We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover.
The offers that appear on this site are from companies that compensate us. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. But this compensation does not influence the information we publish, or the reviews that you see on this site. We do not include the universe of companies or financial offers that may be available to you.
Written by
David McMillin
Edited by
Marc Wojno
Marc Wojno is a seasoned and accomplished finance editor and writer with more than two decades of experience editing and writing across a variety of news platforms including newswires, newsletters, magazines and online news sites.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity , this post may contain references to products from our partners. Here's an explanation for how we make money .
Bankrate logoFounded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our banking reporters and editors focus on the points consumers care about most — the best banks, latest rates, different types of accounts, money-saving tips and more — so you can feel confident as you’re managing your money.
Bankrate logoBankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Here is a list of our banking partners.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information.
Bankrate logoYou have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.
Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.
Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range, can also impact how and where products appear on this site. While we strive to provide a wide range of offers, Bankrate does not include information about every financial or credit product or service.
Starting a new business comes with loads of challenges – finding the right team members, developing the right product offerings, crafting an effective business model, winning customers from competition and more. The biggest challenge of all, though? Cash. Research from Wilbur Labs shows that the number-one reason that startup businesses fail is running out of money.
Finding a bank isn’t going to solve that problem entirely – after all, you have to do the work to get the money into the account. However, it’s a step in the right direction to design a blueprint for business success. The best banks for startups have built product suites specifically to help startups lower their fees and take advantage of higher savings rates. And when you’re trying to get a business off the ground, every penny counts.
Our picks for the best banks for startups all have one key thing in common: They’re actually banks. While options such as Brex, Bluevine and Mercury all offer unique perks for startup businesses, they’re fintech companies – not banks. It’s wise to look at these companies, too, as many of their products can power a business, but we solely focused on banks insured by the Federal Deposit Insurance Corp. (FDIC).
Note: Annual percentage yields (APY) are as of Aug. 1.
American Express has made a name for itself as one of the best options for business credit cards, and the bank’s business checking account proves it’s an equally attractive place for startup businesses to store money. The account pays 1.30 percent APY on balances of up to $500,000, and the bank’s fee structure is more business-friendly than many banks: No monthly service fees or minimum balance requirements and no fees for standard ACH payments.
Axos Bank’s business offerings include options for startups with limited cash – a basic business checking account with no monthly maintenance fees, for example – and business with much deeper pockets including a premium savings account that pays a 4.01 percent APY. The bank also regularly runs new account bonus opportunities that can help you score an extra $400 to get your business up and running.
Chase serves approximately five million small businesses, and the bank is working to hire the right people to help business owners. Chase plans to hire more than 500 small business bankers by the end of 2024, which can make a big difference for any entrepreneur who needs the personal touch and expertise to help make the right decisions in the early stages of growth. Speaking of growth, the bank offers small business loans up to $500,000 with no origination fee.
LendingClub’s business checking account pays 1.50 percent APY on balances below $100,000, and you can also score 1 percent cash back on debit card purchases. You won’t pay any maintenance fees as long as your account balance is at least $500. When it comes to securing funds to grow your business, the name says it all: There are plenty of lending programs, including loans as small as $5,000 and SBA express lines of credit up to $500,000.
Live Oak Bank’s business high-yield savings account is an ideal pick if you’re planning to stash away a healthy chunk of excess funds: It’s currently paying 4.00 percent APY, and there are no minimum balance requirements. You will, however, need to be mindful of meeting balance requirements for the bank’s business checking accounts. It’s also the biggest producer of SBA loans, according to 2023 figures. And if you need money faster to grow your business, the Live Oak Express option offers quick access to capital.
Wait, you might say, didn’t this bank fail? Yes. However, it lives on as part of First Citizens Bank, and it has maintained its core focus of helping startup businesses – specifically those in technology, life sciences and healthcare – get their financial footing. The bank promises free checking for three years with no transaction fees or wire fees, and its startup money market account offers up to 5.10 percent APY with money market fund investments and FDIC-insured sweep options.
Setting up a business bank account isn’t quite as simple as opening a personal checking or savings account. In many cases, you can still open the account online, but there are scenarios that may require you to visit a physical branch. And if you’re opening the account with multiple owners or account controllers who will have full access to the money, you may need to either bring them to the branch or have their documents notarized.
Be sure to review the bank’s requirements prior to applying for a new account to verify that you have gathered all the necessary documents, which typically include multiple forms of identification, your tax ID number, a certificate that shows your business is in good standing in the state where it’s headquartered and/or articles of incorporation.
Every start-up business needs a checking account to be able to accept money, but what else might you need to grow your business? The best bank accounts for startups tend to offer at least one of these types of accounts.
Starting a business comes with plenty of uncertainties, but choosing the right bank can help you feel more confident as you work to carve out a niche for your company. Finding a bank as a startup comes with more considerations than finding a bank for your personal needs. In addition to thinking about fees, do your research to find a bank with experience helping other entrepreneurs navigate their early days in business.
Bankrate’s editorial team regularly surveys around 70 widely available financial institutions, made up of the biggest banks and credit unions, as well as a number of popular online banks. To find the best business checking accounts, our editorial team analyzes various factors, such as annual percentage yield (APY), minimum balance requirements and broad availability. All of the accounts below are insured by the Federal Deposit Insurance Corp. (FDIC) at banks or by the National Credit Union Share Insurance Fund (NCUSIF) at National Credit Union Administration (NCUA) credit unions.
These financial institutions are featured in our CD rate research: Alliant Credit Union, Ally Bank, Amerant Bank, America First Credit Union, American Express National Bank, Axos Bank, Bank5 Connect, Bank of America, Barclays, Bask Bank, BECU (Boeing Employees Credit Union), Bethpage Federal Credit Union, BMO, Bread Financial (formerly Comenity Direct), BrioDirect, Capital One Bank, Chase Bank, CIBC USA, CIT Bank, Citibank, Citizens, Citizens Bank (Rhode Island), Comerica Bank, Customers Bank, Delta Community Credit Union, Discover Bank, Emigrant Direct, Fifth Third Bank, First Citizens Bank, First Internet Bank, First Technology Federal Credit Union, FNBO Direct, Golden 1 Credit Union, Marcus by Goldman Sachs, Morgan Stanley Private Bank, Huntington National Bank, Investors Bank, Investors eAccess, KeyBank, Limelight Bank, Live Oak Bank, M&T Bank, MySavingsDirect, Navy Federal Credit Union, NBKC Bank, PenFed Credit Union, PNC Bank, Popular Direct, PurePoint Financial, Quontic Bank, Randolph-Brooks Federal Credit Union, Regions Bank, Salem Five Direct, Sallie Mae Bank, Santander Bank, SchoolsFirst Federal Credit Union, Security Service Federal Credit Union, State Employees’ Credit Union, Suncoast Credit Union, Synchrony Bank, TD Bank, TIAA Bank, Truist Bank, UFB Direct, U.S. Bank, USAA Bank, Vio Bank, VyStar Credit Union, Wells Fargo and Zions Bank.
