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Business bank accounts can help owners keep professional transactions separate from personal banking and aid in their business cash management. These accounts often come with special conditions and requirements, and they may have various fees.

Here, we’ll take a closer look at these accounts, their pros and cons, and what it takes to open one. Let’s dive into the details about business bank accounts.

What Is a Business Bank Account?

There are three main types of business banking accounts: checking accounts for everyday use, savings accounts for intermediate and long-term savings, and merchant accounts for accepting debit and credit card payments. In this article, we’ll focus on business checking and savings accounts, available from both online and brick-and-mortar banks.

What Is a Business Checking Account?

A business checking account works much the same way a personal checking account does. You use it to deposit payments and make withdrawals, usually an unlimited amount. Like personal checking accounts, business checking accounts typically pay low to no interest on your balance.

What Is a Business Savings Account?

A business savings account will pay more interest than a checking account, so it can be a good place to park cash on an interim basis. You will likely be limited on how many transactions you can make per month without a penalty (typically six), and there may be a monthly minimum balance to maintain. Many business owners find using both a business checking and savings account can meet their banking needs.

How Long Does Opening a Business Bank Account Take?

If you open up a business bank account — whether it’s checking, savings, or both — the time commitment needed is usually similar to that of a personal checking and savings account. It will likely take just a matter of minutes if you have the necessary information on hand. You will need to provide some details about yourself, your business, and any additional business owners involved in your enterprise. Then, you’ll deposit funds. Keep in mind it can take up to seven business days for final approval before you can actually access funds.

What Is Needed to Open a Business Bank Account?

Whether you open your bank account online or in person, you’ll need documentation of several personal and business details. Different banks may have their own verification requirements, depending on the type of business you own and the type of account you’re looking to open.

Here is a general list of what you might need to have on hand to make the opening process most efficient:

•   Your name, birthdate, and Social Security number

•   Mailing address and all contact information

•   What percentage you own of the business (anyone who owns 25% of the business or more will likely have to disclose personal details and identification)

•   A government-issued photo ID, such as driver’s license or passport

•   Business name and DBA (“doing business as” name) or trade name, if applicable

•   Business address and employer identification number (EIN) (Note: sometimes Social Security numbers suffice)

•   Industry/type of business

Depending on the type of business you own, you may be asked for the following documents:

•   Sole proprietorships may need the business name registration certificate and the business license.

•   Partnerships may need the partnership agreement, business name registration certificate, business license, and the state certificate of partnership.

•   Limited Liability Companies (LLCs) may need the articles of organization, LLC operating agreement, and business license.

•   Corporations may need articles of incorporation, corporate bylaws, and business licenses.

What to Look for in a Business Banking Account

Traditional banks, online banks, and credit unions all offer business bank accounts. All have different fee structures and provide different services. There are many fees and restrictions to consider when choosing a business banking account. But consider this overarching factor: online accounts are usually best for businesses that don’t need to make bank deposits.

Here’s what to compare when you’re looking for an account:

•   Monthly fees, such as account maintenance

•   Any minimum balance requirements

•   No-fee transactions

•   ATM access (for deposits and withdrawals)

•   Transfer, wiring, and payment capabilities

•   Incidental fees (such as, stop payment, overdraft, and nonsufficient funds)

•   Online and mobile banking tools

•   Additional features, such as invoicing, bill pay, or integrations with other business tools (especially tax reporting software)

Benefits of Opening a Business Banking Account

A business account can be a smart tool for a variety of reasons. Business owners may need to keep their personal and business accounts separate for tax and liability reasons. A business bank account also helps you establish a banking relationship that you can draw on in the future for lending or other services that may help your business grow. You will also establish a financial record that can come in handy when it comes time to file taxes and help your concern establish a good credit rating.

Cons of Opening a Business Banking Account

There are very few cases when a business banking account is a bad idea. Some very small sole proprietors may find they don’t need the extra fees and bookkeeping involved. But for most business owners, a separate account can be an efficient tool.

