Over my 25 years of working with small businesses, I have come to realize that not all banks are created equal.
Like in most business sectors, banks vary wildly from one another, and a bank that’s a great fit for you may not be the best option for the business next door. With the recent mass transition to a remote work model due to COVID-19, seamless digital banking services, data availability, convenience, and consistent customer experience have come to differentiate banks more than ever.
While switching banks can be a huge hassle, I often find that changing banks may serve my clients’ needs better than their current institutions. If you are on the market for a new bank, or simply want to see how your bank measures up, the checklist below covers the points that I encourage my clients at KORE Accounting Solutions to look into when considering a move.
One thing that would not figure into my calculations are a bank’s interest rates, such as getting an extra 0.5% interest on $5,000 amounts to a whopping $25 a year, or a little over $2 per month, before taxes. So, while I, like many others, am dissatisfied with the low interest rates that my money earns, getting a slightly higher rate would not sway me towards a different bank that lacked more important features or had higher fees. If the difference was 2%, then it may make sense, but that is extremely rare.