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Whether you plan to open a in person or online, you’ll need to provide basic details about yourself, your business and any additional business owners. You’ll also need a government-issued ID and legal business documentation.
You can typically apply for a business bank account in minutes, especially if you and have all the required documentation, but it can take up to seven business days for your application to be approved.
Learn what you need to open a business bank account and how to find the best option for your small business.
Exact requirements to open a business bank account will vary based on the bank, your entity type and the state where you formed your business.
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.
You also need to provide details about yourself and your business, along with a government-issued photo ID and certain business documentation when you open your business bank account. Necessary information will likely include:
If your business has multiple owners, you typically need to include personal details and identification for every owner with 25% or more ownership in the business.
You may also be asked for the following documentation, depending on your :
Banks may have slightly different verification requirements. Review all instructions carefully when it comes to submitting your business documentation.
Consider what type of business bank account you need, whether you’re interested in an online-only account and how you want to open your account (online vs. in person).
*Merchant accounts are specialized business bank accounts used for accepting debit or credit card payments. You need to open a business checking account before you can get a merchant account.
Consider the following factors when shopping for a business bank account:
Not sure where to start? Here are a few of our picks for best business checking accounts ().