Find the Best Business Bank Account for Small Business

Check out our list of the top 15 small business bank accounts. Includes fees and minimum opening balance, and info on online banking and checking accounts.

Updated on June 25th, 2019

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A business bank account allows business owners to keep their personal finances separate from the businesses. This is necessary for becoming incorporated, is ideal for tax purposes, and makes bookkeeping and accounting much easier.

Best Banks for Small Business:

Bank Name

Minimum Opening Deposit

Monthly Fee for Checking

1st Bank

$0.00

$12.00

Azlo

$0.00

$0.00

BBVA Compass

$25.00

$0.00

BofI Federal Bank

$1,000.00

$0.00

Chase

$25.00

$15.00

Citibank

$0.00

$15.00

Comerica

$0.00

$0.00

Iberia Bank

$100.00

$0.00

KeyBank

$25.00

$5.00

M&T Bank

$25.00

$5.00

Popular Bank

$0.00

$0.00

SunTrust Bank

$100.00

$5.00

TIAA Bank

$1,500.00

$14.95

U.S. Bank

$25.00

$0.00 - $25.00

Wells Fargo

$25.00

$14.00

FAQs:

What do you need to open a business bank account?

  • Employer Identification Number (EIN)
  • Social Security number (for a sole proprietorship).
  • Two forms of personal ID.
  • Ownership agreements.
  • Business license (if applicable).
  • Formation documents.

See our list of the best banks for small business for banking options.

Can I use my personal bank account for my small business?

Yes. If you are a sole proprietor, you are not legally expected to have a business bank account. Alternatively, you can use your personal bank account for both business and personal transactions.

Can you setup a business bank account online?

Yes, many banks allow you to open a bank account online easily, including:

How much money do I need to open a business bank account?

It depends which bank you decide to open a business account with. While some banks allow you to open an account for free, others do charge a deposit fee.

See full fee information for more.

Do I need to open a business bank account?

Maybe not in the earliest few days of your business, but opening a small business bank account should be one of the first things you do when starting a business. It will help keep your finances organized, make figuring out taxes easier, and allow you to set up a corporation.

What is the best bank for small business?

See our list of the best banks for small business for more.

What do I need to open a bank account for an LLC?

  • A copy of your LLC articles of organization.
  • A copy of your certificate of formation or an equivalent document.
  • Your LLC’s federal taxpayer identification number, also known as your Employer Identification Number.
  • Your LLC operating agreement or equivalent document.

Learn more about LLC’s.

Do you need an EIN to open business bank account?

Typically, banks do ask for an EIN when setting up a business account. Although banks usually require a business ID, and in some cases a social security number, it's best to obtain an EIN from the IRS.

How long does it take to set up a business bank account?

It can take one to four weeks to complete, depending on the number of of checks the bank conducts to confirm your identity, and the identities of the secretary and any other business directors, if necessary.

Where Can I Open A Free Business Checking Account

Where can I open a free business checking account?

See best banks for small business for more information and options.

What is the best small business bank account for a startup?

If you're just starting out and have little cash, check out some of the no-fee, no minimum deposit accounts like Azlo, Comerica, and Popular Bank.

What Is The Best Small Business Checking Account

What is the best small business checking account?

See best banks for small business for more information and options.

Are there banks that offer an online business bank account?

Yes, Azlo is very focused on online business checking account offerings, but pretty much every bank offers the ability to manage your banking online these days. Not only can you open a business bank account online, but you can perform all of your banking tasks.

What are the most important features to consider for small business banking?

Besides minimum opening deposits and monthly fees, you might want to look at how their international banking operates, how many branch locations they have, transfer fees, ATM fees, and maximum monthly deposits before you open a business bank account.

Can I get a business bank account with no credit?

You may be able to open a basic checking account without having to pass a credit check, but if you want a business credit card or a small business loan, your credit score is important.

Where can I get a no-fee business bank account?

See best banks for small business for more information and options.