Business Checking Account Promotions

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View list of the current top business checking deals and promotions. Earn cash bonuses for opening a new account.

Small business owners—take notice. Many banks are offering incentives and cash bonuses for opening new business checking accounts.

A business checking account is important to keep your funds separate from your personal banking. It helps organize your accounting and will save you a lot of headache during tax time. LLCs, corporations, and DBAs are required to have a separate business bank account.

What you need to open a business checking account:

  • Taxpayer Identification Number (SSN or EIN)
  • Current business license
  • DBA name registration (for sole proprietors, if applicable)
  • Partnership agreement (for partnerships)
  • Articles of Organization (for LLCs)
  • Articles of Incorporation (for corporations)

Checking Account Promotions for May 2024

Business Bank Account Promotions
Here are the top business checking bonus for new business checking customers:

Why Open a Business Checking Account?

A separate business banking account is required for LLCs and corporations. But even if you don't operate as one of these, here are some advantages of a business banking account:

  • Easier Bookkeeping
    It will get very hard during tax time if you mix your personal and business transactions. A separate business account will provide a clear trail of your business activities for yourself and the IRS.[1]

  • Professionalism
    Your customers can make checks out to your business instead of to you. You can also pay for business expenses with a business card or checks. And when it's tax time, you can make the tax payment out of your business account.

  • Purchase Power
    A lot of bank business accounts will also give you access to their business credit cards. This gives you more purchasing power if you have startup costs or need to make a large purchase.

  • Access to funding
    You need a business bank account if ever apply for a business loan. You never know when you might need a loan to expand your business or to keep it afloat during hard times.

How to Get Business Account Bonuses

You can often find bank promotions for opening a new business checking account. These offers will usually be a cash bonus with a certain minimum deposit. The terms will usually be:

  • Open a new account through a certain offer link.
  • Earn a cash bonus after you complete a qualifying deposit within a certain number of days.
  • Maintain that balance for a certain number of days.
  • Receive your cash bonus after these qualifying activities are complete. The money will be deposited into your account.

We keep a list of the latest business promotions, so keep your eye out on our page. If you see a bonus offer, we will provide the promo code and details. Be aware of when the offer expires and act on it quick.

What banks are offering money to open business checking accounts?
These banks often offer business checking bonuses:

What To Look for in a Business Account

What bank has the best business account? Picking the right bank for your business is important. Aside from just checking, your bank should be able to provide solutions to help your business grow (such as credit card offers and business loans).

Here are some factors to consider:

  • Monthly fees and balance requirements
    Most traditional banks have a monthly service fee. You'll have to maintain a minimum balance or complete deposit requirements in order to waive the monthly fees. Can you meet that requirement?

    What's the most you're willing to keep as a monthly balance?

  • Small or large bank
    Large national banks are more convenient and may have more options. But small local banks or credit unions offer more personalized service.

    If you don't need in-person banking services, you may even want to consider an online bank, which often have less fees and lower requirements.

  • Number of transactions
    How many transactions do you expect each month? Most banks offer a limited amount of free monthly transactions. See if the checking account meets your transaction and deposit needs.

  • Additional services and benefits
    Will you potentially want a loan in the future? Or merchant services and payroll programs? If so, look for a bank that offers these services to small business owners. Having a personal relationship with your bank may help you obtain these services.

Here are other things to consider when opening a business checking account:

  • Introductory offers
  • Interest rates
  • Transaction fees
  • Early termination fees
  • Account maintenance and minimum balance
  • ATM access
  • FDIC Insurance

Frequently Asked Questions

Can I use my personal bank account for business?
Sole proprietors are not legally required to have a business bank account. So technically, you can conduct both personal and business transactions from your personal account.

However, a separate business account will be helpful to keep expenses separate for tax reasons. LLCs, corporations, and DBAs are required to have a separate business bank account.

Do I have to be an LLC to open a business checking account?
Nope. Sole proprietors can open a business checking account with their SSN or tax ID.

As a sole proprietor, you can operate the business under your own name and don't even need to be registered. This works for self-employed individuals or small home businesses.

How long does it take to open a business checking account?
Many banks let you open a business checking account online, so you can fill out the application in minutes. You may then be required to send in additional supporting documents.

Once the application is approved, your new account could be up and running in as little as 3-5 business days. For the smoothest process, make sure to have all the required documentation ready when you apply.

How much money do I need to open a business checking account?
Each bank will have their own deposit requirements for their business checking accounts. It could be $0 or as low as just $25. More premium accounts may require higher opening deposits.

Watch out for any service fees. Some banks may require that you maintain a certain balance to avoid a monthly service fee.

Can I open a business bank account with bad credit?
Banks check your banking history and credit report when considering you for a new banking product. If you have a history of overdrafts or bank debts, it could be hard for you to get approved for a business bank account—especially as a sole proprietor.

For those with bad credit, forming an LLCs could help. This action separates the business from your personal accounts.

There are banks that offer business accounts to those with bad credit. You'll need to ask around if there are options for you. Credit unions are also usually more lenient with their requirements.

What the Experts Say

As part of our series on small businesses and banking, CreditDonkey asked a panel of industry experts to answer readers' most pressing questions. Here's what they said:


  1. ^ IRS. FAQ Income & Expenses, Retrieved 3/19/2022

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Business Credit Cards

What's the most you're willing to keep as a monthly balance?
88% Less than $1,000
12% $1,000 - $5,000
Source: CreditDonkey
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