What You Need to Open a Business Bank Account
- Social Security Number or Employer Identification Number (EIN)
- Business License.
- Certificate of Assumed Name/DBA.
- Partnership Agreement.
- Organizing Documents.
- Sole Proprietorships.
- Limited Liability Companies.
They also offer one of the best complete business checking account solutions, Chase Total Checking, that’s flexible based on your needs. You only need a minimum of $25 to open an account and your fees could be as low as $0 if you have $500 in monthly deposits or a daily balance of $1,500+.
- Spend $250 in net new purchases on a business debit or credit card 7
- Maintain an average monthly balance of $5,000 or more.
- Maintain a minimum daily balance of $3,000.
- Maintain a combined average monthly balance of $15,000 or more in your linked Bank of America accounts 8
You can apply online, by phone, or in person: In just minutes you can apply through Wells Fargo Online® for a Checking, Savings, Credit Card, Loan or Line of Credit Account. Or call 1-800-869-3557. Or visit a Wells Fargo branch near you.Chase Total Business Checking allows $5,000 in cash deposits every month without a fee. If your business deposits are more than $5,000 in cash in a month, then standard cash deposit fees will apply to all your deposits after this $5,000 threshold.Customers that are new to Capital One Spark Business Checking who maintain an average daily balance of at least $25,000 for each month during the six months after the month the account is opened will receive one payment of $250.TD Bank Business Convenience Checking Plus
- $25 monthly fee.
- Fee can be waived if you keep a $1,500 balance, which you can bundle with your personal checking to reach the level and get the waiver.
- 500 free transactions, and $0.50 each thereafter.
- $10,00 free cash deposits, and$0.20 for $100 thereafter.
Monthly account maintenance fee waived if you meet at least one of the following criteria:
- Maintain a monthly balance of at least $1,500.
- Deposit proceeds from your PNC merchant services card payment into your business checking account.
- Make at least $1,000 monthly in purchases with a linked PNC business credit card.
Open a Simple Business Checking, Primary Business Checking or SunTrust Business Advantage Plus account online or in a branch between January 3, 2018 and April 30, 2018, inclusive. THEN, within 30 days of opening business checking account, you must make cumulative qualifying deposits* of $1,500 or more.Our Best Day-to-Day Business Banking 1
- $40 monthly maintenance fee on your business checking account waived when average monthly checking balance is $15,000 or more.
- Up to 500 free regular checking transactions each month 1
Start Your Business Membership Today. To become a business member, all business owners must be individual members of Navy Federal and all accounts must be in good standing. Additionally, a $100 deposit at the time of opening is required.
Do you have to open a business bank account?
When you open a business, one of your first tasks should be to open a business bank account. It is important to keep your business banking separate from your personal banking. You should actually keep the money physically separate in different bank accounts, one set up as a business checking account.
Can I use my personal bank account for my small business?
Sole Traders / Self Employed
So, in theory, you can use your personal bank account for business transactions, as long as your bank allows this. In reality, most banks will insist that you open a separate account for your business, especially if you process a large number of transactions each month.
Why do I need a business checking account?
With a business account, you’ll deposit checks made out to your company in your business checking, not your personal checking account. Having separate accounts and separate record-keeping makes it easier to deduct business expenses for taxes. It also better protects you if legal action is taken against your company.