Choosing the right business bank account is vital as the right account can offer you a wealth of features and support for your finances and encourage you to use your banking institution as a form of support, not just another drain on your resources.
Whether you are a sole trader or a larger organisation, the right banking provider can be your partner and guide to your financial success.
Taking the time to research and explore all the available bank accounts of your business means you can understand the range of features and benefits, offers, as well as the charges and fees associated with the account and how they will impact you. But once you have found the perfect bank account, you need to make the most of what is available to you, and here’s how you can do just that.
Fees
Understanding the fees and charges on your business account is not just about avoiding unnecessary costs; it’s about empowering you to make more strategic decisions regarding your activities related to the account. If your bank charges you a set fee for a range of transactions, then you can make a certain number of transactions per month as per usage guidelines, if applicable, without worry. But if you are charged per transaction, then it’s wise to group your banking activities to minimise fees and charges.
However, in some cases, there might be a fee waiver in place for deposits of money over a certain sum, so aiming for that, if you can will also help you make the most of the benefits available to you. This could mean significant savings for your business, so it’s worth exploring.
Features
Features such as identifying tax deductions, business advisories, invoicing, late payment chasing options, and even a business account that can file your taxes might all be on the table. To really get the most out of your account, you need to understand each and every feature on offer and your restrictions, if there are any, and how many times you can access a certain feature in a set time frame.
Then make sure you use them. Set up your account to enable the bank to complete taxes on your behalf, ensuring sufficient information is there to allow for the activity. If you get regular advice from a business advisor, check the frequency at which you can use this service and schedule your appointments to get extra help and support. If your account offers an overdraft, check the terms and conditions, and use this feature strategically to help you boost your finances or afford to upgrade equipment or buy stock, for example.
Perks
Some business bank accounts offer account holders perks that might be separate from the account’s features and practical options.
They might offer a free credit-building program that can be beneficial for both your business and personal finances, which can be massively helpful. It might be that they offer networking opportunities for all account holders, meaning you can expand your network and learn something from the seminars they hold. Some banks might even offer help and advice on other activities, hold promotions within the bank for certain account types or account holders, or host special events, i.e., highlighting small businesses in the local areas to their personal account holders. These perks can be massively beneficial in terms of marketing and boosting how you operate. Other perks could include discounted or free business services, access to exclusive events, or preferential rates on loans or credit.
Reevaluate Your Account
It’s always a good idea to periodically review your account to ensure it delivers what you need. Especially if it’s coming to the end of a contract you have signed or you are able to move accounts without penalty. Talk to your bank about restructuring your account or special offers they might have running. Look at other providers to see what they have on the table, and bring this up with your current bank to see if they can match or offer similar deals for you to retain your custom. Much like you would with a TV package or insurance coverage, check for the best deals and terms for your needs and then negotiate to see what you can get for your business bank account needs.
Your business bank account is integral to your business, and getting the most from the account will help you to make the minimise fees and charges you might be subject to so you can get even more value from your bank and make the account work for you not the other way round.
