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2016-04-20 00:00:00Money & FinanceEnglishRight Bank for You the Right Bank for You

Picking the Right Bank for You

3 min read

While running your very own start-up, it is essential to pick up the right bank to do your transactions. This is important because, as a startup, you can’t afford to pay for too many additional costs. You should choose the right bank that provides you with excellent services yet does not charge you too much for the services they provide.

A bank should provide you with a one-stop-shop for all your financial requirements. Here are a few guidelines that you need to keep in mind while choosing the right bank to carry out your transactions on a day to day basis.

No Fees Please: Although a number of banks advertise free checking it is absolutely essential for you to read the fine print to ensure that you don’t have to maintain a minimum balance to access the same.

A good account also does not have the requirement to maintain a minimum balance. Maintaining a minimum balance is like locking up your money and earning pretty much no interest in it. You need each and every penny at your disposal to ensure the sustenance and expansion of your business.

No limitations to the number of transactions: You should be able to make as many transactions as you need, on your account. You should be able to withdraw, deposit or transfer money as many times as you want without incurring any fees. As a startup, this is very important because you might have to work with multiple clients and therefore make multiple transactions and having to pay fees every time you exceed the limit of transactions will lead to loss of money.

Online and mobile access: While choosing the right bank, you should find out if they have good facilities for online and mobile banking. It is necessary to procure a comprehensive package that will suffice all your needs.

You should also be able to check up on your account, pay bills and make deposits electronically, both at your computer and on the go. This is to ensure that you don’t miss out on any transactions that you need to do.

Choosing a bank with excellent online and mobile banking facilities will allow you to keep track of the track of your transaction which would, in turn, help you while preparing the cash flow statements.

Overdrafts and how to use them: Overdraft facility comes in handy when you are short of money and you need to make immediate payments. Although is a big advantage but you are charges a huge fee to process this overdraft. While choosing a bank you need to ensure that your bank informs you of such cases and doesn’t engage in malpractice to issue such overdrafts.

Look for a personalized experience: While bigger banks provide you with a number of facilities but it might be a good idea to stick to a smaller bank so as to experience personalized banking. Personalized banking will allow you to avoid a lot of bureaucratic mess that you might have to face if you are banking with a bigger bank.

A competitive interest rate:

While choosing a bank you should also keep in mind the interest rate provided to you by the respective bank as well as other banks. While you should look for the best interest rate don’t forget to look for the facilities that you are getting out of banking with the respective bank. These are a few tips that you need to follow while choosing a bank for your business.

At the end of the day, it depends on the kind of services you would like to access from a banker and you should choose a bank where you and your business will get the best possible customised experience.  

Information may be abridged and therefore incomplete. This document/information does not constitute, and should not be considered a substitute for, legal or financial advice. Each financial situation is different, the advice provided is intended to be general. Please contact your financial or legal advisors for information specific to your situation.

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