10 Best Banks for Startups in 2022
This article is part of a larger series on Business Banking.
A startup business needs to choose a bank that will work alongside the business to help it grow rapidly. The best banks for startups have startup resources, limited transaction and monthly fees, and scalable products that can grow with businesses. Whether you choose a digital or traditional bank, the banks listed here can help your business from day one.
Here are the 10 best banks for a startup business:
- Chase: Best overall bank for startups with full-service banking
- Bank of America: Best for ongoing rewards and low cash deposit fees
- Axos Bank: Best digital bank for cash deposits and refunded ATM fees
- Silicon Valley Bank: Best for startup resources
- Bluevine: Best for high-yield checking account
- Novo: Best for fee-free digital banking
- Mercury: Best digital bank for larger-scale incorporated startups
- First Internet Bank: Best for full-service digital banking
- Grasshopper: Best for cash back on debit card purchases
- Brex: Best for frequent money transfers
Best Banks for Startups at a Glance
Provider | Monthly Fee* | Transaction Fee* | Annual Percentage Yield (APY)* | Cash Deposit Fee* | ATM Fee* | Minimum Opening Deposit & Balance Requirement* |
|---|---|---|---|---|---|---|
 Business Complete Banking | $15; waivable | Free (first 20), then 40 cents/ transaction | N/A | $2.50/$1,000 after $5,000 in a billing cycle | $2.50/ transaction plus operator fees (non-Chase ATM) | None |
 Fundamentals Business Checking | $16; waivable | Free (first 200), then 45 cents/ transaction | N/A | 30 cents per $100 after $7,500 deposit per month | Free (more than 17,000 ATMs nationwide) | $100 |
 Basic Business Checking | None | None | N/A | Accepted through MoneyPass and Allpoint ATMs | Refunds all domestic ATM fees | None |
 SVB Edge | None for the first three years, then $50 per month | None | N/A | None | ATM card unavailable in the United States | None |
 Business Checking | None | None | 1.50% on qualifying balances up to $100,000 | $4.95/deposit (Green Dot locations) | Free (MoneyPass ATM locations nationwide) | None |
 Business Checking | None | None | N/A | None; cash is deposited through money orders | Refunds all ATM fees | None |
 Business Checking | None | None | N/A | Cash deposits not accepted | Free access to Allpoint ATM network (55,000 locations worldwide) | None |
 Business Checking | None | None | 0.30% on balances of $10,000 or more | Cash deposits not accepted | None; reimburses up to $10/month in ATM fees | $100 |
 Innovator Business Checking | None | None | 0.75% on $10,000 & over; 0.05% less than $10,000 | Cash deposits not accepted | Free (Money Pass and SUM network ATMs) | $100 |
 Brex Cash | None | None | N/A | None; cash deposits not accepted | Cannot use ATMs with Brex card | None |
*Unless otherwise noted, APY and other terms listed are for each provider’s lowest-tier business checking account. Higher tiers will have different terms and features.
**Providers are financial technology (fintech) platforms backed by and Federal Deposit Insurance Corp. (FDIC)-insured through a supporting bank partnership (Coastal Community Bank for Bluevine, Middlesex Federal Savings for Novo, and Evolve Bank & Trust for Mercury; Brex has partnered with 17 banks that are FDIC-insured).
