Select an Internet bank

Before you can open an online bank account you need to select an Internet bank.

I recommend: Bank of America and Wells Fargo Bank have both been rated as top 10 online banks by "Kiplinger's Personal Finance Magazine."

Complete online banking account application

Complete your business bank account application online by filling in general information about the location of your business, type of business you own, profitability of your business, etc. You may also be asked questions about your company's tax ID number and you may be asked to submit financial statements for your company.

I recommend: If you don't already have an EIN to set up your business bank account apply for one on the IRS website. Visit Microsoft Office's website for interactive templates for financial statements. Bookkeeperlist also offers a great template you can download and use.

Deposit money into your Internet bank accounts

The final step for setting up an online bank account is to fund your account. This can be accomplished electronically or manually.

I recommend: If you don't feel comfortable mailing in your initial deposit you can make your initial deposit via Western Union or via your online bank's wire transfer link. Use Bank of America's wire transfer services or Wachovia's wire transfer services.