What Should You Look for in a Business Bank Account?
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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.
Questions to Ask When Looking for a Business Bank Account
Here are five questions to ask when you're looking for a business bank account:
1. What Type of Business Bank Account do I Need?
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 First Internet Bank offer business owners a free checking account with no service fees or minimums!
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.
2. What are the Fees Associated With the Business Bank Account?
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:
- Monthly maintenance fees
- Monthly maintenance fees are typically a flat fee charged by the bank each month for the upkeep of the account.
- ATM fees
- ATM fees are usually charged when you use an ATM that's not affiliated with your bank
- Transaction fees
- Transaction fees are usually a small percentage of the total amount of each transaction.
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.
Fundid Recommendation: First Internet Bank doesn't have monthly maintenance fees or hidden service fees. They believe you shouldn't have to pay to run your business, so they also offer unlimited transactions with up to $10 reimbursed monthly for ATM fees. Ready for an award-winning account that does it all for those who do it all? Get started with First Internet Bank today. Claim your free business bank account.
3. What are the Minimum Balance Requirements?
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.
4. How Easy is it to Access my Money?
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.
5. What Other Features Does the Business Bank Account Have?
Some other features you should look for in a business bank account are:
- Does the business bank account allow you to connect other accounts
- This can be helpful if you want to move money around between different business accounts.
- What type of customer support does the bank offer?
- Do you prefer email, phone, or in-person support? This is important if you have any questions or need help with your account.
- Are there cash-back offers or other rewards?
- This can be a great way to save money on business expenses.
- Do they offer online banking with mobile deposit?
- Online banking can be helpful if you need to access your account from anywhere, and mobile deposit makes it convenient to deposit checks without waiting in line at the bank.
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.
Set Your Business Up for Success. Create Your Business Bank Account Today
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 First Internet Bank, where you can create a free online business bank account with all the features you need to get your business off the ground. With no monthly fees and unlimited transactions, you can keep your expenses low and focus on what really matters - growing your business. Apply now and get started on building success!
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