Business Bank Account: The Complete Guide for Small Business Owners

Opening a business bank account is one of the first real decisions you make as a business owner, and it’s one that sticks with you. It’s where your clients’ payments land, where your bills get paid, where your payroll comes from, and where your bookkeeper or accountant spends a surprising amount of time every month. Choose well and it quietly does its job for years. Choose poorly and you can spend a lot of time and money working around fees, limits, and tools that don’t fit how your business actually runs.

The trouble is that business banking can feel more confusing than it needs to be. There are traditional banks, credit unions, online banks, and financial technology companies that look like banks but technically aren’t. There are checking accounts, savings accounts, money market accounts, and something called analysis checking. Fees show up in places you’d never think to look, like cash deposits and paper checks. And the account that’s perfect for a freelance designer can be a terrible fit for a restaurant, a landscaping crew, or a growing agency with a dozen employees.

You’ll learn what a business bank account is and why it matters, the different types of accounts and where you can open them, what they really cost, what you need to bring to open one, how your money is protected, and how to choose the right fit for your specific business. Whether you’re opening your very first business account or wondering if it’s time to switch, you’ll come away knowing exactly what to look for and what to avoid.

What Is a Business Bank Account?

A business bank account is a deposit account held in the name of your business rather than in your personal name. It works much like a personal account on the surface. You can receive deposits, pay bills, send transfers, write checks, and use a debit card. The difference is who owns the account and what it’s used for. A business bank account belongs to your company, is tied to your business’s tax identification number, and is meant to hold only business money.

That distinction matters more than it might seem. When money comes into a business account, you know it belongs to the business, whether it’s a client payment, a loan, an owner contribution, or a refund. When money goes out, you know it’s a business expense, a loan payment, or a transfer to you as the owner. That clean line is what makes accurate bookkeeping possible, and it’s what lenders, tax preparers, and in some cases courts will look at when they need to understand your business’s finances.

Business accounts also come with features personal accounts usually don’t. Many let you add employees as authorized users, issue separate debit cards with their own spending limits, accept card payments directly, send invoices, originate ACH payments to vendors, and connect to accounting software like QuickBooks Online or Xero. Higher-tier accounts may add cash management services, positive pay fraud protection for checks, and access to business lending products.

Finally, business accounts are governed by different rules than personal ones in a few important ways. They often have transaction limits and per-item fees that personal accounts don’t. And some federal consumer protections that apply to personal accounts don’t apply the same way to business accounts, which we’ll cover in the section on keeping your money safe.

Why Do You Need a Business Bank Account?

If you’ve formed an LLC or corporation, a business bank account isn’t really optional. If you’re a sole proprietor, it may not be strictly required, but it’s still one of the best things you can do for your business. Here’s why.

It Keeps Your Business and Personal Finances Separate

The most important reason is separation. When business and personal money share an account, every transaction has to be sorted by hand before you can tell what the business actually earned or spent. Was that $80 at the office supply store for the business or for your kid’s school project? Was that $500 deposit a client payment or a birthday gift? Multiply that by hundreds of transactions a year and bookkeeping becomes slow, expensive, and error-prone.

For LLCs and corporations, separation also has legal weight. One of the main benefits of forming an entity is limited liability, meaning your personal assets are generally protected from business debts and lawsuits. Courts can disregard that protection in some situations, and mixing business and personal funds is one of the factors they may consider. Keeping a dedicated business account is one of the simplest ways to show the business is truly separate from you.

It Makes Taxes and Bookkeeping Much Easier

A business bank account gives you a complete, organized record of business income and expenses in one place. Your bookkeeper can connect it directly to accounting software, categorize transactions quickly, and reconcile each month without digging through personal purchases. At tax time, supporting your deductions becomes much simpler because the business expenses are already separated. If you’re ever asked to back up your numbers, a clean business account is far easier to explain than a personal one with business transactions scattered through it.

It Makes Your Business Look More Professional

Clients notice how they pay you. A check made out to your business name, or an invoice that routes payment to a business account, signals that you run a real operation. Many commercial clients, property managers, and larger companies prefer or require paying a business rather than an individual. And payment processors and platforms often ask for a business account when you set up card acceptance.

