Yes, you can open a business account online, but the process depends on your business structure and the bank
Most banks let you start a business account application online, but you will not finish it entirely online. You will upload documents, answer questions, and choose your account type through their website or app. Then the bank will contact you by phone or email to verify information, and you may need to sign documents in person or electronically depending on the bank and your business type.
Some banks—mainly online-only institutions like Mercury, Brex, and Novo—complete the entire process without requiring you to visit a branch. Traditional banks like Chase, Bank of America, and Wells Fargo let you start online but typically require a phone call or in-person visit to finish. The speed varies: online-only banks often approve accounts in one to three business days, while traditional banks may take five to ten.
What you need before you start matters. You will need your Social Security number or EIN (Employer Identification Number), a government-issued ID, your business address, and proof of your business structure—usually articles of incorporation, a partnership agreement, or an LLC formation document from your state. If you do not have these yet, you cannot open the account until you do.
Key Takeaways
- Online-only banks like Mercury and Brex complete the entire process digitally, while traditional banks require at least a phone call or signature to finish.
- You will need your EIN or Social Security number, a government ID, and proof of your business structure (articles of incorporation, LLC formation document, or partnership agreement) before starting.
- Account approval typically takes one to three days with online banks and five to ten days with traditional banks.
- Some banks charge monthly fees, minimum balance requirements, or per-transaction fees, so compare terms before you choose.
What documents you need to have ready
The specific documents depend on your business structure. If you are a sole proprietor, you need your Social Security number, a government ID, and proof of a business name registration if you operate under a name other than your own. If you are an LLC, S-corp, C-corp, or partnership, you need your EIN (which you get from the IRS), your articles of incorporation or formation document from your state, and your government ID.
You will also need your business address. This can be your home address, a commercial space, or a virtual office address—banks accept all three. Have your business phone number and email ready as well. Some banks ask for your expected monthly revenue or the purpose of the account, so think about what you will use it for before you start.
If you do not have an EIN yet, you can get one free from the IRS website (irs.gov) in about ten minutes. If you have not registered your business with your state, do that first—you will need the formation document to open the account. The timeline for state registration varies by state, from same-day to two weeks.
How the online application actually works
You start on the bank's website or app by selecting "business account" and choosing your business type (sole proprietor, LLC, S-corp, etc.). You then enter your personal information, business information, and upload documents. Most banks use a document upload tool where you photograph or scan your ID, EIN letter, and formation documents with your phone or computer.
After you submit, the bank reviews your documents. This is where the process slows down. Some banks flag documents for manual review if they are blurry, incomplete, or if information does not match across documents. If that happens, you will get an email asking you to resubmit. Once documents pass review, a bank representative will call or email you to verify information and answer questions about your business.
At this point, you may be asked to sign documents electronically using DocuSign or a similar service, or the bank may mail you documents to sign and return. Online-only banks typically use electronic signatures and can open your account the same day. Traditional banks may require you to visit a branch or wait for mailed documents, which adds three to five business days.
Online-only banks versus traditional banks
Online-only banks like Mercury, Brex, Novo, and Lemonade complete the entire process digitally without requiring a branch visit. They typically approve accounts faster (one to three days), have lower or no monthly fees, and offer better tools for invoicing and expense tracking. The trade-off is that they do not offer in-person support, and some do not offer certain services like business loans or merchant services.
Traditional banks like Chase, Bank of America, Wells Fargo, and Citibank let you start online but require at least a phone call to finish, and many require an in-person visit. They take longer to approve (five to ten days) and often charge monthly maintenance fees ($10 to $25) or require minimum balances. The advantage is that they offer a full range of business services—loans, lines of credit, merchant processing, and in-person support.
Credit unions are a middle ground. Many credit unions let you open a business account online or by phone, approve accounts in two to five days, and charge lower fees than traditional banks. The downside is that you must be a member of the credit union first, which may require a separate membership application.
What happens after your account opens
Once your account is approved, the bank will send you your account number and routing number by email or mail. You can usually start using the account immediately through the bank's app or website, even before your debit card arrives. Most banks mail a debit card within five to seven business days.
You will need to set up online banking access, which involves creating a username and password and setting up two-factor authentication (usually a code sent to your phone). Some banks require you to make an initial deposit before the account is fully active; others do not. Check your account welcome email for specific instructions.
After the account is open, you may be contacted by the bank about additional services—business credit cards, merchant processing, or loans. You do not have to accept these offers. Focus on using the account for what you need right now and add services later if they make sense for your business.
Common reasons applications get delayed or rejected
The most common reason for delay is a mismatch between documents. If your name on your ID does not match your name on your EIN letter or formation document, the bank will ask you to clarify or resubmit. If your business address does not match across documents, the same thing happens. Make sure all documents show the same name and address before you upload them.
Banks also reject applications if they cannot verify your identity or if your Social Security number does not match your name. This usually happens if you recently changed your name and have not updated your Social Security card yet. If this happens, contact the bank directly and explain the situation—they may ask you to submit additional documents like a marriage certificate or name change order.
Some banks decline applications if they see red flags in your personal credit history or banking history. This is rare for business accounts, but it can happen. If your application is declined, ask the bank why and whether you can reapply after addressing the issue.
Fees and account types to compare
Business accounts vary widely in cost. Some online-only banks charge no monthly fee and no minimum balance. Traditional banks typically charge $10 to $25 per month, with some waiving the fee if you maintain a minimum balance (usually $1,000 to $10,000). A few banks charge per-transaction fees for deposits or withdrawals, though this is less common.
Account types also vary. A basic checking account is what most small businesses need—it lets you deposit checks, transfer money, and pay bills. Some banks offer separate savings accounts for businesses, which earn interest but may have withdrawal limits. A few banks offer money market accounts or sweep accounts that move unused funds into higher-yield investments.
Before you open an account, compare the monthly fee, minimum balance requirement, check-writing limits, and whether the bank offers the services you actually need (invoicing tools, expense tracking, merchant processing, etc.). Many banks offer a free trial period or waive fees for the first few months, so read the fine print.
Frequently Asked Questions
Do I need an EIN to open a business account online?
Not always. Sole proprietors can use their Social Security number instead of an EIN. However, most banks prefer an EIN because it keeps your personal and business finances separate. You can get an EIN free from the IRS website in about ten minutes, so it is worth doing before you apply.
Can I open a business account if my business is not registered yet?
No. Banks require proof that your business is registered with your state. If you have not registered yet, do that first through your state's Secretary of State office. Registration usually takes a few days to two weeks depending on your state.
What if I do not have a business address yet?
You can use your home address, a virtual office address, or a UPS store address. Banks accept all three. If you use a virtual office address, have the confirmation email from the provider ready when you apply.
How long does it take to get my debit card after the account opens?
Most banks mail a debit card within five to seven business days. You can use your account online or through the app immediately, even before the card arrives. Some banks offer instant digital cards that you can use for online purchases right away.
Can I open a business account online if I have bad personal credit?
Most banks do not check personal credit for business accounts, so bad personal credit usually does not disqualify you. However, some banks do a soft credit check or review your banking history. If your application is declined, ask the bank why and whether you can reapply or provide additional information.