A dedicated business bank account is step one of building fundability — but not every bank works well for a brand-new, EIN-only entity. We researched the options independently and verified pricing and features directly against each provider's own current disclosures.
A dedicated business bank account isn't just good practice — it's what keeps your LLC's liability protection intact. Mixing personal and business funds ("commingling") is one of the fastest ways a court can pierce the corporate veil, exposing your personal assets to business liabilities. It's also foundational to fundability: a business bank account is one of the compliance basics automated underwriting checks before it ever looks at your credit file, and it's Stage 1 of the EIN Credit Ladder.
We researched the following independently, cross-checking multiple current sources against each provider's own published fee schedules and disclosures. BCC Supplies is not affiliated with, endorsed by, or sponsored by any bank listed here, and receives no referral fee for these recommendations.
Mercury has become the standard operating account for tech-oriented startups: no monthly fee, no minimum balance, no overdraft fee, and fast approval that doesn't require existing revenue or venture backing. Mercury is a fintech partnering with FDIC-insured banks — currently Choice Financial Group and Column N.A. (Mercury announced in March 2025 that it's transitioning away from its former partner, Evolve Bank & Trust) — rather than a bank itself, with coverage extended well beyond the standard $250,000 through its sweep network. Notably, Mercury received conditional OCC approval in April 2026 to establish its own chartered bank, though it continues operating through partner banks in the meantime.[1] A Treasury product is available for idle cash at a variable yield.
Relay's standout feature is up to 20 free checking sub-accounts under a single LLC — genuinely useful for separating operating funds, tax withholding, and payroll reserves without opening accounts at multiple institutions. No monthly fee, no minimum balance, and FDIC coverage up to $3 million through its sole partner bank, Thread Bank, via an insured cash sweep program. (Relay's earlier partner, Evolve Bank & Trust, was fully phased out back in 2023 — current account agreements name only Thread Bank.)[2] Relay doesn't pay interest on checking, though its savings sub-accounts do.
Most business checking accounts pay no interest at all; Bluevine is a notable exception, paying a variable APY on checking balances with no monthly fee and no minimum balance on its Standard tier. Its Premier tier pays a higher rate but carries a monthly fee (waivable) and an activity requirement.
Novo keeps things straightforward: no monthly fee, no minimum balance, ATM fee reimbursement up to a monthly cap, and integrations with common accounting tools. Its Standard checking account doesn't pay interest, so it's best suited as a transaction account rather than a place to park significant reserves.
Mercury, Relay, and Bluevine don't accept cash deposits at all. If your business handles physical cash regularly, Chase's large branch and ATM network is the practical choice. The account carries a monthly fee (typically around $15) that's commonly waivable by maintaining a minimum daily balance or meeting a monthly spend/deposit threshold — confirm the current specific requirements directly with Chase, since these terms do change. A traditional bank relationship can also matter later, when you're ready to apply for a business credit card or an SBA loan.
| Bank | Monthly Fee | Min. Balance | Cash Deposits | Best For |
|---|---|---|---|---|
| Mercury | $0 | $0 | No | Overall default for new LLCs |
| Relay | $0 | $0 | No | Multi-account organization (up to 20) |
| Bluevine | $0 (Standard) | $0 | No | Earning interest on checking |
| Novo | $0 | $0 | No | Simple, zero-fee transactions |
| Chase | ~$15 (waivable) | Varies by waiver method | Yes | Cash-heavy businesses, traditional banking |
Fees, rates, and terms are set by each provider and change; figures above reflect our research as of mid-2026 and are not a guarantee of current terms. Confirm directly with the provider before opening an account.
Once your business bank account is set up, the next step on the EIN Credit Ladder is a genuine reporting tradeline.
Get started with BCC Supplies for $19/moA business bank account is Stage 1 of the EIN Credit Ladder — the next steps are registering with the business credit bureaus and opening your first reporting tradeline. See the ultimate guide to building business credit for the full sequence.
This page is general business education, not financial advice. BCC Supplies is not a bank and does not endorse, partner with, or receive compensation from any bank named on this page. Bank fees, rates, and account terms are set independently by each provider and are subject to change — confirm current terms directly before opening an account.
Sources: [1] Mercury, "How Mercury Works with its Partners" · [2] Relay, "Thread Bank" (Partner Bank Disclosure)
See our Press Founder Questions Editorial Standards for how we research, source, and correct the information on this page.
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