There is nothing more exciting than starting your first company. Well, nothing except having to manage the money. So what is the first thing you should do? Get a business bank account, but which one is the best one for first-time founders? There are so many to choose from and they all vary. We’ll go over the most important features any startup founder will want in their new business bank account.
Fee Transparency
Who wants to look at an account’s history and find unimaginable bank fees? So what are the things a startup should look for in a new business bank account? No monthly fees, free transactions and no minimum balance requirements. As a startup, you will need every penny and you don’t want to spend it on ridiculous bank fees.
Ease of Digital Banking
You should be able to do everything about banking in just a few seconds. So you will need a simple, easy-to-use mobile app or web site that lets you transfer money, issue checks, and even deposit checks. Does the bank you want to use have a mobile app? Does it let you deposit checks? Does your bank account work with trusted systems?
Imagine you’re out to eat and don’t have a lot of time, but you still need to approve a check to go out to a vendor. With just a few clicks, you approve that check from your phone.
High-Yield Interest Rates
This is a must for any bank account. There is absolutely no reason to have money sitting in your account and not be making more than .05% on it. So your bank should make you a bit of money off of the money you have stored in it. A couple of things to consider about interest rates is whether they are competitive. With accounts like this, you have to be careful when choosing based on the interest rates.
Transaction Limits That Match Your Business Activity
Even if you are a tech company, you won’t be able to complete every transaction over the phone. What if you wanted to do some kind of sale but are over your transaction limit for that day or week? Choose a business-friendly bank account that gives you room to extend your limits per day or week based on your type of business.
Customer Support: Help When You Need It
When a financial pothole throws you off track, good customer service is your safety net. Seek business banking accounts with available support through chat, telephone, and email and can accommodate your schedule. Banks that care about startups like yours typically provide unique help, not canned responses.
Integrations for Streamlined Operations
The right account actually connects with other tools you use to run your business. Whether that’s invoicing, processing payroll, or tracking expenses, connecting your account to these tools helps you avoid manual work or waste time on activities that are not part of the core of your business. When bank transactions automatically sync with your accounting system, it saves you hours of manual data entry.
The Right Fit for Your Startup
When you’re searching for the best business bank account, it must fit your business and growth potential. Do the research you need to do, select the features that save you the most time and money, and ask questions if you need help. The right account means you’re more than a financial manager. A business bank account as your partner can provide the help you need.
