When you register a company, unless you’re a sole trader, you need to have a business bank account. With so many options out there though, it’s hard to choose the right one for you and your business.
Here are the factors that we think are important when choosing a business bank account.
Although so much banking is done online or via telephone, it can be a good idea to choose a bank that has a branch in your area. This way, if you ever have to visit the bank in person, it can be done quickly and with ease.
Banks of the Future
It’s also pretty handy to choose a bank that is forward-thinking. With technology developing at a high rate, it’s worth looking at banks that are taking advantage of the tech scene and are creating new ways to make your business banking more accessible, mobile and efficient to use.
Features to Look For
There are some features that are incredibly important for a business bank account. For your company to be successful, you need quick service, good advice and some great ways of dealing with your money.
This might seem obvious, but both online and mobile banking are two main features to have. It is becoming increasingly important to manage your business bank account on the go as well as speeding up your transactions. It is also worth taking a look at the apps themselves. Some bank apps have terribly designed interfaces so are actually quite hard to use whilst others are straightforward and give you access to the right tools and services you need.
You also have to be aware of where or to whom you are sending money. If you do a lot of overseas payments, try to find a bank that will have support that and give good rates associated with international money.
Remember, every company has its own needs. You should see if there are features provided by banks that meet those specific requirements.
Not only is it important to choose a bank with good customer service and a strong support team, but also for you to recognise that the support you need may change as your company grows. Always check your bank details every year to make sure your bank is offering you the top deals and fulfils your company’s needs.