How to Get a Business Bank Account (and Why You Need One)

If you're running a small business — even as a solo operator — one of the smartest things you can do is open a business bank account.

It separates your personal and business finances (which is crucial for taxes, bookkeeping, and peace of mind), and it makes you look way more legit to customers and vendors.

Whether you’re just starting out or you’ve been mixing funds for a while, this guide will walk you through how to get a business bank account — step by step.

Why You Need a Business Bank Account

Before we get into the “how,” let’s talk about the “why.” Here’s what a business account does for you:

• Keeps your books clean — No more sorting personal charges from business expenses

• Simplifies tax prep — Less stress when it’s time to file (and fewer audit risks)

• Looks professional — Clients can write checks to your business name

• Builds business credit — Helps you qualify for loans or credit down the road

• Enables real budgeting — You can finally track business income and expenses accurately

What You’ll Need to Open a Business Account

Different banks have different requirements, but here’s a checklist of the most common documents:

1. Business Name & Registration

• If you’re an LLC or Corporation, bring your formation documents

• If you’re a sole proprietor, you might need a DBA (Doing Business As) certificate

2. Employer Identification Number (EIN)

• Think of this as your business’s Social Security number

• You can apply online for free at the IRS website

Tip: Even sole proprietors can (and should) get an EIN — it makes opening accounts and working with vendors easier.

3. Business License (If Required)

• Some banks ask for a state or local business license. It depends on your location and industry.

4. Valid ID

• Government-issued photo ID (driver’s license, passport, etc.)

Where Should You Open a Business Account?

Here are a few good options depending on your needs:

💳 Traditional Banks

• Examples: Chase, Bank of America, U.S. Bank

• Good for in-person deposits, cash-heavy businesses

• Usually have monthly fees unless you meet certain requirements

🌐 Online Banks

• Examples: Relay, Novo, Bluevine, Mercury

• Often no fees, easy-to-use apps, great for digital-first businesses

• May lack in-person deposit options

Pro Tip: If you plan to use QuickBooks Online, look for banks with good integration (most major banks connect easily).

What to Ask When Choosing a Bank

• Are there monthly fees or minimum balances?

• Is there a mobile app and easy QuickBooks sync?

• How many debit cards can I get?

• Can I send invoices or wires easily?

• Do they offer business credit cards or loans?

How to Open the Account

Once you’ve chosen your bank and gathered your documents:

1. Visit the bank’s website or branch

2. Fill out the application

3. Upload or submit required documents

4. Fund the account (some require a minimum opening deposit)

5. Set up online banking, cards, and integrations

The whole process usually takes 30 minutes to a few days, depending on the bank.

✅ Final Thoughts

If you’re serious about growing your business, a business bank account isn’t optional — it’s essential.

It gives you:

• Cleaner books

• Easier tax filing

• Legal separation

• Professional credibility

• A strong financial foundation to build on

Need help getting your finances organized once you’ve opened that account?
Let’s do a free Bookkeeping Health Check and make sure your books are set up to grow with you.

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And as always, thanks for reading and we’ll see you next week!