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Business bank alternatives to Signature Bank

Compare 12 small-business competitors to this digital bank recently shut down by the FDIC.

The government announced on March 12, 2023, that it was shutting down Signature Bank, a 24-year old digital bank that catered to law firms and real estate companies and more recently became a major player in cryptocurrency lending. This news came just days after the closing of fellow digital bank Silicon Valley Bank.

Signature Bank customers will be able to access their insured deposits through the FDIC, though the days ahead for this bank remain unclear.

If you need to open a top-notch business bank account that caters to growing businesses, look to these top alternatives offering free transactions, low fees and useful tools that can help you to keep track of expenses, stay on top of payroll and simplify tax obligations as you scale your business.

What Signature Bank’s shutdown means for customers

The FDIC issued a press release on March 12, 2023, announcing that it had immediately transferred all insured deposits to the newly created Signature Bridge Bank, N.A. The FDIC said that banking activities, including online access, would resume by Monday, March 13, 2023.

In addition to the FDIC stating that depositors’ assets will be made whole, it has assured the public that “no one lost any money on deposit as a result of the closure of this bank. The White House further issued a statement on March 13, 2023, saying that “no losses will be borne by the taxpayers.”

For depositers whose assets total more than the $250,000 covered by the FDIC’s standard insurance, the FDIC has announced it will pay “an advance dividend within the next week” with possible “future dividend payments” as the government sells off Signature’s assets.

See the FDIC’s frequently asked questions to learn more about how the Signature Bank failure might affect you. Or call the FDIC at 866-744-5463 for more information.

12 Signature Bank alternatives for small businesses

  1. Novo Business
  2. Relay
  3. Brex Cash account
  4. Bluevine Business Checking
  5. Live Oak Bank Small Business Checking Account
  6. Lili
  7. Found
  8. Chase Business Complete Checking
  9. Axos Bank Basic Business Checking
  10. Square
  11. NorthOne Business Banking
  12. Axos Bank Business Interest Checking

Compare Signature Bank alternatives from our partners

Find the best bank account for your business by comparing fees, minimum deposits and ATM access. Select Compare for up to four products to see their benefits side by side.

1 - 13 of 13
Name Product Fee Annual Percentage Yield (APY) FDIC Insured Amount Software Integrations Account management Bank transfer fee Offer
Novo Business
Finder Rating: 4.4 / 5: ★★★★★
Novo Business
$0 per month
N/A
Up to $250,000
15+ integrations: Square, Etsy, Shopify, etc
Online, App, Phone
$0
Found
Finder Rating: 4.1 / 5: ★★★★★
Found
From $0 per month
1.50% on balances of $0 to $20,000
Up to $250,000
QuickBooks, Stripe, Cash App, PayPal, Square, etc.
Online, App, Phone
$0
Chase Business Complete Banking®
Finder Rating: 2.8 / 5: ★★★★★
Bonus
Chase Business Complete Banking®
$15 per month
(can be waived)
N/A
Up to $250,00
N/A
Branch, Online, App, Phone
$0
$400 bonus when you open a new account, deposit $2,000+ of new money in the first 30 days, maintain your balance for 60 days and make 5 qualifying transactions in the first 90 days. For new Chase business checking customers.
Relay
Finder Rating: 4.3 / 5: ★★★★★
Relay
$0 per month
Up to 3.00% on balances of $1,000,000+
2.00% on balances of $250,000 to $999,999
1.50% on balances of $50,000 to $249,999
Up to $2.5 million
QuickBooks Online, Xero, Gusto, Plaid, and Yodlee
Online, App, Phone
$0
Bluevine Business Checking
Finder Rating: 4.6 / 5: ★★★★★
Bluevine Business Checking
From $0 per month
4.25% on balances of $0+
2.00% on balances of $0 to $250,000
Up to $3 million
Cash App, Expensify, Quickbooks, Square, Wave, Wise, Venmo, and Xero
Online, App, Phone
$0
NBKC Business Checking
Finder Rating: 4.5 / 5: ★★★★★
NBKC Business Checking
$0 per month
N/A
Up to $250,000
N/A
Branch, Online, App, Phone
$0
Mercury
Finder Rating: 4.5 / 5: ★★★★★
Mercury
$0 per month
N/A
Up to $5 million
QuickBooks, Stripe, Xero, etc
Online, App, Phone
$0
Lili
Finder Rating: 4.6 / 5: ★★★★★
Bonus
Lili
From $0 per month
4.15%
Up to $250,000
Quickbooks,Cash App, Stripe, Venmo, Xero, FreshBooks, Etsy, and Shopify
Online, App, Phone
$0
30 day free trial for Lili Pro, Lili Smart, and Lili Premium
Grasshopper Business Checking
Finder Rating: 4.6 / 5: ★★★★★
Grasshopper Business Checking
$0 per month
2.25% on balances of $25,000 to $250,000
1.51% on balances of $0.01 to $25,000
1.51% on balances of $250,000+
Up to $250,000
Plaid, Quickbooks
Online, App, Phone
$0
Brex Cash account
Finder Rating: 3.4 / 5: ★★★★★
Brex Cash account
$0 per month
4.94%
Up to $6 million
1,000+ of integrations like Quickbooks and Slack
Online, App, Phone
$0
U.S. Bank Platinum Business Checking Package
Finder Rating: 3.2 / 5: ★★★★★
Bonus
U.S. Bank Platinum Business Checking Package
$30 per month
(can be waived)
N/A
Up to $250,00
N/A
Branch, Online, App, Phone
500 free transactions per statement cycle
Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through April 23, 2024. Member FDIC. Select “Go to site” to see steps to earn the offer.
U.S. Bank Gold Business Checking Package
Finder Rating: 3 / 5: ★★★★★
Bonus
U.S. Bank Gold Business Checking Package
$20 per month
(can be waived)
N/A
Up to $250,00
N/A
Branch, Online, App
300 free transactions per statement cycle
Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL24and complete qualifying activities, subject to certain terms and limitations. Offer valid through April 23, 2024. Member FDIC. Select “Go to site” to see steps to earn the offer.
U.S. Bank Silver Business Checking Package
Finder Rating: 2.8 / 5: ★★★★★
Bonus
U.S. Bank Silver Business Checking Package
$0 per month
N/A
Up to $250,00
N/A
Branch, Online, App, Phone
125 free transactions per statement cycle
Earn up to an $800 bonus when you open a new, eligible U.S. Bank business checking account online with promo code Q1AFL24 and complete qualifying activities, subject to certain terms and limitations. Offer valid through April 23, 2024. Member FDIC. Select “Go to site” to see steps to earn the offer.
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How to compare business bank accounts

