- New LLC, no cash, no wires: $0 a year at Mercury, Relay, Bluevine, Found, Novo, Axos and U.S. Bank Business Essentials; $180 a year at Chase if your balance dips below $2,000.
- Two wires out, one in, a month: $0 at Mercury and Axos, $192 at Relay, $780 at Chase or Capital One.
- Online seller, three wires a month: $0 at Mercury, $180 at Axos, $1,050 in year one at Chase.
- $4,000 of cash a month: $0 at Relay, Chase or Capital One (with the waiver balance); about $408 at Bluevine.
- Paperwork: articles of organization, an EIN, the operating agreement or another list of members, and ID for owners of 25% or more (Chase asks from 10%).
This page is for owners of a single-member or multi-member LLC choosing an everyday business account. We priced the accounts LLC owners shortlist most often against three realistic LLC profiles, from each provider’s fee schedule. By the end you will know which account is cheapest for an LLC like yours, what the cheap ones give up, and which documents to bring.
What does a business checking account cost an LLC in a year?
For most LLCs the monthly fee is not the big number; wires and cash are. We used the three LLC profiles from our business checking cost ranking, priced month by month over three years, with a monthly-fee waiver counted only when the profile meets it.
| Account | Cash LLC: $4,000 cash a month | Online seller: 3 wires out a month | LLC with 2 wires out, 1 in |
|---|---|---|---|
| Mercury (free plan) | No cash deposits | $0 | $0 |
| Axos Basic Business | No cash deposits | $180 | $0 |
| Relay Starter | $0 | $288 | $192 |
| Bluevine Standard | $408 | $540 | $396 |
| Found (free plan) | $216 | $540 | $384 |
| Novo | No direct cash deposits | $1,620* | $1,080* |
| U.S. Bank Business Essentials | $63 | $1,080 | $888 |
| Chase Business Complete | $0 | $1,080 | $780 |
| Capital One Business Basic | $0 | $900 | $780 |
* Novo publishes outgoing wires as “up to $45”; priced at $45. Low points: cash LLC $2,500, online seller $1,500, LLC with wires $6,000. Those decide whether the big banks charge their monthly fee. The fee lines behind the numbers:
| Account | Monthly fee | How to waive it | Wire out | Cash deposits | Protection |
|---|---|---|---|---|---|
| MercuryBusiness checking (free plan) | FreeMercury plan $0/mo; Plus $29.90/mo; Pro $299/mo | Nothing to waiveno monthly fee on this plan | Free | Not supported'We don't currently support cash deposits' (incl. at ATMs) | FDICvia Choice Financial Group; Column N.A. |
| Axos BankBasic Business Checking | Free | Nothing to waiveno monthly fee on this plan | $15.00 | Not stated | FDIC |
| RelayBusiness Checking (Starter plan) | FreeStarter $0/mo; Grow $30/mo; Scale $120/mo (temporarily $90) | Nothing to waiveno monthly fee on this plan | $8.00Starter $8; Grow $5 | Allpoint+ ATMs $0; Green Dot retailers up to $4.95 (retailer fee)Allpoint+ $1,000/transaction; Green Dot $500/transaction ($1,000 Walmart), $1,500/day | FDICvia Thread Bank |
| ChaseBusiness Complete Banking | $15.00 a month | Any one per statement period: $2,000 minimum daily ending balance; OR $2,000 in eligible Chase Payment Solutions deposits (QuickAccept, InstaMed etc.); OR $2,000 eligible purchases on Chase Ink / Sapphire Reserve for Business card; OR linked Chase Private Client Checking / JPMorgan Classic Checking / Private Client Checking Plus; OR Chase Military Banking. | $25.00$25 online (chase.com) / $35 branch. International USD $40 online, $50 branch. | $5,000 per statement period free (branch/night deposit); 0.30% of the amount above $5,000. Cash deposited at a Chase ATM: unlimited, no charge.e.g. $5,100 deposited -> $0.30 fee. | FDIC |
| Capital OneBusiness Basic Checking | $15.00 a month | $2,000 minimum 30-day or 90-day average monthly ledger balance (whichever is greater).Also waived for up to 2 Basic accounts if you hold Business Enhanced Checking; can be waived for nonprofits. | $25.00No online vs branch distinction published. Foreign outgoing $40 (foreign currency) / $50 (USD). | Up to $5,000/month in teller cash deposits free, then $1 per $1,000.Cash deposits at Capital One and select Allpoint ATMs don't count and are free. | FDIC |
Fees from each bank's published fee schedule, checked October 25, 2026. Sorted by the monthly fee after any introductory period. Fee schedules change; the bank's own document always prevails. Fintechs are not banks: FDIC insurance applies through their partner bank.
Which account is cheapest for a new single-member LLC?
