Top 8 Banks for Startups in 2022: choose your partner in crime - Fuel Finance
Fuel Stands With Ukraine. Tap to Support Ukraine



Top 8 Banks for Startups in 2022: choose your partner in crime

As a founder, you have probably learned the skill to think ten steps ahead.

So even if it seems like your only current banking need is a checking account for managing client payments and handling checks, it can quickly escalate. 

You may expand after a few years and need a loan for it. 

In the US, some banks offer certain perks for depositing a specified minimum amount. Others might offer their services to help you grow your startup’s profits. We recommend adding a financial advisor or investment manager to your team. If not, look for a bank offering these services to its clients for free or a nominal fee.

Choosing a bank is like choosing a partner in crime. Your business needs to select a bank that will work alongside the company to help it snowball. 

Your bestie bank will have startup resources, limited transaction and monthly fees, and scalable products that can grow with businesses. 

We have compiled a list of the digital and traditional banks that can help your business from day one.

Here are the seven best banks for a startup business:

Chase: for startups with full-service banking

Choose Chase when

  • You need a safe option. It has products and services offered by a traditional bank
  • You need both branch and online access
  • You want to have one bank for both personal and business banking 


The best small business checking accounts are a significant thing that makes this bank a crush and not a crash. 

It has three different business checking accounts with monthly fees that are easily waivable. Each tier can meet your needs, so Chase can support your startup from day one until it grows.

Among industry-leading lending products, Chase has:

  • credit cards
  • lines of credit 
  • point-of-sale and software solutions. 

Chase also delivers commercial lending solutions or real estate loans through J.P. Morgan. In addition, J.P. Morgan offers payment services, cash flow management, commerce credit cards, and dealer services.

Bank of America: ongoing rewards and low cash deposit fees

Choose Bank of America, when

  • Your startup makes large cash deposits monthly.

Bank of America permits you to deposit up to $7,500 with Fundamentals Banking and $20,000 with Relationship Banking.

  • You like getting rewards from your checking account.
  • You look for branch and online access simultaneously.


Banks of America & Chase are traditional one-stop banks that can sustain your startup as it grows. Bank of America has two business checking accounts: Business Advantage Fundamentals™ Banking and Business Advantage Relationship Banking. As a result, you have an opportunity to get monthly fees waived. Moreover, you can go back and forth between the two types as your business changes.

In addition, Bank of America offers statement credits, rewards you with cash back on credit cards (25% to 75% bonus ), and gives higher interest rates on business savings (5% to 20% ). 

Bank of America also has: 

  • certificates of deposits (CDs), 
  • lending products, 
  • Merrill financial advisor for final analysis. 

Red flag: Bank of America checking account is not interest-bearing.

So if you’re looking for a business checking account that draws interest, keep reading, and we will give you a better option. 

Axos Bank: good digital bro for cash deposits and refunded ATM fees

Choose Axos Bank, when

  • You don’t need physical branches
  • You look for business lending products
  • You want interest-earning business savings and checking accounts


Axos Bank is like the rich auntie that randomly gives you money because you exist. This bank offers a $200 bonus for new business owners. If your business is an oldie but goldie, you can still receive a $100 compensation at signup.

Its SME checking account is very startup-friendly. You get no minimum deposit or opening balance requirements, zero monthly fees, 50 free checks, endless item processing, and two monthly domestic wires that can be reimbursed. 

Axos Bank refunds all domestic ATM fees. In addition, with its Remote Deposit Anywhere, you can deposit up to 60 items monthly through the MoneyPass or Allpoint ATM networks.

More perks: 

An interest-earning business checking is up to 1.01% APY for balances under $50,000 and 0.20% APY from $50,000 to $250,000.

Axos also offers:

business savings,

money markets,


SBA lending,

and mobile and online banking. 

Axos is even willing to offer low-fee accounts to your employees.

Wells Fargo

Meet another SME comrade. Though dusty, it provides you with many perks for startups, including an amazing small business credit card and small business loans.

