Don't you wish opening a business checking account was easy?
As a small business owner, you have enough on your plate without having to go through the onerous process of opening a business bank account.
Most business owners simply don’t have the time to commit to a lengthy bank account signup process.
The good news is that you don’t have to spend hours opening a business account. With the right bank, you can breeze through the signup process within minutes.
In this article, I'm sharing 3 banks that are making it easier for business owners to open accounts.
Business Account Requirements: Common Questions To Ask
When opening a business bank account, certain parts of the process can make or break the experience for customers. Here are some questions to ask when you are shopping around:
- Time commitment: Will I need to spend more than a few minutes filling out information? In the best-case scenario, you should only spend a few minutes opening your new bank account.
- Document requirements: Will the bank require a copy of my business's legal documentation, or is a valid Employment Identification Number (EIN) sufficient? Having fewer business account requirements can streamline your process.
- Location: Can I create the account entirely online or do I need to make an in-person visit? Having to visit a branch in-person takes more time out of your schedule, which is why online-only bank accounts are more efficient to set up.
- Customer support: If I have questions, is there a responsive customer support team I can rely on?
- Fees: Are the fees competitive with other banks?
Easiest Places to Open a Business Bank Account
Taking into account the above questions, I found the following three banks to be among the easiest banks to open a business account with.
Bluevine
Bluevine advertises a streamlined business account creation process. It’s so streamlined that BlueVine says you can complete the entire thing in 60 seconds or less! If you are looking for a quick way to dive into a new business checking account, it doesn’t get any faster than that.
In addition to the fast account opening process, Bluevine's business checking account doesn’t come with any monthly fees or minimum balance requirements.
You also have the potential to earn interest on your checking account balance with Bluevine. As of writing in June 2024, you can earn 2% interest on your balance when you spend at least $500 per month with your Bluevine business debit Mastercard or receive $2,500 per month in customer payments to your Bluevine checking account.
Learn more about Bluevine in our full review.
⚠︎ This Is A Banking Service Provider, Not A Bank.
Bluevine is a financial technology company, not a bank. While it uses partner banks to provide banking services, your FDIC-insurance protection may be limited. Read this article from the FDIC to understand the risks of using a non-bank company.
Novo
According to Novo, you can complete your online application for a business checking account in just 10 minutes. Once your account is officially open, you can take advantage of the built-in features to make your life easier.
This includes the option to connect to Stripe, Square, or PayPal, allowing you to get paid via Venmo, Google Pay, Apple Pay, or credit card.
In addition, Novo allows you to send invoices through its banking platform. With one-click reminders and integrated bookkeeping options, it can make your life as a business owner much easier.
Learn more about Novo in our full review.
⚠︎ This Is A Banking Service Provider, Not A Bank.
Novo is a financial technology company, not a bank. While it uses partner banks to provide banking services, your FDIC-insurance protection may be limited. Read this article from the FDIC to understand the risks of using a non-bank company.
Grasshopper
Getting started with Grasshopper is as simple as filling out a 5-minute application. Once approved, you’ll have access to a wide range of perks, including instant-issue virtual cards, which allow for easy and secure spending at the drop of a hat.
With Grasshopper, you can earn as much as 2.25% APY on your account balance between $25,000 to $250,000. Account balances below the $25,000 threshold will earn 1.51% APY.
Another benefit is that you can earn unlimited 1% cash back with online and signature-based purchases, giving your small business the ability to stretch every dollar a bit further.
Learn more about Grasshopper in our full review.
Online vs. Traditional Banks: Which is Easier?
As a business owner, you have no shortage of online and traditional business account options, but when it comes to ease and convenience, online business accounts are typically easier to work with.
Online banks offer an entirely online signup process. In many cases, they come with straightforward resources to manage your account efficiently after opening it. One downside is that you won’t have access to a physical bank branch, which could make it difficult to deposit cash.
In contrast, traditional banks tend to make it easier to deposit cash. But in most other aspects, traditional banks are not as easy to work with as online banks. With a traditional bank, you might face a lengthy signup process and a more extensive list of fees as you manage your account.
How to Open a Business Account
After scoping out the easiest business bank accounts to open online, it’s time to move forward with your account creation.
Here are the steps you’ll need to follow:
- Choose a bank: The right bank can make a big difference to your business. Explore all of the options before jumping in.
- Start the account sign-up process: If signing up for an online business account, you can usually get started on the bank’s website.
- Provide basic information: Be prepared to provide some information about your business. A few common requirements include the business name, your name, the EIN, a business address, and an email address.
- Wait for approval: Some banks will review your application in a matter of seconds. When approved, you can start using the bank account immediately.
While every bank has a slightly different sign-up process, this general guide should help get you started.
The Bottom Line
Signing up for the right business checking account doesn’t have to be a tedious process. Before getting started, reflect on what kind of features you’d like to see in a bank account. Seek out a bank account that strikes a balance between your preferences and ease of account creation.
To explore more options, check out our list of the best business checking accounts today.
Sarah Sharkey is a personal finance writer covering banking, insurance, credit cards, mortgages and student loans. She has written for numerous finance publications, including MagnifyMoney, Business Insider and ChooseFI. Her blog, Adventurous Adulting, helps young adults get a handle on their finances.
Editor: Colin Graves Reviewed by: Robert Farrington