Pick the account.
Lili’s Core plan is $0 a month with no minimum balance and no minimum opening deposit, so there’s no upfront cost to get started.14
Open a Small US Business Bank Account Online in Minutes
Open online in minutes, $0 to start, no minimum deposit, no branch visit,
up to $3M FDIC insurance2
Lili is a financial technology company, not a bank. Banking services are provided by Sunrise Banks, N.A., Member FDIC
How to open a small business bank account
1
2
Gather your documents.
Have your EIN, formation documents, and a government-issued ID ready before you start (see the full checklist below), so you’re not stopping mid-application to dig them up.
3
Apply online.
No branch visit and no appointment. Fill in your business and personal details from your phone or computer, wherever you are. Answer our due diligence questions.
4
Verify your business and identity.
To comply with federal law, Lili confirms your business details against public records and checks your ID, typically within minutes rather than the days a manual branch review can take.
5
Fund your account and start banking.
Once verified, deposit funds to your operating account and start using your business checking, linked savings account, and Lili’s built-in tools right away, with no waiting period before your account is fully active.
Documents you need to open a business bank account
Having these ready before you start is the single biggest thing that speeds up approval; most delays come from an applicant pausing partway through to track down a document. If we can’t verify your business EIN because the business was newly formed, we may ask you for the IRS confirmation letter (CP 575) or other documents.
EIN (Employer Identification Number)
Formation documents (Articles of Organization/Incorporation, or a DBA for sole props)
A government-issued photo ID
Business address
Ownership information (who owns what share of the business)
SSN; non-US founders use a passport instead, no SSN needed
Who can open a business bank account with Lili
Lili works for LLCs, corporations, partnerships, and sole proprietorships (some functionality is not available for sole proprietorships). If you’re a US business owner living outside the US, you can open the same account with a passport and your EIN verification letter, no US SSN or US visit required. Eligibility depends on your country of residence; see the full list of supported countries for non-US residents.
What to look for in a business bank account
Before you pick a business bank account, weigh these:
Monthly fees
Some banks charge $10-$30 a month unless you keep a minimum balance, which adds up fast for a business that’s just getting started.
Minimum balance
Falling below it can trigger fees on top of the monthly charge, effectively penalizing you for having a slow month.
APY on idle cash
Most checking accounts pay little to nothing on a balance; an affiliated savings account can put that same cash to work instead.
FDIC coverage
The standard limit is $250,000 per bank; some providers extend it through a sweep network, which matters more the larger your balance gets.
Cash handling
Whether you can deposit cash, and how, if your business takes in cash day to day.
Integrations
Whether the account connects to tools you already use, like QuickBooks, Stripe, or Gusto, so your books and payroll don’t need manual reconciliation.
Why open a business bank account through Lili
A $0 monthly fee account that does more than just hold your money.
$0/month, no minimums — no monthly fee, no minimum balance, no minimum opening deposit on the Core plan.¹⁴ Open online in minutes.
Earn up to 4.00% APY — a linked savings account earns up to 4.00% APY,³ well beyond what a standard business checking or savings account offers.
Up to $3,000,000 in FDIC coverage — 12x the standard $250,000 limit, through the Sunrise Banks, N.A. sweep network.¹²
Built to grow with you — connect to credit solutions¹⁰ and fast payment options as your business scales.
How Lili helps
Getting a business bank account open is one task on a long list when you’re starting or running a business. Lili is built so that once it’s open, you’re also set up with a $0 monthly fee checking account, a linked savings account that earns while it sits, access to credit solutions10, and fast ways to move money in and out – so you can get back to running your business instead of managing your bank account.
Lili is a financial technology company, not a bank.
Banking services are provided by Sunrise Banks, N.A., Member FDIC
Banking services are provided by Sunrise Banks, N.A., Member FDIC
