I’m a founder, which bank should I open my business account?
With the latest bank run frenzy and SVB/Signature debacles I think of opening at JPMC a business account. Where do other founders go while in pre-seed/seed?
Couple basic lines of thought when it comes to business banking:
- Corporate MultiMega Bank
- Whatever bank you already use for personal banking
- Whatever bank offers the best business checking where you live
If you will have less than $250,000 in the account for the foreseeable future or don't mind splitting your money, you have a lot more options. We chose FirstIB for their free outgoing ACH. At the time, they also offered higher interest rates than the larger banks.
I’d have primary bank and secondary bank. SVB deposits were unavailable for a total of one, maybe two business days. I’d try not to keep more than $250k in each account.
Had you banked at SVB with a backup and less than $250k you’d have experienced zero cash flow interruption.
You really asking hn after how the last pick went?