Are you having difficulties in choosing the perfect bank for your dream startup? First of all, decide what kind of bank account you need, we will focus on the type of bank later.
1. Current account
This is the most common bank account used by customers. This account is mainly used for daily withdrawal of cash. It allows you to pay your bills through debit card or by standing order; it can receive your monthly salary and much more.
2. Savings account
This is mainly used by people who don’t need their money for long. People generally use this account to save money for their future.
3. Packaged account
Accounts that provide you some extra features by taking some money are called packaged accounts. They provide you with better interest rates, better insurance policy and many small features.
There are many other options for bank accounts so you don’t have to rush through this. Take your time and choose the account which suits you the most.
4. Availability of bank
The first thing that you need to focus on while you are choosing a bank is its accessibility. Is that bank near to your home or not?
You need to look upon your neighborhood and see which banks are the most closer to you and then check which one of them are nearer to your office. Check for ATM’s location.
Nowadays, people often use online banks more than physical banks but still according to a study 78% people open their account at a physical branch.
So having a bank closer to your home and your work is a big advantage.
5. Inspect Online Features
Nowadays, mostly every banks offer online features like checking your balance, paying bills through an app or make mobile check deposits but not every bank is capable of giving these features. Numerous banks have been demanded of these online features yet they still don’t have them.
Choosing the bank which has progressed in its technological department means it will provide you with all the latest updates and new features.
6. Bank That Supports You
If you are a businessman then picking out the bank that understands your business is going to help you in the future very well. They can guide you on how to run your business account, how to manage more than two accounts simultaneously and they might be helpful in tax and payroll issues.
So, finding a bank that suits your business will increase the growth of your business and will help you with dealing problems that might come ahead.
7. Bank that cost less
If your mindset is to open more than one account, than you should choose wisely. Banks mostly charge monthly fees for an account and opening more than two accounts is going to put a lot of pressure at you from the starting.
So look for a bank that usually doesn’t charge you with monthly fees. Many banks offer you a condition that if you maintain a minimum required balance than they will waive of your monthly fees. This requires hard-work and you need confidence to agree on this condition.
In case you are planning to open the second account for your startup, then you should consider approaching the online business formation companies as they can help you form all the necessary documents for opening an account, including EIN and help you with all the other things and paperwork. There are many companies out there like zenbusiness, incfile and legalzoom. Amongst them, zenbusiness is more suggested because it is affordable as compared to legalzoom.
8. Don’t ignore those fine prints
People often ignore the fine prints and don’t read them carefully. Fine prints helps you check that your bank is federally insured by the National Credit Union administration or by the federal deposit insurance. In case your bank is closed then these insurance company will help you get your money back.
If your bank is providing you with all those digital options than you should read the fine print more carefully to check that your bank is providing all those facilities that you think your bank has. Check the number of free checks you can write in a specific period. When your debit card is lost then what your bank policies are, check all of them. Don’t even forget to read those brochures they help you know about all the promotional deals and at which time they all would expire.
9. Pick what suits you
At the end, you don’t need a bank which disturbs you with all the paperwork after every 4 to 5 months, so choose the bank which suits your business. And you should always remember that you can change the choice of your bank later if you think the standards of the bank are not where they used to be. It should not be as difficult as you think it will be. Just go with the flow and pick what suits you then most.
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