What small business bank should we use for a standard checking account for our LA-based startup?
I work with over 200+ startups and just about every bank out there. Here are the trends that I’ve noticed:
-
Silicon Valley Bank: best for VC backed startups.
-
First Republic Bank: best for personal banking, and really good at VC backed companies.
Those really are the ones I’ve found to be best over the past several years, and are great for Los Angeles based, early-stage companies. We’ve also got a full run down on the best banks for startups.
I’ve also developed some strong opinions on the best credit cards for startups recently. Two in particular stand out, Brex and the SVB Innovators Card. These do NOT require the founder to take on personal liability, and understand how to lend money to cash-flow negative startups.
Also read:
Recent questions
- How to categorize Customer Success expenses on the P&L
- My business’ California Registration was rejected because there is already the same business name in use, what should I do?
- Form W-8BEN, what type of form is this in the US?
- As a hardware startup in the R&D phase, how can I save money?
- Startup Law: What can you do if a contractor (who you have already paid) is avoiding your requests to sign a W9?
Top viewed questions
- What happens if the IRS audits me and I do not have the receipt for an expense (assuming it was a legitimate expense)?
- What does a US based company need to do to comply with IRS regulations in paying foreign contractors?
- What are some hacks for reducing your burn rate if you are a startup?
- How can I become a good accountant?
- How should convertible note financing be handled on the balance sheet?