A new business bank account can be a great option for your business. Even if you’re just a sole proprietor and you’re the only person running the account, business bank accounts are a great tool for just about anyone. However, you need to make sure that you’re getting a great bank account for your business. There are many things to look for, but these are four of the most important things you can check for in your brand-new business bank account.
- Options to Waive the Monthly Fee
Business bank accounts often have higher monthly fees than personal bank accounts. Where personal bank accounts often have monthly fees around $5-10, business bank accounts may see monthly fees ranging from $15-25, with some accounts even going higher. If there are options available to waive these monthly fees, you can end up saving your business a significant amount of money; a $15 monthly fee adds up to $180 over a year.
- A Sign-On Bonus You Can Actually Use
There are many sign-on bonuses out there, but you should be looking less at the dollar amount of the sign-on bonus and more at the requirements for that bonus. Not every sign-on bonus is going to be right for every person. The Chase Business Account has a sign-on bonus of $300, requiring that you have at least $2,000 in the account for an extended period of time. If you have that $2,000 available, the Chase Business Account may be a no-brainer. However, if you don’t have that $2,000 easily accessible, it might be best for you to choose a different account.
- Simplicity and Ease of Accessibility
Look to see how you can access the business bank account that you’re looking into. What are the ratings for the app on the Google Play Store or the Apple App Store? What options are available on the app – can you deposit checks, transfer money, and open new accounts? Most people are going to be looking for an option that’s very high on both simplicity and ease of accessibility, so it’s important that you check for it early on.
- General Benefits
Lastly, you’ll want to see what general benefits are available when it comes to your new business bank account. There are a number of different general benefits out there for business bank accounts, and if you want to get the most out of your account, you’ll want to use as many of them as possible. Look for benefits like ATM deposits, same-day deposit options, and connected accounts of all kinds.
Your business bank account can have a lot of power for your business as a whole; if you’re running any sort of business where you’re accepting lots of payments, you’re probably going to need a business bank account. However, finding the right account is an important part of that decision. These four things are all crucial to look for when you’re trying to discover a new business bank account.