[Chelsea]

My husband’s LLC application just got approved and he is about to receive his first payment being self-employed as a podcast producer/editor.

We are trying to determine where to open a business account and wanted to pulse for any FI recommendations or cautions for specific banks.

Ideally we also want to be able to have the money gain interest while in the account, but unsure if all business bank accounts will be “checking” account vs HYS.

I want transfers to be easy for paying ourselves as well as low or no fees.

Looking at chase right now.

Thanks for the feedback!

[Cody]

I love Chase for Business.
They pay little/no interest and have balance requirements, but they have the best credit cards for business IMO.

Just don’t keep more cash than necessary.

Super fast money movements.

[Garrett]

I use Grasshopper business checking and it pays interest on the checking account and a little cash back on purchases.

I’ve been very happy with them. No fees. I used chase before that.

I moved because I like to keep a balance in my account of a minimum of 3 months expenses so I was looking for interest as well.

[Sean]

I did a ton of research on this when I was opening my business bank account, and I think Fidelity’s business account is by far the best.

It also lets me have the convenience of having all of my accounts in one place, although obviously that may not be the case for you.

But I do love having all of my business’s dollar earning 4ish percent.

[Leila]

I use Novo. I really like the UI and everything has been great with them.

No interest though it’s just a business checking!

[Matthew]

We also use Grasshopper for our podcasting business. It’s been super easy and would recommend.

Good on you for making the LLC and keeping business expenses separate!

[Stephanie]

My main business accounts are at my credit union, including check writing accounts.

They are broken into sub accounts using the Profit First method (highly recommend).

Then, I have a tax savings and vault account in HYSAs at Live Oak Bank that transfer to and from my credit union (which doesn’t offer competitive interest rates but is totally feel free for small businesses).

I previously had a really bad experience with BoA business accounts, so I would say stay away from that one.

[Christine]

I use Chase for my business banking. Sadly, you won’t find business bank accounts that pay interest (at any bank) but I’ve been very happy with Chase.

[Jennifer]

If you want something local, and credit union is usually free, and can make a bit (our savings gets dividens)

[Author]

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