A Collection of Articles About Choosing the Right Type of Bank Account for Your Business
You’ll find a selection of hand-picked articles and resource pages provided by a variety of authors included in this post to give you an overview of business bank accounts, but first, a few brief points to consider.
In the old days, there were a few options for business bank accounts. Today there are many more options.
Banks are competitive, and they need to come up with services that appeal to business owners. They want your business, and they want your cash flow going through their bank.
Here are a few things to keep in mind when considering a business checking account:
The location of your bank
The area of your bank is essential if you deal with a lot of cash. Imagine your business is 40 minutes away from your company. Would that make any sense? In this case, you need to make frequent visits for deposits; therefore, you need to consider the location.
With a business checking account, you want to keep an eye on the fees. With a personal account, you may not have a lot of transactions where the fees may not be significant when you’re running a business the fees for transactions add up quickly.
Online banking is the norm for most banking today. You want to look into the online features you have with a business checking account.
Look into the minimum balance to maintain the account. Some banks may require a minimum balance of $5,000. Others will allow you to have a balance of less than that. If you’re just starting, this can make a difference.
For more tips and insights to consider when choosing a business bank account, have a look at the tips and resources below, before meeting with your banker.