Banking For Your Business. What you need to know

What you’ll need

The first thing you may need is a valid government-issued ID, such as a driver's license, passport, or Social Security Card to prove your identity. You'll also need to provide some of your business’s information like business name, type of entity (LLC, Sole proprietorship, or partnership) and contact info. Some issuers may also ask for a copy of your business's formation documents, such as an Employer Identification Number (EIN) Confirmation or a Certificate of Incorporation. If your business doesn't have an EIN, you can apply for one online at the IRS website.

Another important requirement when opening a business checking account is a minimum deposit. This can vary depending on the bank, but most will require a deposit of at least $100 to open an account. Some banks may also require that you maintain a minimum balance in your account to avoid monthly service charges or account closure.

Finding the right account

It is important to consider the fees when opening a business checking account. Different banks have different fee structures, so it’s important to compare and choose the structure that best fits your business needs. Some of the common fees associated with a business checking account include monthly maintenance fees, ATM fees, check printing fees, debit card, and user fees. There are providers such as Ampla however, that don’t charge any fees for banking with them**.

Another key consideration when choosing a business checking account is the bank's online banking capabilities. In today's digital age, it is important to choose a bank that offers online banking access, so you can manage your account from anywhere. This can include features such as online bill pay, check deposit, and account alerts.

Furthermore, many banks offer different types of business checking account options, such as a basic account, a high-yield business checking account, or a high-volume account for businesses that process a high number of transactions. It is important to consider the specific needs of your business and choose the account that best fits those needs.

Basic Business Checking Account

A basic business checking account is the most straightforward type of business checking account. This type of account typically has low fees and low minimum balance requirements, making it a good option for small businesses with minimal transaction activity. With a basic business checking account, you can access essential features such as check writing, ATM access, and online banking.

High-Volume Business Checking Account

A high-volume business checking account is ideal for businesses that process a high number of transactions, such as retail stores, restaurants, and service companies. This type of account offers features such as higher transaction limits and faster processing to help streamline the business's operations. High-volume accounts may come with higher fees, so it is essential to carefully consider the costs and benefits before choosing this type of account.

High-Yield Business Checking Account

A high-yield business checking account is designed for businesses that maintain a high average daily balance and have regular deposits. This type of account offers higher interest rates compared to a standard business checking account, providing a return on the money in your account and helping your business benefit from its cash. 

Ampla’s high-yield business checking account offers a 3.02% APY*** for up to three months. With this account, you can centralize your finances, automate accounting, and send wires with no fees**. You can also issue credit cards for employees within 5 business days and control spend by setting thresholds. The account also offers same-day virtual card generation and two-way QuickBooks Online sync for easy bill pay. Click here to learn more.

Whether you opt for a basic business checking account, a high-yield business checking account, or a high-volume business checking account, be sure to compare the different options and fees to find the one that is right for your business.

^{*Ampla is a financial technology company, not a bank. Banking services provided by Blue Ridge Bank N.A.; Member FDIC. The Ampla Visa® Debit Card is issued by Blue Ridge Bank N.A. pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.}

^{**Annual Percentage Yield (APY) of 3.02% is effective as of the day you fund your account. This is a variable rate and may change after the account is opened. Eligibility is contingent on funding your account within the first 30 days of approval. APY accrues daily based on EOD balance, paid out on the 1st of the month. New customers will accrue 3.02% APY until the end of their approval PLUS the next two calendar months. Full terms and conditions can be found here. Fees could affect earnings on the account.}

^{***International transaction fee still applies (1% of the transaction for any card transaction conducted outside of the United States, including online, point-of-sale, or ATM transactions)}