What do you need to open a business checking account?

The required documents to open a business checking account will ultimately depend on the institution you choose. Some of the most common documents you may be asked to provide may include your Employer Identification Number (EIN), our state-issued driver’s license or passport, your business license or your partnership agreements. Depending on the account type, you may also need to be prepared to make an initial opening deposit.

Do I need an EIN to open a business checking account?

An Employer Identification Number (EIN) is also known as a Federal Tax Identification Number, and is used to identify a business entity. Most banks, though not all, require that you have an EIN in order to open a business checking account to verify your businesses’ identity, although if you are a sole proprietor (you are a one-person business and operate on your own), you may be able to open an account using your personal Social Security Number.

Can I open a business bank account with no money?

Yes. Several financial institutions offer free accounts, although some may require that you fund the account with a minimum amount within the first few weeks or months of having your account to avoid inactivity fees.

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THE 10 BEST BUSINESS CHECKING ACCOUNTS FOR JANUARY 2025

The 10 best business checking accounts for January 2025

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