You can get an EIN for free directly from the IRS. Apply online at irs.gov/ein — the process takes about 10 minutes and your EIN is issued immediately upon completion. You must have a valid SSN or ITIN to apply. Apply during IRS business hours (7am–10pm ET, Monday–Friday). Alternatively, you can apply by fax (Form SS-4, received in 4 business days) or by mail (4–6 weeks). Never pay a third party for an EIN — it's always free through the IRS.

What documents do I need to open a business bank account?

Requirements vary by bank, but most require: EIN (or SSN for sole proprietors), business formation documents (LLC operating agreement, articles of incorporation, or partnership agreement), business license or DBA filing (if applicable), government-issued ID for all owners with significant control, and a minimum opening deposit ($0–$1,000 depending on the bank). Online banks like Mercury, Relay, or Bluevine typically have fewer document requirements than traditional brick-and-mortar banks.

Should I get an EIN even if I don't legally need one?

Yes — getting an EIN is free, takes 10 minutes, and provides meaningful benefits even for sole proprietors who don't legally require one. An EIN lets you open business bank accounts more easily, apply for business credit, hire employees in the future without reconfiguring your tax ID, and keep your SSN private (reducing identity theft risk). Most tax professionals recommend sole proprietors get an EIN even if they're currently required to use their SSN.

Can I Open a Business Bank Account Without an EIN?

Q: Can I open a business bank account without an EIN?

Yes, if you are a sole proprietor with no employees, you can typically open a business bank account using your Social Security Number (SSN) instead of an EIN. Many banks allow this for sole proprietors operating under their own name or a DBA (Doing Business As). However, if your business is an LLC, partnership, or corporation, virtually all banks will require an EIN — these business structures are separate legal entities and cannot use an SSN.

Whether you need an EIN to open a business bank account depends on your business structure. Sole proprietors can typically open a business bank account using their Social Security Number instead of an EIN. LLCs, partnerships, and corporations almost always need an EIN — and since an EIN is free and takes 10 minutes to get from the IRS, there’s no reason not to have one before you open your account.

Who Needs an EIN vs. Who Can Use an SSN

Business Structure	EIN Required by IRS?	Bank Typically Requires EIN?
Sole proprietor (no employees)	No — can use SSN	Often no — SSN accepted
Sole proprietor with employees	Yes	Yes
Single-member LLC	No (IRS treats as disregarded entity)	Yes — most banks require it
Multi-member LLC	Yes	Yes
Partnership	Yes	Yes
S-Corporation	Yes	Yes
C-Corporation	Yes	Yes
Nonprofit	Yes	Yes

Key nuance: Even though the IRS doesn’t require a single-member LLC to have an EIN (you can file taxes on Schedule C using your SSN), virtually all banks treat an LLC as a separate legal entity and require an EIN to open an account in the LLC’s name.

How to Get an EIN in 10 Minutes (Free)

The IRS issues EINs online for free at irs.gov/ein. Here’s the process:

Go to irs.gov/ein
Click “Apply Online Now”
Select your entity type (sole proprietor, LLC, partnership, corporation, etc.)
Answer questions about your business (name, address, reason for applying)
Confirm information and submit
Your EIN is displayed immediately — save or print it; the IRS will also mail a confirmation letter (CP 575) in 2–4 weeks

Hours: Available 7am–10pm ET, Monday–Friday. The online system is unavailable outside these hours.

What you need:

Your SSN or ITIN
US mailing address
Business name and address
Information about the responsible party (owner/member/officer)

What Documents to Bring When Opening a Business Bank Account

Document	Sole Proprietor	LLC	Corporation
EIN or SSN	SSN accepted	EIN required	EIN required
Government-issued ID	Required	Required	Required for all signers
Business license / DBA filing	If doing business under another name	Not always	Not always
Articles of incorporation	N/A	Sometimes (articles of organization)	Often required
Operating agreement	N/A	Often required	N/A
Corporate resolution or bylaws	N/A	N/A	Often required
Opening deposit	$0–$100 (online banks) to $500–$1,000 (traditional banks)	Same	Same

Which Banks Allow Sole Proprietors to Use SSN

Most major banks and online banks accept SSN for sole proprietors, but policies vary:

Bank	Sole Proprietor SSN OK?	EIN Required for LLC?	Opening Deposit
Chase Business	Yes	Yes	$0
Bank of America Business	Yes	Yes	$100
Wells Fargo Business	Yes	Yes	$25
Mercury (online)	Requires EIN	Yes	$0
Relay (online)	Requires EIN	Yes	$0
Bluevine (online)	Yes for sole prop	Yes	$0
Novo (online)	Yes for sole prop	Yes	$0
US Bank Business	Yes	Yes	$100

Tip: Call ahead or check the bank’s FAQ before visiting — requirements can change and vary by branch.

Why Getting an EIN Is Worth It Even If You Don’t Legally Need One

Protects your SSN — using your EIN instead of SSN on vendor forms and applications reduces identity theft exposure
Easier banking — eliminates any ambiguity when opening accounts or applying for credit
Builds toward business credit — your EIN is the foundation of your business credit profile (Dun & Bradstreet, Experian Business)
Future-proof — if you ever hire even one employee, you’ll need an EIN anyway
Professional appearance — vendors and clients prefer dealing with a business that has its own tax ID

Getting an EIN takes 10 minutes and costs nothing. There’s no downside.

EIN vs. SSN on Business Tax Returns

For sole proprietors filing Schedule C: you can file using either your SSN or EIN — the IRS accepts both. Once you have an EIN, using it consistently (on bank accounts, 1099 forms, business credit applications) helps build a clear business identity separate from your personal finances.

Written by WealthVieu

WealthVieu researches and writes data-driven personal finance guides using primary sources including the IRS, Bureau of Labor Statistics, Federal Reserve, and Census Bureau.

The content on Wealthvieu is for informational purposes only and should not be considered financial, tax, or investment advice. Consult a qualified professional before making financial decisions. Full disclaimer · Editorial policy