Owning a business account is really no different than a personal bank account. It’s going to take a little research and you’re going to want to find what rate works the best for you. Here are some tips that you can use in order to find the perfect business bank accounts.
Don’t just look at the rates
If you’re looking for a savings account or an account just for the rates, you may get less than what you bargained for. You’ll find that some banks will offer great rates but they will have lousy rewards. A rate is great but look for things like no minimum balance, ATM cards and such. All of these will help you out.
How secure is the bank?
Some banks are in trouble, especially in this climate. Make sure that you know how great the bank is doing before you even start banking with them. A great way to check out how safe a bank is by simply checking Bankrate’s safe and sound rating sheet to give you a good idea on where the bank stands today. You won’t want to start banking with them and find out 6 months down the road that they are closing up shop.
Get a bank that’s nearby
With a business, you may find that you’re going to frequent the bank a lot. If you only bank with a bank that has a few locations, you may find it hard to withdrawal money when you’re 500 miles, if you need to do it. Now, I don’t say you have to go out there and sign up with a corporate bank but instead, look around and check out the fees.
Check out all the fees
When signing up, make sure you check out the fee table. You will want to know what every fee that is going to charged. Everything from ATM withdrawal fees to minimum balance fees. Every bank has fees and it’s almost to find one that doesn’t.
Look for hot bank deals
If you find a bank that you really like, see if there are any deals out there. Look for deals like sign-up bonuses or teaser rates. It’s always best to get something rather than nothing when signing up for an account. There are plenty of websites online that can help you find deals like the Bank Deals Blog.
There are plenty of banks out there so when you’re doing your research, don’t just limit yourself to one bank, look at a couple and compare apples to apples and see what will best suit your business. Hopefully once you find a bank account for your business, it will work both you and your money.