Top 12 based on variable annual percentage yield (APY %):
| APY | Institution | Min to Open | ATM Network | Monthly Fee | Perks |
|---|---|---|---|---|---|
| 4.64% | Mercury by Choice Financial Group and Evolve Bank & Trust → | $0 | 55K+ | $0 | $600K+ |
| 4.62% | Arc by Evolve Bank & Trust → | $0 | / | $0 | $0 |
| 4.55% | Rho by Webster Bank → | $1M | / | $0 | 0 |
| 4.54% | Silicon Valley Bank by First Citizens Bank → | $0 | / | $0 | $300K+ |
| 4.24% | Brex by Lending Club Bank → | $0 | / | $0 | $0 |
| 3.8% | LiveOakBank → | $100 | 55K+ | $0 | $0 |
| 3.77% | meow by Third Coast Bank SSB → | $0 | / | $0 | $0 |
| 3.65% | Lili by Choice Financial Group → | $0 | 38K+ | $0 | $0 |
| 2.25% | Grasshopper Bancorp → | $100 | 46K+ | $0 | $0 |
| 1.5% | Bluevine by Coastal Community Bank → | $0 | 37K+ | $0 | $0 |
| 1.3% | American Express → | $0 | 61K+ | $0 | $0 |
| 1% | LendingClub Bank → | $100 | 20K+ | $0 | $0 |
Startup banking vs. traditional business bank account
Startup banking provides an integrated stack of technology and financial services facilitating money management as well as connectivity between third-party apps and banking services.
| Startup | Business | |
|---|---|---|
| APY | High | Low |
| Checking Account | Yes | Yes |
| Savings Account | Yes | No |
| Merchant Services | Yes | No |
| Cash Management | Yes | No |
| Debit Card | Available | Available |
| Credit Card | Available | Not available |
| Line of Credit | Yes | No |
| Minimum Balance | Not required | Required |
| ACH Transfers | No fee | Fee based |
| Wire Transfers | No fee | High fee |
| International Transfers | No/Low fee | High fee |
| F/X | Low fee | High fee |
| Withdrawals | Unlimited | Unlimited |
| Deposits | Unlimited | Unlimited |
| Cash Deposits | N/A | Fee based |
| ATM Access | Yes | Yes |
| Online Only | Yes | No |
| API Access | Yes | No |
| Third-Party Integrations | Yes | No |
| Perks | Yes | No |
Perks include discounts on cloud computing, infrastructure, compliance, collaboration, sales, tax, accounting and HR services, helping startups stay focused on shipping products and eliminating administrative burden running a business.