Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.

How to open a business bank account

Requirements and documents you need to meet to open a business bank account.

Not only is a business bank account more professional, but it makes it easier to file your taxes, track your cash flow and get a line of credit. Follow these six steps to open a business bank account.

1. Decide what type of account you need

The first step is to figure out what type of business bank account you need. A business checking account is good for daily expenses. It may come with a debit card, checkwriting privileges, merchant services and other perks to help you manage your money.

A savings account for businesses is better for storing excess capital. You’ll earn a competitive interest rate, but you may pay penalty fees if you need to tap into funds more than six times a month.

2. Find a bank

Once you’ve narrowed down what type of account you need for your business, it’s time to find a bank. Bank accounts vary wildly by institution. Some banks charge hefty monthly fees that you can’t avoid and others don’t charge any fees. You may find accounts that let you get started with as little as $0 while others may require opening deposits of $1,000 or more.

Write down your priorities — whether that’s a bank with a large ATM network, one that accepts cash deposits or one with unlimited transactions — and shop around until you find an account that checks all your boxes.

3. Gather your documentation

Once you’ve found a bank, it’s time to gather your documents. The exact documentation you need depends on your business structure. You’ll need your personal information, including your Social Security number and government-issued photo ID, along with your business formation documents.

4. Apply for your account

The bank’s website should list your options for opening an account. The most popular ways are online, in person or by phone.

The quickest way to open a business bank account is online. But you may want to visit a local branch if you’d like extra guidance.

If you have a business in the telemarketing, precious metals, gambling or government industry, you may be required to open your account in person.

5. Set everything up

Once your account is officially open, it’s time to set everything up. You’ll want to:

  • Fund your account with an initial deposit.
  • Switch over any direct deposits or bill payments to your new account.
  • Connect your account to an accounting software to make bookkeeping a breeze.


Every bank is different, but generally you can open a business bank account if you’re:

  • At least 18 years old
  • US citizen or resident

7 requirements to open a business bank account

Opening a business bank account will require information about you and your company.

You’ll need to provide the following information for every individual listed on the account:

  1. Full name
  2. Date of birth
  3. Residential address
  4. Citizenship status
  5. Social Security number or Individual Taxpayer Identification number
  6. Government-issued photo ID
  7. Percent of company ownership

What do I need to open a business bank account?

The business documents you’ll need depends on your entity type. Here’s what you’ll need to provide based on your company structure:

Business typeRequired documents
Sole proprietor
  • Social Security number or Employer Identification Number
  • Business license
General partnership
  • Employer Identification Number or Partnership TIN
  • Business license
  • Partnership Agreement
Limited liability corporation (LLC)
  • Employer Identification Number
  • Business license
  • Articles of Organization
Limited partnership (LP) or limited liability partnership (LLC)
  • Employer Identification Number
  • Business license
  • Articles of Organization
  • Partnership Agreement
For-profit corporation
  • Employer Identification Number
  • Business license
  • Articles of Incorporation
Nonprofit corporation
  • Employer Identification Number
  • Business license
  • 501(c) Letter
  • Articles of Incorporation

How much money do I need to open a business account?

This table shows how much money you need to open a business bank account at several major US banks.

BankMinimum deposit
Bank of America$100
Citigroup$0 to $1
JPMorgan Chase$0
TD Bank$25 to $200
Wells Fargo$25

How long does it take to open a business bank account?

It could take you less than 30 minutes to submit your application online if you have all your documents handy. The verification process could take a day or two and you’ll typically receive your debit card in the mail seven to 10 business days later.

If you open an account in person, it could take an hour or more to complete your application — and you may have to book an appointment in advance. But you could get your debit card on the spot.


A low-fee online checking account designed for small businesses and startups. Apply in under 10 minutes.

Apply now
on Novo's secure site
APY 0%
Fee $0
Minimum deposit to open $50
Minimum balance to earn interest
Interest compounding Daily

Compare business bank accounts

Use the comparison table to compare business bank accounts by monthly fee, minimum deposit and ATM network.

Name Product Fee Minimum deposit to open ATMs
NorthOne Business Banking
$10 per month
withdraw cash at any Cirrus branded ATM location (+1,000,000 locations accross the U.S + 2m worldwide), including MoneyPass ATMs

A digital bank account featuring free cash deposits, on-demand customer support and streamlined bookkeeping integrations.
First Internet Bank Small Business Checking
Up to $10 ATM fee reimbursements a month, plus free access to the ATM Plus Network
No minimum balance and no monthly service fee. Make unlimited deposits. Get reimbursed up to $10 per month in ATM fees
Chase Business Complete Banking
$15 per month
(can be waived)
over 16,000 in-network ATMs
This Chase business checking account has built-in card acceptance using a smartphone card reader. $300 bonus offer
Brex Cash account
Brex Cash is an innovative cash management account that lets business owners choose whether to save or invest funds.
$4.99 for Lili Pro
32,000 fee-free ATMs nationwide
Freelancers get paid up to two days early and can automatically set aside money for taxes with the Lili digital bank account

Compare up to 4 providers

Name Product Annual percentage yield (APY) Fee Minimum deposit to open
Axos Bank Business Savings
Finder Rating: 3.7 / 5: ★★★★★
Axos Bank Business Savings
$5 per month
(can be waived)
A business savings account with a low minimum deposit.
Axos Bank Business Money Market
Finder Rating: 3.6 / 5: ★★★★★
Axos Bank Business Money Market
$10 per month
(can be waived)
This money market savings account comes with the added benefit of check writing privileges.
NBKC Bank Business Money Market
NBKC Bank Business Money Market
The NBKC Bank Business Money Market Account is a breath of fresh air with its simple fee structure and low opening deposit.
First Internet Bank Regular Savings
First Internet Bank Regular Savings

0.70% on $0 to $10,000,000
0.40% on $10,000,000+
$2 per month
(can be waived)
First Internet Bank's Regular Savings account for businesses is online-only and available nationwide.
Live Oak Bank Business Savings account
Finder Rating: 4.4 / 5: ★★★★★
Live Oak Bank Business Savings account
No monthly maintenance fees. No minimum balance requirements. Interest compounded daily

Compare up to 4 providers

Do I need a business bank account?

Anyone who owns a business should have a business bank account. Some business structures require you to have one. But if yours doesn’t, commingling your personal and business funds can create chaos.

The government could come after your personal assets if you’re sued or owe money to the IRS. And it creates a lot of headache come tax time because it’s harder to separate personal expenses from your business ones. Your accountant may also have a hard time figuring out which business tax deductions you qualify for.

Bottom line

Opening a business bank account may seem intimidating, but it’s actually quite easy. Once you find your bank, check to see if you can apply online, in person or over the phone. Then, gather your documents and apply. As always, compare the best business bank accounts before making a decision.

Frequently asked questions

More guides on Finder

Ask an Expert

You are about to post a question on

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site