Best Business Bank for Physical Therapists
You help patients recover. We'll help your finances stay healthy.
What Physical Therapists Need From a Bank
Average Revenue
$200,000–$600,000 (private practice)
Cash Flow Pattern
Relatively steady week-to-week but reimbursement delays create 30-60 day cash flow lag; workers comp claims can take months
Typical Transactions
100-400/month
Category
Healthcare
Primary Banking Needs
PT practice owners face enough pressure — banking shouldn't add more
Insurance paid you $65 for a session that should have reimbursed at $120 — and it took 45 days
Workers comp claims from three months ago are still pending and your cash flow is feeling it
You can't tell if your cash-pay patients are subsidizing your insurance-based practice
Best Banks for Physical Therapists Compared
| Bank | Monthly Fee | APY | FDIC |
|---|---|---|---|
| Holdings | $0 | 1.75% | $3M |
| Live Oak Bank | Varies by relationship | Market rates | Standard FDIC |
| U.S. Bank Healthcare Banking | $25-50/month based on account type | 0.01-0.05% | Standard FDIC |
| Found | $0 basic, $35/month Plus | 0% basic, 1.50% Plus (up to $20K) | Standard FDIC |
| Lili | $0 basic, $25/month Pro | 0% basic, 3.00% Pro (up to $100K) | Standard FDIC |
| Relay | $0-$25 based on plan | 0% checking, 1.03-3.03% savings | Standard FDIC |
| TD Bank Healthcare Solutions | $20-40/month based on services | 0.01-0.10% | Standard FDIC |
Holdings
$0/mo · 1.75% APYModern physical therapy practices that want automated expense tracking and zero-fee banking
Key Features
- •AI bookkeeping that separates equipment costs from patient session revenue
- •Automatic categorization of continuing education and licensing expenses
- •HIPAA-compliant financial management for physical therapy practices
- •Sub-accounts for different therapy services and insurance types
Pros
- ✓Zero fees preserve more profit from therapy sessions
- ✓AI automatically tracks equipment, supplies, and professional development
- ✓High-yield savings for equipment replacement and practice growth
- ✓Enhanced FDIC coverage suitable for larger practice deposits
Cons
- ✗Newer bank without physical therapy industry track record
- ✗Online-only platform may not suit traditional practice preferences
Live Oak Bank
Varies by relationship/mo · Market rates APYEstablished PT practices needing equipment financing or practice acquisition loans
Key Features
- •Specialized healthcare practice financing
- •Physical therapy equipment financing programs
- •Practice acquisition and expansion loans
- •Healthcare industry expertise and relationship managers
Pros
- ✓Deep expertise in physical therapy practice financing
- ✓Specialized loan products for PT equipment
- ✓Strong healthcare industry relationships
- ✓Practice acquisition and expansion specialists
Cons
- ✗Higher minimum balances and banking fees
- ✗Focus on lending rather than everyday banking
- ✗Limited geographic presence
U.S. Bank Healthcare Banking
$25-50/month based on account type/mo · 0.01-0.05% APYLarge physical therapy practices and rehabilitation centers needing specialized healthcare banking
Key Features
- •Healthcare industry specialization including physical therapy
- •Integration with physical therapy practice management software
- •Insurance claim processing and healthcare payment solutions
- •Dedicated healthcare relationship managers
Pros
- ✓Deep healthcare and physical therapy industry expertise
- ✓Comprehensive business banking and healthcare services
- ✓Professional liability insurance partnerships
- ✓Physical therapy practice financing options
Cons
- ✗High monthly fees and minimum balance requirements
- ✗Very low interest rates on business deposits
- ✗Complex fee structures and account requirements
Found
$0 basic, $35/month Plus/mo · 0% basic, 1.50% Plus (up to $20K) APYPrivate practice physical therapists who need help with tax organization and expense tracking
Key Features
- •Automatic tax savings from physical therapy income
- •Receipt capture for equipment and continuing education expenses
- •1099 preparation for private practice physical therapists
- •Business expense tracking for therapy practices
Pros
- ✓Strong tax automation for private practice physical therapists
- ✓Auto-saves percentage for quarterly tax payments
- ✓Good tracking for equipment and professional development
- ✓Mobile app suitable for busy therapy schedules
Cons
- ✗APY only available with paid Plus subscription
- ✗$20K limitation on high-yield earnings
- ✗Monthly fee required for premium features
Lili
$0 basic, $25/month Pro/mo · 0% basic, 3.00% Pro (up to $100K) APYPhysical therapists with steady patient base who want high-yield savings and budgeting tools
Key Features
- •Tax bucket for physical therapy practice income
- •Expense categorization for equipment and professional development
- •Patient payment tracking and session billing management
- •Spending insights for physical therapy business operations
Pros
- ✓Highest APY for physical therapy practice savings
- ✓Good budgeting tools for variable therapy income
- ✓No foreign transaction fees for international training
- ✓Real-time expense tracking and financial insights
Cons
- ✗No physical checkbooks for equipment vendor payments
- ✗Limited cash deposit options at retail locations
- ✗Best features require Pro plan subscription
Relay
$0-$25 based on plan/mo · 0% checking, 1.03-3.03% savings APYPhysical therapy group practices or therapists planning to expand their practice
Key Features
- •Multiple accounts for different therapy services
- •Team features for multi-therapist practice management
- •Automated allocation of patient and insurance payments
- •Integration with physical therapy practice management software
Pros
- ✓Excellent for group practices and rehabilitation centers
- ✓Strong business banking and team collaboration features
- ✓Good savings rates for equipment and expansion funds
- ✓Scales from solo therapist to multi-location practice
Cons
- ✗No interest earned on checking accounts
- ✗More complexity than needed for solo practitioners
- ✗Limited individual physical therapist features
TD Bank Healthcare Solutions
$20-40/month based on services/mo · 0.01-0.10% APYPhysical therapy practices seeking equipment financing and specialized healthcare banking
Key Features
- •Healthcare practice financing specialists
- •Physical therapy equipment loan programs
- •Practice management banking solutions
- •Healthcare industry expertise and consultation
Pros
- ✓Strong healthcare practice financing reputation
- ✓Competitive physical therapy equipment loans
- ✓Specialized healthcare business consultants
- ✓Extended banking hours for busy practices
Cons
- ✗Monthly fees and minimum balance requirements
- ✗Low interest rates on business deposits
- ✗Limited to certain geographic regions
Frequently Asked Questions
Can Holdings track which payer types are most profitable for my PT practice?
Yes. Our AI categorizes income by insurance, workers comp, and cash-pay automatically, so you see exactly where your revenue and margins come from.
How does Holdings handle delayed insurance reimbursements?
Our dashboard shows your real-time cash position against expected reimbursements, so you always know where you stand — even with 30-60 day payment delays.
I'm opening a new PT clinic. Can Holdings help from day one?
Absolutely. Free checking with no minimums means you're not paying bank fees before you even see your first patient.
Does Holdings work for multi-location PT practices?
Yes. You can manage finances across locations from one account with AI categorization keeping each location's numbers organized.
Banking for Physical Therapists by State
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Holdings offers free banking with 1.75% APY for physical therapists.