If your business was affected by the government’s seizure of Signature Bank, you’re likely focused on protecting your assets. When you’re ready to transfer your money to another bank, look for low fees, competitive interest rates and features designed to protect your business and simplify how you manage your money:

  • Fees. Look for business accounts with low or minimal fees that are easily waived by meeting deposit, balance or transaction requirements. Confirm that overdraft and other penalty fees are reasonable.
  • Interest rates. Increase your profitability and give inflation a run for its money with a bank that offers competitive interest rates on savings, checking and CDs.
  • Account minimums. Make sure minimum balance or opening deposit requirements are low and align with your cash flow.
  • Online banking. Most banks that cater to startups offer robust digital banking services that include online account management, bill pay and mobile banking on the go.
  • ATM access. Weigh ATM availability for your business to access fee-free or low-cost cash withdrawals.
  • Merchant services. If your business accepts credit card payments, consider a bank that offers payment processing with fees that fit your transaction volume.
  • Software integrations. Most business bank accounts offer integrations for accounting, payroll and taxes. For example, Bluevine syncs with popular business tools like QuickBooks, Stripe and PayPal.
  • Access to credit. A relationship with a business designed to grow with you will offer low-cost business loans or lines of credit at competitive rates and terms.
  • Fraud protection. Fraud protection and account monitoring helps you spot suspicious account activity, so that you can report it to your bank before you’re held liable.
  • Customer support. The best banks for startups and small businesses offer access to a dedicated business banking representative, live chat and quality customer service as you scale.
  • FDIC insurance. Confirm that any digital or online bank is backed by the FDIC, which protects balances of up to $250,000.

    Are online or digital business banks safe?

    Yes. Online and digital banks are insured by the FDIC for up to $250,000, in the same way that brick-and-mortar banks are insured. This protects up to $250,000 of your funds in the unlikely event of a bank failure.

    Online banks are built on traditional banking infrastructure, so they look and feel a lot like traditional accounts, helping the best online and digital banks to offer fewer fees and higher interest rates than your corner bank branch.

    Digital banks are built on brand-new infrastructure and often have more tech-forward features, like early direct deposits and the ability to budget and save for specific goals directly in the mobile app.

    Free unlimited invoices

    Go to site

    • $0 monthly fees
    • Free ACH and wire transfers
    • 95% faster payments with Stripe
    • Third-party apps integration
    • Automated, recurring invoices

    Best for team access

    Go to site

    • Up to 3% APY on savings balances
    • $0 fees and minimum balances
    • Up to 20 individual checking accounts
    • QuickBooks Online and Xero integrations

    Best for signup bonus

    Go to site

    • $400 bonus offer when you meet requirements
    • Enjoy unlimited free transactions
    • Free same-day deposits

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