Business Bank Account: Set It Up Right, Set It Up Once
Commingling personal and business funds destroys your liability protection and makes accounting a nightmare. Here's how to open the right business bank account properly.
What You Need
- EIN (Employer Identification Number) from IRS
- Formation documents (Articles/Certificate of Incorporation)
- Operating Agreement or Bylaws
- Government-issued ID for all signers
- Business address (can be registered agent)
- Some banks want business licenses
Best Banks for Startups
Traditional Banks
- Chase: Good branch access, startup-friendly
- Mercury: Tech-focused, no fees, easy online signup
- Bank of America: Solid for established businesses
Online-Only
- Mercury: Most popular with startups
- Brex: Good for venture-backed, credit cards
- Relay: Good for small businesses
What to Look For
- No monthly fees (or easy to waive)
- Good integration with accounting software
- Free ACH transfers
- Mobile check deposit
- Multiple user access
- API access (for advanced needs)
Watch Out For
- Minimum balance requirements
- Transaction limits and fees
- Wire transfer fees
- Poor customer service
- Slow application processes
Credit Cards
Most startups should also get a business credit card. Separate from personal credit, builds business credit history, simplifies expense tracking.
We Help You Get Started
Banking setup is quick when you have documents ready. We provide a checklist and can help you prepare everything banks need.