Opening a business checking account allows you to deposit funds, process payroll, pay for expenses by check, and much more. We've put together some common questions to help you prepare to open your own LLC bank account to help the process go smoothly. It can take some time, so schedule a day you can go into the branch if you aren't able to open your choice of account online.

A male business owner working on a laptop behind a sales desk.

Do You Need an EIN for an LLC to Open a Bank Account?

It depends on the structure of your LLC. If you have a single-owner LLC, you have the option to use your Social Security number for the business, but generally an Employer Identification number, or EIN, is chosen. If you have an EIN, you will need it to open a business account.

What is Required to Open a Bank Account for LLC?

Typically, you'll need the following, in addition to being the primary owner or an authorized officer.

  • Your EIN or SSN
  • The legal name of your business
  • Your business' DBA (doing business as) name, if it's different from the legal name
  • Two sets of documentation:
    • Legal formation verification including:
      • A copy of your business license or business license number
      • Print out from the Secretary of State verifying the active status of your business
    • Formation documents such as:
      • Articles of Incorporation
      • Operating Agreement
      • Articles of Organization
      • Meeting Minutes

How Much Money Should I Keep in My LLC Bank Account?

This depends on the business bank account you choose. Some have monthly requirements for minimum balances, so check to see what those are and remember to stay within that minimum. If you don't have that requirement, the amount of money you should keep depends on your business and how much you need to pay the bills each month. Remember your slow season if you have one, as you may need to save to keep the lights on until business picks back up.

What Bank Should I Use for My LLC

The right bank for you depends on your needs. Above all, you'll want a bank that will get to know you and your business, so that as your business grows you can get guidance and resources to help your business expand. Consider the following features as you look for a bank that fits your needs:

  • Monthly service fees
  • Account requirements, including minimum balance and transaction limits
  • Interest rates
  • Banking services and lending options (more on that in the next section)
  • Technology integration, such as QuickBooks
  • Nearby ATMs and branches, if you need quick cash or in person help

What Kind of Bank Account Do I Need for an LLC? Best Bank Accounts for LLC

While there is no one-size-fits-all option, looking at all the accounts and services your choices offer is a good idea. Your business will have unique needs as it grows, so you want to choose a bank that can grow alongside you and your business. Consider tasks you want to automate or pain points and whether the bank offers tools and services to help. Lastly, look at where the bank has locations and ensure there's one nearby so you can get in-person help when needed.

What You're Looking ForSolution
Low or no monthly maintenance fees and potential upgrades for higher account activity, interest, or added options like fraud preventionBusiness Checking
Flexible savings accounts with competitive interest rates so you can save for your business's futureBusiness Savings
A lump sum of money to buy equipment or fund growthBusiness Loan
Cash flow support for seasonal changes with a way to borrow and pay back as needed, plus the option to increase your credit limit over timeBusiness Line of Credit
Build business credit, earn rewards for purchases, and the ability for employees to make purchases without having to reimburseBusiness Credit Cards
Simplify payroll processing, applicant processing, and other HR servicesHR and Payroll Services
The ability to accept payments from clients, whether that's online, in person, or out and aboutPayment Processing Services
Get your invoices paid in hours, not weeksCollectEarly®
Open cash flow to seize growth opportunities, consolidate activity to see it all in one place, and better plan and project future businessCash Flow Management
A way to easily monitor and manage sales and inventoryPoint of Sale and Inventory Systems
Set up customized loyalty and gift card programs for customers to increase repeat businessCustomer Engagement Services
Get better insights into your business' finances, simplify back-office processes, and reduce FTEAccounting Automation
Stop fraud on your business accountsACH Positive Pay and Check Positive Pay
Business Banking with WaFd Bank

WaFd Bank is Here to Help

Our knowledgeable business bankers are available to help you manage success and have the expertise to become a trusted advisor to you and your team. With products that grow with your business and comprehensive tools to seamlessly manage it all, WaFd Bank is built for business. After over 100 years, we know what it takes to help you succeed, from start to legacy. Visit your local branch or give us a call at 800-324-9375 to experience the difference WaFd Bank can make for you.

Open a Business Checking Account