Chase: Best Overall Bank for Startups With Full-service Banking
Chase
What We Like
- $300 introductory bonus
- Easy-to-waive monthly fee
- Built-in point-of-sale (POS) options
What's Missing
- Only 20 free transactions
- Third-party ATM fees are not reimbursed
- Low savings rates
Features
- View account balances, pay bills, transfer funds, and deposit checks through the mobile app
- Integrates with QuickBooks and other leading accounting software
- Small Business Administration (SBA) loans, business loans, and lines of credit available
Chase Business Complete BankingSM Checking Overview
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | 20, then 40 cents per transaction |
Automated Clearing House (ACH) Fees | $25 for first 25 items per month, 15 cents per item above 25 per month, $2.50 return fee |
Monthly Fees | $15; waivable if conditions are met |
Domestic Wire Transfer Fees | Up to $35 for outgoing wires, up to $15 for incoming wires |
International Wire Fees | Up to $50 for outgoing wires, up to $15 for incoming wires |
ATM Fees | $2.50 per transaction at any non-Chase ATM, plus ATM operator fees |
Cash Deposited | $2.50 per $1,000 after you deposit $5,000 in a billing cycle |
APY | N/A |
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Open an Account |
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|---|---|
Debit card | Free debit card, mailed within 10 business days of application approval |
Physical checks | Cost varies depending on type of checks ordered |
Accounting software integrations | Integrates with QuickBooks and other leading accounting software |
Business payment integrations | N/A; integrations available with Chase Merchant Services |
Customer service | Live customer support online or in bank branch locations |
Invoicing products | N/A; integrations available with Chase Merchant Services |
Other products available | Business savings & certificates of deposit (CD), lending products, credit cards, merchant services, collection services |
Review | |
Open an account |
When To Choose Chase
- You want all the products and services offered by a traditional bank
- You prefer the convenience of both branch and online access
- You like to have both personal and business banking with one bank
Why We Like Chase
Chase is one of our top choices for small business banks and checking accounts in multiple categories, including the best small business checking accounts. It has three different business checking accounts, and while each has a monthly fee, those are easily waivable. Each tier can meet your needs, so Chase can support your startup from day one until it grows.
In addition, it has industry-leading lending products, including credit cards and lines of credit, along with point-of-sale and software solutions. Through J.P. Morgan, Chase also provides commercial lending solutions, including commercial real estate loans. J.P. Morgan also offers payment services, cash flow management, commercial credit cards, and merchant services.
Bank of America: Best for Ongoing Rewards & Low Cash Deposit Fees
Bank of America
What We Like
- Ongoing rewards if qualifications are met
- 200 free transactions per month
- Free digital tools to track business performance
What's Missing
- Third-party ATM fees are not reimbursed
- Opening deposit required
- No 24/7 customer service
Features
- View accounts, transfer funds, deposit checks, and pay bills with the mobile app
- Credit card processing and payroll services through ADP
- Cash Flow Monitor®, a cash management tool, lets you connect accounting, analytics, and payroll apps to help you make business decisions
Bank of America FundamentalsTM Business Checking Overview
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|---|---|
Required Opening Deposit | $100 to open |
Required Balance Minimum | None |
Transaction Limit Before Fees | 200, then 45 cents per item |
Monthly Fees | $16; waivable if conditions are met |
Domestic Wire Transfer Fees | Fee varies |
International Wire Fees | Fee varies |
ATM Fees | Free access to more than 17,000 ATMs nationwide; $2.50 per transaction on out-of-network ATMs |
Cash Deposited | Up to $7,500 per month free, then 30 cents per $100 per statement cycle |
APY | N/A |
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Open an Account |
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|---|---|
Debit card | Free debit card |
Physical checks | Cost varies depending on the type of checks ordered |
Accounting software integrations | Integrates with QuickBooks, ADP (for payroll services) and TurboTax |
Business payment integrations | Connects with business payment solutions, including Zelle® |
Customer service | Phone and in-branch customer service available during business hours, or can message through social media direct messages |
Invoicing products | Merchant services through Expensify and cash flow tools available |
Other products available | Business Advantage Relationship Banking, business savings, CDs, lending products, financial analysis through Merrill financial advisor |
Review | |
Open an account |
When To Choose Bank of America
- Your business makes large cash deposits each month
- You want to earn rewards from your checking account
- You prefer the convenience of both branch and online access
Why We Like Bank of America
Bank of America, like Chase, is a traditional brick-and-mortar bank that can support your startup as it grows. Bank of America has two different business checking accounts with monthly fees that can be waived easily. You can go back and forth between the two types as your business needs change.
In addition, Bank of America offers statement credits available and rewards for cash back and travel through the company’s business credit cards. With the company’s preferred rewards for business, you can earn 25% to 75% bonus rewards on credit cards and get a 5% to 20% higher interest rate on business advantage savings accounts.
Bank of America also offers outstanding business savings, certificates of deposits (CDs), lending products, and financial analysis through Merrill financial advisor. It includes all the products and services your startup will need to flourish.