A new single-member LLC usually looks like a freelancer with a filing receipt: a few ACH payments in, bills paid online, no cash, no wires, a balance in the low thousands. For that pattern, seven accounts cost nothing: Mercury, Relay, Bluevine, Found, Novo, Axos Basic Business and U.S. Bank Business Essentials.
The big-bank accounts are where a new LLC overpays. Chase Business Complete charges $15 a month, waived with a $2,000 minimum daily ending balance; Capital One Business Basic charges $15, waived with a $2,000 average balance over 30 or 90 days. With a $400 low point, here is Chase:
- Year one: $15 × 10 months (first two fees waived for new accounts)
- $150
- Each year after: $15 × 12
- $180
- Three years: $150 + $180 + $180
- $510
Chase, average a year over three years$170
If your LLC keeps $2,000 in the account every business day, Chase costs $0 and gives you branches. If not, a $0 account saves $180 a year from year two.
- A new LLC that wants $0 fees, QuickBooks and Xero connections and basic invoicing.
- Owners who like separate accounts for taxes and profit: up to 20 per business.
- An LLC that may handle cash later: Allpoint+ ATM deposits are free up to $1,000 each.
- Anyone who wants a branch or a banker in person.
- Anyone wanting interest on checking: Relay pays it only on savings.
- LLCs that send many wires: $8 each on Starter adds up, while Mercury charges nothing.
Relay is a financial technology company, not a bank; banking services are provided by Thread Bank, Member FDIC. If you want a bank, Axos and U.S. Bank Business Essentials also cost $0 here. At U.S. Bank, switch to paperless on day one: the account starts on paper statements at $6.50 per cycle.
Which account suits an LLC that sends wires?
| # | Account | Year 1 | Each year after | Score |
|---|---|---|---|---|
| 1 | Mercury Business checking (free plan) | $0 | $0 | 9.8 |
| 2 | Axos Bank Basic Business Checking | $0 | $0 | 9.3 |
| 3 | Relay Business Checking (Starter plan) | $192 | $192 | 8.7 |
| 4 | Bluevine Business Checking (Standard plan) | $396 | $396 | 7.5 |
| 5 | Found Found (free plan) | $384 | $384 | 6.9 |
LLC with two outgoing and one incoming domestic wire a month
Yearly cost, $10,000 average balance, $6,000 low point
Mercury charges nothing for domestic wires in either direction. Axos charges $15 per outgoing wire but reimburses two a month, and incoming wires are free. At the big banks this balance waives the monthly fee, so the cost is all wires:
- Chase: 2 online wires × $25 × 12
- $600
- Chase: 1 incoming wire × $15 × 12
- $180
- Monthly fee ($6,000 low point clears $2,000)
- $0
Chase, a year$780
Incoming wires sent by a Chase customer online or through a Chase banker are free. For an online seller sending three wires a month the gap widens: Mercury $0, Axos $180, Relay $288, and $900 to $1,080 at Capital One, Chase and U.S. Bank.
- LLCs that send domestic wires or same-day ACH every month: both are $0 on the free plan.
- Owners who keep books in QuickBooks Online, Xero or NetSuite.
- LLCs formed and registered in the US, with formation documents ready.
- Any business that handles cash: Mercury does not take cash deposits.
- Owners who want a branch or a phone banker at a local bank.
- LLCs that collect by ACH debit through Mercury invoices: $1 each on the free plan.
Mercury is a financial technology company, not a bank; banking services are provided by Choice Financial Group and Column N.A., Members FDIC. Axos is the bank alternative, with unlimited domestic ATM fee reimbursements, but no published way to deposit cash and no invoicing tool.
Which account suits an LLC that deposits cash?
A café, salon or food truck is where branch banks compete well. Chase includes $5,000 of branch cash per statement period and unlimited cash at Chase ATMs; Capital One includes $5,000 of teller cash a month, and its own and select Allpoint ATMs do not count. Both waive their $15 fee at this balance: $0.
Relay also costs $0: Allpoint+ ATM deposits are free up to $1,000 each, fine for eight $500 deposits, not for $3,000 after a busy weekend. U.S. Bank Business Essentials includes 25 cash units of $100, then $0.35 per unit: 15 extra units a month is $63 a year.
Bluevine charges $4.95 per Green Dot deposit or $1 plus 0.5% at Allpoint ATMs. Found charges $2.00 after one free deposit a month and caps cash at $4,000 per rolling 30 days. Mercury, Axos and Novo take no direct cash deposits.
What documents does a bank need from my LLC?
Banks must verify the company, not just you. Federal rules (31 CFR 1010.230) require a bank to identify every person owning 25% or more of a legal entity customer, plus one person who controls it, such as a managing member. Banks may ask for more: Chase collects details for owners from 10%.
- Articles of organization. Or certificate of formation. Chase wants it certified or stamped by the state, or a free online status check from the state’s website (not for Delaware or New Jersey).
