You do not need to deposit money to open most business bank accounts, but you will need to bring identification and proof of your business structure

The account itself is free to open. Banks do not charge you to create the account or to start using it. However, many banks do require a minimum opening deposit — the amount you put in on day one — and that amount varies widely by bank and account type. Some banks have no minimum at all. Others require $100, $500, or more.

If you have no cash on hand right now, you have two paths: find a bank with no opening deposit requirement, or wait until you have the money. Neither path is wrong — it depends on your timeline and which banks operate near you.

Key Takeaways

  • Opening a business bank account costs nothing, but many banks require you to deposit money on the day you open it.
  • Minimum opening deposits range from zero to $500 or more, depending on the bank and the type of account you choose.
  • Online banks and credit unions often have lower or no opening deposit requirements than large national banks.
  • You will need your Social Security number or EIN, a government-issued ID, and proof of your business structure (articles of incorporation, DBA filing, or sole proprietorship documentation).
  • If you cannot meet a bank's opening deposit requirement now, you can open elsewhere and move your account later once you have cash flow.

Banks with no opening deposit requirement

Online banks and some credit unions do not require an opening deposit. Axos Bank, Novo, and Mercury are examples of online banks that let you open a business checking account with zero dollars. Local credit unions often have the same policy — call ahead to ask.

The trade-off is that these accounts may have fewer physical locations if you need to deposit cash or speak to someone in person. Online banks handle deposits through mobile check deposit or ACH transfers from another account. If your business receives mostly digital payments (invoices, credit card sales, transfers), this works fine. If you handle a lot of cash, you may need a bank with branches.

National banks like Chase, Bank of America, and Wells Fargo typically require opening deposits of $100 to $500 for business accounts. Regional banks vary — some require deposits, some do not. Call or visit the website of banks in your area to compare.

What happens if you cannot meet the minimum right now

If the only banks near you require an opening deposit you do not have, you have three options. First, you can open with an online bank that has no minimum and use that account until you have cash. Second, you can ask a family member or business partner to loan you the opening deposit temporarily — you can withdraw it once the account is open (though some banks watch for this and may close the account if they catch it). Third, you can wait until your business generates enough revenue to cover the opening deposit.

None of these is ideal, but waiting is often the safest choice. Opening an account you cannot actually use because you have no money to keep in it creates confusion and can trigger overdraft fees if you are not careful. If you choose to open with a zero-minimum bank now and switch to a bank with branches later, that switch is straightforward — you simply open the new account and move your money over.

What you need to bring besides money

The bank will ask for your Employer Identification Number (EIN) or your Social Security number, a government-issued photo ID, and proof of your business structure. Proof of structure means different things depending on how your business is organized:

  • If you are a sole proprietor, bring your Social Security number and a government ID. Some banks also ask for a DBA (Doing Business As) certificate if you registered one with your state or county.
  • If you are an LLC or corporation, bring your Articles of Organization or Articles of Incorporation — the document you filed with your state when you formed the business.
  • If you are a partnership, bring the partnership agreement and each partner's ID.

You will also need to provide the business address, the business phone number, and the names and Social Security numbers of anyone who will have signing authority on the account. Bring these details in writing or be ready to provide them verbally during the application.

Opening deposit requirements by account type

Business checking accounts and business savings accounts often have different opening deposit minimums at the same bank. A business checking account might require $100 while a savings account requires $500, or vice versa. Money market accounts and certificates of deposit (CDs) typically have higher minimums — sometimes $1,000 or more.

If you are just starting out, you probably only need a checking account. Ask the bank specifically about the checking account minimum before you sit down to open it. The minimum can also change based on whether you set up direct deposit or automatic transfers — some banks waive the opening deposit if you commit to regular deposits from payroll or another source.

How to compare banks without visiting in person

Call the bank's business line or visit their website and search for "business checking account" or "business account opening requirements." Write down the opening deposit minimum, any monthly fees, the number of free transactions per month, and whether they offer mobile check deposit. If you handle cash, ask whether the bank has branches or ATMs near your location.

Credit unions are worth calling even if you have never been a member — many let you open a business account if you join the credit union first, and membership fees are usually $25 or less. Online banks publish their requirements on their websites, so you can compare without making a phone call.

What to do if the bank closes your account for low balance

Some banks close business accounts if the balance falls below a certain threshold for a set period — usually 30 to 90 days. Read the account agreement before you open to see if this applies. If it does and you cannot maintain the minimum balance, choose a different bank. Banks that close accounts for low balance are not a good fit for a new business with irregular cash flow.

If your account is closed, the bank will mail you a check for the remaining balance. You can then open an account elsewhere. This is inconvenient but not catastrophic — it just means you need to move your money and update your business records with the new account number.

Frequently Asked Questions

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

Yes, if you are a sole proprietor. You do not need an EIN — your Social Security number works. However, if you want to keep your personal and business finances separate (which is important for taxes and liability), getting an EIN is worth doing first. It takes 15 minutes online at irs.gov.

What if I do not have a government-issued ID?

You will need one. The bank will not open an account without it. If you do not have a driver's license or passport, you can get a state ID card from your DMV. This takes a few days to a few weeks depending on your state.

Can I open a business account online if I have never banked with that bank before?

Most online banks let you open entirely online. Some national banks require you to visit a branch in person for your first business account. Check the bank's website or call their business line to confirm. If they require a branch visit, you can open with an online bank first and switch later.

Do I have to keep the opening deposit in the account forever?

No. Once the account is open, you can withdraw the opening deposit if you want. However, some banks watch for this and may close the account if they see you deposit money and immediately withdraw it. If you are going to withdraw the opening deposit right away, choose a bank with no opening deposit requirement instead.

What if my business is not officially registered yet?

Most banks require proof that your business exists — either a registration document or a DBA filing. If you have not registered yet, you can do that first (usually online through your state or county), then open the bank account. This takes a few days to a few weeks depending on where you live.