Separating business and personal finances is legally required for LLC protection and essential for building business credit. Here are the best accounts for new businesses.
Best Overall
Chase
Branches + online
Best Online
Novo
Free, fast, modern
Best for Startups
Mercury
Free + integrations
Best for Cashback
Relay
1% on debit
1. Chase Business Complete Banking — Best Overall
Chase offers the best combination of branch access, online tools, and integration with QuickBooks and other accounting software.
- Monthly fee: $15 (waived with $2,000 balance or $2,000 in deposits)
- Minimum opening deposit: $0
- Features: 20 free transactions/month, $5,000 free cash deposits/month, Chase QuickDeposit
- Best for: Businesses that handle cash or need branch access
2. Novo — Best Online-Only
Novo is built for modern small businesses. No monthly fees, no minimums, and powerful integrations.
- Monthly fee: $0
- Minimum opening deposit: $50
- Features: Unlimited transactions, Stripe/PayPal integration, free ACH transfers, mobile check deposit
- Best for: Online businesses, freelancers, tech-savvy owners
3. Mercury — Best for Tech Startups
Mercury offers a sleek platform with treasury accounts, venture debt access, and powerful API integrations.
- Monthly fee: $0
- Minimum opening deposit: $0
- Features: Virtual cards, team permissions, treasury yield, investor-ready reporting
- Best for: Startups planning to raise funding, e-commerce businesses
4. Relay — Best for Cashback
Relay offers 1% cashback on debit card purchases and strong multi-user permissions.
- Monthly fee: $0 (Standard) or $30 (Pro)
- Minimum opening deposit: $0
- Features: 1% debit cashback, unlimited envelopes, multi-user access, QuickBooks sync
- Best for: Businesses with high debit card spending
| Bank | Monthly Fee | Min Deposit | Transactions | Cash Deposits | Best For |
|---|---|---|---|---|---|
| Chase | $15 (waivable) | $0 | 20 free | Yes (branches) | Cash businesses |
| Novo | $0 | $50 | Unlimited | No | Online businesses |
| Mercury | $0 | $0 | Unlimited | No | Tech startups |
| Relay | $0 | $0 | Unlimited | No | Cashback seekers |
Why You Need a Business Account
- Legal protection: Commingling funds can pierce your LLC's corporate veil
- Tax simplicity: Clean records make Schedule C filing easier
- Business credit: Required to establish business credit separate from personal
- Professionalism: Clients pay a business name, not your personal name
Open Your Business Account
Most applications take 10 minutes online. Have your EIN and LLC formation documents ready.
Chase Business Banking →Using a personal bank account for business transactions is the #1 mistake new LLC owners make. It exposes personal assets to business liability and creates a tax nightmare at year-end. Open a business account before you accept your first payment.