Business Checking Accounts | Open a Small Business Account (2024)

© Citizens Financial Group, Inc. All rights reserved. Citizens is a brand name of Citizens Bank, N.A. Member FDIC

All accounts, loans, and services are subject to individual approval. See a banker for details.

1 $30 annual fee, $12 transfer fee per day for each day a transfer(s) occurs, Interest on outstanding balances. $30 annual fee for Clearly Better Business Checking account and Citizens Analysis Business Checking account. Annual Fee waived for Business Advisor Checking account. Subject to credit approval.

2 Eligible balances for relationship pricing include most Business deposit, loan and investment accounts.

3 Earnings Credit Rate can be used on available balances to offset transactions fees. It applies to various balance tiers, and is established at the Bank's discretion and may be changed at any time.

4 Wireless carrier, text, and/or data charges may apply.

5 No Overdraft Fee will be charged on any overdraft item of $5 or less ($10 or less for Business Advisor Checking®) or when your account is overdrawn and the total overdrawn amount at the end of the same business day is $5 or less ($10 or less for Business Advisor Checking).

6 Incoming payments received using the optional digital invoicing feature will incur a 3.49% interchange fee for card payments and a 1.00% fee for ACH payments.

7 A monthly maintenance fee charge of $9.99 will be charged for those using the Online Accounting feature within Autobooks. Neither Citizens Bank, N.A., nor any of its subsidiaries or affiliates, is affiliated with Autobooks, Inc (Autobooks). The accounting services referenced herein are provided exclusively by Autobooks and are subject to customer's agreement to Autobooks' terms of use. Certain restrictions and fees apply. Citizens may be entitled to receive fees from Autobooks for customer's use of accounting services. Use of accounting services from any provider, including Autobooks, is solely at the customer's election. Autobooks may have a different Privacy and Security policy than Citizens Bank, N.A. You should review the Privacy and Security policies of the Autobooks website before you provide personal or confidential information.

Securities, Insurance Products, and Investment Advisory Services offered through CSI or by unaffiliated members of FINRA and SIPC that provide brokerage and custody services to clients of CFA (go tocitizensbank.com/wealth to see Clarfeld Financial Advisors, LLC’s Form ADV for details). CSI is an SEC-registered investment adviser and member of FINRA and SIPC. One Citizens Bank Way, JCB135, Johnston, RI02919. CSI is an affiliate of Citizens Bank, N.A. Please be aware that the securities products offered are different from those offered by a bank and are subject to investment risk, including possible loss of the principal amount invested.

Securities, Insurance Products and Investment Advisory Services are:
· NOT FDIC INSURED · NOT BANK GUARANTEED · MAY LOSE VALUE · NOT A DEPOSIT · NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY

  • Business Checking Accounts | Open a Small Business Account (1)
Business Checking Accounts | Open a Small Business Account (2024)

FAQs

Which bank account is best for a small business? ›

Best Small Business Bank Accounts for September 2024
  • Best for Rewards: Chase Business Complete Checking®
  • Best Online Business Checking Account: Axos Bank Basic Business Checking.
  • Best Brick-and-Mortar Bank: U.S. Bank Silver Business Checking.
  • Best Interest-Bearing Business Checking Account: LendingClub Tailored Checking.

Do I have to use a business bank account for my small business? ›

The IRS recommends that all small business owners have separate bank accounts. While a sole proprietor—an individual who owns a business and is personally responsible for its debts—is not legally required to use a business checking account, it's still a good idea from a tax perspective.

What type of account do you need for a small business? ›

As soon as you start accepting or spending money as your business, you should open a business bank account. Common business accounts include a checking account, savings account, credit card account, and a merchant services account.

How much money do I need to open a small business account? ›

Fund your newly opened business account

Most business bank accounts can be opened with $0, but some business checking accounts require an opening deposit, which typically ranges from $25 to $100.

