Small Business Banking, Loans & Insights

That said, it’s also one of the costlier types, requiring a fee paid to the state. Business savings accounts typically earn interest over time but have a limited number of transactions that can occur each month. When you’re just starting out, look for a business bank account that does not have a minimum balance requirement so you are not penalized for having low funds as you work to build your business. Once you have a legally formed business and have been issued an Employer Identification Number , open a bank account specifically for your …