Axos Bank: Best Digital Bank for Cash Deposits & Refunded ATM Fees
Axos Bank
What We Like
- No monthly fees for basic business checking
- Unlimited fee reimbursements for domestic ATMs
- Cash deposits through MoneyPass or Allpoint ATMs
What's Missing
- Fees for outgoing wire transfers after first two for free
- Limited number of remote deposits each month
- Fees for interest-bearing checking
Features
- Interest-earning checking account available with up to 1.01% APY on balances less than $50,000
- Business savings available, along with money market and CDs
- SBA loans available
- Mobile and Online Banking
- Workplace banking for low-fee accounts for your employees
- Cash deposits at MoneyPass or Allpoint ATMs
- All domestic ATM fees reimbursed
- 50 free checks
Axos Bank Basic Business Checking Terms & Features
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None; up to 60 items per month in remote deposit anywhere |
ACH Fees | None |
Monthly Fee | None |
Domestic Wire Transfer Fees | First two domestic wires monthly are free; Otherwise incoming are free; $15 for outgoing |
International Wire Fees | Incoming are free; $50 for outgoing |
ATM Fees | Unlimited domestic ATM fee reimbursements |
Cash Deposited | Cash deposits via MoneyPass and Allpoint networks |
APY | N/A |
Open an Account |
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|---|---|
Debit card | Visa debit card with enhanced Visa benefits |
Physical checks | First set of 50 checks free |
Accounting software integrations | Integrates with QuickBooks |
Business payment integrations | N/A |
Customer service | 24/7 customer service available at a toll-free number or by email |
Invoicing products | N/A |
Other products | Interest-earning checking, business savings, money market, CDs, SBA lending, mobile and online banking, workplace banking low-fee accounts for your employees |
Open an account |
When To Use Axos Bank
- You prefer to bank online and don’t need physical branches
- You want more than just a business checking and might need business lending products
- You want interest-earning business savings and checking accounts
Why We Like Axos Bank
Axos Bank offers a great banking experience for startups from the beginning, with a $200 bonus for new business owners. Its small business checking account is very startup-friendly, with no minimum deposit or opening balance requirements, no monthly fees, 50 free checks, unlimited item processing, and two reimbursed domestic wires each month. For a digital-only bank, it has many perks that make it one of the best banks for startups.
It reimburses all domestic ATM fees. You can deposit up to 60 items per month with its Remote Deposit Anywhere feature and even deposit cash through either the MoneyPass or Allpoint ATM networks.
In addition to its basic business checking product, Axos Bank also has an interest-earning business checking with up to 1.01% APY for balances under $50,000 and 0.20% APY from $50,000 to just below $250,000.
Axos also offers business savings, money market, CDs, SBA lending, and mobile and online banking. You also have a workplace banking option to offer low-fee accounts to your employees.
Silicon Valley Bank: Best for Startup Resources
Silicon Valley
What We Like
- Global digital banking solutions
- Integrates with QuickBooks and other accounting software
- Flexible lending options for venture-funded businesses
What's Missing
- No interest-earning checking
- Monthly fees after first three years are very high at $50
- Branch access limited to 16 states and select countries around the world
Features
The SVB Edge package for startups includes:
- Free checking for the first three years
- 1.75% interest rate on startup money market account
- 2x unlimited rewards business credit card with no annual fee and no foreign transaction fee
- Merchant services solution for credit and debit card acceptance
SVB Edge Business Checking Overview
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | None |
Monthly Fee | Up to $12 incoming; up to $17 outgoing |
Domestic Wire Transfer Fees | Up to $12 incoming; up to $17 outgoing |
International Wire Fees | Up to $12 incoming; up to $30 outgoing |
ATM Fees | ATM card unavailable in the US |
Cash Deposited | None |
APY | N/A |
Open an Account |
| |
|---|---|
Debit card | Unavailable in the US |
Physical checks | Cost varies depending on the type of checks ordered |
Accounting software integrations | Connections to QuickBooks, Xero, Expensify and other authorized applications. |
Business payment integrations | Connects with business payment solutions, including QuickBooks, NetSuite, Xero and Intacct, through Bill Pay Plus. |
Customer service | Phone and email customer service Monday through Friday from 8 a.m. to 5 p.m. Pacific, or in one of the branch locations. |
Invoicing products | None |
Other products available | Business money market, bill pay, fraud prevention, and lending products including venture debt, growth and working capital |
Open an account |
When To Choose Silicon Valley Bank
- You want to use a bank specifically designed to serve startup businesses
- You prefer no minimum balance requirements
- You’d like to take advantage of tech startup resources to help grow your business
Why We Like Silicon Valley Bank
The biggest perk to Silicon Valley Bank is the tools provided to specifically help startup businesses. In addition to banking products and services, it offers resources and guidance for startups through networking events, hiring workshops, fundraising tips and tools, and opportunities to meet founders and investors. It also provides discounts for over 50 different software and other services, such as Salesforce, Amazon Web Services (AWS), and Zendesk.
