How to Open a Business Bank Account in 2026: Requirements & Best Options

How to open a business bank account 2026 - documents and requirements — Photo by RDNE Stock project on Pexels

✓ Quick checklist — what you need to open a business bank account:

Government-issued photo ID (driver's license or passport)
Employer Identification Number (EIN) from the IRS — or SSN for sole proprietors
Business formation documents (Articles of Incorporation for LLCs/corps, or DBA filing)
Business license (if your industry requires one)
Initial deposit (varies: $0 to $100 depending on bank)
Business address and phone number

Starting a business can be exciting — and then there's the paperwork. One important step that trips a lot of new business owners up is opening a business bank account.

Here's why it matters: a separate business account keeps your finances clean, builds business credit, and makes tax time dramatically simpler. Let's walk through exactly what you need.

Best Banks for Business Accounts in 2026: Quick Comparison

Bank	Monthly Fee	Min. Opening Deposit	Best For
BECU	$0	$0	Washington-based small businesses, credit union benefits
Chase Business Complete	$15 (waivable)	$0	Businesses needing branch access nationwide
Relay	$0	$0	Online-first, fintech-forward businesses
Mercury	$0	$0	Startups, tech companies, remote teams
Wells Fargo Initiate	$10 (waivable)	$25	Businesses that want full-service branch banking

Once you open your account, you'll need your bank's routing number for setting up direct deposit, ACH payments, and wire transfers. See our complete routing number guide or BECU routing number guide for details.

Step 1: Choose the Right Business Structure

The documents you'll need depend on your business structure. Here's the breakdown:

Structure	Complexity	Key Advantage	Documents Needed
Sole Proprietorship	Simplest	Easy to set up, no filing fees	DBA registration (if using a business name), SSN or EIN
Partnership	Simple	Two or more owners, shared responsibility	Partnership agreement, EIN
LLC	Moderate	Personal liability protection, flexible taxation	Articles of Organization, Operating Agreement, EIN
Corporation	Complex	Maximum liability protection, easier to raise capital	Articles of Incorporation, Bylaws, EIN

Step 2: Get Your EIN (Takes 10 Minutes)

An Employer Identification Number (EIN) is your business's tax ID — required by most banks for business accounts. It's free and takes about 10 minutes to get online.

Apply at irs.gov → click "Apply Online Now" → complete the interview-style form → receive your EIN immediately.

Sole proprietors can use their Social Security Number (SSN) instead of an EIN, though many banks prefer an EIN even for sole proprietors.

Step 3: Gather Your Documents

Here's the specific document list by business type:

All business types need:

Government-issued photo ID for all owners
EIN (or SSN for sole proprietors)
Business address

Sole proprietors also need:

DBA (Doing Business As) certificate if operating under a business name, filed with your county or state

LLCs and corporations also need:

Articles of Organization (LLC) or Articles of Incorporation (Corporation)
Operating Agreement (LLC) or Bylaws (Corporation)
Any business licenses required by your industry or municipality

Step 4: Choose Your Bank and Apply

Most banks — including BECU, Relay, and Mercury — let you open a business account entirely online in under 15 minutes. Here's what to look for:

Monthly fee: Several excellent options have $0 monthly fees (Relay, Mercury, BECU)
Transaction limits: Some free accounts limit the number of monthly transactions — check these if you process high volumes
Cash deposit options: Online-only banks don't accept cash deposits — if you take cash, choose a bank with physical branches
Integration with accounting software: QuickBooks, Xero, and FreshBooks integrations save hours each month

Step 5: Note Your Business Routing Number

After opening your account, you'll need your business routing number to:

Set up ACH payments to vendors
Receive customer ACH payments
Set up payroll direct deposit for employees
Receive or send wire transfers

Your routing number is specific to your bank. Find it on the bottom-left of a business check, in your bank's app under Account Details, or in our routing number lookup guide.

Frequently Asked Questions

Can I open a business bank account online?

Yes. Most banks — including BECU, Relay, Mercury, and Chase — allow you to open a business bank account entirely online. You'll need to upload photos of your ID and business documents. The process typically takes 15–30 minutes and accounts are often approved within 1–3 business days.

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

Most banks require an EIN for business accounts, though sole proprietors may use their Social Security Number instead. Getting an EIN is free at irs.gov and takes about 10 minutes online. It's worth getting one even if you don't technically need it — EINs keep your SSN off business documents.

Can I open a business account as a sole proprietor?

Yes. Sole proprietors can open business bank accounts. You typically need your SSN or EIN, a government-issued ID, and a DBA (Doing Business As) certificate if you're operating under a business name other than your own.

What is the minimum deposit to open a business bank account?

Many banks — including Relay, Mercury, and BECU — have no minimum opening deposit for business accounts. Traditional banks like Wells Fargo and Chase may require $25–$100 to open. Check specific requirements when you apply.