Best banks for startups in June 2024

Startup banking provides an integrated stack of technology and financial services facilitating money management as well as connectivity between third-party apps and banking services.

Best banks for startups in June 2024
Photo by Desola Lanre-Ologun / Unsplash

Top 12 based on variable annual percentage yield (APY %):

APY Institution Min to Open ATM Network Monthly Fee Perks
5.4% Mercury by Choice Financial Group and Evolve Bank & Trust → $0 55K+ $0 $600K+
5.37% Rho by Webster Bank → $1M / $0 $0
5.35% Arc by Evolve Bank & Trust → $0 / $0 0
5.25% BridgeBank by Western Alliance Bank → $1M / $0 $10K+
5.1% Silicon Valley Bank by First Citizens Bank → $0 / $0 $300K+
5.02% meow by Third Coast Bank SSB → $0 / $0 $0
4.9% Brex by Lending Club Bank → $0 / $0 $0
4.15% Lili by Choice Financial Group → $0 38K+ $0 $0
4% LiveOakBank → $100 55K+ $0 $0
2.25% Grasshopper Bancorp → $100 46K+ $0 $0
2% Bluevine by Coastal Community Bank → $0 37K+ $0 $0
1.5% LendingClub Bank → $100 20K+ $0 $0

Startup banking vs. traditional business bank account

Startup banking provides an integrated stack of technology and financial services facilitating money management as well as connectivity between third-party apps and banking services.

Startup Business
APY High Low
Checking Account Yes Yes
Savings Account Yes No
Merchant Services Yes No
Cash Management Yes No
Debit Card Available Available
Credit Card Available Not available
Line of Credit Yes No
Minimum Balance Not required Required
ACH Transfers No fee Fee based
Wire Transfers No fee High fee
International Transfers No/Low fee High fee
F/X Low fee High fee
Withdrawals Unlimited Unlimited
Deposits Unlimited Unlimited
Cash Deposits N/A Fee based
ATM Access Yes Yes
Online Only Yes No
API Access Yes No
Third-Party Integrations Yes No
Perks Yes No

Perks include discounts on cloud computing, infrastructure, compliance, collaboration, sales, tax, accounting and HR services, helping startups stay focused on shipping products and eliminating administrative burden running a business.