5 Best Bank Accounts for Startups (2022)

When it comes to choosing a bank account for your startup, there are a lot of options to choose from. How do you know which one is the best for your business?

In this blog post, we will rank the 5 best business bank accounts based on the quality of service, fees, and features that can aid in rapid scaling. Each account has its own unique benefits, so make sure to read through them all before making a decision!

if you are just looking for a straight answer of what we think the best business bank accounts are:

1. Brex
2. Mercury
3. BlueVine
4. Kabbage
5. Chase

Top Features

1. Send unlimited ACH and wires - Make unlimited ACH and wire transfers completely free! Paying vendors? Running payroll? Totally free. You can even make international transfers for free.
2. Built-in expense tracking - Email or text your receipts, and they'll be automatically matched to the right expenses, so you can focus on growing your business. Create unique cards with custom limits for each subscription, vendor, and employee. All for free.
3. Excellent 24/7 Support - You can reach the team by phone or chat. In partnership with Mastercard, global emergency services and concierge support are here for you 24/7 too.
4. Accounting integration - Brex integrates with all top accounting tools including Quickbooks and Xero to help automate reconciliation and save you hours of work.

Pricing

Summary

Brex offers a well-rounded business banking product that is designed for startups. It's our top pick for both large and small companies as it grows alongside you with its wide range of features.

Top features

1. No Account Fees - You may devote your time to building instead of fending off fees and penalties. There are no overdrafts, minimum balances, or hidden costs, allowing you to focus on growth.
2. Access to investor network - If you're looking to raise funding Mercury has you covered. with Raise, you have access to over 330 top investors. You can pitch your startup, get funded, & build your network.
3. API Access - You can pay vendors and set up a burn tracker programmatically, with Mercury's free-to-use API.

Pricing

Summary

Mercury provides a comprehensive company banking solution and is a great choice for startups looking to gain access to more investors.

BlueVine offers everything you'll need to have a better banking experience: With no monthly charges and an easy-to-use interface, BlueVine gives you a high interest rate on your account's balance with no hidden fees.

Top features

1. Earn 1.2% interest on your balance - Eligible customers can earn a competitive rate of over 40x the national average on balances up to and including $100,000.
2. Simpler business payments - Save hours a week on manual payments and focus on growing. With easy scheduling and hassle-free online payments, you can pay your business expenses anytime, anywhere.
3. No ATM fees - Enjoy fee-free ATM withdrawals at over 37,000+ MoneyPass® outlets across the country.

Pricing

Summary

BlueVine offers an innovative checking account with their easy-to-use bill pay solution that is perfect for businesses that make a lot of payments.

The Kabbage Checking account for businesses offers no monthly maintenance fees and a 1.10% APY on balances from $100,000.

Top features

1. 1.10% APY on your account balance - earn a no strings attached 1.10% APY or 36x the national average on any account balance up to $100,000.
2. Create Reserves - Within your account, create Reserves - separated balances designed to organize your income streams or to set aside money for specific goals.

Pricing

There are no set-up fees, monthly charges, or minimum balances with Kabbage checking. Wire transfers and checkbooks, on the other hand, incur high fees.

Summary

Kabbage's Checking account is ideal for companies that don't make a lot of transactions and have a large balance they'd like to earn interest on.

Chase Business Complete Banking is an easy to use checking account with built-in card acceptance for small and medium-sized businesses that want the stability and trust of a major bank.

Top features

1. Reliability - Chase is a well-known, reputable bank with a long track record, and is one of the largest banks in the U.S.
2. Multiple ways to waive the Monthly Service Fee - the monthly fee can be waived with a $2,000 daily balance, $2,000 of spending on Chase cards, $2,000 in deposits from Chase's card processor or a linked Chase Private Client account.
3. Same-day deposits on card payments - Chase makes it possible for you to receive payments made with a credit or debit card on the same day at no additional cost.

Pricing

The account has a $15 monthly service fee, that can be waived in a few easy ways. Payments accepted with the Chase app have a 2.6% fee for swiped transactions. Chase also charges a fee for out-of-network ATM withdrawals, wire, and ACH payments.

Summary

Chase is a great choice for businesses looking for a big, trustworthy bank to provide their services. It has an easy-to-use built-in card acceptance, though most startups will choose to go with a more modern provider like Stripe.

Opening a bank account might seem like a minor thing for a new startup, but it can really help you scale quickly. Selecting the best bank for your needs may save you hours of work on bookkeeping and expense management while also saving thousands on unnecessary fees so you can focus on growth.