10 Best Banks for Startups [Services They Offer]

Are you wondering what the best bank is for startups? If YES, here are 10 best banks for startups and the services they offer. Every entrepreneur needs a business bank account to pay their business insurance, take care of payroll, collect money, have a merchant account to accept credit card payments, and so forth.

However, before you start looking for a bank, think about why you need one to begin with. Do you want specialized services like small business loans or investment help? There are plenty of local banks that will show up in your online search that specialize in small business working capital or equipment loans.

At the very beginning of establishing your start-up, you may feel that your only banking need is a checking account for managing client payments and handling checks. That is not entirely the case. Your start-up could have many more financial needs down the road, such as a line of credit, and being prepared for it beforehand could save you a lot of trouble.

Or, you may hope to expand after a few years and require a loan for it. Finding a financial institution that would accommodate you should be high on your priority list. It would also help if you considered the amount of cash flow that will move in and out of your account. So before deciding on a bank, ask yourself, “is my start-up even a start-up yet?” You will need to choose a Business title=”business name” data-wpil-keyword-link=”linked”>business name and register it with your state.

In the United States, some banks offer certain incentives for depositing a specified minimum amount. Others, however, offer their services to help you grow your start-up’s profits. That is why it is imperative to add a financial advisor or investment manager to your team if you can. But if you can’t immediately, then look for a bank that offers these services to its customers for free or a nominal fee.

Once you have analyzed what you want out of a bank, start comparing what your area’s banks are offering to see what would benefit your startup the most. It would be advisable to go for a bank that suits your start-up’s particular needs. You can even call banks and ask them to provide particular information such as interest rates, fee structures, added services, etc.

Once you find a bank that suits your needs, schedule a meeting with an account representative to discuss things further. Also, ensure you create a list of crucial questions and review the information they provide you to prevent misunderstanding. Howbeit, if your startup only requires straightforward account services, consider taking a look at online banks as they may be the best option based on the scale of your operation.

Nonetheless, if things like face-to-face interaction, easy access to deposits and cash, and location are critical to the success of your startup, choosing a local bank that offers a vast ATM network would be ideal and necessary. Regardless, ensure you have realistic expectations in terms of your interactions with the bank.

As you go through the process of picking the best bank for your startup, pay attention to any required fees. Most new entrepreneurs may not know this, but the fee structure banks have for businesses can be entirely different and higher compared to personal checking accounts. Some financial institutions even charge startups for online banking, although they don’t have these charges for individuals.

The right bank can benefit your startup in more ways than one. Not only will it lend you capital when you most need it, but it will also do its best to ensure your business keeps growing. While there are plenty of other considerations when choosing a bank, here are the best banks for startups and the attractive services they offer.

What are the Best Banks for Startups?

1. Wells Fargo

Wells Fargo is one of the most renowned banking solutions for individuals and businesses, and has a reputation as a leading small business bank. Even as a well-established financial institution, this bank offer many perks for startups, including an amazing small business credit card and small business loans.

Have it in mind that they also offer different business checking accounts. The Business Choice Checking Account includes up to 200 transactions and $7,500 in cash deposits processed per fee period at no charge, created to support new and growing businesses with a steady volume of banking activity.

Attractive Services for Startups

• Nationwide banking solutions
• Checking account options
• Waiving monthly maintenance fees
• Great business credit card perks

2. Silicon Valley Bank

‍Silicon Valley Bank (SVB) specializes in tech startup banking; in fact, 50% of venture-backed tech and life science companies in the US bank with SVB. This bank is the one for tech companies since it features a team that specializes in tech banking and financing.

Also note that the deep institutional startup knowledge, proactive support, and community of SVB make it an ideal banking partner for all entrepreneurs. They hold regular networking events to connect business owners, network with potential customers, and meet potential investors, and offer a suite of global banking services for startups with global ambitions.

‍SVB boasts of having a product and service for startups of all sizes; from early-stage startups to later, growth-stage startups, so businesses get the banking tools and services they need every step of the way.

Attractive Services for Startups

• Specializing in startups
• No or low fees for up to three years
• Unlimited transactions
• Online mobile banking
• Online bill pay
• Access to the SVB network
• Fraud control services.

3. First Republic

‍With it is banking for Innovators banking services, First Republic is a well known banking option for startups. Its services include access to the basic business banking needs, plus startup-specific offerings such as complimentary 409a valuation, robust online and mobile banking tools, and access to strategic advice from a dedicated banking partner.

First Republic places very clear emphasis on establishing personal relationships with its customers, offering direct phone and email support, and going the extra mile to meet the needs of its customers. Their emphasis on providing “extraordinary customer service” truly sets them apart.

Attractive Services for Startups

• Exceptional customer service
• Startup experience
• Monthly cash ‘earnings credit’
• Robust mobile and online banking services
• Well-established
• Multiple physical bank branches across the United States.

4. Brex Cash

First and foremost, Brex Cash technically isn’t a bank. Instead, they offer something called a “cash management account.” A cash management account (CMA) offers all of the features of a business bank account with fewer fees. They’ve raised a whopping $732.1 million from venture capital firms to re-imagine the landscape of financial services for Startups. With a CMA, you can manage all transactions on one portal. You can make deposits, trade securities, and even write checks.