That said, one of the potential drawbacks of a business banking account is fees. High fees that you may not have anticipated can eat into your business profits. Some fees to look out for include monthly fees, transaction fees, monthly balance transfer fees, cash deposit fees, ATM fees, and wire transfer fees. These fees add up fast. Be sure to check thoroughly what fees are involved and compare from one financial institution to another.

Pros of a Business Bank Account	Cons of a Business Bank Account
Keeps professional finances separate from personal	May involve additional fees
Establishes a business relationship with a financial institution	May involve more bookkeeping
Creates a financial record that can be useful for tax or credit-rating purposes

Choosing a Business Bank Account

Now that you’ve looked at fees, here are some other considerations as you choose your business bank account:

•   Banking online: Business bank accounts with online-only banks can be great for virtual businesses or any business that is not handling daily cash transactions. Many online banks do not require a monthly minimum balance.

•   Network: If you’re banking in person, be sure there is a conveniently located branch near your business. Also, find out how many no-fee ATMs are available in your area.

•   Electronic services: Check if online bill pay, electronic fund transfers, and other electronic services that can support your business are available for low or no fees.

•   Electronic payments: Does your bank accept Zelle and Venmo? If so, are there additional fees involved? How long will it take for transactions to post? Electronic payments are increasingly becoming the lifeblood of many businesses.

•   Software compatibility: Is the bank account you’re considering compatible with the bookkeeping software you use? That can make life easier when you need to track or get access to cash flow, outstanding receivables, and other items each month.

Other support: Does the bank offer small business loans, lines of credit, business credit cards, and other financial support for entrepreneurs that you may need in the future?

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SoFi members with direct deposit activity can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. Direct Deposit means a deposit to an account holder’s SoFi Checking or Savings account, including payroll, pension, or government payments (e.g., Social Security), made by the account holder’s employer, payroll or benefits provider or government agency (“Direct Deposit”) via the Automated Clearing House (“ACH”) Network during a 30-day Evaluation Period (as defined below). Deposits that are not from an employer or government agency, including but not limited to check deposits, peer-to-peer transfers (e.g., transfers from PayPal, Venmo, etc.), merchant transactions (e.g., transactions from PayPal, Stripe, Square, etc.), and bank ACH funds transfers and wire transfers from external accounts, do not constitute Direct Deposit activity. There is no minimum Direct Deposit amount required to qualify for the stated interest rate.

SoFi members with Qualifying Deposits can earn 4.60% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Qualifying Deposits means one or more deposits that, in the aggregate, are equal to or greater than $5,000 to an account holder’s SoFi Checking and Savings account (“Qualifying Deposits”) during a 30-day Evaluation Period (as defined below). Qualifying Deposits only include those deposits from the following eligible sources: (i) ACH transfers, (ii) inbound wire transfers, (iii) peer-to-peer transfers (i.e., external transfers from PayPal, Venmo, etc. and internal peer-to-peer transfers from a SoFi account belonging to another account holder), (iv) check deposits, (v) instant funding to your SoFi Bank Debit Card, (vi) push payments to your SoFi Bank Debit Card, and (vii) cash deposits. Qualifying Deposits do not include: (i) transfers between an account holder’s Checking account, Savings account, and/or Vaults; (ii) interest payments; (iii) bonuses issued by SoFi Bank or its affiliates; or (iv) credits, reversals, and refunds from SoFi Bank, N.A. (“SoFi Bank”) or from a merchant.

