Tips for Choosing the Right Bank for Your Business’ Financial Goals

Written By Steps To Faculty Published September 30th, 2010

If you are starting up new business, there are many things to consider but one of the most important is who to bank with. It is probably not as simple as opening a new account with the bank you use for personal checking and savings accounts. Businesses have different financial needs than individuals and a good bank for individual banking may not be the best for business banking. Here are six tips for choosing the right bank for your business’ financial goals.

Step 1. Investigate what kinds of business services are offered

Many services offered by particular banks fit the needs of different businesses to a tee. Request business-specific information like whether the bank offers quarterly tax account preparation, specialized account statements, or other valuable tidbits for starting up new business.

Step 2. Question what are the interest rates

Business account interest rates often vary from personal account rates. There may be no interest at all, but fees associated with them instead. The difference is largely dependent on the kind of account you open.

Step 3. Find out what are the checking account options

Most business accounts have fees associated with them, but business checking accounts often function very similarly to standard checking accounts. There may be differences in check-writing policies and differently formatted statements, so look into these differences before you choose one bank or another.

Step 4. Ask are there night deposit options?

A night deposit drop box with a key is an added benefit with greater convenience than simply using an ATM or waiting for open bank business hours. This level of accessibility can be a major factor when choosing one bank over another when you are starting up new business.

Step 5. Check if there online access to the account

Another important accessibility consideration is whether you can access and make changes to your account from your home or office online. It is essential that you have an easy, convenient way to track business expenditures, account balances, and deposits. You may be willing to bend a little on the other options, but online banking is a must for everyone starting up new business.

If you need all these things to accomplish your business’ financial goals, do not settle for a bank that fails to offer every point on the list. If you could do without one thing or another and their other benefits are great, choose your bank based on that. Please visit stepsto.com for more great business advice.


Roger Due

Investing in Your Destiny® & Coaching Program - Wealth Building Summit Dallas, Texas

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