The best banks for startups support your new business’s specific needs. For venture-backed startups, that might be a financial institution that offers a suite of software tools while maximizing your reserves. For entrepreneurs doing it themselves, establishing a relationship with a small-business bank that can grow with you may provide the greatest long-term impact.
While we detail the range of business services offered by our top picks, the star ratings listed are specific to the bank's business checking account — except for Live Oak Bank, whose ratings highlights its business savings account. If a bank offers multiple business checking accounts, we’ve rated the entry-level account.
250+ small-business products reviewed and rated by our team of experts.
95+ years of combined experience covering small-business and personal finance.
Objective comprehensive business bank accounts rubric (Methodology).
NerdWallet's business banking content — including our ratings, reviews and recommendations — is produced by a team of writers and editors who specialize in small-business finances. Their journalism has appeared in The Associated Press, Washington Post, MarketWatch, Nasdaq, Entrepreneur, ABC News, MSN and other national and local media outlets. Each writer and editor follows NerdWallet's strict editorial guidelines to ensure fairness and accuracy in our coverage.
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Best Banks for Startups
| Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
Free business checking and business lines of credit Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
24/7 customer support American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | N/A | Learn more at American Express National Bank, Member FDIC |
Full-service business banking Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
Welcome bonus on a business checking account U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.2/5 | $0 | N/A | $400 Requirements to qualify | Learn more at U.S. Bank, Member FDIC |
Free business checking and loans designed for startups Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.5/5 | $0 | 1.80% With $25,000 min. balance for APY | N/A | Learn more at Grasshopper Bank, Member FDIC |
Multiple accounts Relay Business Checking Learn more at Relay, Deposits are FDIC Insured | 4.9/5 | $0 | N/A | $200 Requirements to qualify | Learn more at Relay, Deposits are FDIC Insured |
Discounts and rewards for business owners Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 | $16.00 $0 for the first 12 statement cycles. | N/A | N/A | Learn more at Bank of America, N.A., Member FDIC |
Business savings accounts and SBA loans Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.70% With $0.01 min. balance for APY | $200 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
Expense management platform with financing options Mercury Business Bank Account Learn more at Mercury, Deposits are FDIC Insured | 4.1/5 | $0 | N/A | N/A | Learn more at Mercury, Deposits are FDIC Insured |
Venture-backed startups with travel needs Brex Business Account Learn more at Brex | 4.4/5 | $0 | N/A | N/A | Learn more at Brex |
Expense management platform with high FDIC insurance limits Rho Business Checking Learn more at Rho, Member FDIC | 4.1/5 | $0 | N/A | $500 Requirements to qualify | Learn more at Rho, Member FDIC |
| Best for | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn more |
|---|---|---|---|---|---|
Free business checking and business lines of credit Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 4.7/5 | $0 | 1.50% With $0 min. balance for APY | $300 Requirements to qualify | Learn more at Bluevine, Deposits are FDIC Insured |
24/7 customer support American Express® Business Checking Learn more at American Express National Bank, Member FDIC | 5.0/5 | $0 | 1.30% With $0 min. balance for APY | N/A | Learn more at American Express National Bank, Member FDIC |
Full-service business banking Chase Business Complete Banking® Learn more at Chase, Member FDIC | 4.5/5 | $15.00 Waived with $2,000 minimum balance | N/A | $300 Requirements to qualify | Learn more at Chase, Member FDIC |
Welcome bonus on a business checking account U.S. Bank Silver Business Checking Learn more at U.S. Bank, Member FDIC | 4.2/5 | $0 | N/A | $400 Requirements to qualify | Learn more at U.S. Bank, Member FDIC |
Free business checking and loans designed for startups Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 4.5/5 | $0 | 1.80% With $25,000 min. balance for APY | N/A | Learn more at Grasshopper Bank, Member FDIC |
Multiple accounts Relay Business Checking Learn more at Relay, Deposits are FDIC Insured | 4.9/5 | $0 | N/A | $200 Requirements to qualify | Learn more at Relay, Deposits are FDIC Insured |
Discounts and rewards for business owners Bank of America® Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 4.5/5 | $16.00 $0 for the first 12 statement cycles. | N/A | N/A | Learn more at Bank of America, N.A., Member FDIC |
Business savings accounts and SBA loans Live Oak Bank Business Savings Learn more at Live Oak Bank, Member FDIC | 5.0/5 | $0 | 3.70% With $0.01 min. balance for APY | $200 Requirements to qualify | Learn more at Live Oak Bank, Member FDIC |
Expense management platform with financing options Mercury Business Bank Account Learn more at Mercury, Deposits are FDIC Insured | 4.1/5 | $0 | N/A | N/A | Learn more at Mercury, Deposits are FDIC Insured |
Venture-backed startups with travel needs Brex Business Account Learn more at Brex | 4.4/5 | $0 | N/A | N/A | Learn more at Brex |
Expense management platform with high FDIC insurance limits Rho Business Checking Learn more at Rho, Member FDIC | 4.1/5 | $0 | N/A | $500 Requirements to qualify | Learn more at Rho, Member FDIC |
I'M INTERESTED IN:
Our pick for
Free business checking and business lines of credit
Bluevine Business Checking
Read Review
Learn more
at Bluevine, Deposits are FDIC Insured
APY
1.50%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
Fees vary by location.
