When it comes to picking the best business account for your startup, there are a lot of things to consider.
From fees to deposit requirements and compatibility with payment processing and account software services, there are a lot of factors that come together to determine what will be the best banking solution for your business. Not to mention, whether or not you can open a business bank account online (or in person).
In this article, we cover some of the key things that you, as a startup founder, should be looking out for when selecting which bank to open accounts with. We’ll also cover how to find the best banks for your needs.
Best Business Account for Startups
The best business accounts for startups have little to no monthly fees, low deposit, and minimum balance requirements, and are compatible with the best payment processing services and accounting software. Read on to find out what you should be looking for when choosing where to bank and how to find the best bank for you.
It should go without saying, that not all banks are the same.
Some banks are more geared toward personal accounts, others are more focused on businesses. Some banks sneak in tons of little fees into every tiny thing, while others will treat you with more respect.
There are a lot of details that you need to be aware of when choosing a banking partner so that you are treated well and not hung out to dry with exorbitant fees over the years to come.
Finding the best business banks to open remotely (or in person) with is really critical to the success of your business, so it makes sense to take time to properly vet your options before you get into bed with any of them.
In this article, we’ll go over the key things you should be aware of when assessing your options to find the best business account for your startup. We’ll also share with you how you can find the best business bank account for your startup’s needs once you know what you’re looking for.
But, before diving in, if this is your first time visiting GlobalBanks, don’t forget to download your FREE Business Banking Starter Guide. It’s designed to help your business find and open accounts with the services you need around the world.
What to Look for When Choosing the Best Business Account for Startups
Many entrepreneurs make the common mistake of opening a business bank account with the same provider they use for their personal banking needs.
In some cases, this can be an acceptable option. But, in most cases, opening an account with a bank that specifically caters to businesses will get you much more value.
Of course, not all banks offer the same features, benefits, and ability to open the best business account for startups.
So, when choosing a bank to open with, many factors need to be considered.
With this in mind, we’ve compiled a list of the top features startups should consider before opening a business bank account. That way, you can determine which features are important to your business and base your account opening decisions on those.
Here’s a look at the features…
- No (or low) banking fees
- No transaction restrictions
- Easy to use online banking
- No opening deposit
- Payment processing systems
- Accounting integrations
- Low (to no) minimum account balance
- Debit & credit cards
- Mobile payment integration
Let’s take a look at each feature one by one…
No (or Low) Banking Fees
Before applying, it’s important to get a full rundown of the fees that will be associated with your account.
You should compare the fees with other banking institutions as you may be surprised how much they can differ from bank to bank.
Take care to look at the fees specific to the banking services you need, because the fees can vary between services.
Typically for a startup, it’s important to seek out a bank with little to no annual or monthly fees. Or, a bank that’s willing to offer you a no-fee period upon opening.
Taking the time to find a bank that offers this can save you hundreds of dollars each year.
No Transaction Restrictions
When choosing the best business account for startups, you need to ensure you’ll be able to complete transactions in the countries where you carry out business.
In other words, you need to confirm your bank of choice does not have restrictions that will restrict where you can and cannot send money.
If you don’t check on this ahead of time, you can get blindsided by restrictions later on, which can be a huge headache for your business. So, when choosing a bank to open an account with, it’s very important to confirm the bank’s transaction restrictions.
This way you can make an informed decision on whether or not that specific bank Is the best option for your startup.
Easy to Use Online Banking
When deciding where to open the best business account for startups, it’s also important to choose a bank that has accessible online banking services.
For instance, a mobile app, easy-to-use online banking functions, and mobile check deposits.
By having access to these features of online banking, you can save a lot of time from unnecessary trips to a physical branch. Instead, you can complete all banking needs at the touch of your fingertips.
And, as a startup business, convenience and time management is very important.
No Opening Deposit
Like banking in most countries, to open a bank account you’re required to make an initial account opening deposit. Of course, depending on where you choose to open, the deposit requirements can vary dramatically.
Additionally, deposit levels can also differ depending on your client profile and banking needs.
That said, what most people don’t know is that some banks don’t require startup companies to make an initial deposit before opening an account. If you’re fortunate enough to access a bank that doesn’t require a deposit, you could save hundreds, if not thousands of dollars.
Payment Processing Systems
When considering your options to find the best business account for your startup, it’s important you choose a bank and banking jurisdiction that works with the top payment processing solutions. Particularly if you’re looking to carry out online sales through credit cards.
