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LLC Bank Account Fees and Charges – Ultimate Guide

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When it comes to managing finances for your Limited Liability Company (LLC), choosing the right bank account is crucial. Not only does it provide a secure place to store your business funds, but it also offers a range of services tailored to meet the specific needs of your LLC.

In this comprehensive guide, we will explore the best bank accounts available for LLCs, considering factors such as fees, accessibility, interest rates, and additional features. By the end, you'll have a clear understanding of the options at your disposal, empowering you to make an informed decision for your LLC's financial needs.

Factors to Consider When Choosing a Bank Account for Your LLC

Before we dive into the details of the best bank account for LLC, let's first discuss the key factors you should consider when making your decision:

  1. Fees: Bank fees can eat into your LLC's profits, so it's crucial to understand the fee structure of any account you're considering. Look for accounts with low or no monthly maintenance fees, and be aware of any additional fees for services such as wire transfers or excess transactions.
  2. Access: Consider the accessibility of the bank's branches and ATMs, especially if in-person banking is important to you. Additionally, check if the bank offers online and mobile banking services, which can provide convenience and flexibility for managing your LLC's finances.
  3. Interest Rates: If your LLC tends to maintain a higher balance in its bank account, you may want to prioritize accounts that offer competitive interest rates. Earning interest on your funds can help your LLC's money work harder for you.
  4. Minimum Deposit and Balance Requirements: Some bank accounts require a minimum deposit to open the account, while others may have ongoing balance requirements to avoid fees. Ensure you can comfortably meet these requirements without straining your LLC's cash flow.
  5. Additional Features: Consider any additional features or services that may be beneficial to your LLC. These could include merchant services, invoicing tools, overdraft protection, or integration with accounting software.

Now that we understand the key factors to consider, let's explore the best bank accounts for LLCs in detail.

PNC Treasury Enterprise Plan

The PNC Bank Treasury Enterprise Plan is a comprehensive banking package designed for small and medium-sized businesses with higher transaction volumes. This package includes a PNC Analysis Business Checking account and one of two investment accounts: the Premium Business Money Market account or the MMDA Sweep account.

The Treasury Enterprise Plan offers up to 2,500 free transactions and $50,000 in deposits per month, making it an excellent choice for high-transaction businesses. PNC also provides Cash Flow Insight tools for accounts receivable and payable, invoicing, payments, and more as part of this package. Additionally, you can have multiple business checking accounts under this plan to consolidate transactions, fees, and account management. While the plan allows for four beneficiary checking accounts at no cost, there is a $10 monthly maintenance fee for each additional account.

To open the Treasury Enterprise Plan, you'll need a minimum deposit of $100, and there is a steep $50 monthly fee. However, this fee can be waived by maintaining an average combined balance of $30,000.

Wells Fargo Business Platinum Savings

The Wells Fargo Business Platinum Savings account is an excellent option for LLCs looking to earn interest on their surplus cash. This account offers competitive APYs, with higher rates for balances of $1 million or more. It also provides overdraft protection for Wells Fargo business checking accounts and the unique ability to write checks directly from the savings account.

Along with the ability to earn interest, the Business Platinum Savings account offers access to over 11,000 Wells Fargo ATMs nationwide. The account has a $15 monthly maintenance fee, which can be waived by maintaining a $10,000 average daily balance or by opening a linked business checking account. It's important to note that free cash deposits are limited to $5,000 or 20 transactions per month.

While the Wells Fargo Business Platinum Savings account is an attractive option for LLCs with larger balances, it may not be the most suitable choice for smaller-scale saving endeavors.

TD Business No-Catch CDs

For LLCs with excess cash looking to earn interest while maintaining flexibility, the TD Bank Business No-Catch CDs are an ideal choice. Unlike most CDs, these no-penalty CDs allow you to withdraw funds at any time once per term.

TD Bank offers No-Catch CDs with terms of three, five, nine, or 11 months. While TD Bank CD rates may not always be the most competitive, they do vary regionally. Currently, all No-Catch terms earn 0.03% APY. To find out the rates available in your area, it's best to contact a branch directly.

To open a TD No-Catch CD, a minimum deposit of $25,000 is required. TD Bank holds a strong reputation, ranking as the third-best bank for customer satisfaction in J.D. Power's 2022 U.S. National Banking Satisfaction Study and maintaining an A+ BBB rating.

Wells Fargo Business Market Rate Savings Account

The Wells Fargo Business Market Rate Savings account is designed for LLCs with surplus cash looking to earn interest without the hassle of meeting high balance requirements. While the interest rate is not particularly impressive at 0.01% APY, this account offers convenience with check-writing privileges and low balance and deposit requirements.