SoFi Bank shall, in its sole discretion, assess each account holder’s Direct Deposit activity and Qualifying Deposits throughout each 30-Day Evaluation Period to determine the applicability of rates and may request additional documentation for verification of eligibility. The 30-Day Evaluation Period refers to the “Start Date” and “End Date” set forth on the APY Details page of your account, which comprises a period of 30 calendar days (the “30-Day Evaluation Period”). You can access the APY Details page at any time by logging into your SoFi account on the SoFi mobile app or SoFi website and selecting either (i) Banking > Savings > Current APY or (ii) Banking > Checking > Current APY. Upon receiving a Direct Deposit or $5,000 in Qualifying Deposits to your account, you will begin earning 4.60% APY on savings balances (including Vaults) and 0.50% on checking balances on or before the following calendar day. You will continue to earn these APYs for (i) the remainder of the current 30-Day Evaluation Period and through the end of the subsequent 30-Day Evaluation Period and (ii) any following 30-day Evaluation Periods during which SoFi Bank determines you to have Direct Deposit activity or $5,000 in Qualifying Deposits without interruption.

SoFi Bank reserves the right to grant a grace period to account holders following a change in Direct Deposit activity or Qualifying Deposits activity before adjusting rates. If SoFi Bank grants you a grace period, the dates for such grace period will be reflected on the APY Details page of your account. If SoFi Bank determines that you did not have Direct Deposit activity or $5,000 in Qualifying Deposits during the current 30-day Evaluation Period and, if applicable, the grace period, then you will begin earning the rates earned by account holders without either Direct Deposit or Qualifying Deposits until you have Direct Deposit activity or $5,000 in Qualifying Deposits in a subsequent 30-Day Evaluation Period. For the avoidance of doubt, an account holder with both Direct Deposit activity and Qualifying Deposits will earn the rates earned by account holders with Direct Deposit.

Members without either Direct Deposit activity or Qualifying Deposits, as determined by SoFi Bank, during a 30-Day Evaluation Period and, if applicable, the grace period, will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances.

Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

The following describes the terms that apply to participation in the SoFi Checking and Savings direct deposit promotion (the “Direct Deposit Promotion”) offered by SoFi Bank, N.A, Member FDIC (“SoFi”).

Eligible Participants: All new and existing members without any history of direct deposit transactions into their SoFi Checking and Savings account are eligible for the Direct Deposit Promotion. Members who previously enrolled in direct deposit into either SoFi Money or SoFi Checking and Savings, whether currently still enrolled or not, do not qualify for this Direct Deposit Promotion. Bonuses are limited to one per SoFi Checking and Savings account. In the case of a joint account, only the primary account holder (the member who signed up first) is eligible for a bonus.

Promotion Period: The Direct Deposit Promotion will begin on 01/01/2023 at 00:01AM ET and end on 12/31/23 at 11:59PM ET.

Bonus Terms: In order to qualify for eligibility for a bonus, SoFi must receive at least one Direct Deposit (as defined below) from an Eligible Participant before the end of the Promotion Period. Direct Deposits are defined as deposits of $1,000.00 or greater from an enrolled member’s employer, payroll, benefits provider, or government agency via ACH deposit. Deposits that are not from an employer, payroll, benefits provider, or government agency (such as check deposits; P2P transfers such as from PayPal or Venmo, etc.; merchant transactions such as from PayPal, Stripe, Square, etc.; and external bank ACH transfers not from employers) do not qualify for this Direct Deposit Promotion. The amount of the bonus, if any, will be calculated during the Direct Deposit Bonus Period as described and defined below.

Direct Deposit Bonus Period: The Direct Deposit Bonus Period begins when SoFi receives a Direct Deposit within the Promotion Period and ends 25 calendar days later (the “Direct Deposit Bonus Period”). For the avoidance of doubt, the Direct Deposit Bonus Period shall not extend beyond the Promotion Period. The bonus amount will vary based on the total amount of Direct Deposits received during the Direct Deposit Bonus Period. Once the Direct Deposit Bonus Period has elapsed, SoFi will determine if you have met the offer requirements and will deposit any earned bonus into your checking account within seven (7) business days. For example, if SoFi receives between $1,000.00 and $4,999.99 in Direct Deposits during the Direct Deposit Bonus Period, you will receive a one-time cash bonus of $50. A member may only qualify for one bonus tier and will not be eligible for future bonus payments if Direct Deposits subsequently increase after the Direct Deposit Bonus Period.

