LLC and Holding LLC bank accounts

[Sachin Maskey]

Hi BP members, I have just created LLC and holding LLC. I am trying to open the bank account for this newly created LLC and was wondering if there is any banks which is better than others. I was thinking chase , wells Fargo, Bank of America etc . Any feedback is highly appreciated

[Mike S.]

@Sachin Maskey

If your LLC is in the same state than your bank you should have no problem using any banks.

If your bank is in another state, some banks will only accept LLC in states where they have branches.

You will have to look what kind of business account features you need. Some banks have good online banking with cheap wire transfer or ACH. Some have high fee or minimum balance amount. Some will offer credit card some won’t.

Also if you want ultimately to get financing, you may want to start relationship with a community bank.