also provides online and mobile banking, optional overdraft protection and ATM access. However, the monthly maintenance fee may be a drawback for some businesses, and the minimum balance or transaction requirements to waive the fee may be challenging for some.

Capital One Spark Business Checking

Capital One Spark Business Checking is a business checking account offered by Capital One Bank. Designed specifically for small businesses, including LLCs, it provides a range of features and benefits to meet their financial needs:

  • No monthly maintenance fees: Capital One Spark Business Checking account does not have any monthly maintenance fees, making it a cost-effective option for LLCs.
  • Unlimited transactions: The account offers unlimited free transactions, allowing businesses to handle a high volume of transactions without incurring additional fees.
  • Free online and mobile banking: You can conveniently manage your account, view transactions, and perform banking tasks through Capital One’s user-friendly online and mobile banking platforms.
  • Free cash deposits: Capital One Spark Business Checking allows for free cash deposits of up to $5,000 per month, providing flexibility for businesses that handle cash transactions.
  • Overdraft protection: The account offers optional overdraft protection, ensuring that you can avoid declined transactions by linking a savings or money market account to cover any overdrafts.
  • No minimum balance requirements: There are no minimum balance requirements associated with the Capital One Spark Business Checking account, giving businesses more flexibility in managing their funds.
  • Access to customer support: Capital One provides access to customer support 7 days a week, so you can receive assistance with your account or address any questions or concerns you may have.

Capital One Spark Business Checking is an attractive option for LLCs that seek a free business checking account with unlimited transactions and free cash deposits. The account’s user-friendly online and mobile banking platforms, optional overdraft protection, and absence of minimum balance requirements make it a convenient and flexible choice for businesses of various sizes.

Axos Bank Basic Business Checking

Axos Bank Basic Business Checking offers a straightforward and cost-effective solution for LLCs and small businesses. It is designed to provide simplicity and cost-effectiveness for small businesses, including LLCs. Here’s an overview of its features and benefits:

  • No monthly maintenance fees: Axos Bank Basic Business Checking does not charge any monthly maintenance fees, allowing businesses to keep their banking costs low.
  • No minimum balance requirements: There are no minimum balance requirements associated with this account, providing flexibility for businesses of all sizes.
  • Free online and mobile banking: Account holders can conveniently manage their account, view transactions, and perform banking tasks through Axos Bank’s user-friendly online and mobile banking platforms.
  • Unlimited domestic ATM fee reimbursements: The account offers unlimited reimbursements for domestic ATM fees, allowing businesses to access their funds without incurring additional costs.
  • Free first set of checks: Axos Bank Basic Business Checking provides businesses with their first set of checks at no cost, saving them money on essential business banking supplies.
  • Remote deposit capture: Businesses can deposit checks remotely using Axos Bank’s remote deposit capture feature, eliminating the need to visit a physical branch.
  • Cash deposit options: The account allows businesses to make cash deposits through various channels, including Axos Bank’s mobile app and nationwide retail cash deposit networks.
  • Dedicated customer support: Axos Bank provides dedicated customer support for Basic Business Checking account holders, ensuring assistance is available when needed.

Axos Bank Basic Business Checking is a compelling option for LLCs seeking a straightforward and cost-effective business checking account. With no monthly maintenance fees, no minimum balance requirements, and unlimited domestic ATM fee reimbursements, it offers businesses the freedom to manage their finances without worrying about excessive charges. The account’s free online and mobile banking, remote deposit capture, and cash deposit options further enhance convenience and accessibility. Coupled with dedicated customer support, Axos Bank Basic Business Checking caters to the needs of small businesses and provides a solid banking solution.

Comparison of the Features and Benefits of Each Account

To help you choose the best free business checking account for your LLC, let’s compare the key features and benefits of each of the accounts mentioned above:

  1. Bank of America Business Advantage Checking
  • No monthly maintenance fees
  • Up to 200 free monthly transactions
  • Free online and mobile banking
  • Free cash deposits of up to $7,500 per month
  1. Chase Business Complete Checking
  • No monthly fees with a minimum daily balance of $2,000 or more
  • 100 free monthly transactions
  • Free online and mobile banking
  • Free ATM access at Chase ATMs
  1. Wells Fargo Business Choice Checking
  • No monthly maintenance fees
  • Up to 200 free monthly transactions
  • Free online and mobile banking
  • Free cash deposits of up to $7,500 per month
  1. Capital One Spark Business Checking
  • No monthly maintenance fees
  • No minimum balance requirements
  • Unlimited free transactions
  • Free cash deposits of up to $5,000 per month
  1. Axos Bank Basic Business Checking
  • No monthly maintenance fees
  • No minimum balance requirements
  • Unlimited free transactions
  • Free cash deposits of up to $5,000 per month
  • Free online and mobile banking

When comparing these accounts, it’s clear that they all offer similar basic features such as no monthly maintenance fees and free online and mobile banking. However, there are some differences in transaction limits, cash deposit limits, and ATM access that may make one account more suitable for your LLC than others.

For example, if you anticipate a high volume of transactions, you may want to consider Capital One Spark Business Checking or Axos Bank Basic Business Checking, as they offer unlimited free transactions. If you handle a lot of cash, you may prefer Bank of America Business Advantage Checking or Wells Fargo Business Choice Checking, as they allow for free cash deposits of up to $7,500 per month.

Verdict

In conclusion, a free business checking account is a great option for LLCs that want to manage their finances efficiently and cost-effectively. When choosing a free business checking account, it’s important to consider factors such as account fees and charges, transaction limits and fees, online and mobile banking features, ATM access and fees, cash deposit options, and overdraft fees and policies.

There are many popular free business checking accounts available for LLCs, including Bank of America Business Advantage Checking, Chase Business Complete Checking, Wells Fargo Business Choice Checking, Capital One Spark Business Checking, and Axos Bank Basic Business Checking. Each of these accounts has its own unique features and benefits, so it’s important to compare them carefully to find the one that best meets the needs of your LLC.

By choosing the right free business checking account, you can effectively manage your LLC’s finances, reduce costs, and focus on growing your business.