Yes, you can open a business bank account entirely online at most banks

Most national banks and many regional banks let you open a business checking or savings account without visiting a branch. You'll need your business documents, a government ID, and an initial deposit (which varies by bank). The whole process usually takes 10 to 20 minutes online, though account approval can take one to three business days.

The speed and ease depend on your business structure and which bank you choose. A sole proprietorship is fastest because you need only your Social Security number and personal ID. An LLC or corporation requires an EIN (Employer Identification Number) from the IRS, which you can get for free online in minutes, plus your Articles of Organization or Incorporation.

Some banks still require you to visit a branch to verify your identity in person, even if they advertise online opening. Always check the fine print before you start the application.

Key Takeaways

  • Most banks let you open a business account online, but a few still require an in-person visit to verify your identity.
  • Sole proprietors need only a Social Security number and ID; LLCs and corporations need an EIN and formation documents.
  • You can get an EIN from the IRS website in minutes for free, and it arrives immediately if you apply online.
  • Initial deposit requirements range from zero to several thousand dollars depending on the bank and account type.
  • Account approval usually takes one to three business days, though some banks fund accounts the same day.

What documents you need before you start

The documents required depend on how your business is structured. If you're a sole proprietor (you own the business by yourself with no formal structure), you need only your Social Security number, a government-issued ID, and your personal address. Some banks ask for a DBA (Doing Business As) certificate if you operate under a name different from your own, but this is not always required.

If you have an LLC or corporation, you need an EIN from the IRS. You can get this free at irs.gov/ein. The online application takes about 10 minutes and gives you your EIN immediately. You'll also need your Articles of Organization (for an LLC) or Articles of Incorporation (for a corporation). These are the documents you filed with your state when you formed the business. If you don't have them, you can request a copy from your state's Secretary of State office, usually for a small fee.

Have your personal ID ready in any case. Banks verify your identity before opening the account, and they need to see a driver's license, passport, or state ID. Some banks also ask for a recent utility bill or lease to confirm your address.

Banks that let you open accounts fully online

Chase, Bank of America, Wells Fargo, and Citibank all offer online business account opening, though some require an in-person visit to verify your identity. Regional banks like Axos, Novo, and Mercury specialize in online business banking and typically complete the entire process without a branch visit. Online-only banks like Brex and Stripe also offer business accounts, though these are often designed for specific industries or payment processing.

The difference between banks matters most if you need a physical location nearby. If you only need online access, an online-only bank often has lower fees and faster approval. If you might need to deposit checks or cash in person, a national bank with branches near you is more practical, even if opening takes slightly longer.

Before you choose a bank, check three things: whether they require an in-person visit, what the minimum deposit is, and what monthly fees apply. Some banks waive fees if you maintain a certain balance or set up direct deposit. Others charge $10 to $20 per month regardless.

The step-by-step process for opening online

Start by visiting the bank's website and finding the business account section. Click the link to open an account online. You'll be asked to enter your business type (sole proprietor, LLC, corporation, partnership, or nonprofit). This determines which documents the bank asks for next.

Enter your personal information: full name, date of birth, Social Security number, and address. Then enter your business information: business name, business address (which can be your home address), and the date you started the business. If you have an EIN, enter it now. If not, you can enter your Social Security number as a temporary identifier and add the EIN later.

Upload or photograph your documents. Most banks accept photos taken with a phone camera. For a sole proprietor, this means your ID. For an LLC or corporation, upload your ID, your Articles of Organization or Incorporation, and your EIN letter (the IRS email you receive when you apply online). Some banks ask for a utility bill or lease as proof of address.

Review the account terms, agree to them, and submit. The bank will send you a confirmation email. Approval usually takes one to three business days. Once approved, you can log in to your account online, set up online transfers, and order checks. Some banks fund the account and let you start using it the same day.

What happens if the bank asks you to visit in person

If the bank requires an in-person visit, they will tell you during the online application. This usually means they need to verify your identity by scanning your ID and sometimes taking a photo or video of you. The visit takes 10 to 15 minutes and can happen at any branch, not necessarily the one closest to you.

Schedule the visit through the bank's website or by calling the branch. Bring your original ID and any other documents the bank requested. After the visit, the account is usually approved within one business day.

If you cannot visit a branch, some banks offer video verification instead. You'll have a video call with a bank employee who verifies your ID on camera. This takes about 10 minutes and can happen at any time, including evenings and weekends.

Minimum deposits and monthly fees

Minimum deposits vary widely. Some banks, like Novo and Mercury, have no minimum deposit. Others, like Chase and Bank of America, require $100 to $500 to open the account. A few require $1,000 or more for premium business accounts. Check the specific account tier you're opening before you apply.

Monthly fees also vary. Many banks charge $10 to $20 per month for a basic business checking account. Some waive the fee if you maintain a minimum balance (often $500 to $2,500), receive direct deposits, or process a certain number of transactions per month. Online-only banks often have lower or no monthly fees.

Look at the full cost picture, not just the monthly fee. Some banks charge per check, per transfer, or per deposit. Others include these services in the monthly fee. A bank with a $15 monthly fee but unlimited transactions might cost less than a bank with no monthly fee but $0.50 per check.

What to do if your application is denied

Banks sometimes deny business account applications because of your personal credit history, your business history, or a mismatch in the documents you provided. If this happens, the bank will send you a letter explaining the reason.

Common reasons for denial include a recent bankruptcy, unpaid tax liens, or a history of overdrafts or fraud. If the reason is a documentation error—for example, your EIN doesn't match your business name—you can reapply with corrected documents.

If you're denied by one bank, try another. Different banks have different underwriting standards. Online-only banks and community banks are sometimes more flexible than large national banks. You can also ask the bank that denied you whether you can reapply after a certain period, such as six months.

Frequently Asked Questions

Do I need an EIN if I'm a sole proprietor?

No. As a sole proprietor, you can use your Social Security number instead of an EIN. However, getting an EIN is free and takes 10 minutes online, and some banks prefer it because it keeps your personal and business finances more separate. If you plan to hire employees later, you'll need an EIN anyway.

Can I open a business account with just my Social Security number?

Yes, if you're a sole proprietor. You'll need your Social Security number, a government ID, and proof of your address. You don't need an EIN or any business formation documents. This is the fastest and simplest route.

How long does it take to get approved after I apply online?

Most banks approve accounts within one to three business days. Some approve the same day. If the bank requires an in-person visit or video verification, approval usually happens within one business day of your visit. Check your email and the bank's website for updates on your application status.

Can I use my personal bank account for my business?

Legally, yes. However, it's not recommended. Mixing personal and business money makes taxes harder, puts your personal assets at risk if your business is sued, and looks unprofessional to customers and lenders. A separate business account costs little and protects you.

What if I don't have a business address yet?

You can use your home address as your business address when you open the account. If you move to a commercial space later, you can update your address online or by calling the bank. Some banks also accept a UPS box or mailbox service as a business address, though this varies by bank.