It is recommended to keep your business finance separate from your personal finances. Therefore, right after completing all the legal steps of forming a business, you can go ahead and open a business bank account. If you have an LLC, you will need your EIN number and a copy of certificate of business formation (you should receive it by mail after completing the Legal Steps II). 

The bank account should be free and you will receive a free debit card as well. You will also be asked if you want to order checks. There is a charge for it. In my case, they have asked for $100. There are cheaper options available. So, I passed on that one.

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