Total Direct Deposit Amount in Direct Deposit Bonus Period	Cash Bonus Tier
$1,000.00 - $4,999.99	$50
$5,000.00 or more	$250

Bonus Payment Timeline: SoFi will credit members who meet qualification criteria within seven (7) business days of the end of the Direct Deposit Bonus Period.

Bonuses are considered miscellaneous income and may be reportable to the IRS on Form 1099-MISC (or Form 1042-S, if applicable). SoFi reserves the right to exclude any Members from participating in the Direct Deposit Promotion for any reason, including suspected fraud, misuse, or if suspicious activities are observed. SoFi also reserves the right to stop or change the Direct Deposit Promotion at any time.

SoFi members with Direct Deposit can earn 4.60% annual percentage yield (APY) on savings balances (including Vaults) and 0.50% APY on checking balances. There is no minimum Direct Deposit amount required to qualify for the 4.60% APY for savings (including Vaults). Members without Direct Deposit will earn 1.20% APY on savings balances (including Vaults) and 0.50% APY on checking balances. Interest rates are variable and subject to change at any time. These rates are current as of 10/24/2023. There is no minimum balance requirement. Additional information can be found at https://www.sofi.com/legal/banking-rate-sheet.

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Cryptography is a science that has evolved over time since the ancient Egyptians used it to communicate. Today, it takes many forms, with quantum computer scientists just one group who uses this coded system. Throughout history and into the digital age, the purpose of cryptography has remained the same: It is a means to transmit data in a secure form so that only the recipient can access the information.

Modern cryptography is front and center in advancements in computer science and cryptocurrency ecosystems. Sophisticated encryption algorithms protect data, but the threat levels continue to rise as quantum computers offer a new arsenal to adversaries.

In this article, we’ll explore how cryptography originated, how it has transformed over time, and how it is applied in the world of cryptocurrencies. We’ll delve deep into:

•   Cryptography Definition

•   The History of Cryptography

•   How Cryptography Works

•   Cryptography and Cryptocurrencies

•   Cryptographic Algorithms

•   Cryptography and Quantum Computing

Cryptography Definition

Cryptography is a way to transmit information and data so that only the intended recipient can access it. The message, content, or data is encrypted by the sender and then decrypted by the receiver using codes or other methods.

In computer science, the process of encryption typically takes plaintext, or unencrypted text, and scrambles it into ciphertext. In the context of cryptocurrency, the cryptography definition is the process by which digital assets are transacted and verified without a trusted third party.

Cryptography is the technology that underpins cryptocurrency protocols. One large appeal of cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH), is that transactions are anonymous.They occur on a secure, decentralized, peer-to-peer network without the need for a central authority, like a bank or financial institution.

Bank transactions rely on certain protocols and policies to protect transactions and reduce fraud: the signature on a check issued by a bank must be verifiable and counterfeit-proof (not forged), and the signer cannot later go back on the commitment the check represents. Cryptocurrency transactions rely on different protective measures: Cryptography and encryption keys allow cryptocurrencies to be traded without real-world signatures.

The History of Cryptography

Cryptography, derived from the Greek words “kryptos” (meaning hidden) and “graphein” (meaning to write), existed long before the digital age. The history of cryptography dates back to the year 1900 BC, with cryptographic symbols appearing in hieroglyphics found in tombs in ancient Egypt.

Later, around 40 BC, Julius Caesar encrypted messages using a system that became known as “Caesar’s cipher”. He used letter substitution to scramble a message so that only the person who knew the secret could unscramble the letters and read the text.

Giovan Battista Bellaso created the first encryption in the 16th century. It was called the Vigenere cipher (falsely attributed to diplomat Blaise de Vigenere), and featured a grid with the alphabet written across 26 rows. The written encryption matched the length of the message, and Bellaso used the grid to create the code to encrypt the message, letter by letter. The sender shared the secret key word and the encrypted message with the recipient, who possessed the same grid and could decode the message.

