Look, there are a lot of banks out there that want your business’s banking business. The easiest ways to narrow them down is to figure out if there are any specific features you need from your business bank.
For example, if you don’t have a ton of cash on hand, you might want the checking account that has the smallest possible opening deposit. Or if you have highly variable cash flow, you might prefer an account that won’t charge you monthly fees for carrying a low balance
Or let’s say you depend on your accounting and payroll software to keep your money in order. You’ll probably want a bank account that’s compatible with that software. Otherwise, it’s back to manual money crunching for you.
Here are some other features you might consider:
Number of branch and ATM locations
- Mobile and online banking options
- Bill pay capabilities
- High interest rates (for savings accounts)
- Discounted ATM fees
- No minimum balance
- No transaction fees
You might also want to look for a bank that offers complementary services like these:
Go ahead and nail down your needs. Then move on to step three.