Whether you already have a business bank account and want to switch banks or need to open a new one for the first time, compare things like fees, allowable deposit methods, transaction limits, the bank, account types, etc. Compare various bank account for LLC offers to see which ones might be the best fit for you.
How do you open up an LLC account at a bank? First of all, it’s good to open it up with an online bank due to the convenience, speed, and easy process. Online banks usually have a few account types to choose from, including Basic Business Checking (for a smaller business with a moderate amount of account activity) and Business Interest Checking with APY %, which is ideal for growing companies with cash reserves.
The type of information you’ll have to submit when opening an account depends on what kind of business account you are opening. For example, in addition to your details such as your name and ID, a bank account for LLC will typically require you to have articles of organization, the operating agreement, and a business license.
If your LLC is a single-member or sole proprietorship, you might not need to provide an EIN. For this type of account, your social security number might suffice. Just check with any bank you are considering to see what their requirements are.
Bank Account for LLC Can Be Online
You’ll especially want to take a look at the perks some online banks offer to new members who open up a business account. There are perks even for basic-level accounts with some banks, like zero monthly maintenance fees, unlimited domestic reimbursements for ATM fees, a set of free checks to start with, etc.
Any possible perks such as these will vary depending on the bank, so this is another thing you should keep in mind when comparing all of the offers. As with any checking account, you’ll likely be issued a debit card with your bank account for LLC.
Many banks, unfortunately, have minimum balance requirements and charge monthly maintenance fees. Some may even charge you for paying bills online. So don’t bother with any bank that has these ridiculous requirements and fees.
Right now, one excellent bank that does not charge unnecessary fees and does offer all of the perks, including free checks to start with and free online bill pay, is Axos Bank. Choose between a Basic or Business Interest Checking bank account for LLC.