8 months ago · Updated 3 days ago
An LLC does not need one particular kind of bank account, but it does need a separate one. Keeping business money apart from personal money makes bookkeeping and taxes easier, and the IRS and the SBA both recommend it. It does not guarantee liability protection on its own, and mixing funds once does not automatically erase your LLC. Courts look at the whole picture.
Which account fits depends on how your LLC handles money: cash or card, in person or online, US-based owner or not. If you are still working through setup, start with the business setup guide, and get your tax ID first with the EIN guide, since banks ask for it.
Which business account should an LLC pick?
Take cash or need a branch: Chase Business Complete. Everything is digital and you want strong online controls: Mercury. Want separate accounts for tax, payroll and profit: Relay. Want interest plus sub-accounts: Bluevine. Want the simplest fee-free account for an online service business: Novo. Owner outside the US: read the non-resident banking guide first, because eligibility changes the answer.
Start with how your LLC moves money
A medal table does not help much here. Ask what you want the account to fix.
| If this sounds like your LLC | Look at first |
|---|---|
| You take cash, need teller help, or want a branch when something goes wrong | Chase Business Complete |
| Almost everything happens online and you want strong digital controls | Mercury |
| You split revenue into tax, payroll, profit and operating buckets | Relay |
| You want interest on balances without giving up sub-accounts | Bluevine |
| You are a freelancer or small service business and want few moving parts | Novo |
Chase is a bank with branches. Mercury, Relay, Bluevine and Novo are fintech companies that hold deposits at partner banks. Some take cash and some do not, and some pay interest on balances. If you also plan to use a mailing address for the business, read the address rules before you apply, and our virtual business address guide for the options.
Chase Business Complete: for cash and branches
Chase solves a problem the online-only options cannot: physical access. If you deposit cash several times a week, sometimes need a cashier's check, or want a person to call when something breaks, a branch bank makes sense.
| Detail | What Chase publishes |
|---|---|
| Monthly fee | $15, with five ways to waive it, including a $2,000 minimum daily ending balance or $2,000 in eligible card-payment deposits or Chase business card purchases |
| Cash deposits | $5,000 of in-branch cash deposits per statement cycle at no additional charge |
| Included activity | Debit card purchases plus up to 20 checks, deposits and withdrawals made with a banker per cycle |
| Opening online | Sole proprietorships, corporations, and LLCs managed by a single member or manager. Multi-member LLCs apply at a branch. |
If your LLC never touches cash and rarely needs a branch, you may be paying for access you do not use. Chase is on this list for that access, not for budgeting tools or yield.
Mercury: digital banking, with two products to keep apart
Mercury is built for startups and online businesses. It publishes zero monthly fees, no overdraft fees and no minimum balance, and says deposits can be covered up to $5 million through its partner banks' sweep networks. Mercury itself is not a bank. To open an account, the business must be formed in the US or a US territory and have existing or planned US operations.
Mercury's own product page does not list cash deposits, so if you take cash, ask before you apply. Its address rules matter more than most people expect; see address rules below.
Relay: separate accounts for budgeting
Relay's strength is operational. On its free Starter plan an LLC can open up to 20 checking accounts, which makes a Profit First style setup possible: one account for operating cash, one for taxes, one for payroll or owner pay, one for reserves. If you are working out how to pay yourself, our LLC owner pay guide pairs well with that structure.
| Plan | Monthly price | Checking accounts | Savings APY |
|---|---|---|---|
| Starter | $0 | 20 | 1.19% |
| Grow | $30 | 20 | 1.87% |
| Scale | $90 | 50 | 3.21% |
Rates and prices are from Relay's pricing page, with rates dated September 17, 2026. Cash goes in through Allpoint+ ATMs (capped at $1,000 per transaction, no surcharge) or Green Dot retailers like Walmart and CVS, where the retailer can charge up to $4.95 per transaction. Relay says it charges no fee of its own for cash deposits. There is no branch, so it is a weaker choice for heavy cash.
Bluevine: read the conditions behind the APY
A headline rate is easy to misread here, so check the conditions. The Standard plan has no monthly fee and pays 1.3% on balances up to $250,000, but only if you spend $500 a month on the debit card or receive $2,500 a month in customer payments. Plus is $30 a month at 1.75% on balances up to $250,000. Premier is $95 a month at 3.0% on all balances. Fees can be waived at higher balances.
| Plan | Monthly fee | APY | Sub-accounts |
|---|---|---|---|
| Standard | $0 | 1.3% up to $250,000, with activity conditions | Up to 5 |
| Plus | $30 | 1.75% up to $250,000 | Up to 10 |
| Premier | $95 | 3.0% on all balances | Up to 50 |
Cash can go in at Green Dot retailers for $4.95 per transaction, or at Allpoint+ ATMs for $1 plus 0.5% of the deposit. Bluevine says deposits are insured up to $3 million per depositor through Coastal Community Bank and its program banks. Paying for a higher tier only for the rate makes sense if you keep a large enough balance to cover the fee.
