Opening a business account
Account Opening Made Easy
When you’re running a business, your time is valuable. We understand — and we’ve made it easier to be prepared when it’s time to open a business checking account. Download our handy checklist to get a clear picture of the information and documentation you’ll want to have on hand when you’re ready to head to the bank. We’ll take it from there.
Business bank accounts are specifically designed for business transactions, and you’ll need one if your business is a sole proprietorship, partnership, limited liability corporation (LLC), corporation, or organization.
While everyone from major banks to credit unions offer business accounts, now is the time to think about your vision for your business. Look for a bank with business lending, local decision makers, and areas dedicated to advocating for businesses of all sizes. After all, your business isn’t cookie-cutter, and you don’t want a bank that takes that approach, either.
At UBT, we have the following business checking accounts:
- Simply Free Business — No monthly fees, no minimum account balance required. For businesses with low transaction volume.
- Basic Business with Interest — Straightforward and low cost, starting with the basics and adding in what you need. Suitable for most businesses, this account earns interest. Requires a $50 minimum opening deposit.
- Business Builder — Improve your business efficiencies by adding a package of electronic services — all for one monthly fee. Perfect for growing businesses, you get your setup fee waived when you set up Merchant Card Services too!
Each account is easily managed with the Visa® Business debit card, giving you the flexibility to purchase, deposit, withdraw, transfer funds, and check balances. To get started with a business checking account, click here to find your nearest UBT branch.
In addition to our checking account options, UBT also has the following business savings accounts:
- Union Money Fund — It’s the security of a savings account paired with the freedom of a checking account. Get free and unlimited check writing, attractive interest rates, and your $5 monthly fee is waived for maintaining a $1,000 average available balance during the month.
- Value Edge Money Market — Best suited for businesses with $10,000 or more to invest in a safe, federally insured account with attractive money market interest rates. You can access your funds with your check or debit card. Bonus: No monthly fee whatsoever.
Plan on spending a little longer to open your business account than it takes to open a personal account, as there is more information to be gathered and we want to make sure you’re choosing the right account(s) for your unique situation. To streamline that process, use our handy business account checklist to ensure you have everything you need when you arrive.
And remember, UBT has a full range of financial services available to business owners:
- Commercial banking products
- Small business banking
- Loans and lines of credit
- Business credit cards
- Treasury management products
- And even employee benefits!
Enjoy managing your business with our Business Banking Online (BBO) products, even on the go!
Ready to get started? Download our account opening checklist or contact one of our business bankers and we’ll be happy to help.
Learning Center articles, guides, blogs, podcasts, and videos are for informational purposes only and are not an advertisement for a product or service. The accuracy and completeness is not guaranteed and does not constitute legal or tax advice. Please consult with your own tax, legal, and financial advisors.
