Best Bank for Startups 2024: Fees and Features

Mike Renaldi

12.12.23

9 minute read

When starting a business, the right bank account is essential. The best banks for tech startups and other business startups will provide entrepreneurs with the tools and services they need to succeed.

From low fees and interest rates to convenient online banking options, here are some of the top banks, money services business providers, and financial institutions for startups. We'll also focus on Wise Business as a great account for startups to save on fees and operate their business efficiently.

Looking to operate your international business with less fees?

Get a Wise Business account >>

Trustpilot Rating: Great with 190,000+ reviews³⁷
Over 300,000 businesses use Wise every quarter

Table of contents
Wise Business Lili Business Chase Found Bank of America Axos Bank LendingClub QuickBooks PayPal Cash App for Business Grasshopper SoFi Relay Payoneer Revolut Shopify Square

Best Banks for Startups (Includes Money Services Business Providers and Financial Institutions)

Wise Business

Wise Business offers an international business account for startups through Wise Business. Taking banking hassles out of the equation, Wise Business is low-cost with no minimum balance or monthly fees. Wise is perfect for businesses with a global reach or who want to expand, allowing customers to hold over 40+ currencies. They also help you get local account details abroad to receive in 9 currencies.

Features¹

Batch Payments (up to 1,000 recipients)
International Payments (save up to 2x comparatively)
Team Permission Levels
Move Money at the Mid-Market Exchange Rate
40+ Currencies in One Account

Pricing and Fees²

Feature	Cost/Rate
Account Registration	$31
Sending Money	0.43%+
ATM Fees \ (over $100/month/account)	2% + $1.50/withdrawal
Account Funding Transactions	2%
Wise Debit Card	$5
Converting Money	0.43%+

Looking to operate your business with less fees?

Get a Wise Business account >>

Trustpilot Rating: Great with 190,000+ reviews³⁷
Over 300,000 businesses use Wise every quarter

Please see Terms of Use for your region or visit Wise Fees & Pricing for the most up to date pricing and fee information.

Lili Business

Lili is a business banking platform designed for small businesses. They help businesses manage their finances in an easy-to-understand one-stop-shop. Through banking, accounting, invoicing, and tax preparation services, Lili handles it all. They want you to be able to focus on your business goals and help you get there.³

Features³

Visa Business Debit Card
Online Banking (on desktop and mobile devices)
Multi-User Access
BalanceUp (overdraft protection with no fees)
No Hidden Fees

Pricing and Fees⁴

Lili offers four account plans, each with a different monthly fee:

Basic - $0/month
Pro - $9/month
Smart - $20/month
Premium - $35/month

Feature	Cost/Rate
ATM Transaction \ (domestic non-MoneyPass Network)	$2.50 + ATM Rate
ATM Transaction (international)	$5 + ATM Rate
Card Replacement	Free for First Card $5/Card After
Deposited Check Returned Item	$25
Express Mail	$20
Funds Transfer \ (ACH express delivery)	1.5% ($0.50-$20)

Chase

Through Chase for Business, Chase Bank offers Chase Business Complete Banking. They recommend the Chase Business Complete Checking account. With this account, qualifying new business customers can earn $300. They also offer services like credit card acceptance to help small businesses grow.⁵

Features⁵

Waivable Monthly Service Fee
$300 Bonus (for qualifying new business checking customers)
Chase QuickAccept (credit card acceptance with no hidden fees)
Fraud Protection Services
Unlimited Chase ATM and Debit Card Transactions/Purchases

Pricing and Fees (for Chase Business Complete Checking)⁶

Feature	Cost/Rate
Monthly Fee	Up to $15
Monthly Transactions	Free for First 20 $0.40/Transaction After
Incoming Wire Transfers (domestic & international)	$15/Item
Domestic Outgoing Wire Transfers (via chase.com)	$25/transfer
Domestic Outgoing Wire Transfers (via branch)	$35/transfer
International USD Outgoing Wire Transfers (via chase.com)	$40/transfer
International FX Outgoing Wire Transfers (via chase.com)	$0-$5/transfer
International USD or FX Outgoing Wire Transfers (via branch)	$50/transfer
Chase QuickAccept (swipe, dip & tap)	2.6% + $0.10/transaction
Chase QuickAccept (manual entry & payment link)	3.5% + $0.10/transaction

