Free business bank account for LLC

Novo Business Checking Account: Simplicity and Zero Fees
Novo is a top choice for online-oriented business banking, favored for its simplicity. It offers a fee-free experience with no monthly fees, no minimum opening deposit, and unlimited transactions per month. Perfect for businesses seeking an easy-to-use online checking account.

Novo Business Checking Review: The Best Business Banking Account for 2024?

Looking for a simple, online-only business checking account? Novo might be just what you need. With a straightforward user interface, no monthly fees, and no minimum deposit requirements, Novo is a popular choice among small business owners.

Key Features of Novo:

Zero Fees: Novo offers a fee-free experience, with no monthly maintenance fees or minimum deposit requirements.
Unlimited Transactions: Enjoy unlimited transactions with no extra charges.
ATM Reimbursements: While Novo previously offered unlimited ATM reimbursements, starting in 2024, refunds are capped at $7 per month.
Integrations: Novo integrates seamlessly with platforms like QuickBooks, Shopify, Stripe, and more, making it easy to manage your finances.
FDIC Insured: Your deposits are insured up to $250,000.

Cons:

No Cash Deposits: Novo is online only, so if you frequently deal with cash, this might not be the best option for you.
No Wire Transfers: You can’t send or receive domestic or international wire transfers with Novo.
Limited Customer Service: Novo’s customer support is only available via online chat or email—there’s no phone support.

Who Should Use Novo?

Novo is ideal for small businesses, LLCs, and corporations looking for a simple, fee-free banking solution. If your business doesn’t deal with cash and you’re comfortable with online-only support, Novo is a strong contender.
Opening an account is easy: you need to be 18 or older, a U.S. citizen or permanent resident, and have a U.S.-based business. If you meet these requirements, you can sign up in minutes.
Overall, Novo offers a great, no-hassle banking solution for small business owners who value simplicity and efficiency.

Top 5 Providers’ Best Business Bank Accounts for LLC in 2024

1. Bank of America: Bank of America business account requirements
2. Chase: Chase business account
3. Bluevine: Top Choice for Interest-Earning Digital Checking
4. Lili: Perfect for Single-Person Businesses
5. US Bank: Best for Lending Options

1. Bank of America: Bank of America business account requirements

Bank of America Business Checking: What You Need to Know
Bank of America offers two business checking accounts—Business Advantage Fundamentals and Business Advantage Relationship Banking—each catering to different business needs.

Account Options and Fees:

Account Type	Monthly Fee	Fee Waiver Conditions
Business Advantage Fundamentals	$16	$5,000 average monthly balance$250 in debit card purchasesJoin the Preferred Rewards for Business program
Business Advantage Relationship Banking	$29.95	$15,000 average monthly balance
Savings Account	$10	$2,500 minimum daily balance

Interest Rates:
Checking accounts does not earn interest.
Business savings accounts offer a minimal 0.01% APY, much lower than competitors like Bluevine.

Lending and Services:
Offers business credit cards, secured loans (starting at $25,000), and lines of credit, but requires a minimum credit score of 700.
Integrated with Zelle for money transfers and compatible with various accounting apps.
Payroll services are available.

Pros and Cons:
Pros: Established banking services are ideal for businesses with heavy cash flow.
Cons: High fees and balance requirements, and the app isn’t as user-friendly as some online-only options.

Bank of America is a solid choice for businesses that need comprehensive banking services and can meet the balance requirements to avoid fees. However, if ease of use and higher interest rates are priorities, you should explore other options.

2. Chase: Chase business account

Chase Business Checking: A Solid Option for Traditional Banking Needs

For small businesses needing a reliable bank account, Chase Business Checking is a strong option, especially for those handling cash frequently. With an extensive network of branches and ATMs, Chase makes cash deposits easy. However, be aware that Chase charges a monthly maintenance fee, which could be a drawback for some businesses.

Breaking Down the Fees: Chase offers three types of business checking accounts:

1. Chase Business Complete Checking: $15/month, waived if you maintain a $2,000 minimum daily balance.
2. Chase Performance Business Checking: $30/month, waived with a $35,000 combined average daily balance.
3. Chase Platinum Business Checking: $95/month, waived with a $100,000 combined average daily balance.

