Best small bank for small business account There are no or low monthly maintenance fees, and you can have unlimited signers on your account. Bank of America also offers merchant and payroll services. This is a completely free account with no monthly fees or minimum account balance requirement. All transactions into and out of a business account should be documented for good recordkeeping, tax purposes, and in case of an audit. Citi, which operates physical locations best small bank for small business account nine states and Washington, D. However, most banks require the following: Employer Identification Number EIN or Social Security Number for sole best small bank for small business account Business formation documents Ownership agreements Business license Account signers need to bring their personal identification to open the account. Being able to access information from multiple accounts in one location or application is a nice bonus.