One of the biggest “NOs!” in business is using your personal account for business expenses or vice versa. Always keep two separate accounts. While there are no laws or federal statutes preventing people from using their accounts for LLC purposes, it’s still a bad idea – even if you don’t have a partner. Regardless of whether you have a partner or not, what is the best bank account for LLC?
As with a personal bank account, look for banks that are FDIC-insured. You should cover up total deposits in an eligible business account from any corporation, LLC, partnership, or even an unincorporated organization to $250,000. Only put your money into an account for which you can get a guarantee that the bank will protect it. It does not have to be the same bank you are currently using for your personal account(s).
Some banks offer a variety of business accounts, ranging from checking and savings to business money market and CD accounts. No-Profit money market accounts are for charities or religious groups. There are CDARS (certificate of deposit – account registry service) accounts for protecting large-dollar investments while earning CD-level returns that you can even compare to Treasury / MMA fund yields.
Other things to look for in the best bank account for LLC are fees, ATM access, transaction limits, cash deposits (if you need to make them), and any other type of service or feature that is essential to your business.
Best Bank Account for LLC With Mobile Banking
Mobile banking is essential for many professionals with LLC accounts. Mobility will allow you to manage your business funds from anywhere. Just read app reviews for each bank that offers mobile banking to see any complaints about technical issues or a poor layout. Also, suppose you are involved in a partnership. In that case, it’s crucial that you and the other party communicate clearly about what you want from the best bank account for LLC.
Generally, to open an account, items such as your LLC operating agreement, filed copy of the certificate to confirm that your business is a legally registered one, EIN, the official address of where the business is, and other details that any particular bank might require.
So, what is the best bank account for LLC or any business? Axos Bank is an excellent place to start looking. It offers a wide variety of accounts listed above and other services you might be interested in, such as Treasury Management and Merchant Services.