Modern computers have made encryption commonplace and much more sophisticated, but the intention is the same: to ensure that only intended parties can access the information.

How Cryptography Works

While cryptography methods have evolved from ancient times, the art has always served the same purposes: confidentiality, integrity, non-repudiation, and authentication.

•   Confidentiality ensures that only the intended recipient can access the information.

•   Integrity ensures that the data cannot be altered in transit or storage without the change being detected.

•   Non-repudiation ensures that the intentions of the sender of the information cannot be denied later.

•   Authentication ensures that the sender and receiver can confirm each other’s identity and the origin and destination of the information.

There are three forms of cryptography, each with different levels of sophistication for data protection: hash functions, asymmetric encryption, and symmetric encryption.

Hash Functions

Hash functions secure information using algorithms. Instead of using traditional keys, this approach relies on algorithms to turn data into a fixed-length string of characters. Hash functions are one-way encryption because it’s impossible to decode a hash into its original data.

Blockchain technology uses hash to encrypt large quantities of information without compromising the original data. Hashes create organized, structured, encrypted data that act like digital fingerprints. Any unauthorized modifications that may occur during transport through networks can be verified, and changes to the original data result in a new hash. That new hash would not match the original source and would not be verifiable on the blockchain.

SHA-1 (Secure Hash Algorithm 1), SHA-2, and SHA-3 are cryptography examples of hash functions.

Asymmetric Encryption

Asymmetric encryption, also known as public-key encryption, uses a pair of keys. One key is a public key that can be exchanged with anybody over any network. This key shows how to encrypt the data and anyone can access it. The second key is a private key. The private key explains how to decrypt the message, but only the private key holder has access.

Both keys are generated by an algorithm composed of large prime numbers to create two unique keys that are linked mathematically. Anyone with access to the public key can encrypt a message, but only the private key holder can decode the message.

Rivest-Shamir-Adleman (RSA) is an example of public-key cryptography and is typically used for VPNs, email, web browsers, and chat.

Symmetric Encryption

Symmetric encryption — also called secret-key encryption — relies on a single key. For symmetric encryption, the sender and receiver of the data share the same key used both to encrypt and decrypt the information.

To encrypt data, the secret key is agreed upon in advance. Because there is only one key, and one less layer of security, this level of encryption is riskier than symmetric encryption.

Advanced Encryption Standard (AES) is a cryptography example of symmetric and single-key encryption. AES was established in November 2001 by the National Institute of Standards and Technology (NIST). It is a Federal Information Processing Standard (FIPS 197) for encryption in the private sector mandated by the U.S. government.

Cryptography and Cryptocurrencies

Cryptography is what makes cryptocurrency appealing. Crypto transactions are encrypted as they travel across a blockchain and are both secure and transparent.

Bitcoin creator Satoshi Nakamoto devised blockchain technology to solve the “double-spend” problem, where the same currency unit could potentially be spent twice, and a currency’s value as an online payment solution would therefore be extinguished. Bitcoin’s time-stamped, peer-to-peer distributed ledger is secured cryptographically to prevent double-spending.

This was the beginning of blockchain technology and the evolution of the different types of cryptocurrencies we see today.

Learn more about how cryptocurrency works with SoFi’s Crypto Guide for Beginners.

Cryptographic Algorithms

Cryptographic algorithms, also called ciphers, are used to code messages (like those from Julius Caesar and Giovan Battista Bellaso). Algorithms are derived from mathematical and rule-based calculations. The algorithms are used for keys, digital signing and verification, internet web browsing, confidential email, and secure credit transactions.

An algorithm or cipher suite (also known as a cryptosystem) uses one algorithm for encryption, a second for message authentication, and a third for key exchange.

Cryptography and Quantum Computing

Sophisticated algorithms are not impervious to hackers, and there is growing concern of the threat that quantum computing represents with powers to break current cryptography encryption standards.

