Business banking accounts are those accounts that are equipped to handle all the financial and monetary transactions related directly or indirectly to your business. Establishing business bank accounts helps to keep your personal finances and expenses completely separate from your business which leads to better organization in both aspects of your life. You will be able to hold the best business bank account by scouting the market for the kind of options available to you and choosing the one that suits your need perfectly. These accounts also help to raise your business profile and help to create potential credit for your business in future. Some of the guidelines that should be kept in mind before opening business banking accounts have been enumerated below.
Instead of opening a business bank account in a conventional bank, you can consider opening it in a credit union located in your area. These unions offer accounts at negligible rates for small business owners.
Even if certain banks are providing you the option of opening business banking accounts for free, you should be wary of additional or hidden costs that may be charged later on and may not be a part of the agreement that you sign. You should specifically ask for such information before opening a business banking account with a certain bank.
When opening business banking accounts, you should go a step further and apply for a credit card for your business too. You should only open business banking accounts in a bank that offers you easy access to a credit card and does not place strict conditions for the same. A credit card for your business can be instrumental in helping provided the required assets for your business in a timely manner whenever required.
It is usually at the time of starting your own small business that you are likely to require a business banking account. At such a time, it may not be feasible for you to spend extra money on banking fees. For this reason, there are certain banks in both the UK and the US that are known for providing free business bank accounts to such business proprietors.
Here are some of the ways in which you can access a free business banking accounts. Bank of America is one of the banks that offer a free business banking account on the condition that you preserve a certain amount of money on a permanent basis in your account. Citizens bank also offers a free business bank account. However, it places a condition on its users to conduct only two hundred transactions in 30 days. If you need to conduct more than this amount in a certain month, you are not completely restricted from doing so. The bank calls for a nominal fee of fifty cents in case you overstep this limit. HSBC is a bank that provides free business accounts without charging any kind of fees. There are no limits on the number of transactions that you are allowed to perform.