Top Tips for Choosing The Right Business Bank Account for You

When you set up your new business, finding the perfect business bank account is vital. The last thing you want is to merge your personal and business finances, so it is all just one massive amalgamation of money, and you don’t know where your business funds and personal income start and finish. This is a surefire way to mess up finances from the beginning and needs to be avoided at all costs.

However, finding the right business bank account is not always as easy as it might first appear, and there are many options to consider. This post will explore some of the things you need to look for and understand when choosing a business bank account.

Availability

The availability of the bank and its services is an important consideration. Many high street banking branches only operate during the traditional working week, so if you need branch access and can’t make it during these times, it might not be a good option for you. Business banking accounts that offer round-the-clock support, such as online or digital-only banking institutions, could be more suitable for your needs.

Always check their opening times for in-branch services as well as other forms of support, such as phone lines or online help and chat services. Understand the times they offer support and contact points to ascertain whether you will be able to access these services at appropriate times.

Perks and Features

The perks and features are an important aspect of all business bank accounts, and understanding what you can access if you have an account and when is important for getting the most for your money and your account. Your banking partner should be a source of support for you and capable of providing valuable assistance to business owners.

So choosing an account that can register a company could be perfect for you, a business account that handles your taxes could be enticing and a valuable resource, and offering a dedicated business assistant for help and advice when needed could be a deal breaker for you. Understand what you need and want from your account and what you would benefit from in relation to the perks and benefits offered for applicable business accounts. Then, use this information to make your decision.

Look Past Introductory Offers

Introductory offers are part and parcel of life. When opening a business bank account, you want to look further than the enticing offer period designed to hook you in. If there is a charge-free period, for example, how long does this last, and what are the charges after this period? How does this fee compare to another account that doesn’t have an introductory charge-free period?

These offers are aimed at luring people away from their current bank and driving business their way, much in the same way that Sky and Virgin offer new customers preferential deals over existing ones. However, these offers often come with catches or sharp increases in costs once the initial offer expires.

Customer Service

We touched upon the availability of the bank for your business needs and how it needs to be accessible for your operational times, but you also need to factor in the level of customer service offered. For example, online-only banks might limit cash deposits, so this might not be best for you if you’re a predominantly cash-based business. Traditional high street banks might offer the option to get change for retail businesses. Also, you can pay by cheque or deposit cash in a branch. But if you choose to use digital banks, you need to find an outlet that enables deposits, i.e., the Post Office, which can be a bit trickier for these services if you don’t have one that is local to you.

If you’re okay with a minimal level of customer support and don’t need all the added extras, great. But it is worth understanding what is on offer before signing on the dotted line.

Limitations

Always be diligent and thorough when it comes to your business bank account. Check for any limitations that could affect your banking needs. Are there conditions for free transactions based on your account balance or deposit frequency? Are there limits on the number of transactions or withdrawals? Can you make or receive international payments? By being thorough, you can ensure you’re not overlooking anything that could impact your business.

Doing your due diligence when it comes to finding the right business bank is an important step in helping you perfect your finances and remain in control of your outgoings. Avoid signing up where you have your personal account because it’s easier, and you know the bank. Shop around, look at the account types and offers available to you and then go from there.