Overdraft fees
$0
Bonus
$300
Requirements to qualify
Bluevine’s free business checking account bests its competitors with a top-notch APY:
Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
And its business line of credit offers fast funding (up to $250,000) with multiple term lengths and a lower bar to qualify than many of its competitors.Bluevine deposits are FDIC insured through Coastal Community Bank, which is part of the IntraFi network and offers up to $3 million in FDIC coverage via the Insured Cash Sweep service. Bluevine's line of credit is issued by Celtic Bank, a Utah-chartered industrial bank, member FDIC.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Earn 1.50% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
- No fees at MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Fee for cash deposits.
- Fee for using out-of-network ATMs.
- Does not offer jointly-owned accounts.
Our pick for
24/7 customer support
American Express® Business Checking
Read Review
Learn more
at American Express National Bank, Member FDIC
APY
1.30%
With $0 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
N/A
Bonus
N/A
American Express doesn't support cash deposits. But other than that, it's a terrific online business checking option — you'll get 24/7 customer support, a solid 1.3% APY on balances up to $500,000, free incoming wire transfers and no monthly fee.
Pros
- No monthly fees or minimum opening deposit.
- No excess transaction fees and no charge for domestic incoming wires.
- Earn 1.30% APY on balances up to $500,000.
- 24/7 customer support.
- No fees on withdrawals at more than 70,000 MoneyPass and Allpoint ATMs in the U.S.
Cons
- Can’t deposit cash.
- No outgoing international wire transfers.
Our pick for
Full-service business banking
Chase Business Complete Banking®
Read Review
Learn more
at Chase, Member FDIC
APY
N/A
Monthly fee
$15.00
Waived with $2,000 minimum balance
Min. opening deposit
$0
Free cash deposits
Yes
Up to $5,000 per month.
Overdraft fees
$34
Bonus
$300
Requirements to qualify
Chase is the largest bank in the U.S. with nearly $2.5 trillion in domestic assets, according to the Federal Reserve. Its massive size translates into an extensive range of business banking products that can serve your startup from day one to year 10 and beyond. Highlights are three business checking accounts, the Chase Ink suite of business credit cards and a variety of business loan options. Plus, Chase offers 24/7 live customer support.
Pros
- No minimum opening deposit.
- Unlimited fee-free electronic transactions.
- Integrated credit card processing.
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
- 24/7 customer support.
- No fees at 16,000 Chase ATMs and access to around 4,700 branches.
Cons
- $15 monthly fee.
- Monthly limit on fee-free cash deposits ($5,000) and physical transactions (20).
- Fee for using out-of-network ATMs.
Our pick for
Welcome bonus on a business checking account
U.S. Bank Silver Business Checking
Read Review
Learn more
at U.S. Bank, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
Yes
Up to $2,500 per month.
Overdraft fees
$36
Bonus
$400
Requirements to qualify
The welcome offer will draw you in:
Earn $400 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q4AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through January 15, 2025. Member FDIC.
But you’ll stay for the convenient business banking and lending options, including SBA loans. U.S. Bank ranked among the top five for SBA 7(a) and 504 loan approvals in 2022, according to the U.S. Small Business Administration.Pros
- No monthly service fee for Silver Business Checking account.
- Welcome bonus for new customers (terms apply).
- No fees at U.S. Bank and MoneyPass ATMs.