It Helps You Build a Track Record for Financing

When you apply for a business loan, line of credit, or equipment financing, lenders almost always want to see business bank statements, often for the last several months or years. Those statements show how much money moves through your business, how consistent your deposits are, and how you manage cash. A business account you opened in your first year becomes the history that helps you get approved later. Many banks also consider your existing relationship with them when you apply for credit, so the account you open today can make borrowing easier down the road.

The U.S. Small Business Administration recommends opening a business bank account as soon as you start accepting or spending money as a business, and that’s good advice regardless of your structure. The earlier you separate your finances, the less cleanup you’ll have later.

What Types of Business Bank Accounts Are There?

“Business bank account” usually means business checking, but banks offer several kinds of accounts, and most established businesses end up using more than one. Here’s what each type does.

Business Checking Accounts

A business checking account is the workhorse of your finances. It’s where client payments and card sales land, where you pay vendors and bills, and where payroll usually comes from. Checking accounts are built for frequent transactions, and they come with debit cards, check writing, online bill pay, and transfers. Most don’t pay interest, though some interest-bearing versions do, usually with a higher balance requirement. Nearly every business should start here.

Business Savings Accounts

A business savings account holds money you don’t need for day-to-day operations, like an emergency reserve, money set aside for taxes, or savings for a big purchase. Savings accounts pay interest, though rates at traditional banks are often very low while online banks and some fintech platforms pay considerably more. They’re not designed for frequent withdrawals, and some limit how many transfers you can make each month. Linking business savings to your checking account is also one of the cheapest ways to set up overdraft protection.

Business Money Market Accounts

A money market account sits between checking and savings. It typically pays a higher interest rate than a basic savings account, often in tiers that rise with your balance, and may allow limited check writing or debit card access. Minimum balance requirements tend to be higher. Money market accounts can work well for a business that keeps a meaningful cash cushion and wants it to earn more without locking it up.

Business Certificates of Deposit

A certificate of deposit, or CD, pays a fixed interest rate in exchange for leaving your money untouched for a set term, anywhere from a few months to several years. Withdrawing early usually triggers a penalty. CDs make sense for money you know you won’t need for a while, like a reserve for an expansion planned a year from now. Credit unions call them share certificates.

Merchant Services Accounts

A merchant services account isn’t a deposit account in the traditional sense. It’s the service that lets you accept credit and debit card payments, then deposits those funds into your business checking account. Many banks offer their own merchant services, and some bundle card acceptance directly into business checking with same-day or next-day deposits. You can also use third-party processors like Square, Stripe, or PayPal, which deposit into whatever business account you choose.

Analysis Checking Accounts

Analysis checking is designed for larger businesses with high transaction volume. Instead of a flat monthly fee, the bank charges for each service you use, then offsets those charges with an “earnings credit” based on your balance. If you keep enough money in the account, the credit can cover most or all of your fees. For a small business with modest balances, analysis checking is usually more expensive and more complicated than a standard account. It becomes worth considering as your transaction volume and balances grow.

Here’s how the main account types compare at a glance:

For most new businesses, the right starting combination is a business checking account for daily operations plus a linked business savings account for reserves. You can add other accounts as your business grows.

Where Can You Open a Business Bank Account?

You have more choices than ever, and each type of institution has real strengths and trade-offs. The right one depends on how you get paid, whether you handle cash, and how much you value in-person service versus low fees and modern software.

Traditional Banks

National and regional banks like Chase, Bank of America, Wells Fargo, U.S. Bank, and PNC offer business checking with branches, ATMs that accept cash, and a full lineup of lending and merchant services under one roof. Their biggest advantages are physical access and breadth. If you deposit cash regularly, want to talk to a banker in person, or expect to need a business loan or line of credit, a traditional bank is often the most convenient choice.

The trade-off is cost. Most traditional banks charge a monthly fee, commonly in the $10 to $30 range, that can be waived by keeping a minimum balance or meeting activity requirements. They also tend to have limits on free teller transactions and paper checks, and higher fees for wires and overdrafts. Community banks, which are smaller and locally focused, often offer lower fees and more personal service while still providing branches and lending.

Credit Unions

Credit unions are not-for-profit cooperatives owned by their members. Many offer business checking and savings accounts with lower fees than big banks, and service that tends to be more personal. Deposits at federally insured credit unions are protected by the NCUA up to the same $250,000 limit the FDIC uses for banks.