Found

Found is a financial technology company providing banking services through Piermont Bank. They offer “all-in-one banking” through banking, bookkeeping, taxes, and invoices. Found has free sign-up with “no hidden fees, credit checks, or minimum balance”. They also offer a Found Mastercard debit card.⁷

Features⁷

Online Business Banking
Automated Accounting
Reporting & Insights
Pockets (budgeting and savings tool)
Fast Transfer & Deposits

Pricing and Fees⁸

Feature	Cost/Rate
Instant Withdrawals	1.75%
Found Plus (optional upgrade with advanced tools)	$19.99/Month $149.99/Year
ATM Fees	ATM Rate
International Transactions	Potential Conversion Fees
Invoice Payment (via debit or credit card)	2.9% + $0.30
Invoice Payment (via direct debit)	1%
Invoice Payment (via Cash App Pay)	3.1% + $0.30

Bank of America

Bank of America offers business banking solutions with “powerful digital tools”. They cater to small businesses that earn up to $5 million annually. They also have business banking for mid-sized and global commercial businesses. Bank of America also offers “resources, insights, and a team of specialists”.⁹

Features¹⁰

Business Advantage credit card (no annual fee)
Preferred Rewards for Business
Access to Zelle (free in the Bank of America app)
All-in-One Business Checking Solution
$300 Statement Credit or 30,000 Bonus Points (online offer on select cards)

Pricing and Fees¹¹

Feature	Cost/Rate
Rush Replacement (ATM or debit card)	$15/Card
Non-Bank of America Teller Withdrawal	$5 or 3% (whichever is greater) (Up to $10)
International Transaction	3% in USD
Domestic Non-Bank of America ATM Fee	$2.50/Transaction
International Non-Bank of America ATM Fee	$5/Transaction
Certificate of Protest (for accounts in New York)	$25
Check Image Service	$3/Statement Cycle
Check Copies, Deposit Slips, and Other Credit Items	Free for First 2 Copies $3/Copy After (Up to $75)
Statement Copy	$5/Copy
Redeposit	$14/Item
Legal Process	$125/Occurrence
Overdraft Item	$10/Item
Stop Payment	$30/Request
Domestic Outgoing Wire	$30
Domestic Incoming Wire	$15
International Outgoing Wire (in USD)	$45
International Incoming Wire	$15

Axos Bank

Axos’ business solutions include small business and commercial banking. They also offer commercial lending. Axos highlights its Basic Business Checking Account, which helps businesses “grow and succeed” by removing restrictions. This account features minimal fees.¹²

Features¹²

$400 Welcome Bonus (restrictions apply)
No Monthly Maintenance Fees
Unlimited Transactions (with no fees)
Unlimited Domestic ATM Fee Reimbursements
No Minimum Balance

Pricing and Fees (for Basic Business Checking)¹³

Feature	Cost/Rate
Monthly Processing Fee	Free for First 200 Items $0.30/Item After
Minimum Deposit for Opening	$1,000

LendingClub

LendingClub has several business banking solutions, including Business Checking and High-Yield Savings accounts. They also offer lending and financing services for small businesses specifically. LendingClub’s online Autobooks service and deposit services help manage your finances. Not-for-profits have the option of specialty services.¹⁴

Features¹⁴

Tailored Checking Account (with automatic ATM fee rebates and more)
High-Level Security (256-bit encryption)
FDIC Insurance (up to $250,000)
Customer Support (via online chat, phone, or email)
Digital Banking

Pricing and Fees (for Business Tailored Checking)¹⁵

Feature	Cost/Rate
Minimum Opening Deposit	$100
Monthly Maintenance	Up to $10/Month
Abandoned Property	$50/Account
Out-of-Network ATM Use	ATM Rate
Currency Conversion	.2%
International Transaction	.9%
Expedited ATM/Debit Card	$35
Domestic Outgoing Business Wire	$18
International Outgoing Wire	$40
Stop Payment	$25