Novo: the minimalist option
Novo does not compete on branches, cash or checking yield. It publishes no monthly fees, no minimums and no transaction limits, free standard ACH, and reimbursement of third-party ATM fees up to $7 a month. Reserves let you set aside up to 20 buckets inside the one checking account for things like taxes and payroll. These are budgeting buckets, not separate accounts like Relay's. Deposits are held at Middlesex Federal Savings, F.A., Member FDIC.
Novo's product page does not mention cash deposits or interest on checking. For a solo consultant paid electronically that may not matter. If you hold a lot of idle cash or take currency, it matters right away.
Side by side
| Chase | Mercury | Relay | Bluevine | Novo | |
|---|---|---|---|---|---|
| Monthly fee | $15, waivable | $0 | $0 on Starter | $0 on Standard | $0 |
| Cash deposits | Branches | Not listed | Allpoint+ and Green Dot | Allpoint+ and Green Dot | Not listed |
| Separate accounts | Not covered here | Not covered here | Up to 20 checking | Up to 5 sub-accounts | Up to 20 Reserves |
| Interest | Not covered here | Treasury is a separate investment | Savings 1.19% on Starter | 1.3% on Standard, with conditions | None listed on checking |
| Branch access | Yes | No | No | No | No |
Banks, fintechs and FDIC coverage
Four of the five providers are not banks. The FDIC says plainly that nonbank companies are never themselves FDIC insured. Eligible deposits can get pass-through coverage after the money is placed at an insured partner bank and the required ownership records are kept. The standard limit is at least $250,000 per depositor, per bank. That coverage protects you if the bank fails. It does not protect you from the fintech's own insolvency, and it does not cover investment products.
So read each provider's disclosures and find the actual bank that holds your deposits. The numbers providers advertise, such as Mercury's $5 million sweep coverage, depend on those program conditions.
Address rules
There is no single rule across providers. A bank may ask for a legal address, a mailing address and the place where the business or owner actually operates. A virtual address works for mail and privacy but is not a guaranteed way to pass identity checks.
Mercury's help center (checked August 23, 2026, and not reachable by our tools on October 7) says the physical operating address cannot be a registered agent, PO box, mail center or virtual office. Confirm that on Mercury's page before paying for any address service. A registered agent address is for legal notices, not for this. See our virtual address vs registered agent comparison and the guide on whether you need a virtual address.
If you are a non-US founder, country restrictions, US operations and beneficial-owner documents can decide whether you can open an account at all. Our non-resident bank account guide covers that case, and the non-resident EIN guide covers the tax ID.
What to have ready
Your EIN
Most applications ask for it and may want the IRS confirmation letter. If you do not have one yet, start with the EIN guide.
Formation documents
The state filing that created the LLC, such as Articles of Organization or a Certificate of Formation. The post-formation checklist shows where this fits.
Ownership details
Some providers ask for an operating agreement, ownership percentages or manager information, especially for a multi-member LLC.
Government ID
Owners or authorized applicants should expect identity verification. Which owners must verify depends on the provider.
Proof of address
Have documents ready if the provider asks where the company or its owners actually operate.
After the account is open
Run business income and spending through it from day one. It also helps at tax time: see how LLCs are taxed, set up payroll if you hire (payroll guide), and check whether you need a business license or business insurance. A single-owner company should also read about the single-member LLC.
Pick by workflow. Chase when cash and branches matter, Mercury for digital-first companies, Relay for multiple accounts, Bluevine for interest with sub-accounts, Novo for a simple fee-free account. Check eligibility and current terms before you apply, and keep business money separate from personal money.
Questions people ask
Do I legally have to open a business bank account for my LLC?
Does mixing personal and business money destroy LLC protection?
Can an LLC open a Chase business account online?
Which of these accounts takes cash?
Is Mercury Treasury FDIC insured?
Which account is best for a non-US owner?
Sources checked
Provider pages and the FDIC were checked on October 7, 2026 unless noted. Chase Business Complete Banking; Mercury business banking; Mercury Treasury disclosure and company address requirements (both checked August 23, 2026); Relay pricing and Relay cash deposits; Bluevine business checking, Bluevine FAQ and Bluevine plans; Novo business checking; FDIC; SBA. This page is general information, not financial or legal advice.
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