Cons
- Low cash deposit limits.
- Limit of 125 fee-free transactions per month.
- $1 fee for outgoing domestic ACH transfers.
Our pick for
Free business checking and loans designed for startups
Grasshopper Business Checking Account
Read Review
Learn more
at Grasshopper Bank, Member FDIC
APY
1.80%
With $25,000 min. balance for APY
Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
N/A
Grasshopper Bank’s free, high-yield business checking with up to
1.80%
APY and 1% cash back on qualified debit card purchases is a draw on its own. But Grasshopper sweetens the pot with startup-friendly features like built-in bookkeeping tools, in-house experts to offer advice on navigating investor meetings and raising capital, and several different financing options.Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 1.80% APY.
- No monthly fees or overdraft charges.
- Free, built-in bookkeeping software.
Cons
- Can’t deposit cash.
- $100 minimum opening deposit.
- No weekend support.
Our pick for
Multiple accounts
Relay Business Checking
Read Review
Learn more
at Relay, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes
Unlimited
Overdraft fees
$0
Bonus
$200
Requirements to qualify
Relay is a fintech company that offers a standout free business checking account. Users can create up to 20 sub-accounts, which makes Relay a good fit for larger small businesses with more complex budgeting systems. Relay's FDIC-insured banking partner is Thread Bank.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Cash deposits via compatible AllPoint ATMs.
- Automatic transfers to high-yield business savings earning up to 3.00% APY.
- No foreign transaction fees when you use your Relay Visa® Debit abroad.
- Free incoming wires and low outgoing wire transfer fees.
Cons
- Deposited checks are held for up to 6-7 business days.
- No bill pay feature in the free plan.
Our pick for
Discounts and rewards for business owners
Bank of America® Business Advantage Fundamentals™ Banking
Read Review
Learn more
at Bank of America, N.A., Member FDIC
APY
N/A
Monthly fee
$16.00
$0 for the first 12 statement cycles.
Min. opening deposit
$100
Free cash deposits
Yes
Up to $7,500 per statement cycle.
Overdraft fees
$10
Bonus
N/A
Bank of America offers startups an array of digital tools with a personal touch. Bank of America business checking customers work with a dedicated support team of small-business specialists and can use their accounts’ digital tools to track transactions and generate cash flow projections. Bank of America also has a robust business lending program, and as a banking customer, you may qualify for interest rate discounts.
Pros
- No monthly fee for the first 12 statement cycles.
- High cash deposit limits.
- Welcome offer for new accountholders.
- Loyalty perks via Preferred Rewards for Business program.
Cons
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
Our pick for
Business savings accounts and SBA loans
Live Oak Bank Business Savings
Read Review
Learn more
at Live Oak Bank, Member FDIC
APY
3.70%
With $0.01 min. balance for APY
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits
Overdraft fees
N/A
Bonus
$200
Requirements to qualify
Live Oak is an online-only bank headquartered in North Carolina. While it's currently not opening new business checking accounts, the bank's savings account is the real star with a high APY and low barrier to entry (no monthly fees or minimum balance required).
Beyond its business accounts, Live Oak is also consistently among the most active lenders in the Small Business Administration's 7(a) program. Your startup may not qualify for an SBA 7(a) loan if it hasn't already been around for a couple years. But starting a relationship with Live Oak now could get your foot in the door if financing might be in your future.
Pros
- Industry-leading APY.
- Earn interest on balances of $0.01 and higher.
- No monthly fee or minimum deposit.
- Access up to $10 million in FDIC insurance with Insured Cash Sweep.
Cons
- No ATM or debit card access.
- No weekend customer support.
Our pick for
Expense management platform with financing options
Mercury Business Bank Account
Read Review
Learn more
at Mercury, Deposits are FDIC Insured
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
No
No cash deposits.
Overdraft fees
$0
Bonus
N/A
Mercury’s online business checking and savings accounts use sweep networks, via Mercury’s partner banks, to provide FDIC insurance on up to $5 million in deposits. Mercury also offers venture debt financing that can help startups fund growth without sacrificing equity.
Mercury deposits are FDIC insured through Choice Financial Group and Evolve Bank & Trust.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions; no overdraft fees.
- Free domestic and international wire transfers.
- Advanced digital tools including API access to automate and customize your banking.
Cons
- Can’t deposit cash.
