What you need to open a business bank account (2026)
Edited by Moe Ameen · Published
To open a business bank account you'll need a government ID, your SSN or EIN, and, for an LLC or corporation, your formation documents. Sole proprietors usually need only an ID and SSN, plus a DBA certificate if the business name isn't their own. Of the 11 accounts we checked, Mercury was the only one that turns sole proprietors away, and monthly fees ran from $0 to $16.
Key takeaways
- Expect to show government ID; Chase and Wells Fargo ask for two forms.
- LLCs and corporations need formation documents, such as Articles of Organization.
- Mercury doesn't accept sole proprietorships; the other accounts that state a rule do.
- The fintech accounts charge $0 a month, and none of them is a bank: deposits are insured through partner banks.
What documents do I need to open a business bank account?
Government ID for each owner or signer, a tax ID (SSN or EIN), and formation documents if you're an LLC or corporation.
- Sole proprietor: ID and SSN. If the business name doesn't include your legal last name, Wells Fargo asks for a certificate of assumed name or similar [5].
- LLC: EIN and Articles of Organization or a Certificate of Formation [2][5]. Chase may also ask for an operating agreement [2].
- Corporation: EIN and certified articles of incorporation; Chase may ask for corporate resolutions [2].
- Partnership: a written partnership agreement, per Chase [2].
Chase requires two forms of ID, one of them government-issued [2]. Wells Fargo asks for a primary and a secondary ID and an SSN from every signer [5].
Can a sole proprietor open a business bank account?
Yes, at most banks we checked. Mercury is the exception: it says a sole proprietorship has no formation document to verify.
Mercury requires a formation document for every account, so it doesn't support sole proprietorships [12]. Chase, Bank of America, Wells Fargo, U.S. Bank, Bluevine, Novo, Relay, Found and Lili all accept them. Capital One's Basic Checking page doesn't say either way.
Do I need an EIN to open a business bank account?
An LLC or corporation does. A sole proprietor often doesn't: Found and Relay open sole proprietor accounts with an SSN.
Found opens the account under your legal name and SSN, and you can add an EIN later [13]. Relay lists an SSN for sole proprietors [11]. Novo is unclear: its help article says sole proprietors need an EIN, while its requirements page says SSN or EIN works [9]. Mercury accepts a completed Form SS-4 if your EIN is still pending [12]. You can get an EIN free from the IRS; see how to get an EIN.
How much does a business checking account cost?
The big banks charged $15 to $16 a month, waivable with a balance or spending threshold. U.S. Bank and the fintechs charged $0.
- Chase: $15, waived with a $2,000 minimum daily ending balance or one of four other options [1].
- Bank of America: $16, not charged for the first 12 statement cycles, then waived with a $5,000 combined average balance or $500 in debit card purchases [3].
- Wells Fargo: $15, waived with a $2,000 minimum daily balance or $5,000 average combined deposits [4].
- Capital One: $15, waived with a $2,000 minimum average balance [7].
Is a fintech business account FDIC insured?
The fintechs we checked aren't banks. Your deposits are FDIC insured through a partner bank, which each one names on its site.
Bluevine uses Coastal Community Bank [8], Novo uses Middlesex Federal Savings [10], Relay uses Thread Bank [11], Mercury uses Choice Financial Group and Column N.A. [12], Found uses Lead Bank [13], and Lili uses Sunrise Banks [14]. Several spread deposits across a sweep network to raise the insured amount.
Glisten check
11 business checking accounts compared
| Account | Monthly fee | Opening deposit | Sole proprietors | Bank or fintech |
|---|---|---|---|---|
| Bank of America Business Advantage Fundamentals | $16 (free first 12 cycles) [3] | Conflicting: $100 in its fee disclosure, none on the product page [3] | Yes | Bank |
| Bluevine Business Checking (Standard) | $0 [8] | $0 [8] | Yes [8] | Fintech |
| Capital One Business Basic Checking | $15 [7] | Not stated | Not stated | Bank |
| Chase Business Complete Banking | $15 [1] | $0 [1] | Yes [2] | Bank |
| Found (free plan) | $0 [13] | Not stated; no minimum balance [13] | Yes, with SSN [13] | Fintech |
| Lili Core | $0 [14] | $0 [14] | Yes [14] | Fintech |
| Mercury | $0 [12] | $0 [12] | No [12] | Fintech |
| Novo Business Checking | $0 [10] | $0 [10] | Yes [9] | Fintech |
| Relay Starter | $0 [11] | Not stated; no minimum balance [11] | Yes [11] | Fintech |
| U.S. Bank Silver Business Checking | $0 [6] | $25 [6] | Yes [6] | Bank |
| Wells Fargo Initiate Business Checking | $15 [4] | $25 [4] | Yes [5] | Bank |
We meant to include NorthOne too, but northone.com now redirects to Relay's website, and we couldn't find NorthOne's own fee or document pages. U.S. Bank's pricing disclosure dated August 10, 2026 still lists Silver, though its website now leads with a Business Essentials package.
Is this right for you?
Best for
- New owners gathering paperwork before opening a business account.
- Sole proprietors checking which accounts will take them.
Not ideal for
- Comparing interest rates or cash deposit limits. We didn't check those here.
- Businesses outside the US.
Frequently asked questions
Can I open a business bank account with just my SSN?
As a sole proprietor, at some banks. Found and Relay list an SSN for sole proprietors [11][13]. LLC and corporation accounts at the banks we checked ask for an EIN.
Can I open a business bank account online?
Yes at most we checked. Chase allows it for single-owner sole proprietorships, single-member LLCs and some corporations; other structures go to a branch [1].
What's the minimum deposit to open a business account?
$0 at Chase, Bluevine, Novo, Lili and Mercury, and $25 at Wells Fargo and U.S. Bank [1][4][6].
Does Mercury accept sole proprietors?
No. Mercury says a sole proprietorship has no formation document to verify, which it requires for every account [12].
Do I need an operating agreement to open an LLC bank account?
Sometimes. Chase lists an operating agreement as a possible supplemental document for LLCs [2].
How we know this
On October 28, 2026 we read each account's own product page, fee disclosure and help articles for the documents required, monthly fee and waiver, opening deposit, sole proprietor eligibility and FDIC arrangement. Where two of a company's own pages disagreed, we show both.
- Business Complete Banking, Chase. Checked October 28, 2026.
- What you need to open a business bank account, Chase. Checked October 28, 2026.
- Business Advantage Fundamentals Banking Clarity Statement (PDF), Bank of America. Checked October 28, 2026.
- Initiate Business Checking, Wells Fargo. Checked October 28, 2026.
- Required documents, Wells Fargo. Checked October 28, 2026.
- Business pricing information (PDF), U.S. Bank. Checked October 28, 2026.
- Business Basic Checking, Capital One. Checked October 28, 2026.
- Business Checking, Bluevine. Checked October 28, 2026.
- What business documents do I need to open an account?, Novo. Checked October 28, 2026.
- Business Checking, Novo. Checked October 28, 2026.
- Required documents by entity type, Relay. Checked October 28, 2026.
- Company structures Mercury supports, Mercury. Checked October 28, 2026.
- How to get Found, Found. Checked October 28, 2026.
- FAQ, Lili. Checked October 28, 2026.