How to Open a Business Bank Account Online in 3 Steps

Updated on June 16, 2022
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how to open a business bank account online

You’re not alone if you feel insanely frustrated by the prospect of having to haul yourself all the way to a bank branch to open a business bank account. Opening a business bank account online isn’t 100% straightforward.

What to Know About How to Open a Business Bank Account Online

  • Many banks are hesitant to allow anyone off the street to open a business bank account online. That’s simply because that kind of openness would allow identity thieves to open bank accounts virtually.
  • In most cases, you’ll have to visit a bank branch with hard copy identification, along with various other documents to open a business bank account.
  • A few big banks have digitized the steps for how to open a business bank account.

How to Open a Business Bank Account Online

Step 1: Figure Out What Kind of Account Business Bank Account to Open

You have two choices—a business checking account or a business savings account.

Why Get a Business Checking Account

  • Great, accessible home for your business’s working capital.
  • Access your cash easily through a debit card, checks, or electronic payments.
  • Good if business is primarily handling working capital.

Why Get a Business Savings Account

  • More lucrative, less accessible home for your business’s savings.
  • A place to store money your business has beyond the working capital you handle from day-to-day.
  • Money isn’t as easy to access but earns interest over time, making your business’s savings worth more with each passing moment.

The goals that you want to meet by opening a business bank account online should align with the three bullets in one of these columns. If you feel a bit all over the place, take a good look at those goals again and figure out what, exactly, you’re looking to do with this cash. (And just maybe you need to open both accounts.)

If you’re still confused, talk to your business accountant, who will be thrilled you’re separating your business and personal finances.

Step 2: Find Options for Business Bank Accounts to Open Online

This is twofold:

  • First, find banks that offer the option to open a business bank account online.
  • Then find the type of bank account— checking or savings—that your business needs.

There aren’t a ton of traditional banks that’ll let you open a business bank account online; however, as technology has evolved, more online-based banks have made it possible to open a business bank account completely online.

Step 3: Fill out Your Info

All you’ll need is to fill out a bit of information, confirm your identity, and make an initial deposit.

The Best Interest-Earning Business Checking Account to Open Online

Bluevine Business Checking

You can open a Bluevine business checking account online. In addition, the Bluevine business bank account is free, has no minimum opening deposit requirement, no NSF fees, no incoming wire fees, and includes two free checkbooks.

The Bluevine business checking account allows unlimited transactions, and you can pay vendors and bills by ACH, wire, or check, make transfers to and from your other accounts. You can also schedule one-time and recurring payments. Moreover, you have fee-free access to over 37,000 MoneyPass ATMs across the country.

Plus, unlike most online-based business checking accounts, Bluevine gives you the ability to deposit checks with your business debit card, using over 90,000 eligible GreenDot locations in the U.S.

Overall, if you’re looking to manage your business finances online or using your mobile device—and earn interest while doing so—Bluevine is going to be a great option.

How to Apply for a Business Checking Account Online With Bluevine

  1. Visit the Bluevine Business Checking page.
  2. Click “Start application.”
  3. Enter your first and last name, email address, mobile phone number, and create a password.
  4. Agree to Bluevine’s registration terms and click “get started.”
  5. Next, you’ll enter information about your business including the name, address, EIN or SSN, annual revenue, entity type, and industry.
  6. Then, you’ll fill out personal information including your name, home address, phone number, date of birth, SSN, and ownership percentage.
  7. After you’ve completed these steps, you’ll click “finish.”
  8. You’ll then wait for approval from Bluevine.
  9. Once you’ve been approved, you’ll receive an offer with an agreement to review.
  10. Then you’ll be able to accept and officially open your account.

The Best Business Savings Account to Open Online

NBKC Business Money Market Account

For a business savings account, the NBKC Business Money Market Account is going to be your best online option. This savings account can be opened quickly and easily online—plus, it requires no minimum opening deposit and has no monthly account fees.

With the NBKC business savings account, you’ll earn an APY of 0.20%. Additionally, the account comes with free eStatements, $0 transaction fees, $0 check deposit, and $0 incoming domestic wires. Outgoing domestic wires run $5 per wire. International wires, either outgoing or incoming, are $45 per wire.

How to Apply for a Business Money Market Account Online With NBKC

  1. Go to the NBKC business account landing page.
  2. Click “Get Started.”
  3. Click “get started” and choose the accounts you want to apply for.
  4. Enter your email address and phone number.
  5. Verify that you’re the business owner and that you agree to receive account notifications electronically.
  6. Provide your personal information to verify your identity.
  7. Provide your business information.
  8. Submit your application and wait for approval from NBKC.

Alternative Business Bank Account Options

If you don’t want either of these business bank accounts, there are other options, such as Novo, NorthOne, and Axos, which also allow you to complete a business bank account application online. Traditional bank account options might suit your business better, too.

Here’s a thought—or at least a place to start:

Chase Business Checking

With the three Chase Business Checking accounts—the Complete, Performance, and Platinum—you can either open your account online or go to a branch. Chase has many, and you might be doing your personal banking with Chase already.

The Bottom Line 

What’s the bottom line on how to open a business bank account online?

  • It’s not as seamless as it looks because the options, especially with traditional banks, are limited.
  • Generally, a business bank account that you can open wholly online will come from an online-based bank.
  • In the end, learning how to open a business bank account online will only save you one trip to the bank.

So, look around at all of your options. If you decide an online-based bank account isn’t for you and you’re willing to go to the bank, you’ll open up more business bank account options.

Maddie Shepherd
Contributing Writer at Fundera

Maddie Shepherd

Maddie Shepherd is a former Fundera senior staff writer and current contributing writer for Fundera. 

Maddie has an extensive knowledge of business credit cards, accounting tools, and merchant services, but specializes in small business financing advice. She has reviewed and analyzed dozens of financial tools and providers, helping business owners make better financial decisions. 

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