Opening a business bank account is legally required to maintain your LLC's liability protection. Here's what you need and where to go.
Required
EIN
From IRS.gov
Required
LLC Docs
Articles of Organization
Required
ID
Driver's license
What You Need to Open the Account
- EIN Confirmation Letter (CP 575) from the IRS
- LLC Articles of Organization (stamped/filed copy)
- Operating Agreement (some banks require this)
- Driver's license or passport
- Initial deposit ($0–$100 for most online banks)
Best Banks for New LLCs
| Bank | Min Deposit | Monthly Fee | Best For |
|---|---|---|---|
| Chase | $0 | $15 (waivable) | Cash handling |
| Novo | $50 | $0 | Online businesses |
| Mercury | $0 | $0 | Tech startups |
| Relay | $0 | $0 | Cashback on debit |
Step-by-Step Process
- Get your EIN at IRS.gov/ein (free, 10 minutes)
- Choose a bank based on your business model
- Apply online or in-branch
- Fund the account with your seed capital
- Order a business debit card
- Set up accounting software sync (QuickBooks, Wave, etc.)
Why This Matters
Commingling personal and business funds is called "piercing the corporate veil." If you're sued, a plaintiff's attorney will use commingled funds to argue that your LLC is not a separate entity — exposing your personal assets.
Compare Business Banking
Fees, features, and which account fits your business model.
Compare Banking →⚠️ Personal Guarantee
Most business bank accounts for new LLCs require a personal guarantee. This means you're personally liable for overdrafts or fraud. Monitor your account daily.