- Mercury is not part of a fee-free ATM network.
Our pick for
Venture-backed startups with travel needs
Brex Business Account
Read Review
Learn more
at Brex
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
N/A
Brex Cash is a cash management account for venture-backed startups and mid-market companies that includes a corporate card with daily and monthly repayment options. You can put your Brex Cash funds in an uninvested deposit account and a money market mutual fund (you pick the allocation). Uninvested cash is spread across multiple banks, maximizing FDIC insurance protection. Invested cash is funneled to a government money market mutual fund.
As your startup grows, you can scale up with Brex, which also offers expense management, financial modeling tools and venture debt financing.
Brex deposits are insured by a network of banks, including Chase, Axos and LendingClub. Funds held in a money market fund are kept with the Bank of New York Mellon.
Pros
- No monthly fee or minimum opening deposit.
- Unlimited fee-free transactions.
- Ability to put cash in a money market fund to earn yield.
- Includes rewards-earning Brex corporate credit card.
- Free domestic and international wire transfers.
Cons
- Can't deposit or withdraw cash.
- Only available to venture-backed startups and mid-market companies.
- Not available to sole proprietors or other unincorporated businesses.
Our pick for
Expense management platform with high FDIC insurance limits
Rho Business Checking
Read Review
Learn more
at Rho, Member FDIC
APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
$500
Requirements to qualify
Rho offers business checking, savings and treasury accounts along with corporate cards and spend management software. Rho also offers a whopping $75 million in FDIC insurance coverage via its insured cash sweep network, giving founders protection for significant amounts of cash on hand. Rho's banking partner is Webster Bank, N.A.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions.
- Free domestic wires, same-day ACH transfers.
- No charge for international wires (third-party fees may apply).
Cons
- No cash deposits or ATM access.
- Not available to sole proprietors.
- Long hold time for deposited checks.
NerdWallet’s editorial picks: Best banks for startups
American Express
Best for: 24/7 customer support
American Express Business Checking is a good choice for small-business owners who value convenience and round-the-clock customer support. Between that account’s
1.3
% APY and the potential to earn cash back on AmEx’s highly rated business credit cards, this institution offers a lot of value for entrepreneurs who are doing it themselves.Free business checking accounts | ✅ |
Business savings options | ✖ |
Business lines of credit | ✅ |
SBA loans | ✖ |
Business credit cards | ✅ |
Expanded FDIC insurance through insured cash sweep | ✖ |
Interest on your checking account balances | ✅ |
Corporate cards | ✅ |
Rewards on debit card or corporate card spending | ✖ |
Bank of America
Best for: Discounts and rewards for business owners
Bank of America offers the services you’d expect from a national bank — business checking and savings accounts, lines of credit, credit cards and even SBA loans. But its Preferred Rewards for Business program offers extra perks to eligible business owners. If your average checking account balance is about $20,000, you can qualify for bonus credit card rewards, a higher interest rate on savings and discounts on business loans, payment processing and payroll services.
Free business checking accounts | ✖ |
Business savings options | ✅ (Savings accounts and CDs) |
Business lines of credit | ✅ |
SBA loans | ✅ |
Business credit cards | ✅ |
Expanded FDIC insurance through insured cash sweep | ✖ |
Interest on your checking account balances | ✖ |
Corporate cards | ✅ |
Rewards on debit card or corporate card spending | ✖ |
Bluevine
Best for: Free business checking and business lines of credit
Bluevine’s free business checking account is a good fit for small-business owners seeking to maximize value and convenience. While Bluevine is a financial technology company, not a bank, it offers all of the banking services most entrepreneurs need via a partnership with Coastal Community Bank — like FDIC insurance, unlimited fee-free transactions, checks, wires and a top-of-the-line
1.5
% APY (which can go even higher for paying customers). Bluevine also says it can fund business lines of credit in as little as 24 hours.Free business checking accounts | ✅ |
Business savings options | ✖ |
Business lines of credit | ✅ |
SBA loans | ✖ |
Business credit cards | ✅ (Qualifying Bluevine customers only) |
Expanded FDIC insurance through insured cash sweep | ✅ |
Interest on your checking account balances | ✅ |
Corporate cards | ✖ |
Rewards on debit card or corporate card spending | ✖ |
Brex
Best for: Venture-backed startups with travel needs
Brex offers both banking and corporate card services designed for venture-backed startups and mid-market companies. Its program is a particularly good fit for businesses with lots of travel needs, as Brex offers its own travel management platform and you’ll earn higher rewards rates on travel bookings than on other types of spending.
