What you need before you walk in
A business savings account requires proof that your business exists and proof of your identity. The exact documents depend on your business structure — sole proprietorship, partnership, LLC, or corporation — and the bank you choose. Most banks will ask for at least two of these: a government-issued ID, your Social Security number or Employer Identification Number (EIN), and something showing your business address.
If your business is brand new and you haven't registered it yet, some banks will still open an account, but many prefer to see registration paperwork first. This might be a DBA (Doing Business As) certificate from your county, articles of incorporation for a corporation, or an LLC formation document. Call the bank's business services line before you go in — they can tell you exactly what that bank accepts and whether you need an appointment.
You'll also need to decide whether the account will be in your personal name, your business name, or both. This matters for tax purposes and liability, so if you're unsure, ask your accountant or the bank's business banker before opening the account.
Key Takeaways
- You will need a government-issued ID, your Social Security number or EIN, and proof of your business address or registration.
- Different banks accept different documents, so calling ahead saves you a trip back home for a missing form.
- Some banks require your business to be officially registered before opening an account; others will open one for a business still in planning.
- Business savings accounts typically have higher minimum balances and monthly fees than personal accounts, so compare rates before choosing a bank.
Finding a bank that fits your business size
Large national banks, community banks, and online banks all offer business savings accounts, and they have different strengths. National banks like Chase and Bank of America have branches everywhere, which helps if you need to deposit cash or speak to someone in person. Community banks often have lower fees and more flexible requirements for new businesses, but fewer locations. Online banks have no branches but usually the lowest fees and highest interest rates on savings.
Before you choose, check what the minimum opening deposit is and what the monthly fee costs. Some banks waive the fee if you keep a certain balance; others charge it no matter what. A bank that charges $15 a month costs you $180 a year, which adds up fast for a small business. Ask whether the bank offers free business checking too — many let you link a checking and savings account and waive fees on both if you meet one condition, like direct deposit or a minimum combined balance.
If your business handles a lot of cash, ask whether the bank has a coin and currency counter you can use, and whether they charge to deposit cash. Some banks charge per deposit; others charge per $100 of cash. These small costs matter when you're starting out.
Documents to bring or have ready
Bring your government-issued photo ID — a driver's license or passport works. Bring your Social Security number or EIN. If your business is registered, bring the registration document. If you're opening the account in your business name rather than your personal name, bring proof of your business address — a lease, utility bill, or mail from a government agency all work.
Some banks ask for a voided check or bank statement from another account to verify your identity, though this is less common now. If the bank asks you to bring something you don't have, ask whether they accept an alternative. For example, if you don't have a lease, a utility bill or a letter from your landlord stating your address usually works instead.
If someone else will have access to the account — a partner, employee, or accountant — bring their ID too. You'll need to decide whether they can withdraw money, deposit only, or just view the balance. The bank will ask this when you open the account.
The difference between a business savings account and a business checking account
A business savings account earns interest on the money you keep in it, but you can only withdraw a limited number of times per month — usually six. A business checking account lets you write checks and make unlimited withdrawals, but earns little or no interest. Most businesses use both: checking for daily expenses and payroll, savings for money you're setting aside for taxes, emergencies, or growth.
Some banks bundle them together and charge one monthly fee for both accounts. Others charge separate fees. When you're comparing banks, ask for the total cost of having both accounts, not just the savings account alone. A bank that charges $5 for savings and $10 for checking costs more than one that charges $12 for both combined.
Interest rates on business savings accounts vary widely — from nearly zero to 4% or 5% depending on the bank and how much money you keep in the account. Higher rates usually come with higher minimum balances. If you're saving $500 a month, a bank requiring a $25,000 minimum won't work for you.
What happens after you open the account
The bank will give you a debit card, checks, and online access on the day you open the account or within a few days. You can start depositing money right away. Some banks let you deposit checks through their mobile app; all let you deposit cash at the branch or through an ATM if the bank has one.
The bank will send you tax documents at the end of the year if your account earned interest. Keep these for your tax return. You'll also get monthly statements showing all deposits, withdrawals, and fees. Review these carefully to catch any errors or unauthorized activity.
If you need to add another person to the account later — a new partner or employee — you can do that by going back to the bank with their ID. If you need to change the account type, close it, or move to a different bank, call the bank's business services line. They can walk you through the process.
Why a business account is separate from your personal account
Using a personal savings account for business money blurs the line between your personal finances and your business finances. This matters for taxes — the IRS expects to see business income and expenses tracked separately — and for liability. If your business is sued, a lawyer can argue that you mixed personal and business money on purpose to hide assets. Keeping them separate protects you legally and makes tax time much simpler.
A business account also looks more professional to customers and lenders. If you ever need a loan, the bank will want to see business bank statements, not personal statements mixed with business deposits. Starting with a separate account from day one saves you the headache of sorting it out later.
Frequently Asked Questions
Do I need an EIN, or can I use my Social Security number?
You can use your Social Security number if you're a sole proprietor with no employees. If you have a partnership, LLC, or corporation, you need an EIN. You can get one free from the IRS website in minutes — it takes about 15 minutes to explore online, and you get the number when ready.
What if my business isn't registered yet?
Some banks will open an account for a business that's still in planning stages, especially if you have an EIN. Others require proof of registration first. Call the bank before you go in. If they require registration and you haven't done it yet, your county clerk's office or your state's business registration website can walk you through it — it usually costs $50 to $200 and takes a few days.
Can I open a business account online, or do I have to go to a branch?
Online banks let you open an account entirely online with no branch visit. You'll upload photos of your ID and business documents. Traditional banks usually require you to come in person, though some now offer hybrid options where you start online and finish at a branch. Online accounts typically take one to three business days to set up.
What's the minimum amount I need to open an account?
Minimums vary by bank and account type. Some banks have no minimum opening deposit; others require $100 to $500. Some waive the minimum if you set up direct deposit or keep a certain balance. Ask about this when you call — a $0 minimum bank saves you money if you're just starting out.
Can I have multiple people access the account?
Yes. When you open the account, tell the bank who else needs access and what they can do — deposit only, withdraw, or full access. You can add or remove people later by going to the bank with their ID. Each person usually gets their own debit card and online login.