What Do You Need to Open or Close a Bank Account? Apply Online

You’ll appoint officers, add an address and phone number (founders are eligible for one year of a free virtual address if you need one), and review and sign your legal documents in one click. Atlas founders also gain access to exclusive discounts at leading software partners, one-click onboarding with select partners, and free Stripe payments processing credits. Then, we’ll incorporate your company in Delaware, get your IRS tax ID (EIN) for you, help you purchase your shares in the new company with one click, and automatically file your 83(b) tax election. Once you have everything you need in one place, the process of opening the account is usually straightforward and brief. You’ll have a chance to ask a real person your questions, and you might even receive unadvertised offers or incentives to open an account. It can be helpful to reach out to the financial institutions on your short list and ask for a brief conversation.

Maybe you don’t mind doing the financial math—so let’s talk about a little thing called liability. Did you buy those pens for your children’s homework, or were they for your business? For example, was that lunch a nice date with your significant other, or were you schmoozing a client? Please review the Business Schedule of Fees for your state, also available at your local financial center. Personal information (i.e., SSN and DOB) for everyone on the application, including those with at least 25% or more ownership and the controlling manager of the business.Learn more about the additional details for Beneficial Owners.

How easy is it to get a startup business banking account with Brex?

Upload, manage and access your financial documents swiftly with just a few clicks Expert support for small businesses to resolve IRS issues and reduce back tax liabilities All-in-one small business tax preparation, filing and year-round income tax advisory Catch up bookkeeping services for small businesses, no matter how far behind they are Bench simplifies your small business accounting by combining intuitive software that automates the busywork with real, professional human support. It’s nice to know we have that level of attention from our banking partner.

NO OFFERS

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. Other factors include your credit profile, product availability and proprietary website methodologies. While we don’t cover every company or financial product on the market, we work hard to share a wide range of offers and objective editorial perspectives. We believe everyone should be able to make financial decisions with confidence. If you are self-employed by an unincorporated small business, it’s considered a sole proprietorship. Plus, payroll services, merchant services and more.

Step 4: Rapid approval

It’s good practice to check out the interest rates from different banks and choose one to help you make the most of your savings. Interest rates and savings optionsIf you plan to build a bit of a nest egg in your business savings account, interest rates matter. At the very least, building a relationship with a bank with additional funding options can simplify the process when you’re figuring out how to get a business loan.

Best Business Bank Accounts in India in 2025

Learn how to build, read, and use financial statements for your business so you can make more informed decisions. Info about small business tax deadlines, deductions, IRS forms and tax filing support — all in one, easy-to-access place Free downloadable bookkeeping and tax guides, checklists, and expert-tested accounting templates Get free guides, articles, tools and calculators to help you navigate the financial side of your business with ease.

What do I need to bring as proof of my address when applying in person?

If an account is opened and additional what do i need to open a business bank account documents require a signature, they will be sent to you. Instead, they request a consumer banking report from a company like ChexSystems. But, just to be sure, you can search online to find out the specific security measures used by the bank you’re considering. For example, you might link your checking account to your savings account so that you can easily transfer money from one account to the other. Contact the bank to find out exactly what you will need to open an account if you’re not a U.S. citizen.

How to Open a Bank Account for an LLC

Here we cover how an LLC can open a bank account and what documents may be required. After your account is approved, set up online banking alerts to monitor your balance and avoid overdrafts. Many banks require a Social Security number, but some allow customers to open a bank account with alternative forms of ID. Some banks also offer money market accounts, CDs, and holiday savings accounts if you’re looking for additional options.

This decision can impact your daily operations, financial flexibility, and future growth opportunities. An EIN functions much like a Social Security Number (SSN) for individuals, but as we’ll explore, there are key differences that matter for your business. Sign up for our email updates on the best bank deals, money savings tips and more.

Do you need to handle payroll, accept customer payments, earn interest, or improve your credit? Are there different requirements for different business structures?

