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9 Best Banks for Startups of February 2024

By Kelsey Sheehy
Last updated on February 1, 2024
Edited byRyan Lane
Fact checked and reviewed

⏰ Estimated read time: 3 minutes

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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. And if you’re an entrepreneur just starting out? Establishing a relationship with a small-business bank that can grow with you may provide the greatest long-term impact.
No matter your startup’s size, you’ll want to avoid unexpected banking interruptions. Having business bank accounts at multiple institutions can help — as can Federal Deposit Insurance Corp. coverage. Our picks for best startup banks offer FDIC insurance ranging from $250,000 to $10 million, plus features like low-fee business checking, flexible funding options and tools to help streamline business operations.
NerdWallet evaluated more than 30 national, regional and online banks to identify the best banks for startups. Below you will find details on each of our selections for the best small-business banks. Some of our top picks are neobanks — financial technology companies that partner with a bank to offer FDIC-insured business banking services.
Note: 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. If a bank offers multiple business checking accounts, we’ve rated the entry-level account.

Best Banks for Startups

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for High-yield checking and business line of credit

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for 24/7 customer support

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

at Bank of America, N.A., Member FDIC

4.5/5

Best for Digital tools and dedicated support

$16.00

N/A$0
Learn more

at Bank of America, N.A., Member FDIC

Chase Business Complete Banking℠

Learn more

at Chase, Member FDIC

4.5/5

Best for Full-service business banking

$15.00

Waived with $2,000 minimum balance

N/A$400

Requirements to qualify

Learn more

at Chase, Member FDIC

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5

Best for Free business checking with high APY and cash-back rewards

$0

2.25%

With $0 min. balance for APY

$0
Learn more

at Grasshopper Bank, Member FDIC

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.0/5

Best for Welcome bonus and business loans

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5

Best for High FDIC insurance limits and venture debt financing

$0

N/A$0
Learn more

at Mercury, Deposits are FDIC Insured

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for Dedicated business savings account and SBA loans

$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

Brex Business Account

Learn more

at Brex

4.5/5

Best for Large deposits and venture-backed startups

$0

N/A$0
Learn more

at Brex

Bank/institutionNerdWallet ratingMonthly feeAPYBonusLearn more

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

4.7/5

Best for High-yield checking and business line of credit

$0

2.00%

With $0 min. balance for APY

$0
Learn more

at Bluevine, Deposits are FDIC Insured

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

5.0/5

Best for 24/7 customer support

$0

N/A$400

Requirements to qualify

Learn more

at Axos Bank®, Member FDIC

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

at Bank of America, N.A., Member FDIC

4.5/5

Best for Digital tools and dedicated support

$16.00

N/A$0
Learn more

at Bank of America, N.A., Member FDIC

Chase Business Complete Banking℠

Learn more

at Chase, Member FDIC

4.5/5

Best for Full-service business banking

$15.00

Waived with $2,000 minimum balance

N/A$400

Requirements to qualify

Learn more

at Chase, Member FDIC

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

4.5/5

Best for Free business checking with high APY and cash-back rewards

$0

2.25%

With $0 min. balance for APY

$0
Learn more

at Grasshopper Bank, Member FDIC

U.S. Bank Silver Business Checking

Learn more

at U.S. Bank, Member FDIC

4.0/5

Best for Welcome bonus and business loans

$0

N/A$800

Requirements to qualify

Learn more

at U.S. Bank, Member FDIC

Mercury Business Bank Account

Learn more

at Mercury, Deposits are FDIC Insured

4.1/5

Best for High FDIC insurance limits and venture debt financing

$0

N/A$0
Learn more

at Mercury, Deposits are FDIC Insured

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

5.0/5

Best for Dedicated business savings account and SBA loans

$0

4.00%

With $0.01 min. balance for APY

$0
Learn more

at Live Oak Bank, Member FDIC

Brex Business Account

Learn more

at Brex

4.5/5

Best for Large deposits and venture-backed startups

$0

N/A$0
Learn more

at Brex

I'M INTERESTED IN:

Our pick for

High-yield checking and business line of credit

Bluevine Business Checking

Learn more

at Bluevine, Deposits are FDIC Insured

APY
2.00%

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
$0

Our pick for

24/7 customer support

Axos Bank® Basic Business Checking

Learn more

at Axos Bank®, Member FDIC

APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
Yes

Unlimited

Overdraft fees
$25
Bonus
$400

Requirements to qualify

Our pick for

Digital tools and dedicated support

Bank of America® Business Advantage Fundamentals™ Banking

Learn more

at Bank of America, N.A., Member FDIC

APY
N/A
Monthly fee
$16.00
Min. opening deposit
$100
Free cash deposits
Yes

Up to $7,500 per statement cycle.

Overdraft fees
$10
Bonus
$0

See offer page for more details

Our pick for

Full-service business banking

Chase Business Complete Banking℠

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
$400

Requirements to qualify

Our pick for

Free business checking with high APY and cash-back rewards

Grasshopper Business Checking Account

Learn more

at Grasshopper Bank, Member FDIC

APY
2.25%

With $0 min. balance for APY

Monthly fee
$0
Min. opening deposit
$100
Free cash deposits
No

No cash deposits.

Overdraft fees
$0
Bonus
$0

Our pick for

Welcome bonus and business loans

U.S. Bank Silver Business Checking

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
$800

Requirements to qualify

Our pick for

High FDIC insurance limits and venture debt financing

Mercury Business Bank Account

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
$0

Our pick for

Dedicated business savings account and SBA loans

Live Oak Bank Business Savings

Learn more

at Live Oak Bank, Member FDIC

APY
4.00%

With $0.01 min. balance for APY

Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
$0

Our pick for

Large deposits and venture-backed startups

Brex Business Account

Learn more

at Brex

APY
N/A
Monthly fee
$0
Min. opening deposit
$0
Free cash deposits
N/A
Overdraft fees
N/A
Bonus
$0

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. 
  • 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.)
Last updated on February 1, 2024
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