Your business bank account provider is a big decision. If you’re ready to choose your first business bank account or are needing a change we help you choose the right one for you. From useful features to things you probably haven’t thought of yet, these top 5 tips will allow you to make an informed and confident decision.
5 steps to choosing the right business bank account for you
Easy to sign up and support
First, determine whether you can open your account online, over the phone or in-person and if that suits you. Next, find out the level of support you’ll be able to receive. Do they have 24/7 online support or will you have to go to the branch? Take into account the factors that make managing your finances the easiest for you.
Online and mobile banking access to your business bank account
Now that online banking is the opportunity to have streamlined access to your accounts has never been easier. Being able to check your balance, complete transactions and have everything you need at your fingertips saves endless amounts of time and energy that can be spent within your business.
Fees and charges for the services you will need the most
Accounts can come with a variety of fees. Some of the most important fees to look for include:
Monthly fees
Minimum balance fees
Wire transfer fees
ATM fees
Overdraft fees
Every business’ banking needs vary. Think about how you use your account and how fees will impact your most frequent transactions.
Transaction limits
Different banks impose different limits. These can be daily, weekly or monthly limits as well as restrictions on amounts. Ensure money will be able to flow in and out of your account with ease.
Ability to integrate with other software packages you use
In line with going digital with your business finances, you may want your account to link to software such as your online payroll or tax preparation software. The more services you can sync with your account, the more you will be able to streamline the financial part of running your business.
We recently partnered with TIDE Business Banking, to support our clients and their businesses. From quick signup, no monthly fees and powerful in-app features, they make business banking simple and scales with your business. Sign-up is completely free so you can try it out for yourself, without any pressure or ties.
