Whether you’re a one-person operation or a limited liability company (LLC), choosing a bank account is a key factor for business growth. But it’s not a one-size-fits-all proposition. The right bank depends on how you manage money, who is involved, and what your business may need down the road.

This guide helps you identify which features matter most to your operations and how to compare business accounts effectively. Some tips vary by business structure, so you also get useful insights into how the needs of LLCs differ from other small businesses.

Start with how your business moves money.

The first step in choosing the best bank account is to think about how money flows through your business. Mapping those patterns helps you identify essential banking features.

Your industry and business model usually shape these needs. Here are a few ways your industry influences what features you need from a bank account:

• Retailers may need flexible payment solutions based on customer preference, whether that’s cash, card, digital payments, or all three.
• Consultants and service-based contractors often prioritize invoicing and expense-tracking integrations.
• Healthcare practices and other businesses in regulated industries need fraud prevention and data security.
• Restaurants and food service businesses may need daily cash deposits, change orders, and fast access to funds.

Once you know how your business handles money, identifying the business account features that support your operations is easier. 

If you’re an LLC: Any business could benefit from separating personal and business funds, but it’s crucial for LLCs. Mixing the two in a single account risks losing the liability protections the LLC structure provides. Banking tools that categorize transactions or sync with bookkeeping software help keep those funds separate.

Compare account features and fees.

Use the information about your finances to prioritize the features your operations might benefit from the most, such as:

• Monthly maintenance fees
• Transaction limits
• Online and mobile banking
• Payment acceptance tools
• Accounting software integrations
• User access controls

Return to these priorities as you investigate banking options, noting any account offerings that match the way you run your business and any fees that might conflict with your revenue patterns. Prioritizing the features you need now — and those you may need later — helps your account support your business through different stages of growth

For example, you might avoid an account that charges a fee when you dip below a minimum balance — unless it waives that fee when you make a certain number of monthly debit card purchases. You could also accept a low transaction cap if the fee for exceeding it is low.  

If you’re an LLC: LLCs with multiple members or frequent distributions may want to review transaction limits and fee structures closely. Accounts that charge for excess transactions or transfers may become more expensive as your activity increases.

The same is true if you need additional cards or user roles for the account. Some business accounts include these at no extra cost, while others charge an extra fee.

Review account access and permissions carefully.

Account access may not seem important when you’re starting out, but many solopreneurs eventually need help managing money. Without proper permissions in place, you might have to give a part-time bookkeeper full access simply to review statements — or handle all the finances yourself.

A bank that offers flexible permissions prevents that all-or-nothing scenario. It allows you to grant limited access to temporary employees without exposing your business to internal fraud, unauthorized spending, or accidental transfers.  

Flexible access also supports long-term growth. If you expand, hire employees, or outsource work, you won’t need to switch banks to get the role-based permissions your business needs.

If you’re an LLC: LLCs with more than one member should look for an account that supports multiple authorized users and detailed permission controls, making it easier to specify who has permission to view balances, move money, or access statements.

Consider documentation and setup requirements.

Opening a business account usually takes more documentation than a personal account, and gathering the relevant documents ahead of time could make the process smoother. Depending on your bank, you may need:

• Employer Identification Number (EIN) or Social Security number (for sole proprietors)
• Business license or registration
• Partnership agreement (if applicable)
• Articles of incorporation (for corporations)
• Proof of address
• Ownership percentage details for all members

Some banks let you open a business account online — others may require an in-branch visit. Before applying, visit your bank’s website or call its customer support line to confirm required documents or additional steps. This is also useful if your business grows or changes structure, since you already have the necessary information organized.

If you’re an LLC: Additional information for your LLC could include your operating agreement, articles of organization, ownership percentages, and the identity of anyone who has the authority to act on behalf of your company. 

Choose a bank account that fits your business today and tomorrow.

The best bank for your business — whether it’s an LLC or a sole proprietorship — fits your operations today and in the future. Choosing the right business account now can help you stay organized, protect your structure, and make day-to-day money management easier as you grow.