QuickBooks

QuickBooks offers small business banking through their QuickBooks Checking bank account. This account provides fast payment deposits and high-yield savings. QuickBooks banking is “online from start to finish” with automated money management. They also help you save and grow your business with special tools.¹⁶

Features¹⁶

QuickBooks Online (free instant deposit, bookkeeping, etc.)
Deposit Straight to the Bank
1.75% APY (with high-yield savings envelopes)
Free to Open a Checking Account (no minimum balance)
No Monthly or Overdraft Fees

Pricing and Fees (for Checking Deposit Account)¹⁷

Feature	Cost/Rate
In-Network ATM Withdrawal	Free for First 4/Statement Cycle $3/Transaction After
Out of Network ATM Withdrawal	$3/Transaction
Cash Deposit at Retailer	Up to $5.95
Instant Transfer	1.5%
Replacement Card (with expedited delivery)	$20
Foreign Transaction	3%

QuickBooks also has four pricing plans to use their services:

Money - $0/month
Simple Start - $30/month
Essentials - $60/month
Plus - $90/month

The Wise Business Account: Features

Wise offers a set of features that set it apart for businesses. Not to mention that Wise Business users can send and receive transfers internationally without the markups.

Some other features Wise Business users love
Make purchases or pay your international team at low rates (as low as 0.43%)
Get paid without the fees in GBP, USD, EUR, AUD, CAD after a one-time fee
Account Software Integration: QuickBooks, Xero, Sage, and Wave
Batch payments offer the chance to send up to 1000 invoices in a single click
The Most International Account: Hold 40+ currencies at once
Transparency: Wise Business is trying to get rid of all your business account fees
Most importantly, if you're sending international payouts, then Wise could help. We offer the mid-market exchange and transparent costs, which has attracted over 16 million users to hold, receive, and send money with Wise and save along the way

Looking to operate your business with less fees?

Get a Wise Business account >>

Trustpilot Rating: Great with 190,000+ reviews³⁷
Over 300,000 businesses use Wise every quarter

PayPal

PayPal created PayPal for Business for small businesses. They help businesses “get paid securely online and in person”. While they aren’t a bank, they offer financial services like cards and loans. PayPal can also help you with your business operations through helpful resources.¹⁹

Features¹⁹

Business & Working Capital Loans
Business Debit & Credit Cards
POS System
Risk Management & Reporting Tools
Mass & Installment Payments

Pricing and Fees²⁰

Feature	Cost/Rate
Receiving Domestic Commercial Transactions	2.29-3.49% + Fixed Fee
Receiving International Commercial Transactions	2.29-3.49% + Fixed Fee + 1.50%
Campaign Fee (store cash transactions)	8%
Receiving Domestic APM Transactions	2.59-2.99% + Fixed Fee
Receiving International APM Transactions	2.59-2.99% + Fixed Fee + 1.50%
Receiving Domestic PayPal Online Card Payment Transactions	2.59-3.09% + Fixed Fee
Receiving International PayPal Online Card Payment Transactions	2.59-3.09% + Fixed Fee + 1.50%
Receiving Domestic Micropayments	4.99% + Fixed Fee
Receiving International Micropayments	4.99% + Fixed Fee + 1.50%
Currency Conversion	3-4%
Instant Withdraw/Transfer (to bank account or card)	1.50%

Cash App for Business

Mobile payment service Cash App created Cash for Business as an alternative to a bank for entrepreneurs and small businesses. Cash management and payment services make it easy to receive payments from Cash App users. They also make tax reporting transparent by using Form 1099-K with the IRS. Cash for Business’ goal is to make business management easy to do and understand.²¹

Features²¹

Connect with Cash App Customers (via QR code, $Cashtag, email, or phone number)
Automatic 2.75% Processing Fee
Free Instant Deposits
Generated Tax Forms
Switch Your Current Cash App Account to a Cash for Business Account

Pricing and Fees²²

Feature	Cost/Rate
Processing Fee	2.75%

Grasshopper

Grasshopper(see Grasshopper alternatives) is a digital banking platform offering a digital business checking account for small businesses. They are FDIC insured with “years of industry expertise”. Grasshopper keeps your data and money secure with security and fraud monitoring. They also have a dedicated support team of “real humans”.²³

