Open a Business Account Online | Getting Started (2024)

FAQs

Can I start a business bank account online? ›

Opening a business bank account is easy once you've picked your bank. Simply go online or to a local branch to begin the process. Here are some of the most common documents banks ask for when you open a business bank account.

No, you cannot open a business bank account with an employer identification number (EIN) only. You'll also probably need other business paperwork — like your business license and formation documents — plus personal identification like a driver's license.

Do you need an EIN to open a business bank account? Banks won't always require an EIN to open a business account. But you might have to get one based on your business structure: The federal government requires an EIN if you plan on doing business as a partnership, multimember LLC or corporation.

You'll earn a $100 bonus if the combined total of your deposits is $3,000 to $4,999.99; a $300 bonus if the combined total is $5,000 to $9,999.99; a $500 bonus if the combined total is $10,000 or more. Direct deposits are generally made by your employer or government benefits provider. Receive your bonus.

Yes Bank provides a wide range of best current bank account for small business in India options, similar to other banks. Edge Business, Prime Business, Exclusive Business, and Yes Head-startup Account are among Yes Bank's most well-liked current accounts.

Opening a business bank account for your LLC doesn't just help streamline bookkeeping and operations (though it does that, too). A dedicated LLC bank account is an essential step to maintaining the legal distinction between the business and its owners, which is necessary to preserve limited liability protections.

Banks generally don't run a credit check when you apply for a business checking account. But many will look at your ChexSystems report, which shows your history with previous checking and savings accounts. (Credit reports don't include this information.)

Application Declines Can Stem from Bad Credit, Tax Liens, Prohibited Business Types and More. Applying for a merchant account can be an intimidating process, especially if it is your first time in the marketplace.

Can I get a loan with my EIN number? ›

You can apply for a business loan with your EIN if you're a new business owner without established credit. However, you may also need to include your SSN and details about your personal finances because you'll likely have to provide a personal guarantee.

Traditional banks often don't allow opening a business bank account online due to strict verification and regulatory requirements, which typically require in-person confirmation of identity and document review.

Applying for an Employer Identification Number (EIN) is a free service offered by the Internal Revenue Service. Beware of websites on the Internet that charge for this free service.

Opening a business bank account requires proof of identification for both you and your business. Examples include your state-issued driver's license or passport, your business license or your partnership agreements. Your business also may need to provide additional materials.

Does a small company that operates as a sole proprietorship need an employer identification number (EIN)? A sole proprietor without employees who isn't required to file any excise tax return and hasn't established a pension, profit-sharing, or retirement plan doesn't need an EIN (but can get one).

With Online Banking, you can set up and authorize other people to manage your online business banking accounts. You control and assign roles to users that define their ability to view and access accounts, make transactions, use Bill Pay and more.

Whether a traditional bank or online bank is better for a small business depends on your needs and preferences, such as low fees, lending options and in-person customer service. Take time to explore your options before choosing one.

Most business bank accounts can be opened with $0, but some business checking accounts require an opening deposit, which typically ranges from $25 to $100.