Banking & Finance Guide
Everything you need to know about opening and managing a business bank account.
Why Business Banking Matters
Separates personal and business finances
Builds business credit history
Simplifies tax reporting
Provides liability protection
Looks professional to clients and lenders
Types of Business Bank Accounts
Checking accounts — everyday transactions
Savings accounts — emergency funds and growth
Money market accounts — higher interest rates
Merchant services — accept card payments
Payroll accounts — for employee payments
What You'll Need to Open an Account
Business EIN or SSN
Business license or registration documents
Personal ID and Social Security number
Business address (can be virtual)
Initial deposit (varies by bank, usually $25-$500)
Banks to Consider
Traditional: Chase, Bank of America, Wells Fargo
Online: Mercury, Brex, Novo
Credit unions — often lower fees
Community banks — personalized service