The best banks for startups support rapid growth, with low-fee business checking, flexible funding options and tools to help scale and streamline business operations.
Our picks for best startup banks tick those boxes and, importantly, keep your deposits safe with Federal Deposit Insurance Corp. coverage ranging from $250,000 to $5 million, depending on the bank.
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.
Quick picks for startup banks
Best Banks for Startups
| Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Min. opening deposit▼ | Learn more |
|---|---|---|---|---|---|
Bluevine Business Checking Learn more at Bluevine, Deposits are FDIC Insured | 5.0/5 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 | $0 | Learn more at Axos Bank®, Member FDIC |
Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC | 5.0/5 Best for Free business checking with high APY and cash-back rewards | $0 | 2.25% With $0 min. balance for APY | $100 | Learn more at Grasshopper Bank, Member FDIC |
Mercury Business Bank Account Learn more at Mercury, Deposits are FDIC Insured | 4.5/5 Best for High FDIC insurance limits and venture debt financing | $0 | N/A | $0 | Learn more at Mercury, Deposits are FDIC Insured |
Chase Business Complete Banking℠ Learn more at Chase, Member FDIC | 5.0/5 Best for Full-service business banking | $15.00 Waived with $2,000 minimum balance | N/A | $0 | Learn more at Chase, 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 | $100 | Learn more at U.S. Bank, Member FDIC |
Bank of America Business Advantage Fundamentals™ Banking Learn more at Bank of America, N.A., Member FDIC | 5.0/5 Best for Digital tools and dedicated support | $16.00 Waived with $5,000 minimum balance | N/A | $100 | Learn more at Bank of America, N.A., Member FDIC |
Brex Cash Learn more at Brex | 5.0/5 Best for Large deposits and venture-backed startups | $0 | N/A | $0 | Learn more at Brex |
Our pick for
High-yield checking and business line of credit
Bluevine Business Checking
Read Review
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
Fee of up to $4.95 per cash deposit.
Overdraft fees
$0
Sign-up bonus
$0
Bluevine’s free business checking account bests its competitors with a top-notch APY:
Earn 2.00% 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 2.00% interest on account balances up to and including $250,000. Terms apply.
- Access up to $3 million in FDIC insurance with Insured Cash Sweep.
Cons
- Cash deposits limited to $500 per deposit, $2,000 per day. Service fee of up to $4.95 per deposit.
- Fee for using out-of-network ATMs.
- No joint accounts or employee debit cards.
Our pick for
24/7 customer support
Axos Bank® Basic Business Checking
Read Review
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
Unlike many business banks, Axos has live phone support all day, every day. This full-service, fully digital bank offers a free online business checking account, payroll and merchant services, and small business loans. A member of the IntraFi Network, Axos can also accommodate (and insure) deposits far beyond the standard FDIC limit.
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions.
- Automatic refunds of all ATM fees (domestic).
- Cash deposits via MoneyPass and AllPoint ATMs.
- 24/7 customer support.
- Welcome bonus for new customers (terms apply).
Cons
- $25 fee for insufficient funds/uncollected funds returned.
- No third-party app integrations.
Our pick for
Free business checking with high APY and cash-back rewards
Grasshopper Business Checking Account
Read Review
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
Sign-up bonus
$0
Grasshopper Bank’s free, high-yield business checking with up to
2.25%
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 and in-house experts to offer advice on navigating investor meetings and raising capital.Pros
- Unlimited 1% cash back on qualified debit card purchases.
- Earn up to 2.25% 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
High FDIC insurance limits and venture debt financing
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
Sign-up bonus
$0
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.
- No fees at Allpoint ATMs.
- Free domestic and international wire transfers.
- Advanced digital tools including API access to automate and customize your banking.
Cons
- Limited phone support. Weekend and after-hours support via email only.
- Can’t deposit cash.
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.
- Welcome bonus for new customers (terms apply).
- No overdraft fee unless account is overdrawn by more than $50; 24-hour grace period applies to overdrafts beyond that amount.
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 and business loans
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
$800
Requirements to qualify
The welcome offer will draw you in: Earn up to $
800
when you open a new, eligible U.S. Bank business checking account online with promo code Q2AFL23. Terms apply. 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.
- Business accounts can be opened entirely online.
- Optional payment processing services ranging from mobile apps to in-store payment terminals. Additional fees apply.
- Welcome bonus for new customers (terms apply).
Cons
- Low cash deposit limits.
- Terms and fees are not easily accessible via the bank’s website.
Our pick for
Digital tools and dedicated support
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
Waived with $5,000 minimum balance
Min. opening deposit
$100
Free cash deposits
Yes
Up to $7,500 per month.
Overdraft fees
$10
Bonus
$200
See offer page for more details
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, but its qualifications are tough (like most traditional banks).
Pros
- Fee-free electronic transactions.
- High cash deposit limits.
- Business accounts can be opened entirely online.
Cons
- No free business checking account option.
- $100 minimum opening deposit.
- Fee for using out-of-network ATMs.
Our pick for
Large deposits and venture-backed startups
Brex Cash
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
Sign-up bonus
$0
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.
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.
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 recent business bank failures, 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 one offered by Brex, 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 March 29, 2023