Once your LLC is formed and you have an EIN, you can open a business bank account in the company's name. The bank will ask for a few formation documents, and requirements vary by bank — so check with the bank before you go.
Why Use a Separate Business Account?
Keeping business money separate from personal money makes bookkeeping and tax recordkeeping easier and helps maintain clear separation between personal and business finances. When every business dollar flows through its own account, you can see exactly what your LLC earned and spent — which is what your bookkeeping, your accountant, and the IRS will ask about.
What You May Need to Open an Account
Banks set their own requirements, but a typical business account application may ask for:
- EIN
- LLC formation documents
- Business license
- Operating agreement or ownership information
- Personal identification
Requirements vary by bank — and some ask for more than others. Call ahead or check the bank's business-account page before you apply so you can bring the right documents the first time.
What to Look for in a Business Bank Account
Not every account fits every business. As you compare options, look at:
01
Monthly fee
Some business accounts charge a monthly maintenance fee. Ask whether the bank waives it if you keep a certain balance or use the account actively.
02
Minimum balance requirement
Many accounts require a minimum daily or average balance. If your balance dips below it, the bank may charge a fee.
03
Transaction limits
Accounts often include a set number of free deposits, withdrawals, or transfers each month and charge for anything beyond that.
04
ACH and wire fees
Check what the bank charges to send or receive ACH transfers and wires, especially if you'll pay contractors or receive customer payments that way.
05
ATM access
See whether the bank has ATMs near where you work, or whether it rebates fees charged by other ATM networks.
06
Cash-deposit options
If your business takes cash, confirm how you can deposit it — in person, at an ATM, or by courier — and what each option costs.
07
Online and mobile banking
Make sure the bank's app and website handle the basics you'll need: check deposits by phone, bill pay, and account alerts.
08
Accounting integrations
If you use accounting software, check whether the bank connects to it directly so transactions can flow in automatically.
09
Customer service
Consider how you can reach the bank when something goes wrong — phone, chat, branch, or dedicated small-business support.
10
FDIC insurance
When applicable, confirm the account is FDIC insured (banks) or NCUA insured (credit unions), and ask about the coverage limits that apply to your account.
Official Resource
The U.S. Small Business Administration explains how business bank accounts work and what you'll need to open one.