[frisco]

There are a few banks whose business is specifically startups; the two most well-known are Silicon Valley Bank ("SVB") and Square One. I'd start a relationship with them and deposit there if I were you. I've personally worked with Square One before and they're awesome. You should look into the Square Roots program there, since it's designed for exactly this scenario. They can give you more specific advice. But generally the rule is not to get creative.

[rdl]

Square One is definitely the better of the two, at least from everything I've seen. The other option would be a business banking account at a bank where you already have a relationship (from personal banking).

[moneymoron]

Thanks. I just want to make sure I'm being a good steward of the money that was given to us. We obviously don't want to do anything fancy with it since we need to spend it, but I want to do due diligence on what others are doing with their cash when they get it like this.

[jonursenbach]

I've heard nothing but bad things about SVB.

[aamar]

Using SVB for a second startup; in my experience, they've been fine and even helpful. Good customer service. No experience with Square One, so I can't compare the two.

[usaar333]

The bankers themselves are wonderful, helpful people.

The online banking (which I want to use a lot) needs a lot of work.

1) Does not allow logins from linux desktops

2) Password entry uses a virtual keyboard where you manually click on-screen letters with a mouse; this discourages logging in and encourages worse passwords.

3) The actual online interface has significant work to do to catch up to that of larger commercial banks.

[aamar]

Agree with all of these points, except that I've never had to use a virtual keyboard; password entry does use sort of an odd widget, but I can type normally into the password field (typically Chrome/OSX).

Thanks especially for noting the linux problem; I'd forgotten about that.

[ctkrohn]

Another vote for Square One. They've been extremely helpful and offer great service. They'll be happy to put the money in CDs or in an interest-bearing savings account, and will also be able to advise you on what's common for startups at your stage.

[kloncks]

https://www.square1financial.com/