The main hurdle is membership. You’ll need to qualify to join, though many credit unions offer broad paths like a small donation to an affiliated organization. Credit unions also tend to have fewer branches of their own, sometimes simpler technology, and federal limits on how much they can lend to businesses. For a small business that values low fees and a real relationship, a credit union can be an excellent fit.

Online Banks

Online banks are real, chartered banks that operate without a traditional branch network. Because they don’t carry the cost of branches, many offer business checking with no monthly fee, few or no transaction limits, and savings accounts that pay noticeably higher interest. Their apps and online tools are often excellent, and opening an account can take minutes.

The biggest weakness is cash. Some online banks let you deposit cash at partner ATMs or retail locations, often with a fee or a cap per deposit, and some don’t accept cash at all. If most of your revenue arrives electronically, that may not matter. If you handle a lot of cash, it matters a great deal.

Financial Technology Platforms

Many popular business “banking” products are actually offered by financial technology companies that partner with a chartered bank behind the scenes. The fintech builds the app, the features, and the customer experience, while the partner bank holds your deposits. These platforms often shine at organization and automation, with features like multiple sub-accounts for budgeting, unlimited employee cards, invoicing, and deep integrations with accounting software.

It’s important to understand the structure. The fintech itself is not a bank, and your deposits are insured through the partner bank, typically under what’s called pass-through coverage. That coverage generally works as long as the platform and its partner bank keep accurate records of who owns what. Read the platform’s disclosures so you know which bank holds your money, and keep in mind that customer support, account freezes, and dispute handling can work differently than at a traditional bank.

Here’s a quick comparison of the four options:

There’s no rule that says you have to pick just one. Many businesses keep a traditional bank or credit union account for cash deposits and lending, and use an online bank or fintech platform for savings, budgeting, or employee spending. What matters is that every account is in your business’s name and connected to your bookkeeping.

How Much Does a Business Bank Account Cost?

The monthly fee is the number everyone compares, but it’s rarely the full picture. The true cost of a business bank account depends on how you actually use it. Here are the fees worth understanding before you choose.

Monthly Maintenance Fees

Most traditional banks charge a monthly fee on business checking, typically somewhere between $10 and $30 for entry-level and mid-tier accounts. Nearly all of them offer ways to waive it, such as keeping a minimum daily or average balance, depositing a certain amount through the bank’s card processing, spending on a linked business credit card, or bundling with other accounts. Many online banks and fintech platforms charge no monthly fee at all. When you compare accounts, ask yourself whether you’ll realistically meet the waiver requirement every month, including your slowest months.

Transaction and Per-Item Fees

Business checking accounts often include a set number of free transactions each month, then charge for each one after that. What counts as a transaction varies. Some banks count only teller visits and paper checks, while others count every deposit, deposited item, and payment. Chase Business Complete Banking, for example, includes 20 free teller transactions and paper checks per statement cycle before charging $0.50 each, while electronic payments don’t count toward that limit. PNC’s entry-level business checking includes 150 combined items, and Wells Fargo’s Initiate Business Checking includes 100. If you write a lot of checks or make frequent branch deposits, these limits can matter more than the monthly fee.

Cash Deposit Fees

Cash handling is where many businesses get surprised. Traditional banks usually allow a certain amount of free cash deposits each month, then charge a small percentage or a per-$100 fee above that. Online accounts may charge a fee each time you deposit cash through a retail partner, often up to about $5, with low limits per deposit. If your business takes in a lot of cash, compare cash deposit allowances carefully.

Wire Transfer Fees

Wires are one of the most variable fees in business banking. Incoming domestic wires often cost around $15, though some accounts include them free. Outgoing domestic wires commonly run $25 to $35 at large banks, and some charge much more at the branch. International wires cost more still. If you regularly pay suppliers or receive payments by wire, this can add up quickly.

Overdraft and Returned Item Fees

If your account goes negative, most traditional banks charge an overdraft fee per item, generally between about $10 and $36 at the largest banks, often with a daily cap. Linking a savings account for overdraft protection is usually free and avoids those fees. Many online and fintech accounts simply decline transactions instead of covering them.

Other Fees to Watch

Smaller fees can add up too. Watch for out-of-network ATM fees, paper statement fees, fees for stop payments, check orders, cashier’s checks, and dormant or inactive accounts. Some banks charge for bank feed connections to accounting software or for advanced features like positive pay.