It should be noted that there are a lot of fees associated with its most basic checking account, SVB Edge. After three years, the account costs you $50 a month, which is very high. SVB offers two higher tiers of checking accounts. The second tier, SVB ScaleUp, includes $500 in monthly credits that can be applied to service fees. If your business can grow into that account in three years, Silicon Valley Bank makes a lot of sense for your startup.
Bluevine: Best for High-yield Checking Account
Bluevine
What We Like
- Interest-earning checking
- Integrates with QuickBooks
- Excellent line of credit product
What's Missing
- No savings, money market, and CD accounts
- No physical branch locations
- No customer service on weekends
Features
- No monthly maintenance fee
- No minimum balance requirement
- Free debit card and two free checkbook orders per year
- Integrates with QuickBooks and Xero
- Connects with business payment solutions, including Stripe, PayPal, and Expensify
- Live customer support from dedicated professionals
- Line of credit also available
Bluevine Business Checking Overview
 | |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | $15 for outgoing, incoming are free |
International Wire Fees | $15 for outgoing, incoming are free |
ATM Fees | Free at MoneyPass locations nationally; $2.50 plus operator fees for non-network ATM use |
Cash Deposited | $4.95 fee per transaction, available through Green Dot retail locations |
APY | 1.50% on balances of up to $100,000, once qualifications are met |
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Open an Account |
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|---|---|
Debit card | Free debit card, mailed within 10 business days of application approval |
Physical checks | Two free checkbook orders per year |
Accounting software integrations | Integrates with QuickBooks and Xero |
Business payment integrations | Connects with business payment solutions, including Stripe, PayPal, and Expensify |
Customer service | Live customer support from dedicated professionals |
Invoicing products | N/A |
Other products available | Line of credit also available |
Review | |
Open an account |
*Bluevine is a business fintech platform backed by FDIC-insured Coastal Community Bank.
When To Use Bluevine
- Your company wants to earn interest on its checking account and meets one of the two requirements set aside by Bluevine to earn interest
- You need a line of credit; Bluevine is also our choice for the best small business line of credit
- You prefer an online-only bank, as Bluevine is digital-only
Why We Like Bluevine
Bluevine is an outstanding choice if you’re looking for a digital-only bank that provides a high-yield, interest-bearing checking account. You can earn 1.5% APY with Bluevine business checking as long as you either spend $500 a month with the debit card or receive $2,500 in customer payments in a month. Bluevine also provides two free checkbook orders per year.
Startups will like Bluevine because it has no monthly fees, transaction fees, minimum opening deposit, or minimum balance requirement. It also has the best business line of credit products and great software integrations.
Cash deposits will cost you $4.95 per transaction and can only be done at a Green Dot retail location. Also, Bluevine charges $2.50 for out-of-network ATM withdrawals in addition to third-party fees.
Novo: Best for Fee-free Digital Banking
Novo
What We Like
- No maintenance fees
- Refunds all ATM fees at the end of each month
- Free unlimited transactions
What's Missing
- No interest-earning accounts
- No lending and savings products
- No cash deposits
Features
- Integrates with other business tools, such as QuickBooks, Slack, Xero, Stripe, Square, PayPal, Wise, and Shopify
- Set aside funds for taxes and other large business expenses with Novo Reserves
- Deposit checks directly through the mobile app
- Online banking includes unlimited invoicing and bill pay
Novo Business Checking Overview
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fee | None |
Domestic Wire Transfer Fees | None to receive; cannot send wires domestically but can send fee-free ACH transfers |
International Wire Fees | Novo partners with Wise to send international wires for a “low” fee |
ATM Fees | All fees refunded at the end of the month |
Cash Deposited | None; money orders can be purchased and deposited through the app |
APY | N/A |
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Open an Account |
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|---|---|
Debit card | Virtual debit card available immediately, one free physical debit card per user |
Physical checks | Paper checks can be sent straight from the app |
Accounting software integrations | Integrates with QuickBooks and Xero |
Business payment integrations | Connects with business payment solutions including Stripe, Square, PayPal, Wise, and Shopify |
Customer service | Live customer support from dedicated professionals |
Invoicing products | Free unlimited invoicing |
Other products available | No lending products available |
Review | |
Open an account |
*Novo is a business fintech platform backed by FDIC-insured Middlesex Federal Savings.
