When the time comes to choose a bank, it's important to consider your financial goals, objectives, and basic needs. Ask yourself the following questions:
Do you need a checking account or line of credit? Or are you also looking for a strategic partner?
How much cash flow will be moving in and out?
Are you actually a business yet?
Do you have the minimum deposit amount?
Do you need to pay employees?
Does your accounting software integrate with the bank?
While you need to find the bank that is right for you and your business, we have a few suggestions below.
When to choose a bank
We've identified a few appropriate signals that you need to pick a bank for your business:
You're depositing money your business made.
You have payroll for employees.
Pro tip: Choosing a banking team that can be there for you when you have liquidity or credit needs can be a make or break relationship as you scale.
Pro-Tip: Banking teams have lots of partnerships and incentives. It's a good place to start with setting up a banking relationship to leverage and get access to a lot of discounts on everything from bookkeeping to incorporation. Both FRB and SVB have start-up banking programs.