The length of encryption keys is gradually increasing — as much as 256 bits (32 bytes) — and the algorithms are becoming more sophisticated in order to stop hackers from decoding them. But even the most complicated algorithms may be no match for quantum computers.

Quantum computing uses quantum bits (qubits) that can process an enormous number of potential results in parallel. These supercomputers can carry out integer factorization (breaking down large composite numbers into smaller numbers) at lightning speed, which is what makes current cryptographic algorithms so vulnerable.

The Future of Quantum Computers

Currently, the simple, small-scale quantum computers that have been created have had limited capabilities. But it may only be a matter of time before more powerful quantum computers are successfully developed.

Jason Soroko, CTO of PKI, Sectigo, explained it like this in an interview with EE Times : “A traditional binary computer solves that mathematical problem slowly, whereas a quantum computer with an efficient algorithm can solve that problem much more quickly. That efficient algorithm known as ‘Shor’s Algorithm’, when coupled with a quantum computer with enough stable qubits, will theoretically be able to break current cryptographic algorithms such as RSA and Elliptic Curve (ECC).”

Large-scale quantum computers are still a few years from existence, but the threat that these machines pose to symmetric algorithms like AES and asymmetric algorithms like RSA are real and causing NIST to seek more robust solutions.

The Takeaway

Cryptographic techniques are the cornerstone of the cryptocurrency market and the very reason market participation remains active. Encryption techniques ensure confidentiality, integrity, non-repudiation, and authentication — so that crypto transactions remain secure and anonymous.

Encryption techniques are growing ever-more sophisticated to combat cyber threats, and these threats are expected to intensify in the future with the development of quantum computers. However, focused scientific work is developing advanced algorithms to maintain protection even from the threat of quantum supercomputers.

FAQ

What is cryptography used for?

Cryptography is used for secure communications and as protection from adversarial third parties. In computer science, cryptography is a process of encryption using an algorithm and a key to transform an input (plaintext) into an encrypted output (ciphertext).

Cryptographic techniques allow cryptocurrencies to be traded anonymously. These techniques ensure confidentiality and that only the intended recipient can access information.They ensure integrity so that the data cannot be altered in transit and the intentions of the sender of the information cannot be denied later. Cryptography also allows the sender and receiver to confirm both each other’s identity and the origin and destination of the information.

How does cryptography relate to computer security?

Cryptography ensures secure computer networks and systems. The science of cryptography ensures the confidentiality of data, protects data from unauthorized modification during storage and transit, and allows data authentication.

How is cryptography used in the cryptocurrency space?

Three cryptography methods are used for cryptocurrencies: symmetric cryptography, asymmetric cryptography, and hashing. Symmetric cryptography uses a single key to encrypt the message at the source, transmit the encrypted message, and decrypt the message at the recipient’s destination. This method is simple to implement, but the shared key implies greater security risks.

Asymmetric cryptography uses two different keys — public and private — to encrypt and decrypt data. The public key — for example, the address of the receiver — is known openly, but the private key is known only to the receiver. The message can only be decrypted by the receiver’s private key. This method facilitates authentication and encryption for cryptocurrency transactions.

Hashing verifies the integrity of the data for network transactions by maintaining the structure of blockchain data. Hashes create organized, structured, encrypted data that resemble digital fingerprints. Any unauthorized modifications during transactions can be identified because they would create a new hash that would not match the original source and would not be verifiable on the blockchain.

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Crypto: Bitcoin and other cryptocurrencies aren’t endorsed or guaranteed by any government, are volatile, and involve a high degree of risk. Consumer protection and securities laws don’t regulate cryptocurrencies to the same degree as traditional brokerage and investment products. Research and knowledge are essential prerequisites before engaging with any cryptocurrency. US regulators, including FINRA , the SEC , and the CFPB , have issued public advisories concerning digital asset risk. Cryptocurrency purchases should not be made with funds drawn from financial products including student loans, personal loans, mortgage refinancing, savings, retirement funds or traditional investments. Limitations apply to trading certain crypto assets and may not be available to residents of all states.

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Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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