When To Use Novo
- Your business withdraws cash from ATMs frequently
- You aren’t interested in an interest-bearing checking account or getting lending products from your business checking account provider
- You need easy integration with third-party apps for accounting and e-commerce
Why We Like Novo
If your business withdraws cash from an ATM regularly, Novo is an ideal choice for a startup bank since it refunds all ATM fees at the end of each month. In addition, it offers up to five reserve accounts, unlimited invoicing, and excellent accounting and payment software integrations. While you cannot order checks with Novo, you can send paper checks from the app.
It doesn’t charge for cash deposits, but you must purchase a money order and deposit it through the app. You can buy money orders from US Postal Service (USPS) locations for up to $1.95 for up to $1,000 money orders.
One other drawback is that Novo doesn’t have any lending products but, overall, it’s an excellent option for startups, especially those with frequent ATM withdrawals.
Mercury: Best Digital Bank Larger-scale Incorporated Startups
Mercury
What We Like
- No monthly maintenance fees
- Withdraw cash from any Allpoint ATM with no fees
- Startup business resources available
What's Missing
- Accounts not available to sole proprietorships
- Lacks paper check-writing abilities
- Limited lending options and no cash deposits
Features
- Can earn interest with Mercury Treasury product if you have more than $250,000 in Mercury accounts and request Treasury
- Accounts integrate with major accounting software
- Set customer user permissions for your team members
- Create auto-transfer rules for your accounts
- Integrates with QuickBooks and Xero accounting software
Mercury Business Checking Overview
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Teller Cash Withdrawal Fee | None |
Domestic Wire Transfer Fees | None |
International Wire Fees | None as long as it is sent through Mercury’s structure |
ATM Fees | No charge for out-of-network ATMs, although operator fees apply; free access to Allpoint ATM network (55,000 locations worldwide) |
Cash Deposited | None; bank doesn’t accept cash deposits |
APY | N/A |
Review | |
Open an Account |
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|---|---|
Debit card | Virtual cards available right away, with physical debit cards arriving in the mail in a few days |
Physical checks | Cannot send physical checks |
Accounting software integrations | Integrates with QuickBooks and Xero |
Business payment integrations | Connects with business payment solutions, including Shopify, Stripe, Zapier, Amazon, and PayPal. |
Customer service | Email customer service available |
Invoicing products | N/A |
Other products available | Savings account provided when you open checking |
Review | |
Open an account |
*Mercury is a business fintech platform backed by FDIC-insured Evolve Bank & Trust.
When To Use Mercury
- Business owners who don’t need their business bank to have a physical location
- Companies that don’t need to deposit cash
- Businesses looking for a fee-free business banking experience
Why We Like Mercury
Mercury was made with startups and tech companies in mind. Its checking and savings accounts are completely free with no minimum deposit or balance requirements.
In addition, it now offers Treasury, which is an interest-earning account. It’s only available to customers with at least $250,000 in funds in Mercury accounts. Once you meet that threshold, you can ask for Treasury. Currently, it’s earning up to 0.73% APY, although the bank expects that to increase as the prime rate increases.
It also has outstanding software integrations and a perks page that allows you to advertise deals for your business on the Mercury website. Most businesses incorporated in the US are eligible for an account, except sole proprietorships or trusts.
There are no ATM fees if you use one of more than 55,000 Allpoint ATMs. Mercury doesn’t charge for out-of-network ATM withdrawals, but you’ll likely pay third-party fees.
The drawbacks are the inability to deposit cash and no lending products outside of a venture capital term loan program. Otherwise, Mercury is a great choice for startups looking for a digital-only bank.
