What to Consider in aBusiness Bank Account
Whether you are at the beginning of a new business journey or are looking to make some business finance upgrades, it is important to ensure your bank accounts are optimized for your needs. Here are some criteria to consider when choosing a business bank account for your business needs.
Services offered. The first place to look when choosing a new bank account is the basic services offered. That includes both in-branch, online, and other services.
Monthly maintenance fees. Business banking fees range widely from free to thousands of dollars per month. As your business becomes more complex, it is reasonable to expect some fees. However, you can limit those fees and keep them as low as possible by choosing the right business bank account.
Cash and transaction limits. Some banks offer a no fee experience up to certain transaction limits, be sure to lookout for those types of limits when opening a new account at any bank or credit union.
Flexible debit cards. If your business has only one employee and will always have one employee, you can skip to the next section. However, if you ever expect to add anyone other than yourself to your business, it can make sense to give them a debit or credit card as well.
Easy integrations. Once your business bank account is up and running, it needs to work with your accounting and budgeting software and any other services you choose. Whatever services you use, the ability to send and receive unlimited ACH transfers is helpful, particularly for online businesses.
Use common sense choosing your bank. At the end of the day, most business bank accounts are fairly similar. What sets them apart is the financial institution that offers them, the services they offer, and how you plan to use your account. If you just want to run a small, solo business, a local bank or credit union is probably fine. However, if you see yourself at the helm of a unicorn startup in just a few years, make sure to choose a bank that can scale with your needs.
Your business’ success or failure is determined by its financial performance, and a business bank account is the core of any business’ finances. If you make a good decision, you’ll be free to focus on running your business instead of running your bank account. We offer ways to improve and manage your business finances with ease. Book a call with us today to learn more.
