What you need before you walk in

A business bank account requires proof that your business exists as a legal entity separate from you personally. The bank will ask for your Employer Identification Number (EIN) — a nine-digit number the IRS issues to businesses — or your Social Security Number if you're a sole proprietor. You'll also need a government-issued photo ID, your business formation documents (articles of incorporation, articles of organization, or a DBA certificate, depending on your structure), and proof of your business address.

Some banks also ask for an initial deposit before opening the account. This amount varies by bank and account type, but ranges from zero to several hundred dollars. Call ahead or check the bank's website to confirm what they require — you don't want to show up unprepared.

If your business is brand new and you haven't yet received your EIN from the IRS, you can apply for one online at irs.gov/ein. The process takes about 15 minutes, and you receive your number immediately. Some banks will open an account using your Social Security Number temporarily while you wait for the EIN to arrive by mail.

Key Takeaways

  • You need an EIN (or Social Security Number for sole proprietors), a government ID, your business formation documents, and proof of your business address.
  • Different business structures — sole proprietorship, LLC, S-corp, C-corp — require different documents, so confirm your structure before you visit the bank.
  • Banks vary widely in their fees, minimum balances, and online tools, so comparing three to five options saves money over time.
  • The entire process usually takes 20 to 30 minutes in person, or you can complete it online with some banks if you have all documents ready.
  • Once your account is open, set up separate accounting from day one so you can track business income and expenses for taxes.

Confirm your business structure and gather the right documents

The documents a bank needs depend on how you registered your business. A sole proprietorship requires only your Social Security Number and a DBA (Doing Business As) certificate if you registered one with your county. An LLC requires your articles of organization from your state. An S-corp or C-corp requires articles of incorporation plus a corporate resolution authorizing the account.

If you haven't registered your business yet, do that first — before opening the bank account. Registration happens at your state's Secretary of State office (online, by mail, or in person) and costs between $50 and $300 depending on the state and structure. Once you're registered, you'll receive official documents that the bank will ask to see.

Bring originals or certified copies of these documents, not photocopies. Banks will often make their own copies, but they need to verify the originals are real. If you're opening the account online, you'll upload scans or photos of these documents instead.

Choose between in-person and online account opening

Most banks now offer both options. In-person opening takes 20 to 30 minutes at a branch. You bring your documents, show your ID, sign paperwork, and often leave with a debit card and checkbook the same day. This route works well if you want to ask questions or if your business structure is unusual.

Online opening takes 10 to 15 minutes and can happen from your home or office. You upload photos of your documents, verify your identity (usually by answering security questions or uploading a photo of your ID), and sign documents electronically. The account is typically active within one to three business days. Online opening is faster, but you won't have a debit card or checks immediately — those arrive by mail.

Some banks require in-person opening for certain account types or if you're a new customer to that bank. Check the bank's website or call their business banking line before you decide which route to take.

Compare fees and features across banks

Business bank account fees vary dramatically. Some banks charge monthly maintenance fees ($10 to $30), while others waive them if you maintain a minimum balance or set up direct deposit. Others charge per transaction — for example, $0.50 per check deposited or $1 per wire transfer. A few banks offer no-fee business accounts with no minimum balance.

Beyond fees, compare what tools each bank provides. Do they offer online banking and mobile deposits? Can you set up multiple user accounts for employees? Do they provide accounting software integration? Some banks connect directly to QuickBooks or Wave, which saves time when you're tracking expenses. Others require you to download transactions manually.

Call or visit the websites of at least three banks — both large national banks and smaller regional or online banks. Write down the monthly fee, minimum balance requirement, transaction fees, and what software they integrate with. The cheapest option isn't always the best if it lacks the tools you need, but you should never pay more than necessary for features you won't use.

Complete the application and provide required information

Whether you apply in person or online, you'll provide the same core information: your business name and address, your EIN or Social Security Number, your business structure, the names and ownership percentages of all owners, and the business's expected monthly revenue. You'll also authorize the bank to pull your personal credit report (they do this for fraud prevention, not to judge your creditworthiness).

If you're opening the account in person, a banker will walk you through the application. If you're opening online, you'll fill out a form on the bank's website. Either way, read every field carefully — mistakes in your business name or address can cause problems later when you're depositing checks or receiving wire transfers.

Some banks ask whether you plan to accept credit card payments or process payroll through them. Answer honestly. These services aren't required to open the account, but the bank uses your answers to recommend additional products and to flag your account for monitoring if your business type carries higher fraud risk.

Activate your account and set up online banking

Once the bank approves your application, they'll send you a confirmation email or letter with your account number and routing number. If you opened in person, you may receive these details immediately. If you opened online, they arrive within one to three business days.

Log into the bank's website or app using the credentials they provided and set up online banking. Change your temporary password to something strong. Enable two-factor authentication if the bank offers it — this adds a security layer by requiring a code from your phone when you log in from a new device.

Set up bill pay if you plan to pay vendors or contractors electronically. Link any other bank accounts you own (for transferring money between accounts). If the bank offers accounting software integration, connect it now — this saves you from manually entering transactions later.

Make your first deposit and order checks

Most banks allow you to make your first deposit immediately after opening the account. You can deposit a check by mobile deposit (photographing it through the app), by mailing it, or by walking into a branch. Some banks waive the initial deposit requirement if you set up direct deposit of business income.

Order checks from the bank or from a third-party printer. Bank checks cost more but arrive faster (usually within a week). Third-party printers like Deluxe or Costco offer cheaper checks but take longer. You don't need checks to run a business, but they're useful for paying contractors, vendors, or employees who don't accept electronic transfers.

Once your account has money in it and you can access online banking, you're ready to use the account for business. Start depositing all business income into this account and paying all business expenses from it. This separation is critical for taxes — it makes it far easier to prove your income and deductions to the IRS if you're ever audited.

Frequently Asked Questions

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 15 minutes online, and it protects your Social Security Number from being shared with vendors and employees. Most accountants recommend getting one even if you don't legally need it.

Can I open a business account if my business isn't registered yet?

Most banks require proof that your business is registered with your state. Register first — it takes one to two weeks and costs $50 to $300 depending on your state and business structure. Some banks will hold your application while you complete registration, but don't count on it.

What's the difference between a business checking account and a business savings account?

Checking accounts are for frequent transactions — deposits, payments, transfers. Savings accounts earn interest but limit how many withdrawals you can make per month. Most businesses open a checking account for daily operations and a savings account to hold emergency funds or money set aside for taxes.

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

In person, 20 to 30 minutes. Online, 10 to 15 minutes to complete the application, then one to three business days for the bank to approve it and activate your account. You can start using the account immediately once it's active, though checks and debit cards arrive by mail.

Can I have multiple signers on a business bank account?

Yes. Most banks allow you to add authorized users or co-signers during account opening or afterward. Each person can have their own debit card and online login. You set spending limits and transaction permissions for each user. This is useful if you have employees or partners who need to make deposits or payments.