First Internet Bank: Best for Full-service Digital Banking
First Internet Bank
What We Like
- Interest-earning checking account
- Up to $10 ATM refund each month
- No monthly maintenance fees
What's Missing
- APY only available with average daily balance of $10,000
- No cash deposits
- No physical branches
Features
- SBA loans and commercial loans
- Other business bank accounts available, including savings, money markets, and CDs—ranked among the best business savings accounts
- Personal accounts
- Health savings accounts (HSAs)
First Internet Bank Business Checking Overview
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|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | $20 for outgoing, $15 for incoming |
International Wire Fees | $50 for outgoing, $15 for incoming |
ATM Fees | None; reimburses up to $10 per month in ATM fees |
Cash Deposited | No cash deposits accepted |
APY | 0.30% on balances of $10,000 or more |
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Open an Account |
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|---|---|
Debit card | Free, with first replacement card free as well ($5 for each additional replacement) |
Physical checks | Cost varies depending on the type of checks ordered |
Accounting software integrations | Integrates with QuickBooks |
Business payment integrations | N/A |
Customer service | Phone and email customer service available during business hours |
Invoicing products | N/A |
Other products available | Business savings, business CDs, lending products |
Review | |
Open an account |
When To Choose First Internet Bank
- You want to earn interest on your business checking account and your average daily balance exceeds $10,000
- You want to build a business banking relationship without in-person services
- You prefer to have your personal and business accounts with one bank
Why We Like First Internet Bank
If your startup has more than $10,000 in your checking account, you can earn 0.30% APY with First Internet Bank business checking. There’s no maximum limit on the account for earning interest, so your earnings can continue to grow with your bank balance.
The company has a great savings product, business CDs, various business lending products, and personal lending and banking products. There’s also software integration with QuickBooks and up to $10 in ATM fees are refunded each month.
You’ll need $100 to open the account, but there are no minimum requirements once the account is opened. You cannot deposit cash with this account, and there are no free wire transfers.
Grasshopper: Best for Cash Back on Debit Card Purchases
Grasshopper
What We Like
- Cash back on debit card purchases
- Interest bearing account once minimum balance is met
- No monthly fees or transaction fees
What's Missing
- No physical location
- Minimum $100 deposit required to open
- Virtual cards not yet available (coming on June 30, 2022)
Features
- 1% cash back on all online and in-store debit card purchases
- Earn 0.75% APY on all balances of $10,000 or greater, and 0.05% APY on balances less than $10,000
- Autobooks software purchased by Grasshopper for all small business banking customers for digital invoicing and online payments
- No monthly fees or transaction fees; no minimum balance required
- 24/7 online and mobile banking
- Unlimited free ACH and incoming wires
Grasshopper Business Checking Overview
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|---|---|
Required Opening Deposit | $100 |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | No incoming wire fees |
International Wire Fees | $5 for incoming; $25 for outgoing |
ATM Fees | Free at 45,000 MoneyPass & SUM network ATMs |
Cash Deposited | None; cash deposits not accepted |
APY | 0.05% APY on balances less than $10,000; 0.75% APY on balances $10,000 or greater |
Open an account |
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|---|---|
Debit card | Physical debit card available; virtual cards available starting June 30, 2022; 1% cash back online and in-store with debit card purchases |
Physical checks | Fees varied depending on the type of checks ordered. |
Accounting software integrations | Integrates with QuickBooks |
Business payment integrations | Grasshopper provides Autobooks to each customer free of charge, built into online banking |
Customer service | Customer support via phone, live chat, email, secure message, and text message; also available through the app |
Invoicing products | Autobooks provided for free |
Other products available | API banking, treasury management, startup banking services, lending products |
Open an account |
When To Choose Grasshopper
- You want an interest-bearing business checking account and your average daily balance exceeds $10,000
- You want cash back rewards on online and in-store debit card purchases
- You want a digital bank that includes great integrations with QuickBooks and payment software, such as Autobooks (provided free)
Why We Like Grasshopper
Grasshopper is another digital-only bank with startup businesses in mind. On its business checking product, it offers up to 0.75% APY uncapped on balances of $10,000 and greater, 0.05% APY on balances less than $10,000, and 1% cash back on all debit card online and in-person purchases. It allows unlimited transfers, including free wire transfers, both domestic and international. There are no monthly fees and no transaction limits.
Not only does Grasshopper integrate with QuickBooks, but the company provides Autobooks to each customer free of charge. You can also make free ATM withdrawals at the more than 45,000 MoneyPass and SUM ATMs.
Its powerful mobile app is backed by modern APIs to help power your startup. The company also provides SBA lending, commercial real estate lending, yacht lending, and venture capital and private equity lending.
One of the few drawbacks is no cash deposits are accepted. You need $100 to open a business checking account, but there are no minimum balance requirements once the account is opened.
