Opening A Business Checking And Savings Account

You have the idea, the business license, and the inspiration to become financially free. You are finally starting your own business. Next on your to do list is to open up your business checking account and passbook savings account. However, there are so many options available with banking, what are some of the questions you should be asking yourself?

Three very important questions are:

What kind of bank do I want?
What accounts do I need?
What are the fees and minimums associated with business accounts?
Are there any special savings or checking account promotions that can help me get a better rate?

What kind of bank do I want?

Here, your options are many. Do you travel around the world a lot for this business and thus want a large bank where there are many branches worldwide? If so, then take a look at HSBC (the call themselves the World’s Bank). They offer on the largest banking network available worldwide.

Maybe you simply like the hometown feel. If so, take a look at your local credit union. They offer more of a personal service with slightly better interest rates than the large national banks. This is very important with saving accounts and credit cards.

What accounts do I need?

When opening your business account, it is a good idea to have three forms of accounts with your bank:

Passbook Savings Account (or online savings account)
Checking Account
Credit Card Account

This makes money management very simple if all three accounts are at the same bank.

What are the fees and minimums associated with business accounts?

When opening up my first business account, I was shocked at all the fees and increased minimums associated with these accounts. The first thing is the checking account. Many larger banks have a monthly fee for having a business checking account and not for a personal checking account. Keep an eye out for this.

Also, opening account minimums and account balances are greatly increased. Some banks want a standing balance of $5,000 dollars for their business account while some only require $100.

Before opening a business checking and savings account, take a look at all the options available to you.