Online Banking for Business (2024)

FAQs

Can you do online banking for a business account? ›

With Online Banking, you can set up and authorize other people to manage your online business banking accounts. You control and assign roles to users that define their ability to view and access accounts, make transactions, use Bill Pay and more.

Can I Open a Business Bank Account With Just an EIN? In general, the answer is no. While you'll need an EIN to open a business bank account if your business is set up as a partnership, corporation or LLC with employees—it's just one of several pieces of information you'll likely need to provide.

How budget-conscious are you? Online banks typically have lower fees compared to traditional banks, which can add up to significant savings for small business owners. Additionally, online banks often offer higher interest rates on savings accounts, which can help you earn more money on your deposits.

State Bank of India (SBI) Business Bank Account

It provides a variety of business bank accounts to satisfy the different needs of enterprises. A variety of account types, including Regular Current Accounts, Small Business Accounts, and Corporate Salary Packages. Easy online banking and mobile banking services.

Opening a business bank account is easy once you've picked your bank. Simply go online or to a local branch to begin the process. Here are some of the most common documents banks ask for when you open a business bank account. Some banks may ask for more.

It is technically possible to open a business bank account without an EIN, but it is not recommended. Sole proprietors and single-member LLCs can use SSNs instead of EINs to open accounts, but it can open your business up to many problems. Obtaining an EIN is free and can be done in 10 minutes on the IRS website.

Why can't I open a business bank account online? Traditional banks often don't allow opening a business bank account online due to strict verification and regulatory requirements, which typically require in-person confirmation of identity and document review.

A federal tax ID number for the business, also known as an employer identification number. Your Social Security number if you are a sole proprietor. State or local authority documents that show you've formed a legal entity, such as a limited liability company (LLC)

How long does it take to open a business bank account? Provided you have all your paperwork in order and good financial standing and credit history, you could get approved to open a business bank account same-day (if going to the bank in person) or in as little as 10 minutes when doing it through online banking.

Which bank is best for opening a business account? ›

Most business bank accounts can be opened with $0, but some business checking accounts require an opening deposit, which typically ranges from $25 to $100.

But they do have their downsides, including lack of in-person customer service, the option to deposit cash and potential security risks.

Mettle, a bank owned by NatWest, aims to review applications within a matter of days. While they are not banks, some e-money providers like Revolut and Tide let you open a business account quickly, too. For example, Revolut reviews most applications in a couple of hours, and so does Tide.

To put it simply, when you mix your business and personal finances, you're essentially treating your business as a personal piggy bank. 🐷 And while it's not technically against the law to make a personal purchase from your business account, it can lead to major issues with taxes, bookkeeping, and compliance.

More ways to manage your business account

We have a wide range of online banking tools and services to suit the way you do business.

With online and mobile banking, businesses can access their accounts at any hour of the day, including holidays, and from almost anywhere. Check account balances, create a budget, view statements, manage loans, make stop payment or fund transfer and more.

Yes, you can operate a sole proprietorship or an LLC using your personal bank account, but it isn't advisable. Sole proprietorships aren't required to have a separate business bank account unless they trade using a fictitious DBA name (doing business as).

Can I open a personal checking account for my business? Yes, you can open a personal checking account for a sole proprietor business, but there are a number of reasons why it may not be the best choice.