Best banks for startups in October 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.
Top 12 based on variable annual percentage yield (APY %):
APY | Institution | Min to Open | ATM Network | Monthly Fee | Perks |
---|---|---|---|---|---|
5.14% | Mercury by Choice Financial Group and Evolve Bank & Trust → | $0 | 55K+ | $0 | $600K+ |
4.8% | Silicon Valley Bank by First Citizens Bank → | $0 | / | $0 | $300K+ |
4.7% | Arc by Evolve Bank & Trust → | $0 | / | $0 | 0 |
4.56% | Rho by Webster Bank → | $1M | / | $0 | $0 |
4.51% | Brex by Lending Club Bank → | $0 | / | $0 | $0 |
4.02% | meow by Third Coast Bank SSB → | $0 | / | $0 | $0 |
4% | LiveOakBank → | $100 | 55K+ | $0 | $0 |
3.65% | Lili by Choice Financial Group → | $0 | 38K+ | $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 |
1.3% | American Express → | $0 | 61K+ | $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.