Running a business needs a lot of attention, and there are so many different factors that you have to consider when it comes to managing your finances. There may be times when you need to outsource some financial support as well, and a lot of business owners like to take advantage of short term loans. These give you the ability to access money fast and pay it off quickly too. However, in order to have make the most of the money, you’ll need to have it paid into a business bank account. But if you’re new to owning a business, then you might not be 100% certain on what to look for in a bank. So, keep reading and find out exactly what you should be paying attention to when searching for a suitable bank for your business.
Digital Banking Options
As a business owner, you’ll want to have quick access to your bank accounts at all times. This could be because you need to make a sudden payment and want to check if you have enough, or you simply want to find out if a bill has been paid. In order to find out this information, you’ll want means to access it with ease and the best way is through digital banking. Apps and online banking are extremely useful as a business owner as they allow you to see your accounts at a glance. This is why it’s important that the bank you choose has this available to its customers. Digital banking also means you can make payments a lot easier too, helping you to make bank transfers without having to use cheques. Bank transfers are much quicker and safer, so you want to ensure the bank you choose offers digital banking.
Customer Service Availability
Another thing to consider is their customer service and how available they are. You don’t want to choose a bank that doesn’t have easily accessibly customer service. You’ll only end up frustrated in the long run and feel alone when you need them the most. Take a look at how you contact the bank and see if it suits your needs. You might prefer speaking to them through live chat or you might like to go the old-fashioned route and love to speak over the phone. As we live in a digital age, a lot of banks do offer digital communications, so you need to make sure that you’re comfortable with this. If their main point of contact is digital and you don’t like that method, then they might not be the right bank for you. You should also check out their opening hours too. If they’re only available during the usual 9-5, you might struggle to contact them if you’re busy running your business. However, lots of banks now do offer better hours, with some even having 24/7 support. The level of their customer service matters, but so does their availability, so don’t overlook it when choosing a bank for your business.
Monthly Fees
Most business bank accounts come with monthly fees, so it’s a good idea to shop around before settling. You might be surprised at how cheap some of the banks are, so don’t feel like you have to go for the first bank that comes along. The fees can range from anything from withdrawal fees to even deposit fees, so make sure you’re aware of them before opening your account. You don’t want to get a nasty surprise when you go to deposit your cash at the end of the week. Some banks offer a free period where you don’t have to pay any monthly fees, so it can pay off to keep an eye out for these in particular.
Limits On Transactions
Most banks will have a limit of the amount of money you can deposit or withdraw in one transaction or period of time, so make sure you find out if this will apply to your bank beforehand. When you try to decide on a bank for your business, try to match their transaction limits up with what you’ll actually be making. For instance, if they only allow a maximum of £2000 to be deposited per day and you only make £800 on a good day, you’ll be fine. But if you can make over that amount on a regular basis, it might be best to look elsewhere. Otherwise, you’ll end up with cash floating about and that isn’t safe or smart to do. You want to ensure that your chosen bank can accommodate your business without you having to try and compromise. This way you’ll be able to manage your finances a lot better too.
Savings Accounts For Businesses
Although a savings account might not be right at the top of your list when running a business, but it is something you should think about. However, savings accounts for businesses are slightly different to personal ones. This means you need to make sure that your chosen bank account will allow you to save up money without any charges. It’s also a good idea to go for a bank that offers high interest rates for savings accounts as you’ll be able to accrue more savings over time. Having a business savings account with high interest rates allows you to grow your money without having to do anything, so it’s a great way to increase your finances. You do need to be aware of how withdrawals can be made from your savings account and how often too. Some savings accounts are quite locked down, so be sure to find all of this out before putting your money into one.
Finding the right bank for your business isn’t all that difficult when you know what to look for. The bank needs to offer you way more thank the ability to open up a bank account. Providing good, high quality service is equally as important, just like low monthly fees is too. So, if you’re looking for a top class bank that can provide your business with all the amenities that you need, make sure you take these points into consideration. You’ll soon find that the right bank is easier to get than you thought!
