Opening a Baselane Banking account is quick and typically takes just a few minutes. The application process does not impact your credit score.
In this article, we will cover
- Steps to open a Baselane Banking account
- Banking account types offered
- What documentation is required for verification
- Frequently Asked Questions
Steps to open a Baselane Banking account
Sign up for a Baselane account.
Once your account is created, navigate to the Banking tab.
Select Add Account.
-
Select an account type:
Sole proprietor
Business
Complete the application and submit.
Banking account types offered
Sole Proprietor (Individual)
- Limited to one beneficial owner
- Joint accounts are not supported
Business Entity (LLC, Corporation, or Partnership)
Must be a U.S.-registered company
Federal EIN is required
Official formation documents must be provided
-
Beneficial owners must be disclosed
Entities and Trusts can not be listed as beneficial owners. Individuals must be listed as the owners of the entity.
What documentation is required for verification?
| Business or Sole Proprietor | Verification Type | Approved Document Types |
Notes |
| Sole Prop | Identity Verification |
|
Must include an unexpired government-issued photo ID
*Other foreign photo IDs may be approved as needed
*A birth certificate may also be accepted if an ID is required to verify the date of birth
*Front and back images of all ID documents are required (except passports) |
| Sole Prop/Business | Address Verification |
|
Any document used to verify the address must be current within the last six months to be considered valid |
| Sole Prop | SSN Verification |
|
Tax return or W-2 must be current within the past two filing years |
| Business | EIN Verification |
|
Tax returns must be current within the past two filing years |
| Business | Business Verification |
|
*If a business is international, proof of organization/incorporation internationally may also be required |
Frequently Asked Questions
Does Baselane support trust bank accounts?
At this time, trust bank accounts are not supported by our banking partner, Thread Bank. You can open a sole proprietor account (under an individual’s name) or an LLC account (with one or more beneficial owners, but the owner can not be owned by an entity or a trust).
The application asks for beneficial owners. What if another LLC owns my LLC?
Baselane is required to verify all individuals who directly or indirectly own 25% or more of the entity.
Example: If a Parent LLC owns 100% of a Child LLC, and the Parent LLC is owned 50% by John Smith and 50% by Jane Smith, then John Smith and Jane Smith must be listed as beneficial owners when opening the account.
Is there a minimum deposit required?
There is no minimum deposit required to open a Baselane Banking account and no ongoing minimum balance requirement.
To qualify for the highest APY (currently 2.63%, subject to tiering), you must maintain a combined balance of at least $50,000 across all Baselane Banking accounts.
• Only Savings balances earn interest
• Both Checking and Savings balances count toward the tier minimum
The application asks for an EIN. What if I only have an SSN for my Single-Member LLC?
All Business Entity applications, including Single-Member LLCs, require an EIN.
An SSN cannot be used in place of an EIN for a registered business entity. This requirement comes from our partner bank.
I was asked to provide additional documents. What is accepted?
In some cases, additional documentation may be required.
• Only original versions are accepted
• Screenshots, scans, or photocopies cannot be used
Commonly requested documents include formation documents, EIN verification letters, or government-issued ID.
When applying for a Baselane Banking account, which account type will open with it
Once your application for a Baselane Banking account is approved, the account will be opened as the main Checking account. You will be able to instantly create Savings account and/or additional Checking accounts as needed.
Can I close the main checking account in my Baselane Banking account?
No, you must keep your main checking account open, since it is only possible to fund your Savings account through your Checking account(s).
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