What is the best bank to use for an LLC? ›

Best LLC business bank accounts
  • American Express® Business Checking. ...
  • Axos Bank Basic Business Checking: Best for free ATM withdrawals.
  • Bank of America® Business Advantage Fundamentals™ Banking. ...
  • Bluevine Business Checking. ...
  • Chase Business Complete Banking® ...
  • Grasshopper Business Checking Account. ...
  • LendingClub Tailored Checking.

Can you open a small business bank account online? ›

Business bank accounts can generally be opened fully digitally online or through a mobile device. Alternatively, business owners can visit a branch or call to start an account.

Do you need an EIN for a business bank account? ›

Most banks and credit unions require you to provide your EIN to open a business account, but they might also require other documentation for you and your business.

Does an LLC need its own bank account? ›

Even single-member LLCs should have a business bank account. Before you open a bank account for your LLC, you'll want to formalize your limited liability company and obtain an employer identification number (EIN) for it — you can receive one instantly by applying on the IRS website.

Is it illegal to pay personal expenses from a business account LLC? ›

To put it simply, when you mix your business and personal finances, you're essentially treating your business as a personal piggy bank. 🐷 And while it's not technically against the law to make a personal purchase from your business account, it can lead to major issues with taxes, bookkeeping, and compliance.

What paperwork do I need to open a business bank account? ›

How do you open a business bank account?
  1. EIN number. The first thing you should have is an employer identification number — also called an EIN, FEIN or tax identification number. ...
  2. Personal and business identification. ...
  3. Initial deposit.

Which account should open to run a business? ›

More importantly, a business bank account can provide protections a personal bank account can't, including limited personal financial liability and merchant protection for your customers. It can also help you establish business credit for future borrowing. Here are the steps to open a business bank account.

How do you pay yourself as a business owner? ›

Business owners can pay themselves through a draw, a salary, or a combination method:
  1. A draw is a direct payment from the business to yourself.
  2. A salary goes through the payroll process and taxes are withheld.
  3. A combination method means you take part of your income as salary and part of it as a draw or distribution.
Oct 27, 2023

What is the best bank for small business? ›

Best banks for small business summary
  • Wells Fargo: Best for branch and ATM access.
  • Bluevine: Best for business checking.
  • Live Oak Bank: Best for business savings.
  • Chase Bank: Best for business financing.
  • Capital One: Best for customer service.
  • Bank of America: Best for business rewards.
  • Truist: Best for startups.

How long does it take to open a small business account? ›

How long does it take to open a business bank account? You can open a business bank account in just a few minutes if you're getting started online. Opening a bank account at a branch may take a little longer if you have to wait for a banker who can get your account set up.

Can I use a normal bank account for my small business? ›

Can I Operate my Business with my Personal Bank Account? Yes, you can operate a sole proprietorship or an LLC using your personal bank account, but it isn't advisable. Sole proprietorships aren't required to have a separate business bank account unless they trade using a fictitious DBA name (doing business as).

What type of bank account is good for business? ›

Business Current Account

Run your business with a business bank account that lets you manage your money and transact 24/7 from your Banking App or Internet Banking.

How many bank accounts should I have as a small business owner? ›

Consider having one account for receiving money (income) and another for paying your bills (business expenses). It's more difficult to stay on top of your business budget and cash flow with only one bank account. Multiple accounts will give you more clarity into your business's financial situation.

How do I choose a bank for my business? ›

7 Tips for Choosing a Business Bank Account
  1. Location. You should consider the bank's location and how important that will be to you. ...
  2. The fees. ...
  3. Minimum balance requirements. ...
  4. Introductory offers. ...
  5. Account features. ...
  6. Interest rates. ...
  7. Integrations.
Jun 6, 2022

Should you open a separate bank account for small business? ›

While it may seem easier to keep your personal and business funds in one account, it will prove to be more efficient in the long run when they are in two separate accounts—one for personal and one for business.

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