Business guide
What you need to open a business bank account
EIN, formation documents, and owner ID: what most banks ask for, with the IRS, SBA, and beneficial-owner rules linked.
Last reviewed Oct 30, 2026. Written by New Bank Account.
Every bank and fintech sets its own list. Check the application page before you start. These are the items most of them ask for, and the official sources behind each one.
An EIN
An Employer Identification Number is the business's federal tax ID. You can get one directly from the IRS online, and the IRS says you never have to pay a fee for an EIN (IRS). Be careful with websites that charge for one. They are not speeding up a government form. They are selling you the form.
Some providers let sole proprietors open an account with a Social Security number instead. Whether yours will is on that provider's application, not in a general article.
Formation documents
If the business is an LLC, corporation, or partnership, expect the documents that created it. For an LLC that is often the articles of organization. For a corporation it is often the articles of incorporation. Some providers also want an operating agreement. The exact title of the filing depends on your state. Download it from your secretary of state's site rather than from a template you found in a search ad.
If you use a name other than the legal business name, have the DBA or assumed-name filing ready.
The Small Business Administration's account guide is the plain overview of why these documents come up (SBA).
Details on the owners
Federal rules require banks to identify and verify the beneficial owners of legal entity customers when they open an account (31 CFR 1010.230). In practice that means name, address, date of birth, an identification number, and a photo ID for the people who own or control the business. This is the bank's customer due diligence rule. It is not the same thing as a personal credit pull, and it is not optional because the company is small.
A single-member LLC is still a legal entity. Plan on the same kind of ID check. The LLC-specific packing list is in business checking for LLCs.
Other items some providers ask for
- A business address and phone number
- A short description of what the business does and how it gets paid
- A business license, if your work needs one
- An opening deposit, if the account requires one
We do not publish an opening-deposit minimum until we copy it from that provider. The step-by-step application is in how to open a business bank account.
Questions people ask
- Can I open a business account with only an EIN?
- Usually no. Providers also want formation documents if you have an LLC or corporation, a photo ID, and details on the people who own or control the company.
- Does a sole proprietor need an EIN?
- Not always. Some providers let a sole proprietor apply with a Social Security number. Others still ask for an EIN. Check the application you are about to submit.
- Is it legal for a website to charge me for an EIN?
- The IRS issues EINs directly and says you never have to pay a fee. A site that charges you is not the IRS.
- Why does the bank want every owner's ID?
- Federal customer due diligence rules require banks to identify and verify the beneficial owners of a legal entity customer. That is separate from your personal credit check.
Sources
Keep reading
- How to open an LLCName the company, name a registered agent, and file with the state. We walk through it with Bizee, our formation partner.
- A guide to small business payrollWhat payroll covers when you pay employees or yourself, and why Gusto is the payroll service we recommend.
- How to pay business bills with a credit cardUse Melio to pay a vendor by card when they only take a bank transfer or a check, and read the fee before you confirm.
Related accounts
Alphabetical, not a ranking. See all business accounts
Best for A new business that wants no monthly feeAxos Bank Business Checking
Axos Bank
Bank
- Monthly fee
- $0Basic Business Checking. No monthly maintenance fee and no minimum balance. Business Interest Checking is a separate account with a $10 monthly fee, waived at a $5,000 average daily balance.as of Oct 30, 2026 source
- APY
- Not listedBasic Business Checking does not publish an APY. Business Interest Checking lists 1.01% APY on balances under $50,000.as of Oct 30, 2026 source
- Sign-up bonus
- Up to $200Open Basic Business Checking with promo code START200 by Jan 31, 2027. Keep a $3,000 average daily balance. Axos pays up to $50 a month, up to $200 total.as of Oct 30, 2026 source
- Min. deposit
- $0as of Oct 30, 2026 source
- No monthly fee
- No minimum to open
- Free incoming wires
Best for Interest on business checkingBluevine Business Checking
Bluevine
Fintech (banking by Coastal Community Bank, Member FDIC)
- Monthly fee
- $0Standard plan. Plus is $30 a month and Premier is $95 a month. Bluevine says those paid-plan fees can be waived.as of Oct 30, 2026 source
- APY
- 1.3%Standard plan, on balances up to $250,000, if you spend $500 on the debit card or receive $2,500 in customer payments that month. Plus is 1.75% up to $250,000. Premier is 3.0% on all balances.as of Oct 30, 2026 source
- Sign-up bonus
- Noneas of Oct 30, 2026 source
- Min. deposit
- $0as of Oct 30, 2026 source
- No monthly fee on Standard
- Up to 3.0% APY on Premier
- FDIC coverage up to $3 million
Best for Branch access for a small businessChase Business Complete Banking
JPMorgan Chase Bank, N.A.
Bank
- Monthly fee
- $15$0 with a $2,000 minimum daily ending balance, or $2,000 in eligible Chase Payment Solutions deposits, or $2,000 in eligible Ink or Sapphire Reserve for Business purchases, or a linked qualifying personal checking account, or military banking.as of Oct 30, 2026 source
- APY
- Not listedas of Oct 30, 2026 source
- Sign-up bonus
- NoneA bonus page on Chase's site listed an offer that ended Oct 15, 2026. The checking page does not list a current bonus.as of Oct 30, 2026 source
- Min. deposit
- Not listedas of Oct 30, 2026 source
- $15 monthly fee, or $0 if you qualify
- Mobile card acceptance
- 20 paper and teller transactions included