First Republic has built a suite of financial products and services that cater specifically to the needs of startups. From dedicated personal bankers to actual humans behind every call, the customer comes first every step of the way. First Republic prides itself on establishing deep relationships with its customers.
Its emphasis on providing “extraordinary customer service” truly sets it apart.
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These services include access to basic business banking needs, plus startup-specific offerings such as complimentary 409a valuation, robust online and mobile banking tools, and access to strategic advice from a dedicated banking partner.įirst Republic emphasizes building personal relationships with its customers, offering direct phone and email support, and going the extra mile to meet the needs of its customers. Brex Cash has no physical location, and finding a compatible ATM is difficult - you may acquire ATM fees as a result.įirst Republic is a popular banking option for startups with its ‘Banking for Innovators’ services. However, it isn’t a good solution if your startup relies on cash deposits. Brex Cash is ideal as an online solution or a business credit card. There is also no minimum balance requirement, so you can store maximum funds at no cost. Brex Cash is an affordable banking option for startups because it does not charge any fees on transactions, ACH or wire transfers. Compared to other startup financial management options, Brex Cash offers one of the best APYs helping your cash earn a yield of 1.6% or more. Since it is an online-only business, you can easily access your money online and from the Brex app. Brex Cash offers all the services of a traditional or personal bank account in addition to a user-friendly online platform. You can manage all transactions on one portal, make deposits, trade securities, and even write checks with a CMA.īrex Cash has raised a whopping $732.1 million from venture capital firms to reimagine the financial services landscape for startups and currently offers one of the most comprehensive CMAs for businesses. A cash management account (CMA) provides all that a business bank account does with fewer fees. While Brex Cash technically isn’t a bank, we decided to include it here for their “cash management account” offering. See also: 8 Best Accounting Tools for Startups Some customers reported issues with their customer support, specifically about its live chat. If your startup relies on cash deposits, Mercury will not be able to meet your needs as there are no physical locations or ATMs.
Mercury is still a relatively new bank, thus may not have big perks and additional features as the more established best banks for startups.
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Businesses with bank balances of $250,000 or greater automatically join the “Tea Room,” where they receive access to free domestic wires and various partner rewards (and some tea, too). can also open a Mercury business bank account. While Mercury focuses heavily on US-based startups, international businesses who work in the U.S. Mercury offers options for an unlimited number of admins, such as your bookkeepers or other financial staff. Mercury understands that small business owners aren’t the only ones who need access to the business bank account. Or leverage one of its affordable wire transfer options $5 for domestic transfers and $20 for international transfers. Electronically send money between accounts for free. Each web page is also heavily encrypted, and it conducts regular penetration testing to keep your money safe. All funds are FDIC-insured, which means you can recover up to $250,000 worth of stolen money. Mercury offers some of the most robust banking security for businesses. Mercury offers all of its services online - everything you need without visiting a physical bank branch. For example, startups can sign up and gain access to a business checking and savings account and a debit card in as little as 15 minutes. One of the biggest benefits of Mercury is its incredibly straightforward offering and easy-to-use platform. While it specializes in working with tech companies, any type of business can bank with Mercury. Mercury is a tech-focused bank built for startups.
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