Chase Bank
Best for: Full-service business banking
Chase is best for small-business owners who want a traditional banking experience, including branch access and an ongoing relationship with a banker. Chase serves businesses of all sizes and offers a variety of loan, credit card and business savings products.
Free business checking accounts | ✖ |
Business savings options | ✅ (Savings accounts and CDs) |
Business lines of credit | ✅ |
SBA loans | ✅ |
Business credit cards | ✅ |
Expanded FDIC insurance through insured cash sweep | ✖ |
Interest on your checking account balances | ✖ |
Corporate cards | ✖ |
Rewards on debit card or corporate card spending | ✖ |
Grasshopper
Best for: Free business checking and loans designed for startups
Grasshopper Bank serves startups specifically. Its business checking account is a good fit for businesses that don’t handle cash, as account holders can’t access ATMs — but the account offers lots of value in other ways, including up to
1.8
% APY on balances and cash back on debit card purchases. Grasshopper also makes SBA 7(a) and 504 loans, general partner loans, fund capital call lines of credit and net asset value loans. Free business checking accounts | ✅ |
Business savings options | ✅ (Money market accounts) |
Business lines of credit | ✖ |
SBA loans | ✅ |
Business credit cards | ✖ |
Expanded FDIC insurance through insured cash sweep | ✅ |
Interest on your checking account balances | ✅ |
Corporate cards | ✖ |
Rewards on debit card or corporate card spending | ✅ |
Live Oak Bank
Best for: Business savings accounts and SBA loans
Live Oak Bank was the second-largest SBA 7(a) lender in the U.S. by dollar amount in the 2024 fiscal year. You don’t have to bank with Live Oak to apply for its SBA loans — but it’s worth a look for its business savings account, which pays
3.7
% APY. That makes it a great place for your emergency fund.Free business checking accounts | ✖ |
Business savings options | ✅ (Savings accounts and CDs) |
Business lines of credit | ✖ |
SBA loans | ✅ |
Business credit cards | ✖ |
Expanded FDIC insurance through insured cash sweep | ✅ |
Interest on your checking account balances | ✖ |
Corporate cards | ✖ |
Rewards on debit card or corporate card spending | ✖ |
Mercury
Best for: Expense management platform with financing options
Mercury is one of several fintech companies offering combined banking and corporate spend management tools. Customers can open a business checking account and use a treasury account to grow their business savings, and wire transfers are free. Through Mercury’s corporate credit card program and its associated software, you can issue physical and virtual cards to your team members and set controls on each one. And Mercury also offers working capital loans and venture debt financing.
Free business checking accounts | ✅ |
Business savings options | ✅ (Treasury accounts) |
Business lines of credit | ✖ |
SBA loans | ✖ |
Business credit cards | ✖ |
Expanded FDIC insurance through insured cash sweep | ✅ |
Interest on your checking account balances | ✖ |
Corporate cards | ✅ |
Rewards on debit card or corporate card spending | ✅ |
Relay
Best for: Multiple accounts
Relay is a fintech company that offers a standout free business checking account. Users can create up to 20 sub-accounts, which makes Relay a good fit for larger small businesses with more complex budgeting systems. Startups may also want to note Relay’s low wire transfer fees: Incoming wires are free, and outgoing wires cost just $5 for domestic transfers and $10 for international transfers.
Free business checking accounts | ✅ |
Business savings options | ✅ (Savings accounts) |
Business lines of credit | ✖ |
SBA loans | ✖ |
Business credit cards | ✅ (Qualifying Relay customers only) |
Expanded FDIC insurance through insured cash sweep | ✅ |
Interest on your checking account balances | ✖ |
Corporate cards | ✖ |
Rewards on debit card or corporate card spending | ✖ |
Rho
Best for: Expense management platform with high FDIC insurance limits
Like Mercury and Brex, Rho offers business checking and treasury accounts along with corporate cards and spend management software. Rho offers a whopping $75 million in FDIC insurance coverage via its insured cash sweep network, though — far more than Mercury’s $5 million or Brex’s $6 million.
