Quick picks for startup banks
Best Banks for Startups
Bank/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn 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/institution | NerdWallet rating▼ | Monthly fee▼ | APY▼ | Bonus▼ | Learn 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
at Bluevine, Deposits are FDIC Insured
With $0 min. balance for APY
Fees vary by location.
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.
- No fees at 37,000 MoneyPass ATMs.
- Free incoming wires and low outgoing wire transfer fees.
- Sub-accounts help users set funds aside for specific purposes.
Cons
- No fee-free cash deposits. Cash deposits at Green Dot locations are capped at $2,000 per day and a service fee of up to $4.95 per deposit applies. At Allpoint ATMs that accept cash, deposits are capped at $5,500 per day and a fee of $1 plus 0.5% of the deposit amount applies.
- 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
at Axos Bank®, Member FDIC
Unlimited
Requirements to qualify
Pros
- No monthly fees or minimum opening deposit.
- Unlimited fee-free transactions and free incoming wires.
- 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
Digital tools and dedicated support
Bank of America® Business Advantage Fundamentals™ Banking
at Bank of America, N.A., Member FDIC
Up to $7,500 per statement cycle.
See offer page for more details
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
Full-service business banking
Chase Business Complete Banking℠
at Chase, Member FDIC
Waived with $2,000 minimum balance
Up to $5,000 per month.
Requirements to qualify
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.
- 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.
- Limit of $5,000 per month in free cash deposits.
Our pick for
Free business checking with high APY and cash-back rewards
Grasshopper Business Checking Account
at Grasshopper Bank, Member FDIC
With $0 min. balance for APY
No cash deposits.
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
Welcome bonus and business loans
U.S. Bank Silver Business Checking
at U.S. Bank, Member FDIC
Up to $2,500 per month.
Requirements to qualify
Pros
- No monthly service fee for Silver Business Checking account.
- Welcome bonus for new customers (terms apply).
- No fees at 4,700 U.S. Bank ATMs and access to 2,900 branches.
- No fees if account is overdrawn by $50 or less.
Cons
- Low cash deposit limits.
- Terms and fees are not easily accessible via the bank’s website.
- Limit of 125 fee-free transactions per month.
- $1 fee for outgoing domestic ACH transfers.
Our pick for
High FDIC insurance limits and venture debt financing
Mercury Business Bank Account
at Mercury, Deposits are FDIC Insured
No cash deposits.
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
Dedicated business savings account and SBA loans
Live Oak Bank Business Savings
at Live Oak Bank, Member FDIC
With $0.01 min. balance for APY
No cash deposits
Pros
- Industry-leading APY.
- No minimum balance to earn interest.
- 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
Large deposits and venture-backed startups
Brex Business Account
at Brex
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.
How to choose a startup business bank
- 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.