While these accounts come with solid features, the monthly fees might make some business owners think twice, especially when compared to competitors like Bluevine which don’t charge such fees.

Interest Rates & Lending:
Chase Business Checking accounts don’t offer interest on deposits.
Chase Business Savings offers potential APY, but specific rates require inquiry.
Chase provides lending options: business credit cards, small business loans, and lines of credit ($10,000 to $500,000).

The Bottom Line:
Ideal for small businesses that value traditional banking.
Dependable for cash deposits.
Higher fees and no APY on checking accounts.
Balance requirements are needed to waive fees.
Best for businesses that prefer in-person banking.

3. Bluevine: Top Choice for Interest-Earning Digital Checking

Blue Vine Business Checking Features:

No Monthly Fees: Bluevine offers a straightforward online business checking account with no maintenance, NSF, or deposit fees.
Interest Rates: Earn up to 2.0% APY on balances up to $250,000, with higher rates available on paid tiers like Bluevine Plus and Premier.
Simple Application Process: The sign-up process is fast and easy, often allowing your account to be operational the same day.
Lending Options: Access business lines of credit up to $250,000 with a quick approval process and no additional fees.
Unlimited Transactions: Enjoy unlimited transactions without incurring extra fees.
No Minimum Balance or Deposit Requirements: No need to maintain a minimum balance or deposit to keep your account active.
Sub-Accounts: Create sub-accounts, each with its own unique account and routing number for better money management.
Cash Deposit Limitations: Cash deposits are only allowed through Green Dot and Allpoint+ services.
No Business Savings Account: Bluevine does not offer a traditional business savings account.

Why Choose Bluevine? With non-existent fees and competitive interest rates, Bluevine is a top choice for startups and LLCs looking for a virtual bank that offers real value.

4. Lili: Perfect for Single-Person Businesses

Lili: The Ideal Banking Solution for Solo Entrepreneurs

Lili is a perfect fit for solo entrepreneurs, bridging the gap between personal and business accounts. It’s FDIC-insured, offering business checking options like invoicing without unnecessary extras. While it lacks lending and merchant services, it provides free online bill payments, making it a top choice for one-person LLCs.

Cost-Effective Banking with Lili
Lili’s basic services are free—no monthly fees, overdraft charges, or ATM fees. For just $4.99/month, Lili Pro adds features like 1% APY on savings.

Lending and Key Features
Though limited in lending, Lili offers up to $200 in free overdraft protection. Key features include easy separation of business and personal transactions, a tax optimizer tool, and the ability to create and send invoices.

Why Choose Lili?
Lili is tailored for freelancers and small businesses, with unique tools like Automatic Savings and Tax Optimizer. It’s a virtual bank through Choice Financial Group, ideal for those who want simplicity and efficiency in their business banking.

5. US Bank: Best for Lending Options

U.S. Bank Silver Business Checking

Overview: U.S. Bank’s Silver Business Checking account eliminates the monthly fee but charges for transactions, ideal for businesses with low monthly transaction volumes, such as contractors.

Fees:
Silver Package: No monthly fee; 125 free transactions, $0.50 per extra transaction.
Gold Package: $20/month; 300 free transactions, $0.45 per extra transaction.
Platinum Package: $30/month; 500 free transactions, $0.40 per extra transaction.

Interest Rates:
Checking Accounts: No interest.
Savings Account: 0.01% APY with a $25 minimum deposit.

Lending:
Business Credit Cards: Cashback, no annual fees, low rates, and rewards.
Loans: Up to $250,000 for Quick Online Loans, $12.375 million for government-backed loans.

Key Points:
Specialized Lending: Tailored services for various industries.
Low APY: Minimal interest on savings and checking accounts.
Transaction Fees: Cost-effective for low transaction volumes but pricey for higher volumes.

Why U.S. Bank? Suitable for businesses with fewer transactions needing strong lending options. Explore our detailed review to see if it fits your needs.

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