Best Banks for Startups (2024)

The best banks for startups support your new business’s specific needs. For venture-backed startups, that might be a financial institution that offers a suite of software tools while maximizing your reserves. For entrepreneurs doing it themselves, establishing a relationship with a small-business bank that can grow with you may provide the greatest long-term impact.

While we detail the range of business services offered by our top picks, the star ratings listed are specific to the bank's business checking account — except for Live Oak Bank, whose ratings highlights its business savings account. If a bank offers multiple business checking accounts, we’ve rated the entry-level account.

NerdWallet’s editorial picks: Best banks for startups

American Express Business Checking is a good choice for small-business owners who value convenience and round-the-clock customer support. Between that account’s

1.3

Bank of America offers the services you’d expect from a national bank — business checking and savings accounts, lines of credit, credit cards and even SBA loans. But its Preferred Rewards for Business program offers extra perks to eligible business owners. If your average checking account balance is about $20,000, you can qualify for bonus credit card rewards, a higher interest rate on savings and discounts on business loans, payment processing and payroll services.

Bluevine’s free business checking account is a good fit for small-business owners seeking to maximize value and convenience. While Bluevine is a financial technology company, not a bank, it offers all of the banking services most entrepreneurs need via a partnership with Coastal Community Bank — like FDIC insurance, unlimited fee-free transactions, checks, wires and a top-of-the-line

2

Brex offers both banking and corporate card services designed for venture-backed startups and mid-market companies. Its program is a particularly good fit for businesses with lots of travel needs, as Brex offers its own travel management platform and you’ll earn higher rewards rates on travel bookings than on other types of spending.

Chase is best for small-business owners who want a traditional banking experience, including branch access and an ongoing relationship with a banker. Chase serves businesses of all sizes and offers a variety of loan, credit card and business savings products.

Grasshopper Bank serves startups specifically. Its business checking account is a good fit for businesses that don’t handle cash, as account holders can’t access ATMs — but the account offers lots of value in other ways, including up to

2.25

Live Oak Bank was the second-largest SBA 7(a) lender in the U.S. by dollar amount in the 2024 fiscal year. You don’t have to bank with Live Oak to apply for its SBA loans — but it’s worth a look for its business savings account, which pays

4

Mercury is one of several fintech companies offering combined banking and corporate spend management tools. Customers can open a business checking account and use a treasury account to grow their business savings, and wire transfers are free. Through Mercury’s corporate credit card program and its associated software, you can issue physical and virtual cards to your team members and set controls on each one. And Mercury also offers working capital loans and venture debt financing.

Relay is a fintech company that offers a standout free business checking account. Users can create up to 20 sub-accounts, which makes Relay a good fit for larger small businesses with more complex budgeting systems. Startups may also want to note Relay’s low wire transfer fees: Incoming wires are free, and outgoing wires cost just $5 for domestic transfers and $10 for international transfers.

Like Mercury and Brex, Rho offers business checking and treasury accounts along with corporate cards and spend management software. Rho offers a whopping $75 million in FDIC insurance coverage via its insured cash sweep network, though — far more than Mercury’s $5 million or Brex’s $6 million.

U.S. Bank is one of only a handful of brick-and-mortar banks that offers a free business checking account. While the account itself isn’t remarkable, its welcome bonus is:

Earn up to a $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q3AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through September 30, 2024. Member FDIC.

How to choose a startup business bank

The best banks for startups typically offer a free business checking account (or one with minimal fees that can be waived).

Separating personal and business finances is one of the first steps to take when starting a business. A free or low-cost checking account makes doing that easy.

Access to such an account should be your baseline when choosing a bank for your new business. From there, look for the following:

(Disclosure: NerdWallet also banked with SVB before its closure.)

Note on

American Express® Business Checking