Here’s a summary of typical fee ranges at large U.S. banks, based on published fee information as of this writing:

Fees and limits change regularly, so always review a bank’s current fee schedule before you open an account. It’s usually a short document, and ten minutes of reading can save you hundreds of dollars a year.

What Do You Need to Open a Business Bank Account?

Banks are required to verify who they’re doing business with, so opening a business account takes a bit more paperwork than opening a personal one. Having everything ready before you start makes the process much faster. Here’s what most banks will ask for:

• A tax identification number. LLCs with more than one member, corporations, and businesses with employees need an Employer Identification Number (EIN). Sole proprietors without employees can often use their Social Security number, though many prefer to get an EIN anyway to keep their SSN off invoices and forms. You can apply for an EIN for free directly through the IRS, usually in a few minutes online.
• Business formation documents. If you have an LLC or corporation, bring your articles of organization or articles of incorporation as filed with your state. Some banks also ask for a certificate of good standing.
• An operating agreement or ownership documents. Multi-member LLCs and corporations are often asked for an operating agreement, bylaws, or a resolution showing who owns the business and who is authorized to open and manage the account.
• Business licenses and a DBA, if you have them. If your city, county, or state requires a business license, the bank may ask to see it. If you operate under a name different from your legal name, bring your “doing business as” or assumed name certificate.
• Identification for owners and signers. Expect to provide a government-issued photo ID, date of birth, address, and Social Security number for each owner and each person who will sign on the account.
• An opening deposit. Some accounts can be opened with $0, while others require a small initial deposit, commonly around $25 to $100.

Banks are also required to identify the people behind a business. In practice, that means they’ll typically ask for information about anyone who owns 25% or more of the company, plus at least one person who has significant control over it, like a managing member or CEO. If your business has several owners, gather their information in advance so the process doesn’t stall.

If you’re a sole proprietor, the process is usually simpler. Many banks only need your ID, your SSN or EIN, and a DBA certificate if you use a business name. Still, call ahead or check the bank’s website, because requirements vary by bank and by state.

How Do You Open a Business Bank Account, Step by Step?

Once you have your documents together, opening the account is straightforward. Here’s the process from start to finish.

Start by deciding what you need. Think through how your customers pay you, whether you handle cash, how many transactions you make each month, whether anyone besides you needs access, and which accounting software you use. Those answers will narrow your options quickly.

Next, compare two or three accounts that fit. Look at the full fee schedule, not just the monthly fee. Check transaction limits, cash deposit allowances, wire fees, and whether the account connects to your accounting software. Read recent customer reviews, paying special attention to comments about customer service and account freezes.

Then gather your documents and apply. Many banks and nearly all online providers let you apply online in 10 to 20 minutes. Some traditional banks require multi-owner businesses to open in a branch. Approval can be instant or take a few business days if the bank needs to review documents.

After approval, fund the account and set it up properly. Make your opening deposit, order a debit card, add any authorized users, and set up online banking and alerts for low balances and large transactions. Link a business savings account for overdraft protection, connect the account to your accounting software, and turn on two-factor authentication.

Finally, move your money flows over. Update your payment processor, invoicing tools, and client payment instructions to point to the new account. Move recurring bills and subscriptions over gradually, and keep an eye on everything for the first month to make sure nothing is still hitting an old account.

Is Your Money Safe in a Business Bank Account?

For most small businesses, yes. Deposits at insured banks are protected by the FDIC, and deposits at federally insured credit unions are protected by the NCUA. Standard coverage is $250,000 per depositor, per insured institution, for each account ownership category, and it’s backed by the U.S. government.

How Coverage Works for Different Business Structures

How that $250,000 applies depends on your business structure. If your business is an LLC, corporation, or partnership, its accounts are insured separately from your personal accounts at the same bank, even if you’re the only owner. If you’re a sole proprietor, your business account is treated as one of your personal accounts, so your business and personal balances at the same bank are added together toward a single $250,000 limit.

It’s also worth knowing that coverage is per depositor, not per account. If your LLC has a checking account, a savings account, and a money market account at the same bank, all three balances are combined toward one $250,000 limit. Opening more accounts at the same bank doesn’t increase coverage.

Protecting Balances Above $250,000

If your business regularly holds more than $250,000, there are a few common ways to stay fully covered. You can spread money across accounts at different banks. You can also ask about a sweep program, which automatically spreads your deposits across a network of partner banks so each piece stays under the insurance limit, often extending coverage into the millions. Many banks and some fintech platforms offer this.