Features²³

Online Account Application
1.51-2.25% APY
Unlimited Free Transfers
Digital Banking (online and mobile)
Free Rewards Debit Card

Pricing and Fees (for Innovator Business Checking)²⁴

Feature	Cost/Rate
Domestic Wire Out	$10/Wire
International Wire Out	$25/Wire
International Wire In	$5/Wire
Deposited Item Return	$10/Item
Physical Debit Card Replacement	Free for First Card $5/Card After
Expedited Debit Card	$25/Card
Dormant Account	$5/Month
Foreign Item Collection	$30/Item
Abandoned Property	$50/Account
Levy	$50/Instance
Account Research	$25/Hour
Subpoena or Summons	$25/Instance

SoFi

SoFi is an online bank that offers a standard checking and savings account. They do not have business banking. They offer SoFi at Work and Small Business Financing, but these are only business solutions. Aside from that, they offer mortgage and personal loans, help with student loans, insurance, investing, and more.²⁵

Features²⁵

55,000+ Fee-free ATMs (through the Allpoint Network)
Up to 4.60% APY
Overdraft Coverage (with no fees)
Up to 15% Cash Back (at local businesses
Additional FDIC Insurance

Pricing and Fees²⁶

There are currently no fees related to SoFi accounts, but this is subject to change.

Relay

Relay is a financial technology company that provides banking services. They offer banking for ecommerce, agencies, real estate investors, and small businesses. Relay recommends that small businesses use their Business Checking account. It comes with FDIC insurance and Visa Zero Liability protection.²⁷

Features²⁷

Make Deposits from Money Processing Services (PayPal, Stripe, Square, etc.)
Automate Transfers and Recurring Payments
Auto-categorized Card Purchases
Comprehensive Payment Data
Track Team Member Spending

Pricing and Fees²⁸

Relay offers two accounts: a standard, free account and a Pro account that is $30/month. Below, you’ll see how fees look for the standard Relay account.

Feature	Cost/Rate
Domestic Outgoing Wires	$5
Outgoing International Wires	$10

Payoneer

Payoneer is a cross-border business payment platform that offers a business payment account designed with freelancers in mind. Their services are tailored to accounts who want to expand their reach to global markets. They keep payments from different currencies and countries all in one place. Payoneer also makes it easier for global teams to pay their remote workers, contractors, and suppliers.²⁹

Features²⁹

Request Payments Overseas
Marketplace Integrations with 2,000+ Platforms
Make Payments from Your Payoneer Account
Pay Employees via Credit Card or ACH Bank Debit
Physical or Virtual Multi-currency Card

Pricing and Fees³⁰

Feature	Cost/Rate
Getting Paid Directly By Clients (via credit card)	3%
Getting Paid Directly By Clients (via ACH bank debits)	1%
Pay & Use Funds Direct from Payoneer (to non-Payoneer using recipient)	Up to 3%
Fixed Fee (to make certain non-currency exchange payments)	1.50 USD/GBP/EUR
Withdraw to Bank Account (with currency exchange)	Up to 3%
Withdraw to Bank Account (without currency exchange)	1.50 USD/GBP/EUR
Annual Account Fee	$29.95

Revolut

Revolut’s business account is made for businesses of all sizes. They are also committed to globalizing businesses by supporting a wide range of businesses, currencies, and countries. Revolut uses APIs and integrations to support your account. They also use analytics and expense tracking to keep you in the know.