- An EIN. Free from the IRS online, issued immediately if approved. A multi-member LLC needs one. A single-member LLC without employees may not, but the IRS says it can get one to open a bank account. Chase accepts the owner’s SSN or ITIN for a single-member LLC.
- A list of members or managers. Usually the operating agreement; Chase also accepts meeting minutes or an annual report.
- Proof the LLC is in good standing. Chase asks LLCs registered more than a year ago for a certificate of good standing or a state status report.
- ID and details for each owner. Name, date of birth, address, SSN or ITIN and ownership percentage; at a Chase branch, two IDs, one government-issued.
- A DBA certificate if you trade under another name.
Since March 2025, LLCs created in the United States no longer file beneficial ownership (BOI) reports with FinCEN. That does not change the bank’s own ownership questions at account opening.
Our guide to what you need to open a business bank account covers every business type.
What changes for a multi-member LLC?
- Opening online. Chase opens online only for an LLC managed by a single member or manager; otherwise you go to a branch with all members (member-managed) or all managers present.
- The operating agreement. Novo lists it as recommended for a single-member LLC and required for a multi-member one.
- Co-owners. Online providers add them in the application; Found allows up to four beneficial owners besides the primary holder.
- Taxes. The IRS treats a domestic LLC with two or more members as a partnership unless it elects corporate taxation. Weighing an S corporation election? See the best business checking account for an S corp.
Either way, the FDIC insures an LLC’s deposits separately from its owners’ personal accounts, up to $250,000 per depositor, per insured bank, per ownership category. At a fintech, coverage applies at the partner bank, and only if the fintech’s records show who owns the money.
New business account offers, fee changes and deadlines, in one short email.
Do any of these accounts pay a bonus for a new LLC?
Three banks here were running new-account bonuses when we checked. Check the deposit you must hold before you open.
- Axos Basic Business: up to $200 (code START200, through January 31, 2027): $50 in any four of the first five cycles with a $3,000 average daily balance. Only for businesses formed less than a year ago; closing within 180 days can cost up to $200. Axos offer terms.
- U.S. Bank Business Essentials: $400 for $5,000 of new money kept 60 days plus six qualifying transactions, opened through January 13, 2027. U.S. Bank offer terms.
- Chase Business Complete: $400 for $2,000 or $500 for $10,000 of new money kept 60 days plus five qualifying transactions, through January 21, 2027. Chase offer terms.
A bank bonus is taxable interest, reported on Form 1099-INT (Axos says 1099-INT or 1099-MISC). Business checking bonuses tracks current amounts and deadlines.
Frequently asked questions
What is the best business checking account for an LLC with no fees?
Mercury, Relay, Bluevine, Found, Novo, Axos Basic Business and U.S. Bank Business Essentials have no monthly fee. If you send wires, Mercury and Axos stay cheapest. If you deposit cash, Relay’s free Allpoint+ ATM deposits are the strongest no-fee option.
Can I open an LLC bank account online?
Yes, at every provider here. Chase limits online opening to LLCs managed by a single member or manager; a member-managed LLC with several members opens at a branch with all members present.
Do I need an EIN to open a bank account for a single-member LLC?
Not always. The IRS does not require an EIN from a single-member LLC with no employees and no excise taxes, but it says the LLC can get one if it needs it to open a bank account. Chase accepts the owner’s SSN or ITIN for a single-member LLC; many online providers ask for an EIN. The EIN is free from the IRS.
Do I need an operating agreement to open an LLC bank account?
For a multi-member LLC, expect to need it, because it shows who owns the company and who can sign. For a single-member LLC, many banks accept other documents that list the member, such as an annual report or statement of information.
Should my LLC open an account at a big bank instead?
It makes sense if you deposit cash at a branch, want a banker in person and can meet the fee waiver every month: a $2,000 minimum daily balance at Chase, a $2,000 average at Capital One. Miss it and you pay $180 a year.
Sources
- Chase: Additional Banking Services and Fees for Business Accounts (effective June 14, 2026)
- Chase: Business Complete Banking product page and offer page with documents by business type
- Capital One: Business Basic Checking key services and charges
- U.S. Bank: Business Essentials Pricing Information (effective August 10, 2026)
- Axos Bank: business deposit account agreement and schedule of fees
- Relay: pricing
- Mercury: pricing and FAQ
- Bluevine: plans and pricing
- Found: pricing and accounts with multiple owners
- Novo: fee schedule and account requirements
- IRS: Single member limited liability companies and Limited liability company (LLC)
- IRS: Get an employer identification number
- 31 CFR 1010.230: beneficial ownership requirements for legal entity customers
- FinCEN: Beneficial Ownership Information Reporting
- FDIC: Your Insured Deposits
Checked on October 25, 2026 against the banks’ published terms and irs.gov. Offers, fees and tax rules change; the bank’s own documents and the IRS always prevail.