Free business checking accounts | ✅ |
Business savings options | ✅ (Savings and treasury accounts) |
Business lines of credit | ✖ |
SBA loans | ✖ |
Business credit cards | ✖ |
Expanded FDIC insurance through insured cash sweep | ✅ |
Interest on your checking account balances | ✖ |
Corporate cards | ✅ |
Rewards on debit card or corporate card spending | ✅ |
U.S. Bank
Best for: Welcome bonus on a business checking account
U.S. Bank is one of only a handful of brick-and-mortar banks that offers a free business checking account. While the account itself isn’t remarkable, its welcome bonus is:
Earn $400 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q4AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through January 15, 2025. Member FDIC.
Other than that, U.S. Bank offers a traditionally robust lineup of business banking services — including savings accounts, credit cards and lines of credit. Free business checking accounts | ✅ |
Business savings options | ✅ (Savings accounts, money market accounts and CDs) |
Business lines of credit | ✅ |
SBA loans | ✅ |
Business credit cards | ✅ |
Expanded FDIC insurance through insured cash sweep | ✖ |
Interest on your checking account balances | ✖ |
Corporate cards | ✅ |
Rewards on debit card or corporate card spending | ✖ |
How to choose a startup business bank
The best banks for startups typically offer a free business checking account (or one with minimal fees that can be waived).
Separating personal and business finances is one of the first steps to take when starting a business. A free or low-cost checking account makes doing that easy.
Access to such an account should be your baseline when choosing a bank for your new business. From there, look for the following:
- Tools to help fill gaps or streamline your operations. Many of the top banks for startups have built-in bookkeeping and invoicing software or dashboards that help you track spending and generate cash flow projections.
- Seamless integrations with popular business software. Even if you outgrow those free, built-in tools, your business bank account syncing with popular products like QuickBooks or Zoho can help ensure it scales with you.
- Additional banking products. Business credit cards for startups or funding options, like a business line of credit or a startup business loan, can help support your new business through multiple stages of growth.
- The right kind of customer service. If your business is brand new, personalized attention from a banker at a local bank or credit union might offer more useful support than the customer service offered by a national bank or fintech company. If you’re a startup founder in the Silicon Valley sense, a fintech company that focuses on serving businesses like yours may be a better fit.
- Ample protection for your deposits. This is a must, especially in the wake of business bank failures that took place in 2023, including Silicon Valley Bank and Signature Bank, which catered to startups. Split your deposits between multiple business banks to stay within the FDIC-insured cap ($250,000 per depositor, per institution, per ownership category) and maintain access to funds in an emergency.
- Sweep accounts that leverage a network of banks. Banks in the IntraFi Network can offer two different services — Insured Cash Sweep® service, or ICS, and Certificate of Deposit Account Registry Service, or CDARS — that spread your deposits across multiple financial institutions within the network. No more than $250,000 in principal and interest is kept with any one bank, so you can have full FDIC insurance on millions of dollars in deposits. (Neobanks that partner with banks in this network may also offer these accounts.) Cash management accounts, like the ones offered by Brex or Arc Technologies, function in a similar manner. These accounts are typically a good option for startups with deposits in the millions.
(Disclosure: NerdWallet also banked with SVB before its closure.)
Note on
American Express® Business Checking
: At Allpoint® and MoneyPass® locations in the U.S., you can withdraw cash and get balance information with no fee. Access to ATMs outside of the Allpoint® and MoneyPass® networks are subject to fees by the ATM owner and/or network. ATM withdrawal limits apply. American Express applies foreign exchange fees to withdrawals in foreign currencies. American Express does not accept ATM cash deposits into your Business Checking account at this time. Visit americanexpress.com/atm-locator to find participating ATMs in the U.S.Last updated on December 9, 2024
Methodology
NerdWallet evaluates more than 30 business bank accounts from national, regional and online banks. Collectively, these accounts represent the largest banks by assets, internet search traffic and other factors, along with notable or emerging players in the industry.
We consider more than 20 data points for each account, scoring them on fees, perks and accessibility, among other factors. This information is gathered from each financial institution's website and company representatives. In addition, data is collected regularly and reviewed by our editorial team for consistency and accuracy.
Final star ratings are presented on a scale of one to five stars, where a one-star score represents "poor" and a five-star score represents "excellent." Learn more about how we rate business checking accounts.
