Discovery Bank does not currently offer business checking accounts
Discovery Bank, owned by Discover Financial Services, focuses on consumer banking products like savings accounts, money market accounts, and personal checking. They do not have a business checking product line. If you bank with Discovery and need a business account, you will need to open one at a different bank.
This matters because business and personal accounts are legally separate. A business account protects you by keeping business money distinct from personal money — something the IRS expects to see if you are ever audited. Using a personal account for business transactions can create tax and liability problems down the road.
Key Takeaways
- Discovery Bank only offers personal checking and savings products, not business accounts of any kind.
- You will need to open a business checking account at a different bank, even if you keep your personal account at Discovery.
- Many banks that offer business checking require a minimum deposit or charge monthly fees, so compare options before opening.
- You will typically need an Employer Identification Number (EIN) or Social Security Number, a business license or registration, and an initial deposit to open a business account.
Where to look for business checking instead
Most traditional banks and credit unions offer business checking accounts. Chase, Bank of America, Wells Fargo, and regional banks in your area all have business account options. Online banks like Mercury, Novo, and Brex also offer business checking, often with lower fees and no minimum balance requirements.
Credit unions sometimes offer business accounts to members, and membership rules vary by location and employer. If you belong to a credit union, call and ask whether they offer business checking and what the membership requirements are for a business account.
The choice between a traditional bank, online bank, and credit union depends on what matters to you: whether you need in-person service, how many transactions you make per month, whether you need a debit card or merchant services, and how much you can deposit upfront.
What you will need to open a business account elsewhere
Most banks ask for the same core documents. You will need proof of your business structure — a business license, articles of incorporation, or a DBA (Doing Business As) certificate, depending on whether you are a sole proprietor, LLC, corporation, or partnership. You will also need a federal Employer Identification Number (EIN) from the IRS, or your Social Security Number if you are a sole proprietor.
Bring a government-issued ID and be ready to make an initial deposit. The amount varies by bank — some require $100, others $500 or more. Ask the bank what their minimum is before you visit or call.
If your business is brand new and you do not yet have an EIN, you can obtain one online from the IRS website in minutes. The process is free and you receive your number when ready.
Monthly fees and features to compare
Business checking accounts charge differently than personal accounts. Some banks charge a flat monthly fee ($10 to $30 is common), while others waive the fee if you maintain a minimum balance or receive direct deposits. Online banks often have lower or no monthly fees but may charge per transaction if you exceed a certain number.
Look at what is included: unlimited transactions, a debit card, online banking, mobile deposit, and wire transfer capability. Some accounts include a certain number of free checks per month; others charge per check. If you plan to deposit checks frequently, ask whether mobile deposit is included.
Merchant services — the ability to accept credit card payments — are sometimes bundled in and sometimes sold separately. If you take card payments, ask whether the bank offers this and what the processing fees are.
Why Discovery does not offer business accounts
Discovery Bank operates as an online-only bank focused on consumer products. Their business model emphasizes simplicity and lower overhead by not maintaining branch networks or offering the full range of services that business accounts require. Business accounts typically need more support — account managers, merchant services, payroll integration, and higher transaction volumes — which is outside Discovery's current scope.
This does not mean Discovery is a bad choice for your personal finances. Many people keep a personal account at Discovery for its savings rates and then open a business account elsewhere. There is no rule against banking at multiple institutions.
Moving forward if you currently bank with Discovery
You do not have to close your Discovery personal account to open a business account somewhere else. Many business owners keep personal and business accounts at different banks because each bank offers something different — one might have better savings rates, another might have better business checking features.
When you open a business account at another bank, you will start fresh with that institution. The process takes about 15 to 30 minutes in person or online, depending on the bank. Once the account is open, you can transfer money between your Discovery personal account and your new business account whenever you need to.
Frequently Asked Questions
Can I use my personal Discovery checking account for my business?
Legally, yes — but it is not recommended. Mixing personal and business money makes tax filing harder and can create liability issues if your business is sued. The IRS expects to see separate accounts. A business account costs little more than a personal account and protects you.
What if I have a sole proprietorship — do I still need a business account?
You are not legally required to, but it is still a good idea. A separate account keeps your records clean for taxes and makes accounting simpler. Many sole proprietors use business accounts even though they could technically use personal accounts.
How long does it take to open a business checking account at another bank?
Online applications usually take 15 to 30 minutes, and the account opens within one to three business days. In-person applications at a branch can be done the same day. Some banks mail a debit card, which takes another five to seven business days to arrive.
Will opening a business account affect my personal credit?
No. Business accounts are tied to your business's tax ID or your Social Security Number as the owner, but they do not show up on your personal credit report. Opening one will not change your credit score.
Do I need an EIN if I am a sole proprietor?
Not always. Sole proprietors can use their Social Security Number instead. However, getting an EIN is free and keeps your Social Security Number private from vendors and customers, so many sole proprietors get one anyway.