Wells Fargo also offers various business checking accounts. For example, you can get up to 200 transactions and $7,500 in cash deposits processed per fee at no charge via the Business Choice Checking Account. 

So if you are looking for a steady volume of banking activity to support your business baby, check them out. 

Attractive Services for Startups

  • Nationwide banking solutions
  • Checking account options
  • Waiving monthly maintenance fees
  • Great business credit card perks

BlueVine: Best for a high-yield checking account


Perfect for people who hate cash or, professionally speaking, if you own and manage an online business or a company that doesn’t deal with cash. Having an online business bank account at Blueline will provide many benefits that a traditional bank won’t. 

For instance, BlueVine lets you go crazy on transactions. Have as many as you want without a fee.

Unlikely Silicone Valley Bank, BlueVine doesn’t charge you for having the account. This is good news for a new business that wants to cut bank account fees.

What makes it sexy 

  • 1% interest on your balance
  • No hidden fees (no incoming wire fees)
  • Zero ATM fees at over 38,000 Money Pass locations
  • No non-sufficient funds fees
  • Two free checkbooks
  • BlueVine mobile app
  • Dedicated support

Mercury (hopefully, not retrograde)

‍Mercury is another startup-friendly space. Although they specialize in working with tech companies, all businesses can open a Mercury banking account. 

Mercury is incredibly straightforward and user-friendly.

This bank claims that in less than 15 minutes, startups can sign up and access a business checking and savings account and debit card. In addition, if you choose their FDIC-insured bank accounts, you will also get API access, virtual cards, team management, and more.

Attractive Services for Startups

  • Internet-based
  • Security and privacy
  • Send and receive funds for free
  • Host multiple users
  • US and International Businesses
  • Unlock perks as you grow

More reasons to like Mercury

Mercury’s checking and savings accounts are free. There are no minimum deposit or balance requirements.

You can try their Treasury, which is an interest-earning account. First, however, you must have at least $250,000 in funds in your Mercury accounts. 

Currently, it’s earning up to 0.73% APY with a chance to increase as the prime rate grows.

Mercury offers you software integrations, such as a perks page that allows you to promote deals for your business on the Mercury website. This only works for companies incorporated in the US, not eligible for sole proprietorships or trusts.

Expect no ATM fees if you use one of more than 55,000 Allpoint ATMs. In addition, Mercury doesn’t charge for out-of-network ATM withdrawals. 

Easy money! You can also get $200 in cash if you spend $2,000 on your debit card within 90 days.

The downsides: 

  • the inability to deposit cash 
  • No lending products outside a venture capital term loan program.

Otherwise, Mercury is an excellent choice for startups looking for a digital-only bank.

Another digital paradise – First Internet Bank: 

With more than $10,000 in your checking account, you can earn 0.50% APY with First Internet Bank business checking. 

  • In addition, there’s no maximum limit on the account for earning interest. As a result, your earnings continue to grow with your bank balance.


a great savings product,

business CDs,

various business lending products,

and personal lending and banking products. 

The bank offers software integration with QuickBooks, and up to $10 in ATM fees are refunded monthly.

For starters, you’ll need $100 to open the account, but there are no minimum requirements once the account is opened. 

Red flag: you cannot deposit cash with this account, and there are no free wire transfers.

Digital Federal Credit Union

This is a top choice for small businesses that need a customized approach and a free interest-earning business checking account. Compared to traditional big banks, credit unions can also offer higher interest rates on deposits.

Additionally, unlike some credit unions, DCU is easy to join.

Perks short list:

  • You get up to 20 free deposits per day.
  • Access to online business banking, bill pay, and mobile check deposit.
  • Get free access to any DCU ATM. 
  • The bank offers one business savings account, one money market account, and certificates of deposit.
  • You get two IRA options for your employees.

When choosing a bank, listen to your heart and the experience of your fellow startup comrades. Marriages do not last, but a startup relationship with a bank should.

More articles

Please, fill in the details to book a 15 mins demo call with our expert


Something went wrong. Please, try again.