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What are the most startup-friendly banks?

I need to set up an account for my company, and I was wondering what a good
startup-friendly bank might be. Mainly one that doesn't spin the fees and
offering quick set up. I'm in the Bay Area and have used Silicon Valley
Bank before. They're good, but I think they're more than what I need at
this point. Any other options?

26 Replies

Derek Dukes
0
0
Derek Dukes Entrepreneur • Advisor
Business Development, Startups at Amazon Web Services

I've had a number of friends recommend First Republic, I've not used them
personally, but they are where i'm going to start with my next venture.

- d

Tony Clemendor
0
0
Tony Clemendor Entrepreneur
Founder/CEO - GiftWow, Growth & Operations Guy, Startup Advisor

Derek,

I'm about to set up new bank accounts as well.  What did your friends like
about First Republic?

Tony

Derek Dukes
1
0
Derek Dukes Entrepreneur • Advisor
Business Development, Startups at Amazon Web Services

- Competitive rates (compared with wells / bofa)
- Personal banker relationship
- Helpful and solutions oriented
- Flexible based on the needs of a startup as opposed to some of the larger
banks where they system rules are more set
- ATM fee credits (because they have a small number of actual ATMs)
- Can also work with you if you need personal banking (home re-fi)
- Can puck up / drop off checks at your office

Those where the things that stood out. Basically, you need a place where
you've got a personal relationship with your banker, if you can't get that
from a big bank then you go with someone who actually needs your business.

- d

Aleksandra Czajka
0
0
Aleksandra Czajka Entrepreneur
Freelance Senior Software Engineer, Developer, Web Developer, Programmer - Full Stack

Thanks, Derek! I will need to set up a bank account as well. Will check out
First Republic.

Matthew Cordasco
0
0
Matthew Cordasco Entrepreneur • Advisor
Co-founder and Head of Product

If you are West Coast, I would also check out Wells Fargo.   I know they are
a main-stream bank but my experience with them over the past few years has
been superior.  Very customer service oriented, personal banker
relationship, ability and willingness to waive fees for the first year +,
great online interface (which goes a long way in my opinion.)

We also had an operating account with them that was connected to our online
ecommerce payment system.   It all worked very well.

Brian Co
0
0
Brian Co Entrepreneur
Product Development at InsideTrack

I highly recommend Silicon Valley Bank. They have a program specifically
for startups: http://www.svb.com/accelerator/

> Brian Co

Jessica Alter
1
0
Jessica Alter Entrepreneur • Advisor
Entrepreneur & Advisor

I've literally had the worst experience ever with Wells Fargo - avoid them
at all costs.  Literally, has been a huge time suck and we're moving away
from them.
SVB is more expensive but they understand startups and what you don't want
to be doing is spending hrs on the phone each week with a bank.  

Ryan Selkis
0
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Ryan Selkis Entrepreneur
Founder at Inscrypto

Same question for Boston, any recommendations?

I had planned on opening up accounts with a giant like BofA for
convenience, and then doing additional research once we start to scale ops,
but ideas are welcome.

Thanks,
Ryan

Max Avroutski
0
0
Max Avroutski Entrepreneur
eCommerce, Software Developer, Usability, Marketing & Product Creation consulting services.

HSBC has free business accounts, ATM cards, online account management, many locations, card charges are not seen online till a day later though, but I can live with that.?
TD Bank (previously Commerce) even better on customer side but you have to keep some money in the account to get no fees.
Besides free business checking what qualifies as a startup?friendly?bank?
Max Avroutski

Nikhil Singhal
0
0
Nikhil Singhal Entrepreneur • Advisor
Experienced Technology Executive, Technical Advisor, Agile Coach and Leader

That is a very good question Max.

IMHO, a startup bank should have at least the following:
1.       Free checking
2.       Bill pay
3.       Credit card
4.       Low (or no) fees
5.       Online account management
6.       Account delegation and shared access

Not sure about the following, but how does it work when you start getting
angel and VC funding?

Would love to hear what people have observed in a "good, startup friendly"
bank.
Nikhil

From: [removed to protect privacy] [mailto:[removed to protect privacy]]
On Behalf Of Max
Sent: Tuesday, February 12, 2013 7:29 PM
To: Jessica Alter; Ryan Selkis
Cc: [removed to protect privacy]; Matthew Cordasco
Subject: Re: [FD Members] Startup-friendly bank

HSBC has free business accounts, ATM cards, online account management, many
locations, card charges are not seen online till a day later though, but I
can live with that.

TD Bank (previously Commerce) even better on customer side but you have to
keep some money in the account to get no fees.

Besides free business checking what qualifies as a startup friendly bank?

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