Features³¹

High-Quality Tech Security Systems
Block or Freeze Cards
Set Spending Limits
Separate Personal and Business Finances
“Perfect-fit” Company Plans

Pricing and Fees³²

Revolut offers four account plans for companies, each with a different monthly fee:

Free - $0/month
Grow - $30+/month
Scale - $119+/month
Enterprise - custom pricing

Feature	Cost/Rate
International Transfers	Free for First 0-25 $5 After
Local Transfers	Free for First 5-1,000 $0.20 After
Currency Exchange at the Interbank Rate	Free for First $1,000-$50,000 0.6% After (1% for After Hours Exchanges)
Metal Cards	Free for First 0-2 $49/Card After

Shopify

Shopify is known for its ecommerce storefronts. But they also offer a business financial account through Shopify Balance.³³

This account comes free with your standard Shopify account, which is available with a free trial for three days. However, this account is only available to existing Shopify customers, who will need to pay for a subscription after the trial period.³⁴

Features³³

Minimal Fees
Open Up to 5 Extra Accounts
Transfer Through Connected Financial Apps
Integrations with Tax Services (QuickBooks, Freshbooks, Bench, etc.)
Free Spending Card with Automatic Cashback

Pricing and Fees

You can open a Shopify account with a free trial for 3 days and at $1/month for the following first 3 months. Afterward, Shopify offers three account plans, each with a different monthly fee (the lower fee listed for each account is for annual plans):

Basic - $29-$39/month
Shopify - $79-$105/month
Advanced -$299-$399/month

Square

Square offers business banking through Square Financial Services and Sutton Bank. They are a financial services company and not a bank. Square has checking, savings, and loans for their customers. They specialize in solutions for food & beverage, retail, beauty, and service businesses.³⁵

Features³⁵

Minimal Fees
1.75% APY
Folders to Organize Money
Free Instant Transfers Between Checking and Savings Accounts
Square Checking and Debit Card

Pricing and Fees³⁶

While Square Banking is free with no fees, it requires one of three Square account plans, each with a different monthly fee:

Free - $0/month
Plus - $29+/month
Premium - custom pricing

Feature	Cost/Rate
Payroll	$35/Month + $6+/Person/Month
Email Marketing	$15+/Month
Text Message Marketing	$10+/Month + SMS Rates
Loyalty	$45+/Month
Team Plus	$35+/Month/Location
Afterpay	6% + $0.30/Transaction

An International Account: Wise for International Business

Banking with a credit union or a traditional bank is a great option for small businesses. But they also have plenty of drawbacks, like high fees, limited services, and restricted membership. Luckily, Wise offers comprehensive and innovative business solutions.

Wise serves 300k business every quarter in markets all over the world. A Wise Business account offers the chance to send and receive international payments in multiple currencies.

Whether an instance one-time payment or batch payment, Wise offers competitive rates to customers with the mid-market exchange rate.

Wise Batch Payments come with your account - pay up to 1000 invoices in one go
Multi-level permissions and alerts gives you complete control over your account
Link your accounts with top accounting systems: QuickBooks, Wave, Sage, and Xero
US businesses get local account details in 9 currencies to receive funds after paying a one-time fee

See how much you'll save while sending cross-currency transfers here:

Trustpilot Rating: Great ³⁷
Over 300,000 businesses use Wise every quarter

Sources:

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.

Money without borders

Find out more

Business

Best Banks for Startups (Includes Money Services Business Providers and Financial Institutions)

Wise Business

Features¹

Pricing and Fees²

Lili Business

Features³

Pricing and Fees⁴

Chase

Features⁵

Pricing and Fees (for Chase Business Complete Checking)⁶

Found

Features⁷

Pricing and Fees⁸

Bank of America

Features¹⁰

Pricing and Fees¹¹

Axos Bank

Features¹²

Pricing and Fees (for Basic Business Checking)¹³

LendingClub

Features¹⁴

Pricing and Fees (for Business Tailored Checking)¹⁵

QuickBooks

Features¹⁶

Pricing and Fees (for Checking Deposit Account)¹⁷

The Wise Business Account: Features

PayPal

Features¹⁹

Pricing and Fees²⁰

Cash App for Business

Features²¹

Pricing and Fees²²

Grasshopper

Features²³

Pricing and Fees (for Innovator Business Checking)²⁴

SoFi

Features²⁵

Pricing and Fees²⁶

Relay

Features²⁷

Pricing and Fees²⁸

Payoneer

Features²⁹

Pricing and Fees³⁰

Revolut

Features³¹

Pricing and Fees³²

Shopify

Features³³

Pricing and Fees

Square

Features³⁵

Pricing and Fees³⁶

An International Account: Wise for International Business

Money without borders

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