Fintech Accounts and Pass-Through Insurance

If you bank with a fintech platform, your deposits are held at a partner bank and insured on a pass-through basis. That generally protects you if the partner bank fails, but it doesn’t protect you if the fintech company itself runs into trouble or its records are incomplete. Know which bank holds your money, and consider keeping larger reserves at a chartered bank or credit union.

Fraud Protection Works Differently for Businesses

This is the part many business owners don’t realize. Deposit insurance protects you if a bank fails. It doesn’t protect you from fraud, scams, or unauthorized transactions. And some of the federal rules that limit consumers’ liability for unauthorized electronic transfers generally don’t apply to business accounts, which means your protection depends largely on your account agreement and how quickly you report a problem.

That makes basic security habits especially important. Turn on transaction alerts and two-factor authentication, review your account regularly, limit who can send wires or ACH payments, verify any change to a vendor’s payment instructions by phone using a number you already have, and consider fraud tools like positive pay if you write a lot of checks.

What Features Should a Business Bank Account Have?

Beyond fees and safety, the features of an account determine how much time it saves you or costs you. Here are the ones worth weighing:

• Mobile check deposit with reasonable limits. Nearly every account offers it, but deposit limits and how quickly funds become available vary widely.
• Integration with your accounting software. A reliable bank feed into QuickBooks Online, Xero, or your bookkeeping tool of choice saves hours every month.
• Employee access and cards. If others spend on behalf of the business, look for separate debit cards with individual spending limits and user permissions you control.
• Card acceptance and invoicing. Some banks bundle payment processing and invoicing directly into business checking, often with faster deposits than third-party processors.
• ACH and bill pay. Sending payments to vendors electronically is faster and cheaper than paper checks. Check whether ACH payments are free and whether same-day ACH is available.
• Cash deposit options. If you handle cash, look for free deposits at branches or ATMs and a monthly cash allowance that matches your volume.
• Access to credit. A bank that also offers business credit cards, lines of credit, and loans makes it easier to get financing when you need it.
• Responsive customer support. When something goes wrong with a business account, it usually matters right away. Check support hours and channels before you commit.

You don’t need every feature on this list. Focus on the three or four that matter most for how your business runs, and choose the account that’s strongest there.

How Do You Choose the Right Business Bank Account for Your Business?

The best business bank account for you depends mostly on how money moves through your business. Here’s how to think about it for a few common situations.

If you run a service business that’s paid mostly by ACH, card, or online payments, such as consulting, design, bookkeeping, or marketing, you can probably skip the branch. An online bank or fintech platform with no monthly fee, strong accounting integrations, and a good savings rate is often the most efficient choice.

If you handle a lot of cash, such as a restaurant, salon, retail shop, or home service business, cash deposit access should drive your decision. A traditional bank, community bank, or credit union with nearby branches or cash-accepting ATMs and a generous monthly cash allowance will usually cost less and save you time.

If you have employees or plan to hire soon, look for an account with strong user permissions, employee debit cards with limits, and easy payroll integration. The ability to control who can see balances, send payments, and spend money becomes more important with every person you add.

If your business is seasonal, pay close attention to how fees are waived. An account that’s free when you’re busy can charge you month after month during slow periods if the waiver depends on a balance you can’t maintain. A no-fee account, or one with a low balance requirement, is often the safer choice.

And if you expect to need financing, such as an equipment loan, a line of credit, or a commercial real estate loan, there’s real value in building a relationship early with a bank or credit union that lends to businesses like yours.

How Many Business Bank Accounts Should You Have?

Most small businesses start with one business checking account and one business savings account, and that’s plenty in the beginning. As you grow, a few more accounts can make cash flow much easier to manage.

A common approach is to separate money by purpose. You might keep one checking account for day-to-day operations, a savings account for taxes where you set aside a percentage of each payment, another savings account for emergencies or slow seasons, and possibly a separate account for payroll. Some fintech platforms make this especially easy by letting you open multiple sub-accounts and set rules that automatically move a percentage of each deposit where it belongs.

The key is to keep it manageable. Every account you add is another one to reconcile each month. Add accounts when they solve a real problem, like tax money getting spent by accident, not just because you can.

What Mistakes Do Business Owners Make With Their Business Bank Account?

