LLC banking · Updated November 14, 2026

Business bank account for an LLC: what you need and what it costs

To open a business bank account for an LLC, expect to show a tax ID, the LLC's state formation document, a list of its members or managers, and ID.^{1, 2} Chase and Wells Fargo charge $15 a month, which they waive if you keep a $2,000 minimum daily balance; the other six accounts we checked have no monthly fee.^{3, 5, 6, 11, 13, 15, 16, 18}

Checked twice on each provider's own pages

$0What the IRS charges for an EIN, issued online right away if approved⁸

$15Monthly fee at Chase and Wells Fargo, waived with a $2,000 minimum daily balance^{3, 5}

$5,000Cash you can deposit each statement period at Chase (in branch) or Wells Fargo without a cash fee^{3, 5}

$250,000FDIC cover for an LLC's deposits at each bank, apart from its owners' personal accounts¹⁹

In short

Chase asks an LLC for an Employer Identification Number (EIN), but a single-member LLC may use the owner's Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN).¹
At Chase, only an LLC with one member or one manager can apply online; the others open at a branch.¹
U.S. Bank's entry account, Business Essentials, has no monthly fee and opens with $25.⁷
Bluevine charges $4.95 per cash deposit at Green Dot stores and Found $2 per cash deposit, while Relay adds no fee of its own at Allpoint+ ATMs.^{12, 17, 14}

What you need to open the account

The Small Business Administration (SBA) lists the documents banks ask for most often: an EIN, the business's formation documents, ownership agreements and a business license. It adds that some banks ask for more.² Chase publishes its full list for LLCs.¹

What Chase asks an LLC for	Details
Tax ID	An EIN; a single-member LLC may use the owner's SSN or ITIN instead¹
Formation document	Articles of organization, also called a certification of organization or certificate of formation, registered, certified or stamped by the state¹
Proof the LLC is active	If the LLC was registered more than a year ago: a certificate of good standing or a similar status report¹
Who runs the LLC	One document that lists the current members or managers: the operating agreement, a certified amendment, meeting minutes or an annual report¹
ID	Two forms for each person at the opening, one of them government-issued¹
Owners	Name, address, date of birth, tax ID, citizenship and ownership share of everyone who owns 10% or more¹
Trade name	An assumed name (DBA) certificate if the LLC trades under another name; not required in eight states¹
About the business	Questions on what the business does, its annual sales, its employees and the transactions you expect¹

The 10% line is Chase's own.¹ Federal rules require every bank to identify and verify anyone who owns 25% or more of a legal entity, plus one person who controls it.¹⁰ In a single-member LLC, the same person usually fills both roles.

EIN or Social Security number?

The IRS says a single-member LLC with no employees and no excise tax liability does not need an EIN for federal taxes.⁹ It can still get one if it needs it to open a bank account.⁹ The same page says most new single-member LLCs will need an EIN.⁹

The EIN is free. The IRS issues it online, immediately if the application is approved, and warns against websites that charge for it.⁸ Form the LLC with your state first, because the IRS says applying before that can delay the EIN.⁸ Each responsible party can get only one EIN per day.⁸

Online or at a branch

Chase lets an LLC apply online only if it has a single member or a single manager and one authorizing representative.¹ Multi-member and multi-manager LLCs, non-profit LLCs and LLCs owned by another business apply at a branch.¹ There, every member of a member-managed LLC, or every manager of a manager-managed one, needs to be present.¹

Online providers skip the branch visit. Relay, for example, advertises "No branch visits or paperwork."¹³

What eight accounts cost

Account	Monthly fee	How to avoid it	Minimum to open or keep	Cash deposits
Chase Business Complete Banking	$15³	$2,000 minimum daily balance, $2,000 in deposits from Chase payment processing or $2,000 of eligible Chase business card purchases, among other options³	None to open; add money within 60 days³	$5,000 per statement cycle in branch at no extra charge³
Wells Fargo Initiate Business Checking	$15⁵	$2,000 minimum daily balance or $5,000 average combined business deposit balance⁵	$25 to open⁴	First $5,000 per fee period free, then $0.30 per $100⁵
U.S. Bank Business Essentials	$0⁷	No fee to avoid	$25 to open⁷	25 units per cycle free (a unit is $100), then $0.35 per $100⁷
Bluevine Standard	$0¹¹	No fee to avoid	No minimum balance¹¹	$4.95 at Green Dot stores; $1 plus 0.5% at Allpoint+ ATMs¹²
Relay Starter	$0¹³	No fee to avoid	No minimum balance¹³	No Relay fee at Allpoint+ ATMs; Green Dot stores charge up to $4.95¹⁴
Novo	$0¹⁵	No fee to avoid	No minimum balance¹⁵	Not shown
Found	$0¹⁶	No fee to avoid	No minimum balance¹⁶	$2 per deposit¹⁷
Mercury	$0¹⁸	No fee to avoid	No minimum balance¹⁸	Not shown

Read on November 14, 2026, then checked a second time. "Not shown" means the provider's pages we read do not publish it. Fees for other services, such as wires and paper checks, are on our page about free business bank accounts for LLCs.

