Startups face unique banking needs: minimal fees, flexible access, strong tech integrations, and startup‐friendly credit or services. Choosing the right bank at the early stage can save time, money, and headaches. Below are some of the best banks and fintechs for startups in the United States, with comparisons and tips.
What to Look for in a Bank
No or low monthly fees, low minimum balance requirements
Good customer support, especially for business customers
Built-in tools for bookkeeping, payments, invoicing, and integrations with accounting software
Flexible access for cash, checks, wire transfers, and foreign transactions if needed
Startup-friendly financing options: business credit, lines of credit, SBA (Small Business Administration) loans
FDIC insurance (or partner bank) to protect deposits
Top Bank Options for Startups
| Bank / Platform | Strengths | Possible Weaknesses / Considerations |
|---|---|---|
| Bluevine | Excellent free business checking, business lines of credit, strong for early‐stage cash flow. | Few physical branches — mostly online; might be limited support for complex in-person banking tasks. |
| Relay | Allows creation of multiple sub-accounts (makes budgeting easier), free checking, tools for tracking expenses and payments. | Does not handle cash well; may have limits on types of services that traditional banks offer. |
| Chase | Full-service bank with many branch locations, broad range of business offerings, good for growing startups. | Monthly fees can be high unless you meet minimum balances; some services are less startup-focused. |
| American Express (Business Checking) | Excellent customer support (24/7), useful features, rewards on business spending. | Not all types of business services are available; may lack physical branch services in some areas. |
| Live Oak Bank | Strong in SBA loans, good savings accounts; good if you expect to use government-backed loan programs. | Online bank; may be less handy if you need a lot of in-person support. |
| Grasshopper Bank | Tailored for startups, free business checking, specialty lending and credit products. | Limited physical infrastructure; eligibility or service fees might apply depending on growth. |
| Axos | Strong savings/checking bonuses, good interest rates, often lower fees. | Fewer branches; tech interface might matter more (good or bad) depending on your preferences. |
| Novo, Mercury, Found (fintech-based / online) | Very good tools for startups; minimal fees; streamlined processes; good UX; often very fast to open accounts. | Physical presence is limited; cash handling can be harder; regulatory or identity verification might be stricter or slower. |
Startup Banking Strategy
Start online to save fees and speed up setup, but maintain a bank account with a branch or local bank if you expect needing cash deposits, in-person services, or local connections.
Use sub-accounts or budgeting features early to manage spending.
Plan credit needs early: even if you don’t need a line of credit now, establishing a relationship with a bank that offers them helps.
Always verify FDIC insurance or equivalent, especially if you expect to hold large balances.
Reassess your banking as you scale: what worked at seed stage might not suit you when you reach Series A, B, or beyond.
