Do You Need an EIN to Open a Business Bank Account?

Some business types can open a business bank account with their Social Security number or ITIN.

Many, or all, of the products featured on this page are from our advertising partners who compensate us when you take certain actions on our website or click to take an action on their website. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Updated Mar 19, 2026 1:38 p.m. PDT

Written by

Lead Writer & Content Strategist

+ more

Edited by

Managing Editor

+ more

SOME CARD INFO MAY BE OUTDATED

This page includes information about these cards, currently unavailable on NerdWallet. The information has been collected by NerdWallet and has not been provided or reviewed by the card issuer.

Whether you need an EIN to open a business account depends on your business type.

Sole proprietors can use their Social Security number or ITIN.
Some single-member LLCs can do so, as well.
But nonprofits, corporations and multi-member LLCs are required to obtain and use an EIN.
Any business that has employees will also need an EIN.

» MORE: How to apply for your EIN online

American Express National Bank American Express® Business Checking

4.8

NerdWallet rating

Bonus Amount

30,000 Points

Read Review

Apply Now

at American Express National Bank, Member FDIC

Business bank accounts you can open without an EIN

Sole proprietors, and some single-member LLCs, can use their SSN to open a business bank account with most financial institutions. Here are some of our top picks:

Online business checking accounts: These accounts usually have no minimum opening deposit and lower fees. But you may not be able to deposit cash. Accounts available without an EIN include:

Bluevine, which pays 1.30% APY on all balances (terms apply).
Found, which integrates with many gig work apps.
Lili, which lets you receive some ACH payments up to two days early.
Novo, which comes with built-in invoicing.

» MORE: Best business bank accounts for sole proprietorships

Brick-and-mortar banks: These accounts typically limit your monthly transaction volume, and most charge monthly fees. But you get in-person customer support and easy cash deposits at branch locations.

Bank of America, which allows unlimited electronic transactions.
BMO, which lets customers use an extra 40,000 Allpoint ATMs for free.
Chase, which currently offers a $500 sign-up bonus.
Huntington, which offers a 24-hour grace period when you overdraft.
TD Bank, which provides 24/7 customer service by phone.

» MORE: Best business checking accounts

Compare business accounts available without an EIN

Product	Monthly fee	APY	Bonus	Min. opening deposit	Learn more
Bluevine Business Checking Nerdwallet Rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service. 5.0 Learn more at Bluevine, Deposits are FDIC Insured	$0	1.30% Earn 1.30% interest on account balances up to and including $250,000. Terms apply. With $0 min. balance for APY	$500 Earn a $500 bonus when you open a new Bluevine Business Checking account and meet eligibility requirements. Apply with referral code NW500. Requirements to qualify	$0	Learn more at Bluevine, Deposits are FDIC Insured
Found Small Business Banking Nerdwallet Rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service. 4.5 Learn more at Lead Bank, Deposits are FDIC Insured	$0 None Required*	2.00% New customers signing up after 11/1/25 can earn 2% APY on balances up to $20K when you spend $5000 on qualifying transactions in a month.¹ With $0 min. balance for APY	$125 Earn $125 when you deposit $5,000 within the first 30 days of account creation and maintain it for another 30 days. Offer valid until 12/31/26. Terms Apply. Bonus Terms Apply²	$0	Learn more at Lead Bank, Deposits are FDIC Insured
Chase Business Complete Banking® Nerdwallet Rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service. 4.5 Learn more at Chase, Member FDIC	$15.00 Waived with $2,000 minimum balance	N/A	$500 Earn up to $500 when you open a new Chase Business Complete Checking® account. For new Chase business checking customers with qualifying activities. Requirements to qualify	$0	Learn more at Chase, Member FDIC
Lili Core Business Checking Nerdwallet Rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service. 4.3 Learn more at Lili, Deposits are FDIC Insured	$0	N/A	N/A	N/A	Learn more at Lili, Deposits are FDIC Insured
Novo Business Checking Nerdwallet Rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service. 4.1 Learn more at Novo, Deposits are FDIC Insured	$0	N/A	N/A	$0	Learn more at Novo, Deposits are FDIC Insured
Bank of America® Business Advantage Fundamentals™ Banking Nerdwallet Rating NerdWallet's ratings are determined by our editorial team. The scoring formulas take into account multiple data points for each financial product and service. 4.5 Learn more at Bank of America, N.A., Member FDIC	$16.00 $0 for the first 12 statement cycles.	N/A	$400 or $750 Click 'Learn More' for details Requirements to qualify	$100	Learn more at Bank of America, N.A., Member FDIC

Benefits of opening a business bank account with an EIN

Even if an EIN isn’t required for your business, there are many benefits to getting one before you open a business bank account.

It’s easy to do. Applying for an EIN is free, and you can get one immediately online through the IRS website. You can also get an EIN via fax or mail. International applicants have to apply by phone.
It'll help separate your personal finances and business finances. This is a crucial step for smoother tax filing and protecting your personal assets if your business ever faces legal issues. Having your business name and branding on your account also makes your business appear more professional.
It sets you up for the future. As your business grows, you'll likely need an EIN. It's required for tax purposes if you hire employees or contractors, even if you're a sole proprietor. You may also need an EIN to apply for a business loan.

» Need low-cost business banking? See NerdWallet's top picks for free business checking accounts.

Frequently Asked Questions

Why do banks need your SSN and EIN?

Banks use your SSN and EIN to verify your identity and the nature of your business. They do this to help prevent fraud and money laundering.

All business owners need to provide their Social Security number or Individual Taxpayer Identification Number (ITIN) to open an account. But an EIN isn’t mandatory for sole proprietors or single-member LLCs unless you have employees or one is legally required for tax purposes. Consult your accountant or a tax professional if you’re unsure what’s necessary for your business.

Article sources

NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.