As startups increasingly seek financial solutions tailored to their unique needs, the landscape of business banking is evolving rapidly. Various neobanks and traditional institutions offer a range of options designed specifically for entrepreneurial endeavors, each with distinct advantages and limitations. With the latest developments in the banking sector as of June 2025, this comprehensive guide will explore the most relevant business bank accounts for startups, drawing on expert opinions and the latest industry data to help entrepreneurs make informed decisions.
One of the standout options for startups looking to maximize operational efficiency and financial management is Mercury. Designed for tech companies with ambitions for rapid scaling, this platform offers a fee-free structure, unlimited USD wire transfers, and FDIC insurance protection of up to $5 million through sweep networks. Nevertheless, it does have its drawbacks. Notably, Mercury does not support cash deposits, which may be a limitation for businesses that handle cash transactions. Furthermore, customer support is limited to email, and there may be fees associated with currency exchanges, particularly for non-USD transactions. This bank is particularly suited for venture capital-backed companies and those engaged in international trade, where the benefits of digital banking can provide significant operational advantages.
In contrast, Bluevine positions itself as an ideal choice for smaller, leaner teams who are looking for both interest on their deposits and access to credit lines. It promises a competitive annual percentage yield (APY) of 1.5% on balances of up to $250,000, with the potential for yields as high as 3.7% for account holders who maintain higher balances and activity levels. However, the bank does impose fees of up to $4.95 for cash deposits, and some users have reported slow response times for customer support, especially during peak periods. This banking solution is particularly beneficial for entrepreneurs aiming to earn interest while maintaining flexibility in accessing credit.
Relay stands out for businesses that need to manage multiple budgets or team expenses. With the capability to create up to 20 sub-accounts, users benefit from card-level access and customizable budgeting tools. However, there are caveats: some customers have experienced lengthy hold times for check deposits and occasional account freezes owing to compliance checks. Relay’s features are particularly advantageous for agencies and small teams requiring clarity and control in their financial management.
On the other hand, solo founders and freelancers may find Novo to be the most fitting option. This bank takes a straightforward approach, offering a user-friendly dashboard with seamless integrations with popular platforms like Stripe, Shopify, and QuickBooks. It simplifies financial operations for individual entrepreneurs, but it does not offer interest on deposits or cash deposit capabilities, which may limit its utility for some users. Nonetheless, for those who primarily invoice online and seek minimal administrative hassles, Novo can facilitate quick and efficient banking.
For companies with substantial cash reserves, Brex provides an attractive high-yield treasury sweep account, enabling users to earn between 3.99% and 4.37%. While this is a robust feature, businesses should be aware that accessing funds may take longer during market fluctuations, and there are no physical branches for transactions. As such, this account is well-suited for companies prioritizing yield while being willing to forgo immediate liquidity.
American Express Business Checking also caters to businesses seeking interest on deposits, offering a competitive 1.30% APY for balances up to $500,000. Alongside this, the bank provides 24/7 customer support and access to a network of no-fee ATMs via MoneyPass. However, it has no physical branch access and does not support joint accounts or cash deposits. As such, it may be particularly appealing to service-oriented companies requiring both reliable support and moderate returns on deposits.
Chase Business Complete represents a more traditional avenue for startups needing physical banking options. Benefiting from an established network of branches and ATMs, it also presents attractive bonus opportunities for account holders, ranging from $300 to $500, depending on the eligibility criteria. Nonetheless, businesses should be prepared for a monthly fee, which can be waived by maintaining a balance of at least $2,000. Although this account may come with service fees for various transactions, including cash deposits, its physical accessibility and incentive structures appeal greatly to brick-and-mortar businesses.
Further, various user reviews provide insight into potential issues across these banking platforms. While Mercury generally operates smoothly, its lack of cash access may deter some startups. Bluevine’s users have noted that deposit delays and slow customer service can be frustrating. Relay has received mixed feedback regarding check deposit times, though these problems are not universally experienced. It is crucial for potential account holders to weigh these issues against their own business needs.
In navigating the complex terrain of startup banking, entrepreneurs should consider a variety of factors, including transaction capabilities, access to credit, interest generation, and customer support. Business owners might benefit significantly from aligning their banking solutions with their operational priorities—whether those involve prioritizing cash handling, optimizing team collaboration, or maximizing interest on deposits. Successful financial management often involves seamlessly integrating banking accounts with invoicing and accounting tools to streamline operations and drive growth.
Despite the challenges inherent in selecting a business bank account, the options available in June 2025 present viable solutions tailored to a multitude of startup needs. From tech startups needing comprehensive support systems to traditional businesses requiring hands-on banking, the right financial partner can play a critical role in driving growth and optimizing operational efficiency. Entrepreneurs are therefore encouraged to conduct thorough research, engage with current customers, and analyze each bank’s offerings before making a strategic banking decision aimed at fostering long-term success.