Brex: Best For Frequent Money Transfers
Brex
What We Like
- No minimum balance or opening deposit requirement
- No opening or maintenance fees
- All ACH and wire transfers are free
What's Missing
- No ATM card option
- No cash deposits
- No physical locations
Features
- No fees on money transfers, including ACH, checks and wire transfers, both domestic and international
- No opening or maintenance fees
- Uncapped rewards and 10–20x higher limits on Brex Mastercard with no personal guarantee
- Spend management for accounting automation and accuracy
- Partner perks with businesses such as AWS, Apple, QuickBooks, UPS, and more
- Powerful mobile app with expense tracking and integrations with popular financial and business software
- Deposits can be spread among 17 member banks that are FDIC-insured for a maximum of $1,750,000 ($250,000 each)
Brex Cash Overview
| |
|---|---|
Required Opening Deposit | None |
Required Balance Minimum | None |
Transaction Limit Before Fees | No limit |
ACH Fees | None |
Monthly Fees | None |
Domestic Wire Transfer Fees | No wire fees |
International Wire Fees | No wire fees |
ATM Fees | No ATM card available |
Cash Deposited | None; cash deposits not accepted |
APY | N/A; invested cash in money market can draw up to 0.6% |
Open an account |
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|---|---|
Debit card | One active physical card for each individual user. They cannot be used at ATMs. |
Physical checks | N/A, but checks can be sent from the app |
Accounting software integrations | Integrates with QuickBooks, 1Password, Zapier, Rippling, Gusto, SAP Concur, Oracle NetSuite, Sage, Slack, and Xero |
Business payment integrations | Can auto-sync with Xero and QuickBooks, or can send payments directly from Brex Cash by wire, ACH, and check for free |
Customer service | Customer support via chat seven days a week from 5 a.m. to 8 p.m. Pacific time, or by email |
Invoicing products | Not available |
Other products available | Credit card, spend management, rewards, expense tracking, bill pay and financial modeling |
Open an account |
*Brex is a business fintech platform, which partners with 17 program banks that are FDIC-insured.
When To Choose Brex
- You need to transfer money frequently; all ACH, check, and wire transfers are free with Brex
- You don’t need to deposit cash, as Brex doesn’t accept cash deposits
- You don’t need to withdraw money via ATM as Brex’s debit card doesn’t allow you to withdraw cash at an ATM
Why We Like Brex
Another digital-only bank geared toward startups is Brex. Its checking product, Brex Cash, has no required opening deposit, minimum balance requirement, limit on free monthly transactions, and monthly fees. The biggest perk is no wire fees, either domestic or international. If your startup is wiring money regularly, this could save you quite a bit of money each month.
Brex also has a money market account, which can draw up to 0.6%. The Brex app has great integrations with various business and finance applications. In addition, the company offers a business credit card with uncapped rewards, spend management, expense tracking, bill pay, and financial modeling.
Brex has partnered with 17 banks, each insured for up to $250,000 through the FDIC. The bank states that deposits are spread among its partner banks and that this allows it to insure up to $1,750,000 in deposits for your company with the FDIC.
One drawback is there’s no ATM card available, so if your startup needs to withdraw money from an ATM, you’ll have to choose another provider. However, if that isn’t a feature you need, Brex has a great range of services that can help your startup.
How We Evaluated the Best Banks for Startups
When we evaluated the best banks for startups, we considered
- Monthly fees
- Required opening deposit and balance minimums
- Transaction limits before fees
- ACH and wire transfer fees
- ATM fees and availability
- Cash deposit fees and availability
- Interest yield, if applicable
- Other checking account perks
- Software integrations
- Other business services and lending products provided
- Customer service
- Customer reviews
What You Need to Open a Business Bank Account as a Startup
Each provider on this list may require different documents to open a business bank account. Generally, you’ll need:
- Employer identification number (EIN) or Social Security number if you’re a sole proprietor
- Fictitious business name certificate or doing-business-as (DBA) certificate
- Business formation documents
- Organization documents, including your ownership agreements
- Business licenses
- Government-issued photo ID, such as a passport or driver’s license
Bottom Line
Choosing a bank is an integral part in the early stages of the development of a startup business. You want a provider that offers you tools and resources to get your business started, great perks as you build your business, and scalable products that can grow along with your business. Every provider in this guide offers excellent startup services, but each is slightly different. Before choosing, decide what you need your bank to do to help your business, and select one that best meets your needs.
