What you need before you start
Opening a business account online takes 15 to 30 minutes, but you need to gather documents first. Most banks require your Employer Identification Number (EIN) — the nine-digit tax ID the IRS assigns to your business — or your Social Security number if you're a sole proprietor. You'll also need a government-issued ID, your business address, and proof that your business exists (a business license, articles of incorporation, or DBA certificate, depending on your structure).
Some banks ask for your business plan or a statement of why you're opening the account. Others want to know your expected monthly deposit volume. Have these details ready before you log in, because the application won't let you save and come back later — you'll need to finish in one session.
If your business is brand new and you haven't received your EIN yet, you can request one online from the IRS at irs.gov before you apply for the bank account. The IRS issues EINs immediately when you apply online, so you'll have the number within minutes.
Key Takeaways
- You will need your EIN (or SSN for sole proprietors), a government ID, your business address, and proof your business exists — have these ready before starting the online application.
- Most online business accounts open within one to three business days, though some banks hold new accounts for a verification period before you can withdraw funds.
- Banks vary widely on minimum balances, monthly fees, and whether they offer in-person deposit options — compare these before you choose.
- You can fund the account immediately after opening by transferring money from your personal bank, though some banks require a small verification deposit first.
Step-by-step process for opening the account
Go to your chosen bank's website and look for "Open a Business Account" or "Business Banking" in the main menu. Click through to the online application. The bank will ask you to choose your business structure — sole proprietorship, partnership, LLC, S-corp, or C-corp — because the documents you need and the tax information required differ by structure.
Enter your business name, address, phone number, and the type of business you run. Then provide your EIN or SSN. The bank will ask for your personal information next: your full name, date of birth, Social Security number, and address. This is standard because the bank needs to verify you as the account owner and run a background check.
Upload or photograph the documents the bank requests. For most structures, this means a government-issued ID (driver's license or passport) and your business license or articles of incorporation. Some banks also ask for a recent utility bill or lease agreement to confirm your business address. Take clear photos or scans — blurry or cut-off documents will cause the application to be rejected and you'll have to resubmit.
Review the account terms before you submit. Check the monthly fee (many online business accounts charge nothing), the minimum balance requirement, and whether the bank offers mobile check deposit or in-person deposits at branches. Then submit the application. The bank will send you a confirmation email within minutes.
What happens after you submit
The bank verifies your identity and business information, which usually takes one to three business days. During this time, your account is open but you may not be able to transfer money yet. Some banks place a hold on new accounts for 24 to 48 hours as an anti-fraud measure.
Once verification is complete, the bank sends you login credentials and routing and account numbers by email. You can then set up transfers from your personal account or receive deposits from clients. If the bank requires a verification deposit — usually $0.01 to $1 — they'll deposit it into your new account and ask you to confirm the amount in your online banking portal within a few days.
If the bank rejects your application, they'll email you the reason. Common rejections are mismatched information (your name spelled differently on different documents), an address that doesn't match your ID, or a business structure that doesn't match your tax filings. Contact the bank's business support line to clarify and resubmit.
Choosing between banks
Online-only banks like Mercury, Brex, and Wise tend to have no monthly fees and faster account opening, but they offer limited or no in-person services. If you need to deposit cash or checks in person, you'll want a bank with physical branches or a network of partner ATMs.
Traditional banks like Chase, Bank of America, and Wells Fargo offer online business accounts with branch access, but many charge monthly maintenance fees ($10 to $25) unless you meet a minimum balance or monthly deposit threshold. Credit unions often have lower fees and better customer service for small businesses, but not all offer online-only account opening — you may need to visit a branch or video call to verify your identity.
Compare three things: the monthly fee structure, whether the bank offers the services you actually use (mobile check deposit, wire transfers, payroll integration), and whether you need in-person access. A free account at an online bank is only a good deal if you never need to deposit cash.
Funding your account and getting started
Once your account is active and verification is complete, you can transfer money from your personal bank account using ACH transfer (which is free but takes one to three business days) or wire transfer (which is faster but costs $15 to $30). Some banks let you link your personal account immediately; others require you to wait 24 hours after account opening.
If you need to deposit checks, set up mobile check deposit in your banking app — most banks let you photograph the front and back of a check and deposit it without visiting a branch. If you need to deposit cash, you'll need either a branch location or a partner ATM network. Ask the bank which ATMs accept cash deposits before you open the account.
After funding, set up your business name and tax ID in your accounting software (QuickBooks, FreshBooks, Wave) so you can categorize business expenses correctly. Link your business account to your payroll provider if you have employees, or set up automatic transfers to a separate account for taxes if you're self-employed.
Common reasons applications get rejected
The most common rejection is a mismatch between documents. Your name on your driver's license must match your name on your business license or articles of incorporation. If you've changed your name or your business name is slightly different on different documents, the bank's system flags it as fraud risk. Contact the bank and explain the discrepancy, then resubmit with consistent documents.
Banks also reject applications when the business address doesn't match the ID address, or when the applicant has a history of fraud or unpaid debts. If you've had banking problems in the past, some banks will still open an account for you, but others won't. If one bank rejects you, try a credit union or an online bank with less stringent verification.
A third common issue is incomplete information. If you leave a required field blank or upload a document that's cut off or illegible, the application will fail. Before you resubmit, make sure every field is filled and every document is clear and complete.
Frequently Asked Questions
How long does it take to open a business account online?
The application itself takes 15 to 30 minutes. Verification usually takes one to three business days. Some banks let you start using the account immediately; others hold it for 24 to 48 hours. You'll have full access and routing numbers within three business days at most.
Do I need an EIN if I'm a sole proprietor?
No. Sole proprietors can use their Social Security number instead. However, getting an EIN is free and takes minutes online at irs.gov, and many business owners prefer to keep their SSN off bank documents for privacy. Either way works.
Can I open a business account if my business is brand new?
Yes. You don't need to be profitable or even operational yet. You do need proof that your business exists — a business license, articles of incorporation, or a DBA certificate filed with your state. If you haven't filed these yet, do that before you apply for the bank account.
What if the bank asks for documents I don't have?
Contact the bank's business support line and ask what documents you can substitute. For example, if they ask for a business license and you're a sole proprietor without one, ask if a DBA certificate or your EIN letter will work instead. Most banks are flexible as long as you can prove your business exists and you are the owner.
Can I use my home address as my business address?
Yes. Many small businesses operate from home. Use your home address on the application. The bank may ask for proof of address — a utility bill or lease in your name — so have that ready.