Small Business Banking Questions

The steps to open a business checking or business savings account will vary depending on the bank or credit union, but in general, you can expect to provide:

• Employer Identification Number (EIN), or Social Security number if you're a sole proprietor
• Social security number or taxpayer ID for all owners
• Personal identification
• Business formation documents, such as articles of organizations or incorporation
• Business license
• Ownership agreements
• Assumed name certificate if you advertise your business using a name other than the legal name
• Bank account and routing number for your initial deposit

Seacoast Bank makes opening a business checking or savings account simple. Find your local branch to make an appointment.

Opening a separate business bank account from your personal accounts is an important step in establishing your small business. Benefits include:

• Easily tracking business transactions
• Improved bookkeeping
• Easier tax filing
• A more professional appearance to customers
• Building an established business relationship with your bank or credit union

Before opening an account, assess your business needs, such as your expected average account balance and the number of transactions you’ll process each month then align those needs with an account. On a basic level, look for accounts offering:

• Features that make your operations easier, such as mobile banking access, Remote Deposit Capture and online banking with variable user settings
• Ease of integration with your payroll and bookkeeping services
• Reasonable service fees
• Branch and ATM access
• Generous transaction limits and earnings credit rates

Connect with your local Seacoast Business Banker for expert guidance on choosing a business checking or savings account.

A business money market account is a type of savings account that typically offers a higher interest rate than a traditional savings account, coupled with check-writing and debit card privileges. Business money market accounts are insured by the FDIC up to allowable limits and can be opened at most banks and credit unions.

A business CD account may help you reach your business savings goals quickly by offering a guaranteed fixed interest rate, fixed maturity date for withdrawal, FDIC protection and typically a higher return on investment than a savings account. A business CD can be a great way to earn interest on your business’ profits.

If you have questions about which business banking account is right for your small business, Seacoast Business Bankers are happy to assist. Schedule an appointment at your local Seacoast Business Banker today.

In general, any business with an Employee Identification Number (EIN), or Social Security number for sole proprietors, can open a small business bank account. Keep in mind, you may need to submit documentation for your business as well.

Schedule an appointment with a Seacoast Business Banker to discuss your unique needs and which business banking account may be right for you.

Yes, but it may not be in your best interest. Small businesses, including sole proprietorships, should have a separate business account for many reasons, including:

• Safeguarding your personal finances from business liability
• Better tracking of business spending and growth
• Simplifying taxes by clearly separating business financial activities
• Granting access to business banking perks like higher transaction thresholds

The amount needed to open a business checking or savings account, as well as any associated maintenance fees and minimum balance requirements will vary by the account type chosen and the financial institution.

It depends. At a minimum, business owners should consider a business checking and business savings account. From there, the decision depends on your unique needs.

For example, you may need an additional business savings account for tax purposes or enjoy the liquidity and earning potential of a business money market account.

Connect with a Seacoast Business Banker to discuss which accounts best align with your needs.

Business checking and savings accounts can typically be opened within an hour if you have all the required documentation ready. Many banks and credit unions require business owners to open their accounts within a branch to ensure proper identification and verification procedures.