Big bank or online account?

The differences show up in four places: cash, transactions, interest and wires.

Cash. Chase (in branch) and Wells Fargo each take $5,000 of cash per statement period without a cash fee.^{3, 5} Bluevine charges $4.95 per deposit at Green Dot stores and caps cash at $7,500 per 30 days.¹²
Transactions. Wells Fargo Initiate includes 100 transactions per fee period and then charges $0.50 each; debit card purchases don't count.⁵ U.S. Bank Business Essentials includes unlimited electronic transactions and 25 teller or paper-check transactions per cycle.⁷
Interest. Bluevine's free Standard plan pays 1.3% APY on up to $250,000 in months when you spend $500 with its debit card or receive $2,500 in customer payments.¹¹
Wires. Mercury sends domestic wires for free.¹⁸ U.S. Bank charges $30 for a wire sent online, and Bluevine up to $15 per outgoing wire.^{7, 11}

How FDIC insurance covers an LLC

For deposit insurance, the FDIC puts an LLC in the same category as a corporation.¹⁹ Its deposits are insured up to $250,000 at each bank, separately from its owners' personal accounts, as long as it is run for a real business purpose.¹⁹ The number of signers does not change that limit, and two accounts held by the same LLC at one bank are added together.¹⁹

An app is not a bank.

Bluevine, Relay, Novo, Found and Mercury each say they are not banks and hold deposits at partner banks.^{11, 13, 15, 16, 18} The FDIC warns that "nonbank companies themselves are never FDIC-insured," and its insurance does not cover the failure of the app's company.²⁰ Some apps spread balances across partner banks for more cover: Bluevine and Relay state up to $3 million, Novo up to $5 million.^{11, 13, 15}

How to open one, step by step

Form the LLC with your state. Keep the stamped or certified articles of organization, because the bank will ask for them.¹
Get the EIN. Apply for free on the IRS website once the state has formed the LLC.⁸
Gather the papers. Add the document that lists members or managers, ID for each signer and a DBA certificate if you use a trade name.¹
Pick the account. Compare monthly fees, cash costs and transaction limits. The SBA also suggests checking introductory offers, interest rates and minimum balance fees.²
Apply and fund it. Wells Fargo and U.S. Bank ask for $25 to open; Chase asks new customers to add money within 60 days.^{4, 7, 3}

Mistakes to avoid

Paying for an EIN. The IRS says you never have to pay a fee for one.⁸
Mixing business and personal money. The SBA says keeping business funds separate from personal funds gives limited personal liability protection.²
Letting the balance dip. Chase's balance waiver needs $2,000 at the end of each business day of the statement period, except the last one.³
Assuming an app takes cash. Cash routes, fees and limits differ by provider, and for two of the five online accounts here we found no cash option on the pages we read.^{12, 14, 17}
Leaving an account empty. U.S. Bank closes a Business Essentials account after four months with a zero balance and no activity.⁷ Found charges $10 after 12 months of inactivity.¹⁷

Frequently asked questions

Do I need a business bank account for my LLC?

The SBA advises opening one when you start accepting or spending money as your business, and says it helps you stay legally compliant and protected.²

Can a single-member LLC open an account with an SSN?

At Chase, yes: a single-member LLC may use the owner's SSN or ITIN instead of an EIN.¹ Other banks may require an EIN, and the IRS lets a single-member LLC get one for that reason.⁹

Can I open an LLC bank account online?

At Chase, only if the LLC has one member or one manager and one authorizing representative.¹ Online providers such as Relay are designed for opening without a branch visit.¹³

How much money do I need to open one?

Chase Business Complete Banking needs no opening deposit, while Wells Fargo Initiate and U.S. Bank Business Essentials need $25.^{3, 4, 7}

Is my LLC's money FDIC insured?

At an FDIC-insured bank, yes, up to $250,000 per bank and separately from your personal accounts.¹⁹ With an app, the cover comes from its partner banks; the app's company itself is not insured.²⁰

How we compared

On November 14, 2026 we read each provider's account page and fee schedule or pricing brochure, plus the IRS, SBA, FDIC and FinCEN pages cited here, and checked every figure a second time. We chose three big banks with entry-level business accounts and five online providers with no monthly fee. Bank of America is missing because its pages blocked our automated reading that day. We have not opened accounts with these providers, and we do not rate customer service.

We use AI tools to help research and draft our pages.

This page is general information, not legal, tax or financial advice. Business Bank Account for LLC is not a bank and is not affiliated with the companies listed.