Choosing the Right Bank
Explore five traditional banks and five online-only banks that offer small business banking services,
Small Business Banking
As a small business owner, choosing the right bank for your financial needs is essential. Not only do you want a bank that provides the services you need to run your business, but you also want a bank that offers competitive rates, fees, and excellent customer service. In this blog post, we will explore five traditional banks and five online-only banks that offer small business banking services, along with their account requirements and links to their sites.
Traditional Banks
Bank of America
Bank of America offers several small business banking options, including checking accounts, savings accounts, and credit cards. To open a small business checking account with Bank of America, you will need to provide the following information:
Business name and address
Tax ID (EIN)
Business formation documents
Business license
Owner's personal identification, including a Social Security Number
To learn more about Bank of America's small business banking options and to open an account, visit their website at https://www.bankofamerica.com/smallbusiness/
Wells Fargo
Wells Fargo offers small business banking services that include checking and savings accounts, credit cards, and loans. To open a small business checking account with Wells Fargo, you will need to provide the following information:
Business name and address
Business Tax ID (EIN)
Business formation documents
Business licenseOwner's personal identification, including a Social Security Number
To learn more about Wells Fargo's small business banking options and to open an account, visit their website at https://www.wellsfargo.com/biz/
Chase Bank
Chase Bank offers small business banking services that include checking and savings accounts, credit cards, and loans. To open a small business checking account with Chase Bank, you will need to provide the following information:
Business name and address
Business Tax ID (EIN)
Business formation documents
Business license
Owner's personal identification, including a Social Security Number
To learn more about Chase Bank's small business banking options and to open an account, visit their website at https://www.chase.com/business
Capital One
Capital One offers small business banking services that include checking and savings accounts, credit cards, and loans. To open a small business checking account with Capital One, you will need to provide the following information:
Business name and address
Business Tax ID (EIN)
Business formation documents
Business license
Owner's personal identification, including a Social Security Number
To learn more about Capital One's small business banking options and to open an account, visit their website at https://www.capitalone.com/small-business/bank/
TD Bank
TD Bank offers small business banking services that include checking and savings accounts, credit cards, and loans. To open a small business checking account with TD Bank, you will need to provide the following information:
Business name and addressBusiness Tax ID (EIN)
Business formation documents
Business license
Owner's personal identification, including a Social Security Number
To learn more about TD Bank's small business banking options and to open an account, visit their website at https://www.td.com/us/en/small-business/
Online Only Banks
Azlo
Azlo is an online-only bank that offers small business banking services that include checking and savings accounts, invoicing, and debit cards. To open a small business checking account with Azlo, you will need to provide the following information:
Business name and address
Business Tax ID (EIN)
Business formation documents
Owner's personal identification, including a Social Security Number
To learn more about Azlo's small business banking options and to open an account, visit their website at https://www.azlo.com/
Novo
Novo is an online-only bank that offers small business banking services that include checking accounts, debit cards, and invoicing. To open a small business checking account with Novo, you will need to provide the following information:
Business name and address
Business Tax ID (EIN)
Business formation documents
Owner's personal identification, including a Social Security Number
To learn more about Novo's small business banking options and to open an account, visit their website at https://banknovo.com/
BlueVine
BlueVine is an online-only bank that offers small business banking services that include checking and savings accounts, credit cards, and loans. To open a small business checking account with BlueVine, you will need to provide the following information:
Business name and address
Business Tax ID (EIN)
Business formation documents
Owner's personal identification, including a Social Security Number
To learn more about BlueVine's small business banking options and to open an account, visit their website at https://www.bluevine.com/
Brex
Brex is an online-only bank that offers small business banking services that include checking and savings accounts, credit cards, and expense management tools. To open a small business checking account with Brex, you will need to provide the following information:
Business name and address
Business Tax ID (EIN)
Business formation documents
Owner's personal identification, including a Social Security Number
To learn more about Brex's small business banking options and to open an account, visit their website at https://www.brex.com/
Mercury
Mercury is an online-only bank that offers small business banking services that include checking and savings accounts, debit cards, and payment processing. To open a small business checking account with Mercury, you will need to provide the following information:
Business name and address
Business Tax ID (EIN)
Business formation documents
Owner's personal identification, including a Social Security Number
To learn more about Mercury's small business banking options and to open an account, visit their website at https://mercury.com
Long Story Short
Choosing the right bank for your small business is essential to help you manage your finances and grow your business. Traditional banks like Bank of America, Wells Fargo, Chase Bank, Capital One, and TD Bank, offer a range of small business banking options, including checking and savings accounts, credit cards, and loans. Online-only banks like Azlo, Novo, BlueVine, Brex, and Mercury, offer similar services and can be a great option for small business owners who prefer the convenience of online banking. Be sure to research each bank's requirements and fees before opening an account to ensure that it meets your business's specific needs.