If you are not careful when choosing which services to pick when trying to find a good business bank account, you’ll be dancing in circles for who knows how long.
A personal bank account takes time to find. Now imagine how hard it is to find the perfect fit when choosing a business banking account.
It’s always advisable to know your needs first. What is it you want your account to do for you? What will be its main purpose? Are there additional perks that come with owning a business account compared to other banking options? It goes on and on.
With all the choices available, it can be hard to settle on the right banking account. So to set you on the right foot, here are a few pointers on how to choose a business banking account.
Minimum Balance Requirements
Some business banking accounts will require you to have a certain minimum balance deposited for it to remain valid. If you are a small or upcoming business, you must agree that this can indeed be limiting.
Make a point of inquiring about this. Always go for that bank account that has no minimum balance requirements.
Monthly Fees
Find out the nitty-gritty of fees that come with owning a business banking account before going ahead to open one. Checking account fees, debit card fees and withdrawal fees are only a few of the types of fees you can expect.
Banks will waive the monthly fees in their quest to keep you from withdrawing money from your account. But there will come a time when you need to make frequent deposits, withdrawals and other intricate transactions.
To know which one to go for, Compare business banking fees and choose the one with the lowest.
Unlimited Methods and Number of Transactions
As a growing business, there will be days when you make more sales than others. Find that business bank account that can comfortably accommodate you on both occasions. There are bank accounts that only allow you to make a maximum number of transactions per day. Other banks only allow one or two methods of making deposits or withdrawals.
It’s safe to say that it is far better to choose a bank account that offers an unlimited number of transactions and also supports both in-person and online transaction methods.
Mobile and Internet Access
Once in a while, you will make your way to the bank to enquire and have a look at your bank account statements among other related matters. But a busy business owner will more often than not barely have enough time to go to the bank numerous times to confirm how much is in their bank account, for instance.
The best business banking account is one that offers both mobile and internet access. This way, you can monitor transactions and check balance whenever and wherever you are.
What are your Specific Needs?
No two businesses have the same exact needs. Knowing what your business’s specific needs are will help direct you to the right business bank account. You may want a business account that accepts online deposits, allows mobile banking, and so on.
If you frequently travel out of the country, for example, you should go for that business account with as many digital options as possible. This helps to avoid inconvenience and promote access irrespective of time and location.
Attached Services
Different banks offer different banking services to all their account holders. But at a bare minimum, you should expect business banking account services like,
- Savings account
- Deposit only card
- Checking account
- Employee checking account
- Credit card or debit card
- Checks and chequebook
- Online business banking services and many more.
Additional Perks
Banks frequently unveil different new services to try and entice business owners to move and join them. To counter such moves, your banking institution comes up with an array of perks to keep you and try to convince you that you are better off with them. Perks also work as a good strategy to attract new customers.
Seeing as you are scouting for the best business banking account, pay attention to the perks you are getting in exchange. Some banks will give you perks such as gift cards, hotel discounts, cash bonuses, tax prep help, lower insurance rates, and payroll services, and so on.
If you are having a hard time deciding which bank to choose, looking at the perks, each one is offering will easily turn your attention to show you where you need to open your new bank account. The more they can offer, the better for you.
Available Support
You may be good at marketing stuff, manufacturing stuff, or performing other specified operations in your business. But there’s a good chance you know little to nothing about how to grow or manage your business finances.
A good bank knows this and has several staff members who can help offer whatever assistance or advice you need. They can offer support by showing you how to expand your business, advising you on how best to run your business accounts. They may also assist you in solving payroll or tax problems.
When looking to open a business banking account, go for that account where the bank goes out of its way to offer you the necessary support. One that can influence and help you grow and achieve your business goals.
Gut Instincts
It matters not how careful you are when it comes to choosing a business banking account. Sometimes, everything about a particular account may check out, but your instincts tell you to choose another account from a different bank. Bottom line, trust your instincts.
If it checks all your boxes and feels like a good fit, then that’s the banking account you should choose. Find a banking institution where you feel connected and even more valued. Refuse to compromise on your needs for whatever reason. If your instincts tell you to keep looking, then do exactly that until you find that business banking account that is right for you.
Business and banking go hand in hand. One cannot do without the other. As a business owner, take time to choose carefully. Think about your best interests and only go for that bank that promises to accommodate all of them. One that will steer you towards growing your business.
Above are several pointers to help you choose the best business banking account as you metamorphosize into a mid-sized and established business.
