Eastern Bank Business Apply — Open Your Business Account

How to Apply for an Eastern Bank Business Account

Opening a business account with Eastern Bank gives you access to the full Eastern Business Banking® platform, including business payments, transfers, and online banking. This guide walks you through the entire application process from gathering documents to funding your account.

Step 1: Gather Required Documents

Before starting your Eastern Bank business application, prepare the following documents. Having these ready will streamline the application process:

For All Business Types

• Government-issued photo ID — driver's license or passport for all account signers
• Social Security Number (SSN) — for all account signers and beneficial owners
• Employer Identification Number (EIN) — IRS-issued tax ID for your business (SSN for sole proprietors)
• Business formation documents — varies by entity type (see below)
• Business address — physical location and mailing address
• Business phone number and email
• Estimated monthly deposit volume — for account type recommendations

Documents by Business Entity Type

If your business is registered in a state other than Massachusetts, you may need a Certificate of Good Standing or Foreign Registration. Eastern Bank serves businesses across New England.

Step 2: Choose Your Business Account Type

Eastern Bank offers several business account options designed for different business sizes and transaction volumes:

Business Checking Accounts

• Basic Business Checking — for small businesses with low transaction volume. No minimum balance required. Includes online banking and bill pay.
• Select Business II Checking — for growing businesses with moderate transaction volume. Includes up to 200 free transactions per month and Eastern Business Banking access.
• Commercial Checking — for larger businesses with high transaction volume and treasury management needs. Includes analyzed pricing and dedicated relationship manager.

Business Savings & Money Market

• Business Savings — earn interest while maintaining access to your funds
• Business Money Market — tiered interest rates with limited monthly withdrawals
• Business CDs — fixed-term, fixed-rate certificates of deposit

Business Loans & Lines of Credit

• Business Term Loans — for equipment, vehicles, and business expansion
• Business Line of Credit — flexible borrowing for working capital
• SBA Loans — Eastern Bank is the #1 SBA lender in Massachusetts
• Commercial Real Estate Loans — for purchasing or refinancing business property

Step 3: Complete the Application

Eastern Bank offers two ways to apply for a business account:

Option A: Apply Online

1. Visit the Eastern Bank website and navigate to Business Banking
2. Select "Open an Account" or "Apply Now"
3. Choose your desired account type
4. Fill out the online application with business and personal information
5. Upload required documents (formation documents, ID)
6. Submit the application for review

Option B: Apply at a Branch

1. Find your nearest Eastern Bank branch using the branch locator
2. Bring all required documents (see Step 1)
3. Meet with a business banking representative
4. Complete the application in person
5. Receive immediate account setup (in most cases)

Option C: Apply by Phone

Call the Business Service Team at 1-800-333-8000 to start your application over the phone. A business banking specialist will guide you through the process and schedule a branch visit or online follow-up if needed.

Step 4: Application Review & Approval

After submitting your application, Eastern Bank will review your information and documents. The review timeline depends on the account type:

What Happens During Review

• Identity verification for all account signers
• Business entity verification with state registries
• ChexSystems review for banking history
• Credit check (for loan and line of credit applications)
• Beneficial ownership verification (25%+ owners)

Step 5: Fund Your Account

Once your application is approved, you'll receive your account number and instructions for funding:

• Online transfer — transfer funds from another bank account
• Wire transfer — receive a wire from another financial institution
• Check deposit — deposit a check at a branch or via mobile app
• Cash deposit — at any Eastern Bank branch

Minimum opening deposits vary by account type. Your welcome packet will include specific requirements.

After Account Opening — Setting Up Eastern Business Banking

Once your account is funded, you'll receive instructions to set up your Eastern Business Banking login:

1. Visit the Eastern Bank website and click "Login"
2. Click "First Time User" or "Enroll"
3. Enter your account number and other verification details
4. Create your username and password
5. Set up multi-factor authentication
6. Accept the online banking terms and conditions

Once set up, you can immediately start making business payments, transfers, and managing your account online.

Frequently Asked Questions