About Business Bank Accounts

We previously introduced personal credit cards, and we also introduced business credit cards (business credit card). In the same way, bank accounts are split into personal accounts and business accounts (business account). Functionally, business checking is pretty much the same as a personal account—you can write checks, pay credit card bills, transfer funds, and so on. For people who run a business, one major reason to open a business checking account is to separate business activity and cash flow from personal activity, which makes tax filing much easier.

But for those of us who care about signup bonuses, business checking often comes with very high account-opening bonuses, and there is usually no annoying Direct Deposit (DD) requirement—you only need to deposit funds or hit a card-spending threshold. If you qualify for business checking, your bonus options will expand significantly.

Also, business checking can do ACH transfers (similar to paying salary to employees). It is often treated as Direct Deposit (DD), and is also a good way to satisfy personal account DD requirements.

Business Saving is similar, so we won’t cover it separately here.

Risk Warning

If you have formed a company, such as a Corporation, LLC, or Partnership, you can apply for a business bank account using the company’s TIN (Tax Identification Number) or EIN (Employer Identification Number).

If you are an individual doing business activities—for example, selling on Amazon or eBay, doing gig/odd jobs, or collecting rent through property rentals—you can apply for a business bank account as a Sole Proprietor using your SSN (Social Security Number). If you have not started business activity yet and only have a preliminary idea, in theory you can also apply as a Sole Proprietor.

Many people worry that non-immigrant visa holders (such as F1, B1, or J visa) applying for a business bank account might affect future green card plans. My personal suggestion is: if this concerns you, it may be safer to avoid it and focus on personal bank accounts.

In my understanding, if you are truly engaged in business activity, that may violate non-immigrant visa requirements. If you only have a business idea (which is already enough to apply for a business bank account), and no actual business activity or income, immigration authorities typically should not treat that as an issue.

The above is just my own interpretation based on the rules, so consulting a relevant lawyer is still recommended.

Application Requirements

If you already have a company (such as an LLC), you can apply directly for a business bank account using the company’s EIN.

Of course, if you only want the business checking signup bonus, you can also apply using your SSN directly. The principle is the same as applying for a business credit card—you can apply with a sole proprietor status.

A sole proprietorship is the simplest form of business ownership, where an individual owns and operates a business without forming a separate legal entity. It's essentially the default business structure if you start a business under your own name without registering it as another type of business.

You can also apply for an EIN first with the IRS using your SSN, then use that EIN to apply for a business account, which is more logically consistent. The IRS does provide this, and it explicitly states that an EIN can be applied for with an SSN for bank account purposes. Some banks can be strict—if they reject too many applications using SSN, you can try using an EIN.

When applying, select Sole Proprietor.

For the purpose, choose bank account use—we are truly applying to open a bank account.

Then fill in your personal information, and choose Sole Proprietor below as well. Also, note that both SSN and ITIN can apply for an EIN. Based on updates from members in our 知识星球, both SSN and ITIN applicants can now get the PDF EIN document in a matter of minutes.

Application Process

Chase Business Bank Account

Below we’ll go through the Chase business account application process. The overall flow is similar to applying for a credit card, especially a business credit card.

  • At the start, you can see what documents Chase requires for a business bank account application. If you already have a Chase account, you can log in and avoid filling out some personal information.
  • Then you can start filling out the form. First, you’ll select your business type. As mentioned earlier, just choose sole proprietor.
  • Next, fill in your own details. My suggestion is to provide accurate information—do not guess or fabricate. Resident alien is generally a tax concept; if you meet the substantial presence test, that is usually sufficient.
  • Next comes your personal information. Here, they ask for your SSN. If you do not have one, using an ITIN may still be accepted.
  • Then enter your address and ID for identity verification.
  • Finally, just submit your application.

US Bank Business Account

Chase is relatively simple. Requirements vary by bank. For example, US Bank business accounts ask for more business details, but also offer some extra benefits:

  • You can apply for a card reader at the same time.
  • They also ask about business-related income and card-spending amounts.
  • They ask for annual income.
  • They ask for more detailed use-case details.

They ask about your business type.

In short, it asks more questions than Chase. If you do not have actual business activity, fill in what is accurate for your situation. If it involves an industry, fill in the one you have in mind.

Advantages of a Business Account

As mentioned, it allows you to separate personal and business spending, which is helpful for tracking and tax filing. Transfer limits and restrictions are usually higher on business accounts than on personal accounts.

But for people focused on account-opening bonuses, business bank accounts have a hidden advantage: they can provide a real direct deposit. Many bank account signup bonuses require direct deposit, and people often struggle to complete it. If you have a business account, transferring via ACH from a business account to a personal account is equivalent to payroll, so it qualifies as direct deposit. If possible, it helps to keep one business account dedicated to meeting this requirement.

Also, some business bank accounts allow card-funded top-ups when opening accounts. For example, a US Bank checking account allows card funding up to $3,000 into a bank account, and most banks treat this as normal card spending. That can also help with the required new-card spend.

Which Business Checking Accounts Are Worth Considering

We have also covered many business checking account signup bonuses. You can take a look and apply if needed.