Everybody in business needs a bank account. But all banks are not the same and some offer services that might suit your needs whilst others are not designed for your type of business.
Banks love small businesses! This is why they have introductory offers like "free banking for the first two year." They know that if they catch an entrepreneur when s/he is starting in business for the first time, chances are that they have got a customer for life.
If you are in business how do you choose the right bank for you? Well it depends… I bet you knew I would say that?
If your account is always in credit then you should go for a bank that offers interest on the money in your account. If you are usually in debt then perhaps it is better to choose a bank that offers the lowest interest rates and does not charge heavy penalty fees.
Do you need to make a lot of cash withdrawals? Then choose a bank that has many cash points near your business and home.
Do you prefer to use online banking? Most banks have online banking but some can be very slow. Speak to your colleagues to find out which has the best online bank accounts.
Some banks even allow you to deposit your cash and cheques at any post office. This is great for people who have a large number of small transactions and do not have a branch nearby.
Do you need a business credit card? Many banks offer a free business credit card for the first year or sometimes even two. What about a business plan? Some banks even give you free business software to help you make business plans!
Switching your business bank account is quick and easy and there is no need to be tied up with one bank for eternity. As your business needs change why not change your bank account?