The Wells Fargo Business Market Rate Savings account allows LLCs to earn interest on balances as low as $300. Additionally, the $5 monthly fee can be waived by maintaining a $300 average daily balance or by making $25 in automatic transfers from a Wells Fargo business checking account. The account also provides overdraft protection for the linked checking account and allows up to 20 deposits of $5,000 in cash per statement period.

While the interest rate may not be the highest available, the Wells Fargo Business Market Rate Savings account is a suitable option for LLCs looking to earn interest on a smaller scale without extensive balance requirements.

First Internet Bank Business Money Market Savings

The First Internet Bank Business Money Market Savings account is an excellent choice for LLCs looking to earn a generous APY on higher balances. This account offers two tiered APYs based on the daily balance: 3.45% APY for balances of $5,000,000 or below, and 5.46% APY for balances above $5,000,000.

In addition to its competitive interest rates, the First Internet Bank Business Money Market Savings account offers a range of features, including overdraft protection, highly rated mobile app access, and a low $100 minimum deposit requirement. The account also has a $5 monthly maintenance fee, which can be waived by maintaining a $4,000 balance.

It's important to note that the First Internet Bank Business Money Market Savings account limits eligible transactions to six per month before an excess transaction fee is assessed.

LendingClub Tailored Checking Account

The LendingClub Tailored Checking account is an excellent option for LLCs looking to earn rewards and save money. This account offers low fees, unlimited transactions, and ATM fee rebates for out-of-network transactions. LendingClub partners with Autobooks to provide digital invoicing and payment solutions, making it convenient for LLCs to manage their finances.

The LendingClub Tailored Checking account earns 1.50% APY on the first $100,000 of any balance and 0.10% APY on balance portions over $100,000. Signature-based debit card transactions can also earn 1% cash back, assuming account requirements are met and the balance is at least $500.

While the account does have a $10 monthly maintenance fee, it can be waived with an average balance of $500. Overall, the LendingClub Tailored Checking account is an excellent choice for LLCs seeking a low-fee, cash-back business checking account.

TD Business Savings

The TD Bank Business Savings account is a suitable option for LLCs seeking a low-fee savings account with flexible deposit and balance requirements. The account earns interest, although rates may vary by location. Currently, the standard APY is 0.05%, but it's always worth checking with your branch manager for any available adjusted rates.

TD Bank ranked as the best bank for customer satisfaction in J.D. Power's 2019 U.S. National Banking Satisfaction Study and the third-best in 2022. With a low $25 minimum deposit requirement and a $5 monthly maintenance fee that can be waived by maintaining a $500 average daily balance, this account is ideal for LLCs with smaller balances.

It's important to note that TD Bank operates in 16 states on the eastern side of the country, so LLCs outside of this service area may need to explore other options.

First Internet Bank Commercial Analyzed Checking

The First Internet Bank Commercial Analyzed Checking account is a comprehensive banking solution for medium to large businesses. This account offers a wide range of commercial banking services, including treasury management services, commercial deposit services, payables and receivables capabilities, sweep services, fraud prevention, merchant services, credit card processing, and corporate credit cards.

The Commercial Analyzed Checking account does not have any fees for the services listed and does not charge a monthly service fee. It also permits unlimited fee-free transactions and requires only a $100 opening deposit. This account is an excellent choice for LLCs seeking a customizable and feature-rich banking solution.

First Internet Bank Do More Business™ Checking

The First Internet Bank Do More Business Checking account is a straightforward interest-bearing checking account with no minimum deposit or balance requirements and no monthly maintenance fees. The account earns 0.50% APY for accounts with an average daily balance of $10,000, providing an opportunity for LLCs to earn interest on their checking funds.

The Do More Business Checking account offers unlimited transactions and reimburses up to $10 per month in ATM fees. Additionally, LLCs have access to money management tools through the dedicated First IB Business Banking app. LLCs looking for a simple, low-fee account with cash-back rewards will find this account appealing.

TD Business Jumbo CDs

For LLCs with excess cash looking for a short-term investment option, the TD Bank Business Jumbo CDs are worth considering. These CDs are available in terms of seven to 75 days and offer a fixed interest rate for the chosen term.

TD Bank requires a minimum deposit of $50,000 to open a TD Business Jumbo CD. While interest rates may not be the most competitive, TD Bank's strong reputation and high customer satisfaction ratings make them a reliable option.

Conclusion

Choosing the best bank account for an LLC is an important decision that can greatly impact the financial health of your business. By considering factors such as fees, accessibility, interest rates, and additional features, you can make an informed choice that aligns with your LLC's specific needs.

Whether you opt for a comprehensive banking package like the PNC Treasury Enterprise Plan or a simple interest-bearing checking account like the First Internet Bank Do More Business Checking, the key is to find a solution that suits your LLC's financial goals and supports its growth. Take the time to research and compare the options available, and consult with banking professionals to ensure you make the right decision for your LLC's success.

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