How to Open a Business Bank Account

Gather what you need to open a business bill

Business bank accounts help small-business owners manage company finances, streamline invoicing and simplify tax filing.

There are respective types of clientele accounts available — business checking accounts, savings accounts, merchant services and even business credit cards — each with its own determination and benefits. Chances are your company will use more than one.

Opening a occupation account is easy ; you can typically apply in minutes ampere long as you have the right details and documents, specially if you open an report on-line. here ’ s what you need to open a business savings bank bill, plus our tips for how to find the best deposit for your little clientele

Gather what you need to open a business account

Business bank account requirements will vary based on the bank, your entity type, the type of account you’re opening and the state where you formed your business.

1. Personal identification

Banks require a government-issued photo ID, such as a driver’s license or passport, to open a business bank account (some may ask for two). You also need to give your personal mailing address and contact information, along with your date of birth and Social Security number.

Businesses with multiple owners typically need to include personal details and identification for every owner with 25% or more ownership in the business.

2. Employer identification number

If your business has an employer identification number, you need to provide that along with any corresponding documents from the IRS. Sole proprietors and single-member LLCs may be able to use their Social Security number.

3. Business details

The business report application will ask for your business name and cover, arsenic well as your trade wind list or DBA name, if applicable. beyond that, you ’ ll need to list your business entity type ( sole proprietorship, partnership, LLC or pot ) and disclose the industry you ’ re in and type of business you operate .

4. Organizing documents, agreements

The documents you need to provide depend on how your business is set up. Here are common requirements for different entity types:

  • Sole proprietorships: Business name registration certificate, business license.

  • Partnerships: Partnership agreement, business name registration certificate, business license, state certificate of partnership.

  • LLCs: Articles of organization, LLC operating agreement, business license.

  • Corporations: Articles of incorporation, corporate bylaws, business license.

5. Opening deposit

Some banks require an opening deposit, which can range from $5 to $1,000, for example, while others allow you to open an account with $0.

Review the different types of business bank accounts

Business checking accounts

Business savings accounts

Merchant accounts*

Best for:

Everyday use

Best for:

Long-term savings

Best for:

Accepting debit and credit card payments

What to keep in mind:

  • Included monthly transactions.

  • ATM access.

  • Account and incidental fees.

What to keep in mind: 

  • APY.

  • Account fees.

  • Minimum balance required to earn interest.

What to keep in mind: 

  • Bundled merchant services.

  • Low transaction fees.

  • Additional fees.

* You need to open a business checking account before you can get a merchant account, which is used for accepting debit or credit card payments. Learn more about merchant accounts hera

Choose a bank for you business account

  • Monthly fees.

  • Minimum balance requirements.

  • Included fee-free transactions.

  • ATM access (withdrawals and deposits).

  • Wiring, transfer and payment capabilities.

  • Incidental fees (stop payment, nonsufficient funds, overdrafts).

  • Online and mobile banking.

  • Additional features, such as bill pay, invoicing or integrations with other business tools.

not indisputable where to start ? here are a few of our picks for best business checking accounts ( see the broad list ) .

Novo Business Checking Chase Business Complete Banking℠ relay

NerdWallet rating  NerdWallet ‘s ratings are determined by our editorial team. The scoring rule takes into explanation the type of wag being reviewed ( such as cash back, travel or poise transfer ) and the tease ‘s rates, fees, rewards and other features .

Learn more

NerdWallet rating  NerdWallet ‘s ratings are determined by our editorial team. The scoring convention takes into report the type of card being reviewed ( such as cash rear, travel or libra transfer ) and the card ‘s rates, fees, rewards and other features .

Learn more

NerdWallet rating  NerdWallet ‘s ratings are determined by our editorial team. The scoring recipe takes into account the type of card being reviewed ( such as cash binding, locomotion or balance transplant ) and the card ‘s rates, fees, rewards and other features .

Learn more

monthly tip $ 0 monthly tip $ 15.00 Waived with $ 2,000 minimum balance wheel monthly tip $ 0
bonus N/A bonus $ 300 Earn $ 300 when you open a new Chase Business Complete Checking account. For newfangled Chase business checking customers with qualifying activities . Requirements to qualify

bonus N/A
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