Best Banks for Startups of October 2024

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.

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	2.00% 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

Free business checking and loans designed for startups Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC	4.5/5	$0	2.00% With $0 min. balance for APY	N/A	Learn more at Grasshopper Bank, 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

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

Multiple accounts Relay Business Checking Learn more at Relay, Deposits are FDIC Insured	4.9/5	$0	N/A	N/A	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	$200 Requirements to qualify	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	3.90% With $0.01 min. balance for APY	$400 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	2.00% 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
Free business checking and loans designed for startups Grasshopper Business Checking Account Learn more at Grasshopper Bank, Member FDIC	4.5/5	$0	2.00% With $0 min. balance for APY	N/A	Learn more at Grasshopper Bank, 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
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
Multiple accounts Relay Business Checking Learn more at Relay, Deposits are FDIC Insured	4.9/5	$0	N/A	N/A	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	$200 Requirements to qualify	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	3.90% With $0.01 min. balance for APY	$400 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

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

% 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

% 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

3.9

% 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 October 1, 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.

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11 Best Banks for Startups of October 2024

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Sponsored partner picks

Best Banks for Startups

Bluevine Business Checking

American Express® Business Checking

Grasshopper Business Checking Account

U.S. Bank Silver Business Checking

Chase Business Complete Banking®

Relay Business Checking

Bank of America® Business Advantage Fundamentals™ Banking

Live Oak Bank Business Savings

Mercury Business Bank Account

Brex Business Account

Rho Business Checking