No two bank accounts are the same, making it crucial to compare features and choose the one that works best for you. Understanding your banking habits and financial goals can help you choose the right bank account for your business. Here are a few of the top features to consider when choosing a bank account.
Mobile Access
In today’s world, a bank account with mobile access is a must. Whether depositing your check, transferring funds between accounts, or paying bills, busy business owners on the go need the convenience that comes with mobile app banking features. The ability to add your bank account or bank card to your mobile wallet can also make purchases more convenient.
Ease of Opening a New Account
You shouldn’t have to jump through hoops to open a new bank account. Of course, you want something secure, but business owners understand the importance of time. The ability to submit documents online and open a bank account without ever having to leave your home or business is an excellent time-saver. You also shouldn’t have to worry about affecting your credit simply by opening a new bank account. Choose a bank account that doesn’t complete a hard inquiry on your credit simply for storing your money with them.
Ability To Transfer Funds or Pay Bills
The ability to transfer funds or pay bills using your mobile phone or laptop is also a necessary feature today. In addition to the ability to do this, you also want to choose an online bank account that syncs with other commonly used programs, like Zelle. This will make it easier to transfer funds to your employees or accept payments from your customers without requiring them to download additional apps or programs. Linking your online bank account to other business or personal accounts can make managing your finances even easier.
ATM Availability
Online bank accounts offer many benefits, but there are times when you may still want access to physical cash. Easy access to your money via ATM may also be a requirement when choosing a bank account. While most ATMs allow withdrawals from many banks, they may charge high fees. You shouldn’t have to pay a lot to access your money. You can avoid expensive fees by choosing an online bank account with access to a large network of free ATMs.
Direct Deposit Capability
A bank account with direct deposit capability may be important to you, depending on if you receive automatic payments. Even better, some bank accounts track your withdrawals and payments and make your money available even sooner. For example, you could receive your money up to two days earlier, helping you cover unexpected expenses.
No or Minimum Fees
You shouldn’t have to pay a lot to store your money in a bank. In fact, the average American pays over $250 per year in overdraft fees. Instead, consider choosing a bank account that only lets you withdraw what you have, which helps you avoid expensive overdraft fees. A bank account without monthly fees can also help you keep more of your hard-earned money in your pockets (or bank account.)
Protected Funds
It’s also crucial to choose a bank account that’s FDIC insured. A bank account protected by the Federal Deposit Insurance Corporation (FDIC) means that your investments up to $250,000 are protected, even if the bank goes bankrupt. This means that you don’t have to worry about losing your nest egg or business funds, even if the bank goes under.
A secure bank account can also help to protect your funds from identity theft or cyber-attacks. Your business bank account should be encrypted and protect your confidential information. Make sure the bank has security measures in place, like routine software updates and secure data storage.
Transaction Limits
Depending on your banking habits, you may also require a bank that doesn’t have translation limits. Some bank accounts place limits on the number of deposits, withdrawals, or transfers you can complete per day, week, or month. Make sure you understand these limits before making a lot of transfers or withdrawals, as you may find that you can’t access your money. Additionally, some banks may charge penalties for making too many transactions within a certain period of time.
Opening a bank account for your new business makes keeping your transactions separate and organized easier. Before you choose your existing bank or the first online bank you come across, make sure you research and choose one with features that best suit you and your small business.