• Their welcome bonuses make them an attractive option for those starting new accounts.
• The next step is figuring out what documents do I need to open a business bank account?
• Below, we’ll explain why you do (or don’t) need a business bank account.
• If you’re operating a sole proprietorship, you may not have an EIN, so you’ll need to find a business bank account that accepts an SSN in its place.
• Open a savings account or open a Certificate of Deposit (see interest rates) and start saving your money.
• Other factors include your credit profile, product availability and proprietary website methodologies.

• Have your EIN, SSN and government-issued photo ID on hand before you go into a bank or apply online.
• Download the bank’s app as soon as your account is set up so that you can monitor your balance, deposits, and transactions on the go.
• One of the following corporate organizing documents from the state in which the business was formed.
• Check the bank’s other requirements before you open an account, however.
• Regardless of which institution you choose, ensure a smooth application process by checking their documentation requirements and understanding their business banking features prior to applying.
• To open a business bank account, you’ll need a personal ID and proof of address.

You’ll receive your application ID after you submit your online application. We need both your application and your required supplemental documents within 11 days to process your application. You understand and agree that disclosures, agreements, notices and other information related to your account, may be provided to you in electronic format only. Primary applicant and any additional applicants must have a minimum of 25% ownership in the business. Personal information (i.e., SSN and DOB) for everyone on the application, including those with at least 25% or more ownership and the controlling manager of the business.

Be sure to read the fee schedule carefully and ask your banker about ways to reduce or eliminate fees based on your business’s typical banking patterns. Unlike traditional banks that can take weeks to approve startup accounts, Brex aims to provide quick decisions. After your account is active, set up your online and mobile banking access. Consider whether you need specialized services like merchant accounts or international wire transfers, and make sure your chosen bank’s technology integrates with your accounting software. Local banks often provide personalized service and understand your market’s unique needs, while national banks typically offer extensive online features and wider ATM networks. The IRS strongly recommends separate accounts to ensure clean financial records and proper tax reporting.

The foundation of a successful business account application lies in proper documentation. However, financial institutions maintain their own policies, and some may still require an EIN regardless of business structure. This option exists because sole proprietorships are not legally separate from their owners, allowing for the use of a personal tax identification number.

You’ll want to find out what the account requirements are before you start an application. If you’re unsure, call the number listed on the bank’s official website to verify with a customer service representative. You won’t be able to use the account until you receive confirmation that the application was successful. Generally, however, an online application can be completed within a few minutes, and an in-person application can be done in under an hour. Once you receive confirmation from the representative or via email, you can start using your new account. If you’re opening a joint account, you’ll need to provide this information for each account owner.

Business owners have many banking options, and every bank offers something a little different. Many also offer business credit cards that you can use to start building a credit history for your fledgling business. “No matter what type of business you own, you should always separate your personal and business finances,” said Chas Rampenthal, general counsel at LegalZoom.

Banks require different documents from different types of business, but they do not require every business owner to form an LLC before opening a new account. That means you can open a bank account as a sole proprietor, a partnership, an S corp, or a C corp. Some online banks even have partnerships that give their customers free access to another bank’s ATMs. Some accounts might include preapproval for lines of credit when you set up the account. A merchant account is an intermediary account that accepts and processes the payments before sending money on to your business checking or savings account. Merchant accountIf your business accepts debit or credit card payments, you will likely need a merchant account.

It’s an account from which you’ll conduct almost every other financial function of your business, from paying vendors to running payroll. Your checking line of credit can also help with other business needs like offsetting short-term cash gaps. You can open a checking line of credit, which will protect you against overdrafts and overdraft fees.

If your organization is going to have employees, make sure that the payroll processing is included in your account and hopefully free. Whether you’re opening a church, charity, or foundation account, the wording stays the same, the signatures and accuracy don’t. Every bank needs this resolution before letting a nonprofit touch a dollar. An incorporated nonprofit organization is a legal business entity, regardless of its exemption status. Get a regular dose of educational guides and resources curated from the experts at Bench to help you confidently make the right decisions to grow your business.