When it comes to choosing a business bank account, no two options are alike.
At its most basic, your business bank account will enable you to receive and make payments. However, there is often a need for extras that could cost you more or less depending on the account and bank you choose. Flexibility, no fees on transactions, competitive interest rates and competitive annual charges should be among the many things you look for when comparing your options.
Firstly, it is important to determine who needs a business bank account.
As a sole trader, you are effectively your business, and so any and all payments can go into your personal bank account. That is to say, there’s no need to have a separate business account. However, any other type of business structure does require a separate business account.
As a small business owner, time is often of the essence. Therefore having a bank account with a financial provider with whom you can get through to quickly for support and advice is essential.
So too are features like online banking, which enable you to move money between accounts, manage payments and apply for additional financial products without being reliant on a branch. Mobile banking apps are helpful too, and so ideally you should look for a bank that has one so that you are able to deal with payments and other financial matters on the go. Certain features may be specific to your type of business; if you accept or make a lot of payments overseas for example, you may want to look into any fees associated with foreign payments, along with support available around them.
Having ongoing support in the form of a dedicated business banking manager can be invaluable to start-ups, especially if this is your first business.
It is important to review your business bank details each year to ensure you are still getting the best deal, as not only do new promotions and deals become available all the time, but your needs may change as your business grows.
Keeping up-to-date with everyday accounts and other related financial products that are available will help you make the right choice when it comes to choosing a business bank account.
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