Most business banking mistakes aren’t dramatic. They’re small habits that quietly cost money or create headaches later. The most common ones:

• Waiting too long to open a business account and running business money through a personal account for months or years.
• Choosing an account based only on the monthly fee without checking transaction limits, cash deposit fees, or wire fees.
• Paying personal expenses from the business account, then trying to sort it out at tax time.
• Opening the account under a personal name instead of the business’s legal name and tax ID.
• Never linking a savings account for overdraft protection and paying overdraft fees that were completely avoidable.
• Sharing one debit card and login among several people instead of setting up separate users and cards.
• Letting a waived monthly fee quietly return when balances dip, and not noticing for months.

Each of these is easy to avoid with a little setup at the start, and much harder to fix after a year of transactions has piled up.

When Should You Switch Business Bank Accounts?

The account that fit your business on day one won’t always fit forever. It’s worth reviewing your business bank account at least once a year, and seriously considering a switch if you notice any of these signs.

You’re regularly paying fees you didn’t expect, like excess transaction charges, cash deposit fees, or a monthly fee you can no longer waive. Your business has outgrown the account’s features, such as needing more users, more employee cards, or better accounting integrations. Customer service has become a real problem, especially if you’ve had trouble getting help with a frozen account or a disputed transaction. Or you need financing your current bank doesn’t offer.

Switching takes some planning. Open the new account first, move your payment processor and client payment details, transfer recurring bills and payroll gradually, and keep the old account open with a small balance for a month or two to catch stragglers. Once everything has moved over cleanly, close the old account in writing so it doesn’t linger with fees.

What’s the Bottom Line on Choosing a Business Bank Account?

A business bank account is one of the simplest and most important tools you have as a business owner. It keeps your finances organized, protects the separation between you and your business, makes taxes and bookkeeping easier, and builds the track record you’ll need to get financing. The right account depends on how your business actually runs: how customers pay you, whether you handle cash, how many people need access, and whether you expect to borrow. Compare the full fee schedule, not just the monthly fee, and choose an account whose costs you can avoid all year long.

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Frequently Asked Questions About Smart Business Finance

Questions about your business finances? You’re in the right place. Get Clear answers to help you understand your options and make smarter financial decisions for your business.

Do I need a business bank account if I’m a sole proprietor?

You’re generally not required to have one, since a sole proprietorship isn’t legally separate from you. But it’s still a very good idea. A dedicated business account makes bookkeeping far faster, makes your deductions much easier to support, looks more professional to clients, and gives you business bank statements to show lenders when you want financing.

It also gets you in the habit of treating the business as its own thing, which makes it much easier if you decide to form an LLC later. Many banks let sole proprietors open a business account with just an ID, a Social Security number or EIN, and a DBA certificate if you use a business name.

Can I open a business bank account online?

Usually, yes. Nearly all online banks and fintech platforms, and most traditional banks, let you apply online. Some traditional banks still require businesses with multiple owners to finish opening the account in a branch.

How long does it take to open a business bank account?

The application itself often takes 10 to 20 minutes if you have your documents ready. Many accounts are approved instantly, while others take a few business days if the bank needs to review your formation documents or verify owners. After approval, expect your debit card to arrive by mail within about a week or two.

Does opening a business bank account affect my credit?

Opening a deposit account usually doesn’t involve a hard credit inquiry, so it typically won’t affect your credit score. Many banks do check account-screening databases for things like past unpaid overdrafts or accounts closed for fraud, and some may run a soft credit check to verify your identity. If a bank plans to do a hard inquiry, it should tell you, and you can always ask before you apply. Business credit products, like credit cards and lines of credit, are different and often do involve a credit check.

Can I open a business bank account without an EIN?

If you’re a sole proprietor with no employees, often yes. Many banks let you use your Social Security number instead. LLCs with more than one member, corporations, and businesses with employees generally need an EIN.

Even if you don’t strictly need one, an EIN is free, takes only minutes to get online from the IRS, and lets you keep your Social Security number off client forms and invoices. For most business owners, it’s worth getting one before you open the account.

Can my business have accounts at more than one bank?

Absolutely, and many businesses do. You might keep a traditional bank account for cash deposits and lending, and an online account for higher-yield savings or employee cards. Spreading money across banks also extends deposit insurance, since each bank insures your business separately up to $250,000. Just make sure every account is opened in your business’s legal name and connected to your bookkeeping, so nothing slips through the cracks.