Ash HN: Best Bank for an Early-Stage Startup: Chase vs. SVB vs. Brex vs. Merc.?

[maxan]

What has your experience been?

PS I know that Chase is more of an SMB bank that doesn't seem to tailor their services specifically to startups but I like the fact that it consistently ranks high on customer satisfaction rankings — while others aren't even on the list. E.g. https://www.jdpower.com/business/press-releases/2019-us-retail-banking-satisfaction-study

[davismwfl]

Check with your local banks too. In my businesses I have always maintained banking with smaller regional banks and 1-2 national banks.

Most times you can get much better deals from non-startup type banks (seems counterintuitive). IME even Bank of America has better terms for small business then SVB does.

For small regional banks they are more flexible with terms generally and will work with you to establish business credit lines that aren’t attached to the founders.

I always build credit very early in a new business, using cash (or cash equivalents) to help reduce/remove personal liabilities. This is normal for small business but tech startups always seem to miss this and wind up doing it way late IMO. And local banks are key to this.

[foobarbazetc]

Chase is much better than SVB in our experience.

I use them for personal (Private Client) and business. No issues on either side.

We moved from SVB when they wanted to charge us $200/month for a bank account with a horrible online UI.

Chase costs $0/month with free wires. ️