04/27/2024
Opening a business bank account is a *little* more involved than a personal bank account. Let's dive into the steps:
1️⃣ Determine your banking needs. Do you just need easy online banking, or do you want a more personal relationship with your banker?
2️⃣ Compare features and fees (like annual and set-up fees) between your top banking options.
3️⃣ Once you've chosen your bank, figure out whether you can open an account online or if you need to go in person.
All banks will ask for different documentation, but here's an idea of the documents they might ask you for to open your new account:
👉 Federal Tax ID number (EIN or SSN)
👉 Business Address & Contact Information
👉 Business Registration or Partnership Agreement
👉 Personal Identification
👉 Minimum Deposit Amount
As a reward for reading all the way to the end, I'm going to share my personal favorite bank recommendation: choose a local bank and not a credit union.
As a professional bookkeeper, I always recommend to my clients as a fantastic, local bank that supports business banking in many capacities.
