Finding the best bank account to suit your business necessitates some preparatory work
As this article intends to illustrate, the best business bank accounts combine three main elements: the bank’s implementation of the financial sector’s digital transformation, reasonable fees and the quality of service offered to customers.
First things first
It is crucial that you know what type of business you run and in what ways. Consider, for example, the issue of profits: do you reinvest your profits in assets or do you simply need your saving account to hold your money in a safe place? According to the type of business you operate and its central features, you can then choose the type of account that suits you best.
Depending on the type of business you run—whether it is a Startrup, sole trader or partnerships, small and medium-size enterprise, large company, corporation or eCommerce—and the use you intend to have for this account, you should further consider the following:
- Understand your spending habits and consider the bank’s monthly service fees and the daily limit for any banking transactions in order to realize whether or not you can accommodate them.
- Including a line of credit, there are additional features banks offer in order to maintain cash flow and allow online banking.
- It has become a standard matter for banks to offer business accounts the option of online banking, enabling both online bill pay and direct deposits.
Choosing the right bank account for your business
Once you have a clear idea of your business features, you can move on to choosing the right business account for your enterprise. If, for example, you need an account for depositing large lump-sum profits from investment savings, then it is advisable to choose a high interest rate savings account. For regular deposits and daily cash flow needs, however, an easy-access account is preferable.
While choosing the best business bank account 2018 type of account to support your business, keep the size of your business in mind. There are, for example, business saving accounts that require specific minimum balance, or, saving accounts that charge no fee once a certain balance is maintained; some accounts will charge high interest when the account balance exceeds a predetermined minimum sum.
Choosing the right bank to best accommodate your business
All the above will assist you in determining what banking functions will suit your business best, thus enabling you to choose the right bank for your business. There are banks that promote start-ups and small business, while others prefer managing the finances of larger companies and businesses. You can opt for a bank that offers money transfer online bank account methods; issues best reloadable debit card; offers advanced online banking and applications; a bank whose fees are agreeable; or, a bank that offers an excellent customer service.