5 Startup Alternatives to Traditional Banks

A bank account is required for any business. Many businesses are resorting to online banks in today’s digital age. Whether you’re a small trade owner or a multibillion-dollar corporation, one of these Five online business banking services will suit your needs.

Novo — Perfect for freelancers and small business owners

Novo is our top pick for all types of freelancers, entrepreneurs, and small company owners. Novo is a financial technology company that provides modern online banking solutions (powered by Middlesex Federal Savings F.A.) with features and tools to assist entrepreneurs in growing and sustaining their businesses. A mobile app that allows you to make payments, send invoices, transfer funds, scan checks and other typical banking chores is built for today’s fast-paced business environment. Nothing requires more than a few swipes.

Novo has several features and benefits, including: 

  • No monthly service fees 
  • ATM refunds
  • Free ACH transfers both inbound and outbound
  • Unrestricted domestic and international wires
  • Bank checks mailed for free
  • There is no minimum balance required.

BlueVine — Best for new businesses to keep (and grow) cash

BlueVine is an internet banking platform explicitly designed for small businesses. We think their business checking is one of the greatest we’ve seen. It’s an entrepreneur-friendly alternative for small business owners wishing to save money and avoid getting nickel-and-dimed by their bank, with no monthly maintenance costs, no minimum deposits or account balance, and no “insufficient funds” fees.

Through cooperation with MoneyPass, they also offer a 38,000-strong ATM network with no surcharges. The disadvantage is that if you don’t have access to an in-network ATM, you’ll be charged an ATM fee. However, with the help of an ATM locator, you can see all of the ATMs in the network.

BlueVine offers three types of business loans in addition to a superb business checking account:

  • A credit line
  • Loan for a set period
  • Factoring invoices

Mercury — The best choice for startups and e-commerce companies.

Mercury is an excellent solution for startups and small online businesses. You can use Mercury to generate virtual debit cards and keep track of your financial flow. Shopify, Stripe, Amazon, and PayPal integrations are also simple to manage. Consider it a classic banking* backbone with a cutting-edge front end tailored to today’s businesses. Thanks to integrations and open API access, you can integrate your bank with the rest of your company. Move money around easily, give your staff physical and digital cards, and keep track of everything in clear reports:

Mercury also has no monthly fees and no minimum balance requirements, as well as other significant features like 

  • No fees for higher tier “Tea Room” members 
  • 100% online banking, so you’ll never have to go to a bank branch again
  • You can sign up from anywhere in the world in minutes 
  • Open a checking account and a savings account.
  • Design both virtual and real debit cards
  • Sync with Stripe, Paypal, Shopify, Amazon, and other payment processors in a seamless manner
  • Integrate with Pilot, Xero, Quickbooks, and other accounting software.
  • Intuitive payments (wire, check, ACH)
  • Easily searchable transactions
  • Permissions for individual users

LendingClub Bank – Ideal for organizations with a high volume of transactions.

LendingClub Bank provides four banking solutions, making it an excellent choice for scaling and expanding your business. 

Tailored Checking accounts come with: 

  • Unlimited transactions
  • 0.75 percent annual percentage yield (APY) on balances over $5,000
  • $10 monthly charge (waived if you have a balance of $5,000 or more)
  • There is no requirement for a minimum balance ($100 to open).
  • Access to a free global ATM network

Axos Bank – How to Treat Your Employees the Right Way

Business checking, interest checking, business savings, C.D.s, and CDARs are just a few of the great banking options offered by Axos Bank. Unfortunately, their accounts don’t stand out at first glance—until you see the offers once you sign up. One of these noteworthy features is their Workplace Banking solution.

You can use this service to provide financial services to all your workers. You’ll be able to offer customers no-cost checking accounts with unlimited ATM fee reimbursement and cheap interest rates on a house, auto, and personal loans through Axos. They’ll also set up a financial literacy platform for your company, with roughly 200 tutorials and videos to help your employees succeed financially.

Here are a few main features of Axos’ Business Interest Checking account in terms of account specifics:

  • Earn up to 0.81 percent annual percentage yield (APY) on balances of $50,000 or less, 0.20 percent on balances of $50,000 to $250,999, and 0.10 percent on balances of $250,999 or more.
  • A minimum opening deposit of $100 is required.
  • Maintain a minimum daily balance of $5,000 to avoid paying a monthly maintenance fee.
  • Reimbursement of ATM fees in the United States is unlimited.
  • Up to 100 free transactions per month; after that, $0.50 per item (includes debits, credit, and deposited items)
  • Remote Deposit Anywhere allows you to deposit up to 60 items per month. (includes a monthly processing limit per item)
  • Use the MoneyPass and AllPoint networks to make cash deposits.
  • There are no annual fees.
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