Over 5 million new business applications were filed in 2021, which was a 53% increase from 2019. However, the success of all those new businesses greatly relies on startup finances and startup banking.
If you have a new business, you’ll need to prioritize your banking selection to stay organized. But how do you find the best bank for startups and what qualities should business owners look for?
Read on to discover the best bank accounts for startups and why the decision could be the difference between success and failure.
Bank of America
Bank of America is one of the best banks for startups because there are no fees for the first 200 transactions. Saving on transaction fees can be a big help in the early stages of a business. Also, it’s only 45 cents per transaction after the first 200.
Their monthly fee is also very low when compared to other banks at only $16. They also have over 17,000 ATMs across the country and they’re completely free to use.
After depositing $7,500 each month, there are only a 30 cents per $100 cash deposit fee. Best of all, you only need $100 to open an account with Bank of America.
Winden Business Banking
Winden is a lesser-known bank that offers no hidden fees, no minimum balances, and no-cost premium balance accounts. They even give 1% cash back to businesses when they spend money on advertising.
It’s a good option for startups because they also have a community of experts in marketing and finances that offer free coaching. Having that kind of support on hand can provide a lot of peace of mind to new business owners.
The bank specializes in helping Shopify businesses, content creators, digital entrepreneurs, and stripe businesses. Check out winden.co for more information on the services they provide to businesses.
Chase Business Complete Banking
Chase has a low $15 waivable fee and 20 free transaction fees for new signups. After 20 transactions, the fee is only 40 cents.
Their cash deposit fee is only $2.50 after $1,000 in a $5,000 cycle. Chase cements its claim as some of the best banking for startups by having no minimum deposit to open an account.
Novo Business Checking
Novo doesn’t charge a monthly fee or any transaction fees to its users. So, there’s a lot of appeal for new business owners even though they’re not as big as Bank of America or Chase.
You won’t have to spend money on cash deposit fees because deposits go through money orders only. Novo also refunds all ATM fees for its users. Businesses can open a Novo account without depositing any money upfront making it great for brand-new startups.
If you bank with Novo you’ll receive $20,000 in fee-free card processing via Stripe. They also provide a good amount of integrations and discounts for business banking.
What’s the Best Bank for Startups?
So, what’s the best bank for startups? It depends on how much cash you have upfront and whether you prefer digital banking or brick-and-mortar options.
Sure, banks like Chase and Bank of America are widely known but banks like Winden and Novo have features that make them great competitors.
Take a look at our business and finance sections for more helpful tips and tricks to make your startup a success.