Shop around to find the best business savings account, considering factors such as:
- Interest rates
- Deposit and balance requirements
- Fees
- Account features
- Accessibility
The process to open a business savings account depends on the financial institution. Many banks allow business owners to open business savings accounts online, but some may require an in-person visit to a bank branch to apply.
During the application process, your bank will ask you to provide pertinent personal and business information to verify your identity. The information needed to open an account often depends on the type of business. At the bare minimum, you’ll probably need to provide the following documentation to open a business bank account:
- A government-issued photo ID such as a driver’s license, state-issued ID card or passport
- Your Social Security number
- Your employer identification number (EIN), if applicable
- Business name
- Business address
- Email address
Once your application is approved, you can typically fund your new business savings account by linking another bank account and transferring funds into the account.
What Is Needed To Apply for a Business Savings Account?
You must provide personal and business information during the application process to open a business savings account. The information required may vary depending on your business structure and the financial institution, but you should generally prepare to provide the following:
- Full name
- Date of birth
- Social Security number or Employer Identification Number (EIN)
- Contact information
- Physical address
- Legal name of business
- Business type
- Business establishment date with signer’s full name
- Business license
- Ownership structure
- Number of employees
- Annual gross revenue
- Initial deposit
Some banks may require you to make an appointment at a local branch to open a business bank account, but many banks allow you to apply online.
