Keeping your personal and business finances separate is essential when you're running a business. By having a business bank account, it will be easy to help you do that, so finding one that can meet your business needs is important. If you don't have a business bank account, now is the time to start looking for one. We will cover some features you should look for in your business bank account.
Here are five questions to ask when you're looking for a business bank account:
There are a few different types of business bank accounts available, and the best one for your business will depend on several factors. For example, if you have a brick-and-mortar business, then you'll probably want an account with a local bank or credit union. This will give you convenient access to your money and allow you to build a relationship with your banker.
On the other hand, an online bank could be a better fit if your business is based online. These banks often have lower fees and more flexible terms than their brick-and-mortar counterparts. Online banks like North One offer business owners a free month of business banking to get started!
When it comes to business bank accounts, checking accounts are the most common type. However, you may also want to consider a savings account. A savings account can help you earn interest on your money while still providing easy access to your funds. And if you have a business charge or credit card, you'll need a business bank account to manage your payments and keep track of your expenses.
The fees associated with business bank accounts can vary, so it's important to do your research and find an account that best suits your business needs and budget.
Some of the common fees associated with business bank accounts include:
When considering opening a business bank account, be sure to ask about all the potential fees so you can make the best decision for your business.
One key consideration is whether or not the business bank account has a minimum balance requirement. This can vary depending on the bank and the type of account, so it's important to compare your options before making a decision. There are both benefits and drawbacks to having a minimum balance requirement.
On the plus side, it can help to keep you more organized and disciplined with your finances. Having a set amount that you need to keep in your business bank account can incentivize you to be more mindful of your spending. Additionally, it can help ensure that you always have enough money to cover business expenses.
On the downside, however, minimum balance requirements can sometimes be difficult to meet - especially if your business is just getting off the ground. Additionally, they may come with higher fees if you dip below the required amount.
Overall, whether or not a minimum balance requirement is right for you will depend on your individual business needs. By taking the time to compare your options, you can be sure to choose the account that's best for you.
When you're running a business, having quick and easy access to your money is essential. You need to be able to make deposits and withdrawals quickly and easily, without any delays. That's why choosing a business bank account that meets your needs is important.
Look for an account that offers ATM access and quick deposit processing times. Another bonus is if they offer mobile banking with remote deposit options so you can run your business anywhere, any time.
Some other features you should look for in a business bank account are:
While there are other features to consider, keep these few things in mind when you're looking for a business bank account so that you can find one that best suits your needs.
Now that you know what to look for in a business bank account, it’s time to find the right one for your company. Luckily, we’ve made it easy for you. We’ve partnered with NorthOne, which allows you to manage your money from anywhere - Whether at home or on the go, everything you need to manage your business finances is at your fingertips. Never step foot in a bank branch again. NorthOne integrates with the accounting software you already use, saving you hours of manual bookkeeping. Apply now and get started on building success!