In shortTo open a business bank account you need your EIN, formation documents (articles of organization or incorporation), an operating agreement or bylaws, government ID for owners, and a business address. Online accounts such as Mercury or Relay open in one to three days; branch banks can open same day in person. Open the account before you need credit, because lenders want months of business bank statements.
Key takeaways
- Open it the week you form the business; lenders want statement history.
- Fintech accounts are free and fast but cannot take cash.
- Keep business and personal money completely separate.
- Your statements become your loan application.
Documents you need
- EIN confirmation letter (sole proprietors can use an SSN)
- Articles of organization or incorporation
- Operating agreement or bylaws
- Government ID for each owner of 25% or more
- Business license where required
- Business address and phone
Choosing the type of account
Online businesses with no cash: a fintech account such as Mercury (free wires, software) or Relay (multiple accounts, allocations). Businesses that handle cash or want a banker: a traditional bank such as Chase. Many owners keep both: a branch account for cash and a fintech account for operations. See best business checking accounts.
Set it up for lending from day one
Route all revenue through the account. Pay yourself by transfer, not by using the business card for personal spending. Avoid overdrafts. Every lender you ever apply to will read these statements line by line.
Frequently asked questions
Can I open a business bank account online?
Yes. Mercury, Relay and most large banks support fully online applications for LLCs and corporations.
Can I use a personal account for my business?
You can, but it weakens LLC liability protection, complicates taxes, and makes borrowing harder because lenders cannot see clean business cash flow.