Yes, you can open a business savings account at most banks and credit unions

A business savings account is a deposit account held in your business's name rather than your personal name. Most banks and credit unions offer them, and the process is straightforward if you have the right documents. The main requirement is proof that your business exists — which can be a business license, an EIN letter from the IRS, or articles of incorporation, depending on your business structure.

You do not need to be incorporated or have a formal business license in every state. Some banks will open an account for a sole proprietorship using just your Social Security number and a DBA (doing business as) certificate, if your state requires one. Others want to see an EIN, which you can get free from the IRS in minutes online.

Key Takeaways

  • You will need proof your business exists, such as an EIN letter, business license, or articles of incorporation — the exact document depends on your bank and your business structure.
  • Sole proprietors can often open an account with just a Social Security number and a DBA certificate, but many banks now prefer an EIN instead.
  • Banks typically require at least one owner to visit in person with a government ID, though some allow remote account opening for certain business types.
  • Interest rates on business savings accounts are usually lower than on money market accounts but higher than on regular business checking, and rates vary widely between banks.
  • You will need an initial deposit, which ranges from zero to several hundred dollars depending on the bank and account type.

What documents you need to bring

The exact documents depend on your business structure and your bank's requirements. Most banks ask for one or more of the following: an EIN letter (Form SS-4 confirmation from the IRS), a business license or certificate of good standing from your state, articles of incorporation or formation, or a DBA certificate. Call your bank before you visit and ask which documents they accept for your type of business.

You will also need a government-issued ID for at least one owner or authorized signer. A driver's license or passport works. If you are opening the account remotely, the bank may ask you to upload photos of your documents or verify your identity through a video call.

Some banks ask for a copy of your business plan, tax returns, or proof of address (a utility bill or lease in the business's name). This is less common for savings accounts than for business checking, but it happens. Again, calling ahead saves a trip.

How to get an EIN if you do not have one

An EIN (Employer Identification Number) is a nine-digit number the IRS assigns to your business. You do not need employees to get one — sole proprietors, partnerships, and corporations all use them. Getting one is free and takes about 15 minutes online.

Go to irs.gov and search for "apply for an EIN online." You will answer questions about your business structure, location, and what you do. The IRS will give you your EIN immediately on screen, and you can print a confirmation letter right then. That letter is what banks want to see. If you prefer not to apply online, you can call the IRS at 1-800-829-4933 and get an EIN over the phone, though this takes longer.

Minimum deposits and account fees

Minimum opening deposits range from zero to several hundred dollars, depending on the bank. Some online banks have no minimum at all. Traditional banks often require $100 to $500 to open a business savings account. A few require $1,000 or more, especially if the account comes with perks like higher interest rates or waived fees.

Monthly maintenance fees vary widely. Some banks charge $5 to $15 per month; others waive the fee if you keep a minimum balance (often $500 to $2,500) or maintain a linked business checking account. Online banks and credit unions tend to have lower or no monthly fees. Interest rates on business savings accounts are typically between 0.01% and 5.00% APY, depending on the bank and the current rate environment — rates change frequently, so check the bank's website for the current rate before you open.

In-person versus remote account opening

Most banks require at least one owner to visit a branch in person with a government ID. This is the fastest route and usually takes 15 to 30 minutes. You bring your documents, sign paperwork, and the account is open the same day.

Some banks now offer remote account opening for business savings accounts. You upload photos of your ID and business documents, verify your identity through a video call or by answering security questions, and sign electronically. This takes a few days instead of minutes, and not all banks offer it for all business types. Online banks are more likely to allow fully remote opening than traditional brick-and-mortar banks.

What happens after you open the account

Once your account is open, you will receive a debit card, checks (if you request them), and online banking access. You can deposit money by transferring it from another account, depositing a check through mobile deposit or at a branch, or making a cash deposit at an ATM or branch. Some banks limit the number of withdrawals or transfers you can make from a savings account per month — federal rules used to require this, but that rule was suspended, so check your bank's policy.

You can link your business savings account to a business checking account at the same bank for easier transfers, or keep it separate. Many business owners use a savings account to set aside money for taxes, emergencies, or seasonal expenses, and a checking account for day-to-day operations.

Frequently Asked Questions

Can I open a business savings account as a sole proprietor without an EIN?

Yes, many banks will open an account for a sole proprietor using just your Social Security number and a DBA certificate (if your state requires one). However, more banks are now requiring an EIN even for sole proprietors. Call your bank first to find out what they need — getting an EIN takes 15 minutes online and costs nothing, so it is often easier to get one than to search for a bank that does not require it.

How long does it take to open a business savings account?

If you visit a branch in person with all your documents, the account opens the same day. Remote account opening usually takes two to five business days. The bank may place a hold on your initial deposit for a few days while they verify your information, but you can still access your account and make transfers.

Do I need a separate business savings account, or can I use my personal savings account?

You can legally deposit business money into a personal account, but it creates problems. Mixing personal and business money makes taxes harder to file, complicates bookkeeping, and can expose your personal assets if your business is sued. A separate business account keeps things clear and is worth the small effort to open.

What if my bank denies my application?

Banks check your business history and your personal credit and banking history through ChexSystems (a banking database). If you have unpaid debts, a history of overdrafts, or fraud on record, a bank may deny you. Try a credit union instead — they often have looser requirements. You can also ask the bank why you were denied and whether you can reapply after fixing the issue.

Can I open a business savings account online if I do not have a branch near me?

Yes, if the bank offers remote account opening. Online banks and some large national banks allow you to open an account entirely online with no branch visit. You will upload your ID and business documents and verify your identity through a video call or security questions. Not all banks offer this, so search for "online business savings account" or call banks directly to ask.