How to Open a Business Bank Account Online (2026)

Updated October 2026 · 8 min read

Separating business money from personal money is one of the first things every founder should do. It protects your liability shield, keeps your bookkeeping clean, and most banks require a business account before you can accept payments under your company name. The good news: if your business is already formed, you can open an account entirely online in under an hour of active work, and several startup-friendly options charge no monthly fee.

The 5 steps, in order

1. Choose your bank type. Fintech platforms (Mercury, Relay, Novo) let you apply 100% online, usually charge no monthly fee, and are built for digital-first businesses. Traditional banks (Chase, Bank of America) offer branches, cash deposits, and lending relationships, but typically charge a monthly fee you must waive with a minimum balance. Pick the model that matches how your business actually operates, then a specific provider.
2. Gather your documents. Have every document scanned and readable before you start: your EIN confirmation letter, your articles of organization (or certificate of formation), your operating agreement, a government-issued photo ID for every owner, and proof of your business and personal addresses. Name mismatches between documents are a top reason applications get delayed, so check that your legal business name is spelled identically everywhere.
3. Apply online. Most fintech applications take 15 to 30 minutes and ask for your entity details, the responsible party (usually you), and ownership percentages for anyone holding 25% or more. Upload the documents from step 2. Approvals are commonly issued within 24 to 48 hours for straightforward US applications; complex ownership structures or non-US founders can take longer.
4. Fund the account. Once approved, move money in with an ACH transfer from your personal account (usually free), a mobile check deposit, or a wire if speed matters. Some accounts require a minimum opening deposit; most of the fintech options below require none.
5. Set up your integrations. Connect the account to your accounting software (QuickBooks, Xero), your payment processor (Stripe, Shopify), and payroll if you have it. Order debit cards, set team permissions, and turn on transaction alerts. This is also the moment to set up separate accounts or reserves for taxes and payroll, which is much easier on day one than later.

Documents you will need (checklist)

• EIN confirmation letter: your federal Employer Identification Number, issued free by the IRS. You can apply online directly with the IRS and receive the EIN immediately during service hours (Monday to Friday, 7 a.m. to 10 p.m. Eastern). Never pay a third-party service for an EIN; the IRS does not charge for one.
• Articles of organization / certificate of formation: the document your state issued when your LLC or corporation was formed. Banks use this to verify your legal business name and formation date.
• Operating agreement (LLCs) or bylaws (corporations): not every bank asks for this, but it is frequently requested, especially for multi-owner businesses. If you do not have one, sign one before applying.
• Government-issued photo ID: driver's license or passport for every owner and every person who will be a signer on the account. Non-US founders typically need a passport.
• Proof of address: a utility bill, lease, or bank statement showing your personal residential address, and business address documentation if the bank asks. Some fintechs accept your registered agent address as the business address.

The best online business bank accounts compared

1. Mercury: best for tech startups and venture-backed companies

Mercury is the default banking choice for US-based startups, SaaS companies, and e-commerce businesses. The standard tier has no monthly fee, no minimum balance, no overdraft fees, and free ACH transfers. Banking services run through FDIC-insured partner banks (Choice Financial Group and Evolve Bank & Trust), and Mercury reports FDIC coverage of up to $5 million through its partner bank sweep network. Standout features include a developer API, team permissions, virtual and physical debit cards, accounting integrations with QuickBooks and Xero, and a Treasury product for yield on large idle balances (an investment product, not FDIC-insured).

Watch for: no physical branches and no cash deposits. Outgoing wire transfers carry a fee, so check the current pricing page before sending wires. Mercury can decline applications from certain high-risk industries, and it requires a US-formed entity and EIN.

2. Relay: best for multi-account cash flow management

Relay's pitch is organizational: the free Starter plan lets you open up to 20 separate checking accounts under one login, each with its own account number, which makes it popular with founders using the Profit First method or anyone who wants taxes, payroll, and operating cash in separate buckets. Starter costs $0 per month with no minimum balance, no overdraft fees, and free ACH transfers. Paid plans run $30/month (Grow) and $90 to $120/month (Scale), adding more accounts and APY on savings. Deposits are FDIC-insured through Thread Bank's sweep program, with coverage reported up to $3 million. Relay supports cash deposits at Allpoint+ ATMs and integrates with QuickBooks and Xero.

