How To Open a Business Bank Account

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Regardless of how small your small business is or how it is structured, you should consider opening a business bank account. Even if you don’t yet have many expenses, you hopefully will have income to deposit each month. Keeping business expenses separate from your personal finances can help you better monitor your business’ cash flow and more easily complete your taxes. Here’s how to open a business bank account, whether at a physical branch, online or by phone.

What Do You Need To Open up a Business Bank Account?

Each bank will have its own account requirements based on your business formation and the account type. Here are some of the most common documents and information banks require to open a business account:

  • Employer Identification Number, Social Security number or both
  • Personal identification and information
  • Original or certified copies of your business documents and license.
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How To Open a Business Bank Account

Some banks allow you to open a business account online or by phone, whereas others require you to visit a physical branch. Either way, opening an account should be straightforward if you have all the required documentation and forms.

To open a business bank account:

  1. Choose a bank. Research to find a bank and business account that meets your business needs. Many business accounts have fees. Be sure to evaluate balance minimums and transaction limits that may increase fees.
  2. Determine which documents the bank requires at the time of account opening. Check your bank’s website or contact a banker to ensure you know what is needed. 
  3. Fill out any account documents you can download ahead of time. Many banks now have account forms online. This can save time when opening the account.
  4. Decide how you will fund your new bank account, if necessary. The required opening deposit is different for each bank and account type.
  5. Open your new account online, by phone or in person. Have digital copies of any required documentation ready for upload, or take originals or certified copies to your branch appointment.  


Determining where and how to open a business bank account for your small business is an essential step. Do some research to find a bank and account type that will meet your business needs and has reasonable fees. Make the account opening as simple as possible by having all required documentation ready.


Here are answers to popular questions about opening a business bank account.
  • How much do you need to open a business bank account?
    • The amount required to open a business bank account will vary by bank.
  • What is the easiest way to open a business account?
    • Opening an account online or by phone is no easier or harder than opening an account at a physical branch. The process should be straightforward as long as you have all the necessary documentation ready when you open the account.
  • Which banks make it easy to open a business account?
    • Every bank has different business account requirements, but any bank's account opening process will be similar. More important than choosing the bank with the easiest account-opening process is choosing one that will meet your business needs without too many fees.
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Information is accurate as of June 23, 2022.

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A Better Way to Bank

About the Author

Andrea Norris has been in the web publishing business for the past 15 years both as a content contributor and a copy editor specializing in personal finance, frugal living, home and auto topics. She writes both short and long-form content and is well-practiced in SEO keyword research and writing.
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