To open a business bank account, expect to put down somewhere between $25 and $100 at most traditional banks, while many online banks let you open one with nothing at all. How much money you actually need to open a business bank account depends less on the deposit itself than on the account tier you choose and whether you can meet the ongoing balance requirements that come after.
Opening Deposits at Traditional and Online Banks
Brick-and-mortar banks typically ask for a small deposit to activate a basic small business checking account. That figure usually sits in the $25 to $100 range. Premium tiers — accounts that pay interest, allow more monthly transactions, or bundle in extra services — can require more. When a deposit is required, you generally have to provide the funds at the time you finalize the application.
Many online banks have dropped the minimum deposit entirely. Digital-first platforms built for startups and early-stage businesses often let you open an account with $0 down, which helps if you haven’t generated revenue yet or are still waiting on funding. Some of these banks still expect you to fund the account within a set window to keep it open, so read the account terms before you apply. An unfunded account may eventually be closed.
Documents You Need Before You Apply
For most new business owners, paperwork is the bigger hurdle than cash. Federal regulations require banks to verify the identity of every person and business that opens an account, and if a document is missing the application stops. Requirements vary by bank, but most ask for:
- A tax identification number — an Employer Identification Number for most business types, or a Social Security number for sole proprietors without employees
- Business formation documents — Articles of Incorporation for corporations, a Certificate of Organization for LLCs, or a partnership agreement
- Government-issued photo ID for every individual who owns 25% or more of the business
- An operating agreement, if your LLC or partnership has one
- A DBA certificate, if the business operates under a name different from its registered legal name
Most businesses use an Employer Identification Number, a nine-digit number the IRS assigns for tax filing and banking. You can apply online at irs.gov and receive your EIN immediately, or submit Form SS-4 by fax or mail.1Internal Revenue Service. Employer Identification Number Sole proprietors who have no employees and no excise tax obligations are not required to obtain an EIN and can use their Social Security number instead.2Internal Revenue Service. Single Member Limited Liability Companies
Formation documents prove your business legally exists. Corporations provide Articles of Incorporation, LLCs provide a Certificate of Organization (or whatever equivalent name your state uses), and partnerships provide a partnership agreement.3U.S. Small Business Administration. Open a Business Bank Account Banks may also accept an unexpired government-issued business license or a trust instrument for trust accounts.4FFIEC BSA/AML InfoBase. Assessing Compliance with BSA Regulatory Requirements – Customer Identification Program
Beyond the business itself, banks must identify every individual who owns 25% or more of the company, along with anyone who exercises significant control over it.5Financial Crimes Enforcement Network. Information on Complying with the Customer Due Diligence (CDD) Final Rule Each of those people needs a government-issued photo ID, such as a driver’s license or passport, plus a taxpayer identification number. Gather everything from all qualifying owners before you start the application.
If your business operates under a trade name that differs from the legal name on your formation documents, most banks require a DBA certificate, sometimes called a fictitious business name statement. You file it with your state or county government, and fees vary by jurisdiction — typically $10 to $100.
What the Account Actually Costs After You Open It
The opening deposit is only part of the money question. Most traditional banks charge a monthly maintenance fee for business checking, commonly $10 to $30 for basic tiers. Higher-tier accounts with expanded features can charge more.
The most common way to waive the monthly fee is to maintain a minimum daily balance, which typically ranges from $1,500 to $5,000 depending on the account tier. Some banks offer other waivers, such as hitting a monthly threshold in debit card purchases or enrolling in a business rewards program. Many online-only banks skip the monthly fee entirely, which appeals to businesses that don’t need branch access or cash-handling services.
So the practical floor for opening a business bank account is often the $25 to $100 opening deposit. The practical floor for keeping one fee-free at a traditional bank is closer to the $1,500 to $5,000 balance you’ll need to hold, unless you go with an online bank that charges no monthly fee at all.
Cash Deposit and Wire Transfer Fees
A few other costs are worth pricing in before you commit. Most banks allow a set amount of free cash deposits per statement cycle — often around $5,000 to $20,000 — then charge a small fee for each additional deposit above that threshold. If you run a cash-heavy business, that ceiling matters more than the opening deposit ever will.
Outgoing wire transfers add up too. Domestic wires initiated online generally run $25 to $35, and branch-initiated wires tend to cost more. International wires often run $40 to $50. Higher-tier business accounts sometimes include a set number of free wires per month, so if you send wires regularly, that benefit can outweigh a higher monthly fee.