Attractive Services for Startups

• Easily access your funds.
• Strong APY
• No fees.

5. Mercury

‍Mercury is a tech-focused bank that was built for startups. Although they specialize in working with tech companies, all businesses can access a Mercury banking account. One of the greatest benefits of Mercury is its incredibly straight-forward offering and easy-to-use platform.

Startups can sign up and gain access to a business checking and savings account, as well as a debit card, in as little as 15 minutes. Their FDIC-insured bank accounts come with API access, virtual cards, team management, and more.

Attractive Services for Startups

• Internet-based
• Security and privacy
• Send and receive funds for free
• Host multiple users
• US and International Businesses
• Unlock perks as you grow

6. Chase

Chase is the best national bank for startups because it is the biggest bank in the United States that has mastered how business banking should be done. Also, they have everything a startup business needs, like no minimum deposit requirement for opening an account and many branches and ATMs throughout the country, which is extremely convenient.

The Chase Business Complete Banking℠ account is arguably one of the best bank accounts for startups and entrepreneurs. Besides being the largest bank in the US with more than 4,700 branches and 16,000 ATMs, Chase bank offers many other perks for being a business banking customer.

Attractive Services for Startups

• Mobile banking
• Online banking
• Send and receive wire transfers
• Pay bills online through online bill pay
• Setup and monitor accounts for employees
• No fees for military members
• Get free ATM/debit cards

7. US Bank

US Bank provides one of the best business checking accounts for startups and entrepreneurs looking to build business credit and get a Small Business Administration (SBA) 7(a) loan. It is helpful to bank and borrow money for your business under one roof.

Aside being convenient, it is an ideal way to build a strong working relationship with your bank to help ensure your business’s success. This can also help you build business credit. Acquiring a small business loan can be a real challenge if you don’t know what you are doing. There is a process for getting a business loan that ideally starts when forming your business. The mistake most businesses make is not planning far enough in advance.

Attractive Services for Startups

• 25 free cash deposits per month
• 125 free transactions per month
• $100 minimum opening deposit requirement
• 50% discount on your first check order up to $50
• 50% discount on the personal Gold Checking Package monthly maintenance fee
• Free mobile check deposit

8. BlueVine

If you own and manage an online business, or a business that doesn’t often deal with cash, then having an online business bank account will provide you with many benefits that a brick and mortar bank won’t provide. For instance, BlueVine lets any business make as many transactions as they like, without a fee.

The biggest benefit, though, is that they don’t charge a fee for having the account. If you are operating a brand new business, it is nice to know you don’t have to worry about where the money will come from to cover the bank account fee.

Attractive Services for Startups

• 1% interest on your balance
• No hidden fees (e.g., no incoming wire fees, etc.)
• No ATM fees at over 38,000 Money Pass locations
• No non-sufficient funds fees
• Two free check books
• BlueVine mobile app
• Dedicated support

9. Capital One

The best business bank account for ecommerce startups and entrepreneurs is the Spark Business Checking Account from Capital One. Note that this is because Capital One is able to leverage its internet-based banking institution to implement low fees for its ecommerce banking customers.

Capital One allows you to make the most of your business checking account, offering unlimited fee-free transactions, an uncommon feature among business accounts from brick-and-mortar banks. Although Capital One only has branch locations in eight states and Washington, D.C., this bank includes access to over 40,000 fee-free ATMs across the U.S.

Attractive Services for Startups

• Unlimited transactions
• No monthly service fee
• No minimum balance
• No ATM fees at over 39,000 Allpoint ATMs
• No cash deposit fees up to $5000 per month
• Free debit card
• Highest interest rates
• Remote check deposits
• Killer mobile app
• 700 brick and mortar locations
• Helpful customer service 24 hours a day

10. Digital Federal Credit Union

If you are looking for a more personalized level of customer service, you can go for a credit union business account. Compared to traditional big banks, credit unions can offer higher interest rates on deposits as well.

Digital Federal Credit Union, or DCU, is a top option for small-business owners, with a one time free, interest-earning business checking account and multiple business savings products, as well as other services. Additionally, unlike some credit unions where membership is extremely limited, DCU is easy to join.

Just like other credit unions, DCU offers membership to employees or retirees (and their family members) of a variety of companies. It also offers membership to individuals and businesses in certain areas of Massachusetts, as well as specific condominium associations in Massachusetts and New Hampshire.

Attractive Services to Startups

• Free, interest-earning business checking account with no minimum opening deposit.
• Up to 20 free deposits per day.
• Access to business online banking, bill pay and mobile check deposit.
• Fee-free access to any DCU ATM, as well as over 80,000 free ATMs through the Allpoint, SUM and CO-OP networks. DCU does not charge for out-of-network ATM use; plus, certain membership levels receive reimbursements for any fees charged by ATM providers.
• One business savings account, one money market account and certificates of deposit.
• Two IRA options for your employees.
• Business credit cards, auto loans and equipment loans available to small-business owners in certain New England states.
• Additional commercial lending products including lines of credit, term loans and mortgages available in certain New England states.

The best bank for your start-up depends largely on what you are looking for: a checking account, savings account or different financial services altogether. At a minimum, you should have a dedicated business bank account to store funds and manage your day-to-day spending, but you might also visit a bank for other products, like credit cards, business loans or merchant services.