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Best Business Checking Accounts

A business checking account allows you to do many of the same things that a personal account does. You can make withdrawals and deposits, complete purchases using a debit card, and write checks. You’ll find both offer Federal Deposit Insurance Corporation (FDIC) insurance, which ensures your money stays safe if the bank goes out of business.

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Compare The Top Online Business Banks

Opening a Business Checking Account: Why Should You Do It?

The best reason to open a business checking account is the impact it has on your company’s reputation with clients and vendors.
When you use a personal account, your name pops up on any transaction you make. Many companies and clients will feel wary when trading with somebody who operates under their name. They want to see the name of the organization they’re doing business with on their bank statements.
The best business bank accounts ensure that happens. You gain legitimacy, as well as a way to separate your professional finances from your personal.

What You Need to Open a Business Bank Account

Let’s assume you’ve already found the best bank for a business account. Before you apply for a new account, it’s best to prepare as thoroughly as possible. Expect most banks to ask your business to provide the following when you apply for an account:

  • Photographic identification of the company’s director or CEO
  • A social security number
  • Your partnership agreement if the company has multiple owners
  • An EIN confirmation letter to show you’re verified with the Internal Revenue Service (IRS)
  • Your company’s articles of organization and incorporation
  • Proof of the director’s personal address
  • Proof of the company’s business address

The last item can be a little tricky. Some banks want you to demonstrate that you have a business address in the same geographical area as the bank you’re applying with. Others are far less stringent, to the point they’ll let you set up a business checking account for a company in a completely different state.

Finally, many banks require you to enter a minimum deposit into the account before opening it. Always check what this deposit is before lodging a formal application.

Conclusion

A business checking account adds legitimacy to your company and lets you separate your personal and business finances. You’ll find it easier to do business because others will trust you more. Plus, you get the same features that you’re used to from your personal checking account. The account also provides some liability protection.
However, it’s worth noting that most banks charge fees for their business checking accounts. Check these fees before opening your account.

FAQ

Can you do online banking for a business account?

What banks will let me open a business account online?

How much money do you need to start a business bank account?