Opening a business bank account takes about 15 minutes — less time than it takes to set up most business software. You'll need a government-issued ID, your business formation documents and an employer identification number (EIN) if your business is an LLC, partnership or corporation. Here's exactly what to gather and how to apply.
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What do you need to open a business bank account?
To open a business bank account, you'll need to verify both your own identity and your business's legitimacy. That means personal information for everyone with a 25% or more ownership stake, plus formation documents that confirm your business exists. Here's what banks typically ask for.
Personal information
- Government-issued photo identification. Usually a driver’s license or passport. Some banks may ask for two types of ID.
- Home address. You need to have a U.S. mailing address to apply for most business accounts. Banks typically require a physical address rather than a P.O. Box.
- Personal email and cell phone number. Financial institutions use this information for two-factor authentication. A handful of online business checking accounts are mobile only and require a cell phone number to apply for an account.
- Date of birth and Social Security number. Banks use this information to verify your identity, which law requires them to do.
Business information
- Employer identification number. You may also need to provide corresponding documents from the IRS. Sole proprietors and single-member LLCs may be able to use their Social Security number instead.
- Business name and trade name or “doing business as” name. Your legal business name and any registered aliases. Sole proprietors and freelancers can use their own name if they don't have a registered business name.
- Business address and phone number. You can use your home address if you don’t have an office or a storefront.
- Business entity type. Sole proprietorship, partnership, corporation or LLC.
- Date your business was formed. If your business is registered with the state, use that date. If not, use the date the company was founded.
- Industry and type of business you operate. Banks typically ask for your North American Industry Classification System (NAICS) code.
- Estimated monthly transactions. Some banks will ask for expected monthly ACH, wire transfers or mobile check deposits (the number and/or the dollar amount). It's OK to use estimates.
Business documentation
- 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.
How long does it take to open a business bank account?
Most businesses can apply for an account online in a few minutes. Approval is sometimes immediate but typically takes a couple of days. Once approved, you can access your account right away. Your business debit card will arrive automatically in 7 to 10 business days. You can also order checks and request employee debit cards at that point.
What business bank account should you open?
Start with a business checking account — it's the hub of your business finances and the account you'll use most. Once you've found the right checking account, you can add savings, money market or other accounts as your business grows. NerdWallet's editorial team's top-rated options are below.
| Product | Monthly fee | APY | Bonus | Min. opening deposit | |
|---|---|---|---|---|---|
 Bluevine Business Checking Nerdwallet Rating at Bluevine, Deposits are FDIC Insured | $0 | 1.30% With $0 min. balance for APY | $500 Requirements to qualify | $0 | at Bluevine, Deposits are FDIC Insured |
 American Express® Business Checking Nerdwallet Rating at American Express National Bank, Member FDIC | $0 | 1.30% With $0.10 min. balance for APY | 30,000 Points Requirements to qualify | $0 | at American Express National Bank, Member FDIC |
 Chase Business Complete Banking® Nerdwallet Rating at Chase, Member FDIC | $15.00 Waived with $2,000 minimum balance | N/A | $500 Requirements to qualify | $0 | at Chase, Member FDIC |
 Found Small Business Banking Nerdwallet Rating at Lead Bank, Deposits are FDIC Insured | $0 None Required* | 2.00% With $0 min. balance for APY | $125 Bonus Terms Apply² | $0 | at Lead Bank, Deposits are FDIC Insured |
Why might a bank deny your business account application?
There are a few reasons a business bank account application might be denied:
- You’re ineligible for an account. You’ll need to live and operate your business in the bank’s service area, be at least 18 years old and provide proof of your identity, like a Social Security number. This is the case for everyone who owns 25% or more of a business.
- Your business is ineligible. Illegal gambling, pornography, cryptocurrency, firearms, cannabis and money services (like currency exchange or check cashing) businesses can’t open accounts at most banks.
- You provided incorrect details. Typos on things like an SSN or EIN can slow down an application process and lead to denials.
- Your application has suspicious information. Financial institutions have to try to avoid their accounts being used for money laundering. If information about your business’s revenue or owners raises a red flag, a bank may deny your application — even if everything you’re doing is above board.
- You have a negative ChexSystems report. These reports list actions like bounced checks, overdrafts and forced closed accounts.
You can check your ChexSystems report once every 12 months for free. Take a look before you apply for a business bank account to see what it includes.
If you have a negative ChexSystems report, you can take steps to improve it. You can also shop around for a financial institution that doesn’t use ChexSystems.
Notes from providers
* Note on American Express® Business Checking: At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.
