How to Choose a Business Bank Account
Whether it's your first time opening a business account or if you have already done this several times, it can be a very stressful experience. After all, changing banks once you have a new account isn't always a practical option. If you need help learning how to choose a business bank account, we will help you make an informed decision.
How to Choose a Business Account: 4 Factors to Consider
Banks are notorious for being shady and having terrible customer service. Learning how to open a business account and choosing a bank that best matches your needs isn’t entirely easy. Especially if this is your first experience doing this. In order to help you make the best decision, here are some of the major factors and potential deal-breakers to keep in mind.
1. Number & Quality of Services Offered
If you aren’t sure how to open a business bank account or where to begin your search, the number and type of services that come with your account are important to consider in advance. Here are some of the most important service features which you will need to check for and compare between your top choices.
- No transaction limits
- Electronic payments
- Easy bank transfers
- International payments
- Expense tracking
People searching for the best online business bank account should expect all of these things at the bare minimum. In any case, the number and quality of the services your bank provides is the probably most important thing to check for right away.
2. Fees & Interest Rates
Banks need to make money somehow. After all, they need to pay their employees and finance their operations. Usually, this comes into play with service fees. Although certain services like international payment fees can rack up quickly over the course of multiple transactions, the management of the account itself shouldn’t be expensive.
Interest rates for bank accounts are also an important factor to consider as you learn how to open a business bank account which suits your needs for the long-term. Although you won’t usually receive much interest from an online business bank account, it is something which many people see as necessary. If you have a large sum of cash, it is best to put it in a separate savings account with a nice interest rate of around 2%.
3. Online Accounts and Mobile Access
In the modern era, having the ability to access an online business bank account with an account is something which you should expect. As a business, you should also expect the ability to create multiple online accounts for people like your accountant, CFO, and so on. The platform should offer you the ability to handle just about anything online. From making payments, looking at your expenses, to keeping up to date with your balance.
If you can access your online business bank account with a desktop computer, it is fair to expect the bank to have a mobile application which works on your smartphone. Banks which offer these sorts of service will also easily pair with expense tracking services and various other B2B tools and software. The ability to access your account with online accounts and mobile applications is convenient and can even help your business to go paperless.
4. Easy & Fast Account Creation Process
Many people that need a new business account simply want to avoid bureaucracy and a heavily time-consuming process. If this is you, then you might consider a Penta online business bank account. The immediate benefit of a startup focused bank like this one is that you can avoid long lines, confusing forms, and so on to receive access to your account within a day or so.
Smaller banks are also normally a lot easier to trust and depend on. If you have been turned off by unexpected fees and complicated webs of customer service in the past, you might decide to open a business bank account online with a digital bank like Penta which removes the complicated process and confusing terms that might otherwise ruin your experience with a larger bank.
What is the Best Online Business Bank Account?
In reality, finding the best online business bank account requires a bit of soul-searching. Especially if you aren’t how to choose a business bank account that suits your needs. Since people have different needs and expectations, it’s important to carefully consider all of your options. Keeping this in mind, those who need a digital business bank account that is hassle-free and designed for startups should check out our Penta Business Account.