Best Banks in Washington for Startups in 2025

Best Banks in Washington for Startups in 2025

Starting a business requires not only a solid business plan but also the right banking partner. In Washington, numerous banks offer tailored products and services for startups. This article provides a comparative review of some of the best banks for startups in Washington in 2025, focusing on account types, pros and cons, and typical fee ranges.

Quick Summary

The banking landscape for startups in Washington is diverse. Key players include:

- Chase Bank: Offers a comprehensive suite of business accounts with extensive branch coverage.
- Bank of America: Known for its robust online banking platform and small business resources.
- Wells Fargo: Provides a variety of business checking accounts with solid customer service.
- U.S. Bank: Offers competitive rates and a strong digital banking experience.
- Boeing Employees Credit Union (BECU): A credit union that provides favorable terms for local startups.

Eligibility & Requirements

Each bank has specific eligibility criteria and requirements for opening a business account. Generally, startups should prepare the following documentation:

1. Business License: Proof of registration with the state of Washington.
2. Employer Identification Number (EIN): Required for tax identification purposes.
3. Operating Agreement: Particularly for LLCs, detailing the management structure.
4. Personal Identification: Valid ID for all authorized signers on the account.

Bank-Specific Requirements

- Chase Bank: Requires an initial deposit, typically between $25 and $100, depending on the account type.
- Bank of America: Generally requires a minimum opening deposit of $100.
- Wells Fargo: Opening deposits can vary, but typically start around $25.
- U.S. Bank: Requires a minimum opening deposit of $100.
- BECU: As a credit union, membership eligibility is based on residency or employment criteria.

Step-by-Step Opening Process

Opening a business account generally follows these steps:

1. Choose the Right Account: Research various account types based on your business needs.
2. Gather Required Documentation: Assemble all necessary documents listed above.
3. Visit a Branch or Apply Online: Many banks allow online applications, while others may require an in-person visit.
4. Complete Application: Fill out the application form with accurate information about your business.
5. Deposit Funds: Make the initial deposit as required by the bank.
6. Receive Account Details: After approval, you will receive your account number and other relevant information.

Typical Fees & Timelines

Fees can vary significantly across banks and account types. Here’s a breakdown of typical fees you might encounter:

Monthly Maintenance Fees

- Chase Bank: $15–$30, may be waived with qualifying activities.
- Bank of America: $14–$20, waived with a minimum balance or monthly deposits.
- Wells Fargo: $10–$25, often waived with a minimum balance.
- U.S. Bank: $6–$20, depending on the account type and balance.
- BECU: Typically low or no monthly fees, but check specific account types.

Transaction Fees

- Chase Bank: $0.40–$0.50 per transaction after a certain limit.
- Bank of America: $0.45 per transaction beyond the allowed number.
- Wells Fargo: $0.35 per transaction after the limit is exceeded.
- U.S. Bank: $0.25–$0.30 per transaction after the limit.
- BECU: Generally no transaction fees.

Other Fees

- Overdraft Fees: $30–$35 across most banks.
- Wire Transfer Fees: $15–$30 for domestic transfers.
- ATM Fees: Typically $2–$3 for out-of-network withdrawals.

*Note: These are estimated ranges. Please verify with official bank sources for the most accurate and current fee structures.*

Alternatives & Digital Banks

In addition to traditional banks, startups may consider alternative banking options:

- Digital Banks: Institutions like Chime or Novo offer user-friendly interfaces, low fees, and no minimum balance requirements.
- Credit Unions: Local options like BECU often provide competitive rates and community-focused services.

These alternatives can be beneficial for startups looking for flexibility and lower fees.

FAQs

1. What is the best bank for startups in Washington?

The best bank depends on your specific business needs. Chase and Bank of America are popular choices for their extensive services and support.

2. Can I open a business account online?

Yes, most banks offer online account opening options, but some may require an in-person visit for verification.

3. What fees should I expect when opening a business account?

You can expect monthly maintenance fees, transaction fees, and possibly wire transfer fees. Always check the specific bank's fee schedule.

4. Are there any banks that offer free business accounts?

Yes, some credit unions like BECU offer low or no-fee business accounts, but eligibility may vary.

5. Do I need an EIN to open a business account?

An EIN is typically required for tax identification purposes, especially if you have employees or operate as a corporation or partnership.

6. How long does it take to open a business account?

Opening a business account can take anywhere from a few minutes to a few days, depending on the bank's process and the completeness of your documentation.

7. Can I switch banks later if I am not satisfied?

Yes, you can switch banks, but be sure to review the closing process and any fees associated with it.

8. What should I consider when choosing a bank for my startup?

Consider factors such as fees, account features, customer service, and the availability of local branches or online services.

Conclusion

Choosing the right bank for your startup in Washington involves careful consideration of various factors, including fees, services, and eligibility requirements. By understanding the offerings from different banks, you can make an informed decision that best supports your business goals.

Disclaimer: For informational purposes only; not financial/tax/legal advice.

About the Author

Marks Toms – Editor-in-Chief
Marks oversees editorial policy, compliance, and fact-checking at bankaccountsopen. Read more articles