Watch for: outgoing wire transfers cost a few dollars on every plan, so confirm the current fee before you rely on wires. Interest applies to savings accounts only, not operating balances, and the best rates sit on the paid tiers.

3. Novo: best simple free account for freelancers and small businesses

Novo keeps things simple with a single free plan: no monthly fee, no minimum balance, free ACH transfers, free incoming wires, and unlimited invoicing built in. Banking services are provided by Middlesex Federal Savings, F.A., Member FDIC. Novo reimburses ATM fees (up to $7 per month, per recent reviews), integrates with Stripe, QuickBooks, Shopify, and Square, and includes budgeting tools like Reserves for setting money aside for taxes or payroll.

Watch for: outgoing domestic wire transfers carry a fee (reported at $30), and cash deposits are not accepted. International payments go through a Wise partnership with per-transfer fees. FDIC coverage is the standard $250,000 through a single partner bank, with no sweep network.

4. Traditional banks: Chase and Bank of America

Consider a traditional bank if your business handles cash, needs in-person service, or plans to apply for an SBA loan later, since lending relationships are built on banking history. Chase Business Complete Banking charges $15 per month, waivable with a $2,000 minimum daily balance, and allows cash deposits (a set amount free per statement cycle). Bank of America's Business Advantage Fundamentals account charges $16 per month, waivable with a $5,000 combined average balance. Both can be opened online, though some applications still require a branch visit to finalize.

What to watch for: fees, minimums, and rejection reasons

• Monthly fees and waiver traps: fintech options above are $0 with no conditions. Traditional banks advertise waivable fees, but the waiver requires a balance you must maintain every month, so do the math before you commit.
• Wire transfer costs: ACH transfers are usually free everywhere; wires almost never are. If you pay vendors by wire regularly, compare each provider's outgoing domestic and international wire fees, because they differ widely.
• Cash handling: Mercury and Novo do not accept cash deposits. Relay accepts cash at Allpoint+ ATMs. If your business takes cash, you need a bank that does.
• Name mismatches: the business name on your application must match your formation documents character for character. "Smith Consulting" is not the same as "Smith Consulting LLC" to a bank's compliance team.
• Industry restrictions: fintech banks can decline businesses in industries they classify as high risk. Check each provider's eligibility page before you spend time applying.
• Incomplete ownership information: US banks must collect identity documents for every owner with 25% or more of the business. Have those IDs ready or your application will stall.

Sources

• EIN applications are free and issued directly by the IRS; online application hours: irs.gov/businesses/employer-identification-number
• Applying online is fastest; session rules and one-EIN-per-day limit: xero.com/us/glossary/ein
• Mercury pricing and features ($0/month, no minimums, partner-bank FDIC coverage): rho.co/blog/best-banks-for-small-business
• Mercury wire fees and startup-focused features: founderjar.com/best-business-bank-accounts
• Relay plan pricing (Starter $0, Grow $30/mo, Scale $90-120/mo), 20 accounts, Thread Bank FDIC coverage: bestmoney.com/online-banking/compare-business-checking/reviews/relay
• Relay multi-entity features and APY by plan: rho.co/blog/best-business-bank-accounts
• Novo fees and features ($0/month, free ACH and incoming wires, ATM reimbursement, Middlesex Federal Savings): techrepublic.com/article/best-online-business-bank-accounts
• Novo outgoing wire fee and fee details: fitsmallbusiness.com/best-small-business-checking-account
• Startup bank fee comparison table (Mercury, Relay, Novo, Chase line items): rho.co/blog/startup-bank-fees-service-and-safety-compared
• Chase and Bank of America monthly fees and waiver requirements; documents and name-match guidance: onlinellcguide.com/how-to-open-business-bank-account-llc
• Chase Business Complete $15/month fee, $2,000 waiver balance, cash deposit terms: ofx.com/en-us/blog/best-online-business-bank-accounts