Opening a Business Bank Account
Choose between local and national banks, gather the right documents, and open the account without unnecessary delays
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A separate business account makes payments, bookkeeping, taxes, and ownership records easier to follow. Requirements vary by bank and entity, so choose the bank first and confirm its checklist before visiting.
Choose the bank
Compare the support and account terms you will actually use.
Compare accounts
Compare monthly fees, transaction limits, cash-deposit options, online access, payment tools, lending support, and how easy it is to reach a business banker. A local bank can offer a closer relationship, while a national bank may offer a larger branch and technology network. Either can work well.
Call before going
Ask the bank what documents it requires for your exact entity and whether every owner or authorized signer must appear in person. Also ask about the opening deposit and how long account approval normally takes.
Prepare the documents
Use the bank's checklist, with these records as a practical starting point.
Gather common records
Banks commonly ask for some combination of:
- Accepted formation documents and the legal business name
- EIN confirmation or another taxpayer identifier
- An operating agreement, bylaws, or ownership record
- Government-issued identification for owners and signers
- A trade-name filing, license, or business address when applicable
Use the business registration guide and EIN guide if either record is not ready.
Confirm owners and signers
Decide who may move money, sign checks, use cards, and view the account. The bank may require identity and beneficial-ownership information for people beyond the day-to-day signers.
For an LLC with multiple members, make sure the authority matches the operating agreement.
Open and use the account
Set the account up so business activity stays easy to trace.
Open the account
Review the legal name, taxpayer identifier, owners, signers, and mailing address before signing. Save the account agreement and the banker's contact information with the company records.
Separate the money
Route business income and expenses through the business account. Record owner contributions, draws, reimbursements, and transfers clearly instead of mixing them with personal spending.
Connect the tools
Connect bookkeeping, payroll, invoicing, and payment tools only after the account details are confirmed. Keep access under company-owned email accounts. See the business accounts and tools guide for the next setup step.