Best Banks For Startup Business – Top 5 Startup Banks Compared: SVB x Mercury x Brex Cash x First Republic Bank x Wells Fargo
Entrepreneurs spend an average of $30 to $40,000 in start-up costs in the first year, making it crucial to have a dedicated and reliable financial institution that will hold your money. Fortunately, many banks offer tech startup accounts that offer perks like low fees, convenient mobile banking, and other rewards for small businesses.
Best Banks For Startup Business
Whether you’re just starting out or looking to optimize your funds, these are the best banks in Silicon Valley, and what’s more, we see the most venture-backed startups working when they reach .
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While this is not an exhaustive list and every startup has different needs, read on for a comprehensive rundown of the best banks for startups, followed by a head-to-head feature comparison.
See also: Brex vs. Divvy vs. Ramp vs. Stripe: Head-to-Head Comparison of Top 4 Business Credit Cards for Startups
Silicon Valley Bank (SVB) specializes in startup banking and has an entire team focused on technology finance. So well-known is the SVB’s reputation that 50% of venture capital-backed life sciences and technology companies in the United States are banked by the SVB.
SVB’s deep understanding of institutional startups, proactive support, range of banking tools and community make it an ideal banking partner for entrepreneurs responsible for early-stage technology startups to later growth-stage startups. It even offers a suite of global banking services for startups with global ambitions.
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Mercury is a technology-focused bank built for startups. While he specializes in partnering with technology companies, any type of business can afford Mercury.
One of the biggest advantages of Mercury is its incredibly simple offering and easy-to-use platform. For example, startups can sign up and gain access to a corporate checking and savings account and debit card in just 15 minutes.
While Brex Cash is not technically a bank, we decided to include them here because of their “cash management account” offering. A Cash Management Account (CMA) provides everything a corporate bank account offers with fewer fees. You can manage all transactions in one portal, make deposits, trade bonds and even write checks with a CMA.
Brex Cash has raised $732.1 million from venture capital firms to reinvent the financial services landscape for startups and currently offers one of the most comprehensive CMAs for companies.
Best Business Bank Account For Startups
First Republic is a popular banking option for startups with its “Banking for Innovators” services. These services include access to basic business banking needs, plus startup-specific offerings such as a 409a free trial, robust online and mobile banking tools, and access to strategic advice from a dedicated banking partner.
First Republic emphasizes building personal relationships with its customers, providing direct phone and email support, and going above and beyond to meet its customers’ needs. Their emphasis on providing “amazing customer service” really sets them apart.
Wells Fargo is one of the most popular banking solutions for individuals and businesses and is a leading bank for small businesses. Although it is an established financial institution, it offers many advantages for startups, including an excellent small business credit card and small business loans.
They also offer several business checking accounts; for startups, the Navigate Business checking account includes up to 250 transactions and $20,000 in cash deposits processed per commission period at no charge. This account type supports new and growing businesses with a steady volume of banking services.
Best Banks For Startups
The devil is in the details, as with most vendor and partnership decisions. This head-to-head comparison of the key features of each initial banking partner will help founders make an informed decision for their business.
For clarity, in this section we compare the best checking accounts for business (or in the case of Brex Cash, the cash management account). We will compare:
Other options for starter bank accounts range from simple checking and savings accounts to more complex money market accounts and cash management accounts.
Before proceeding with the application process, make sure that you and your company meet the requirements for opening an account.
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• Most US companies will qualify, except financial services companies or companies involved in adult entertainment, marijuana, or Internet gambling
• Business must be incorporated in the US with a valid federal EIN in good standing (individual owners do not qualify)
• Social Security number of the account holder (founder(s)) and two forms of personal identification, one of which must be issued by a government agency
• Has an international banking network in Canada, Chile, Brazil, South Africa, Australia, New Zealand, Indonesia, Singapore, Japan and Europe (some exclusions apply)
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Mercury was created for US-based startups, but international companies working in the US can also open a bank account with Mercury
Wells Fargo has offices around the world to help companies succeed on an international scale, with offices in Asia Pacific, Canada, Europe, the Middle East, Africa and Latin America
Newcomers to startup banking offer the most competitive banking products and services at low cost and commission-free.
Details of each bank’s fees are available on their respective landing pages, where you can peruse the fine print:
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Startup founders are on the go 24/7 and need a banking partner that rises to the occasion to meet their needs. This chart will help you gauge how easy it will be to access your company’s bank account or contact customer support for an urgent matter.
First Republic Bank customers have access to Trusteer Rapport, designed to protect users from financial malware and phishing attacks.
• Requires users to verify their identity via text message or phone call upon login when performing high-risk activities.
• Time-based one-time passwords are used for two-factor authentication using Authy and Google Authenticator. Authentication codes are never sent over insecure channels such as SMS.
Best Business Bank Accounts In Singapore
Whether you’re evaluating a banking partner for a new business or looking to change your current banking setup, use this guide to help you compare the best start-up banking options for your business needs.
And while finding the bank with the best business banking capabilities for your startup is important, your financial management efforts will greatly benefit from additional help from the experts.
For the rest of your startup financial needs, check out . use a combination of AI and human finance experts to keep accurate books and manage all of your startup’s finance functions. Services include day-to-day accounting, ongoing accounting services, access to our finance concierge, bill payment and invoicing, budgeting and forecasting, and even annual tax and CFO services.
For a complete solution that helps you manage your startup finances and access a dashboard for your business, schedule a demo to learn more and try it out today.
Best Banks For Startups Compared: Svb Vs Mercury Vs Brex Cash Vs First Republic Bank Vs Wells Fargo
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How To Open A Business Bank Account, Plus Comparisons And Requirements
So why are we reviewing seven banks and not just one? Why the best checking account for you will depend on your needs. Ecommerce stores vs. bricks and mortar, solopreneurs vs. LLC with multiple members.
We’ll look at the best general bank for small businesses to start with, then narrow it down to more specific needs.
Before choosing a bank, make sure you have all the necessary documents – the bank will want to know more about your finances and will check your credit score. If you’re not sure if you’re ready to get started, check out our article on how to open a small business checking account.
For the general small business bank, you can’t do much better than Chase. With a huge network, nearly 5,000 physical locations and 16,000 ATMs worldwide, you’ll never be far from your bank. Plus, its mobile app lets you deposit checks online, pay bills, make wire transfers, and check your balance.
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A Chase business account is an overall good choice for most new small businesses, especially if you need to make cash deposits, access free ATMs, or if visiting physical locations is important to you. Chase is not a good option if you plan to do more than 200 transactions per month.
While Chase has a relatively low minimum balance, maintaining that minimum is the only way to waive account maintenance fees. So don’t choose Chase if you expect your balance to regularly drop below $1,500.
If you are going to use your credit card mostly
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