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A lesson on LLC Banking

Finding the best Bank to set up a business account wasn't as straight forward as we had hoped, especially amidst the COVID-19 pandemic. After many months of research, rejections, trial & error, we have a list of some of the top choices with pros and cons.


Purely Online Banking


NorthOne

Appgroves review

  • $10 / month for starter account

  • Up to 20 transactions

  • Unlimited debit card payments

  • Focuses on mobile banking - quite a mixed bag of reviews


N26(US)

Appgroves review

  • International bank

  • No min balance

  • No maintenance charges

  • No annual fees

  • no foreign transaction fees

  • cash-back cards and shopping discounts

  • Mostly positive reviews


Azlo

Appgroves review

  • Unlimited # of transactions

  • No fees except outbound wires

  • Only supports one user in their system

  • Supports a very limited number of non-citizen visa customers


Mercury - We went with this one!

  • Caters to companies with international owners :)

  • no minimum balance

  • no monthly fee

  • domestic wires = $5 & international wires = $20


Novo

Appgroves review

  • $50 to start account

  • great for US studios with multiple owners

  • difficult application process for international owners


In the end, we decided on Mercury and have anything in order. The whole process took about 3 weeks and you need all your documents including EIN, Filing Evidence, and statement of organizer ( if applicable ), so be sure to have everything ready before you start applying! đź’Ş

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