Choosing the right business bank account can make a fundamental difference to your business and even its chance of survival. Put simply, the right account will offer support and won’t drain your finances, the wrong one can quickly eliminate any profit. This is particularly relevant if you have a new business.
Why You Need A Business Bank Account
It’s important to keep your business separate from your personal accounts. If anything should go wrong with the business it will be easier to handle the financial side. Alongside this, you’ll generally get better offers with a business account, that’s one’s exclusively designed for business customers.
Of course, having a dedicated account will also make it easier to track your funds and even create your annual accounts.
You just need to make sure you ask the right questions:
What Services Do They offer?
You don’t need an account that allows you to deposit and withdraw money. It’s the digital age and that means you need to be able to deal with people across the world.
A key service offered by the best account is being able to pay bills like a local, regardless of what currency you are using and where you are based.
It’s also important to verify that the account will help if you have unexpected issues, allows instant money transfers, and has a good customer support team. You’re unlikely to be able to pop into your local branch as most modern accounts are handled online.
The greater the range of services the better for you.
How Do You Access Your Account?
Another key question is access. You should expect internet-based access but, it’s not enough for them to have a good desktop site. You’re likely to access your bank online via your smartphone. It needs to be configured to run perfectly on smartphones, otherwise, you’re likely to end up frustrated.
You don’t need an account that allows you to deposit and withdraw money. It’s the digital age and that means you need to be able to deal with people across the world. However, in certain cases, you may want the option of obtaining a cashiers check versus money order, so you’ll want to make sure both of these services are provided.
What Fees Do You Charge?
This is another vital question. Fees vary dramatically from bank to bank. It’s not just the monthly account charge. Some banks charge for money transfers, cheque processing, and a variety of other features.
Make sure you know what charges you will incur. It won’t just affect your decision regarding the right business bank account. It can also affect the business’s bottom line.
Do They Have Introductory Offers?
This isn’t necessarily essential but it is a nice welcome-to-the-bank gift. Introductory offers can range from reduced fees for a set period to discounts with specific businesses. Not all introductory bonuses are beneficial and some come with conditions that could end up costing you in the future. That’s why you need to verify what introductory offers, they have and whether they are beneficial, or not.
How Easy Is It To Open An Account?
Opening any bank account means showing proof of identity and address. You should be prepared for this. However, the process of creating a business bank account should be straightforward. Simply verify what you need upfront and then submit the relevant documents.
The bank should handle everything else for you and, along with their excellent customer service team, have your account open in no time. Allowing you to focus on building your business.