Not all payment processors are the same. And, not all banking jurisdictions accept them.
So, when deciding on a bank and payment solution for your startup, it’s crucial to choose carefully.
In other words, once you’ve chosen which payment processor you want to work with, be sure to check that it is compatible with the banks you are considering.
Accounting Integrations
The best business accounts for startups will give you the option to integrate your accounting software. Meaning, you’ll be able to connect your accounting software directly to your bank account. This is an efficient and effective way to manage sales, payroll, account statements, expenses, and much more.
Of course, not all accounting software gives you the ability to do so. And, not all bank accounts offer this feature.
So, when you’re deciding where to open an account, look for a bank that allows you to integrate your accounting software with your bank account. Doing so will allow you to ensure your books are kept up to date and are constantly balanced.
Low (to no) Minimum Account Balance
As a startup, especially with minimal cash flow (in the beginning), it’s important to seek out a bank that has no minimum balance requirements.
That way, you won’t be obligated to hold a certain amount of money in your account at all times.
It’s not easy to find a bank that offers this option. However, some banks cater to startup companies that do offer lower minimum account balances than other banks. In some cases, they may even offer to waive a minimum account balance for a period of time.
But, knowing which bank, branch, and even banker to contact directly is crucial to unlocking this feature.
Debit & Credit Cards
The best business accounts for startups provide debit and/or credit cards upon opening. But, since not all banks offer this feature, you’ll need to do your homework to determine which banks do.
Of course, depending on where you choose to bank, debit and credit card functions can differ. Including, the benefits they offer.
One of the best banking jurisdictions when it comes to credit card options is the US. US credit cards offer non-resident individuals and foreign startups many benefits that they otherwise wouldn’t be able to access anywhere else in the world. Including travel rewards, sign-up bonuses, loyalty points, and much more.
If banking in the US has been on your radar and you’re interested in learning more about US credit cards specifically, you can unlock the step-by-step instructions in our premium members-only report “US Credit Card Strategies for Foreigners and Non-Residents” for more information.
You can access this report immediately when you join GlobalBanks USA.
Mobile Payment Integration
Technology is constantly changing. In fact, more and more people are using less cash. And instead are moving towards mobile wallets to purchase in-store products and services.
And, similar to what we mentioned above, mobile payment integration is just as important as accessing payment processing and accounting integration.
So, when you’re looking to open a business account for your startup, you must choose a bank account that works with mobile payments. In other words, check to see if the banks you’re considering can accept payments through mobile wallets such as Apple Pay, Google Pay, and Samsung Pay.
As you can see, there are many features to choosing the best business account for startups. And, if you’re well prepared, you can access most (if not all) of these features.
So how can you find out all of this information about different banks to help you pick the best bank account for your startup? Here’s how…
How to Open the Best Business Account for Startups
Choosing a bank to open with is a crucial stage in developing your business. And, as you can see above, there are many features you can unlock when choosing the best business account for startups.
But, it’s important to first decide which features are most important to you. In other words, which features are going to help you grow your business.
Of course, choosing the features you want to unlock is very easy compared to knowing which banks offer them.
Fortunately, we can help you to make sure you’re choosing the right bank account for your startup.
If you have a startup in the USA then GlobalBanks USA can specifically help. In fact, we help members of GlobalBanks USA open bank accounts for their businesses on a regular basis. Not to mention, we offer direct support from our team of banking experts where we answer your difficult banking questions. And, where we suggest specific banks that cater to your banking needs. Including, banks that offer the features you’re after.
Additionally, we also make direct introductions to banks in the USA to help start the process of opening the best business account for your startup.
Now, if you have an international company then GlobalBanks IQ can help you open a business bank account. In fact, GlobalBanks IQ helps foreign non-residents, entrepreneurs, and businesses get international bank accounts in the fastest and most effective way possible.
Not to mention, when you join GlobalBanks IQ, you immediately unlock the GlobalBanks Database of 250+ international banks in 50+ countries. And, within each bank profile, we list the specific client profiles that can open.
So, if you’re ready to open the best business account for startups, here’s how to start…
Ready to Open the Best Business Account for Startups Today?
Whether you’re ready to open the best business account for startups today or you’re just starting to explore your options, we can help.
GlobalBanks IQ gives you everything you need to start finding and opening accounts.
When you join GlobalBanks IQ, you immediately unlock the entire GlobalBanks Database of international banks. It’s home to 250+ banks in 50+ countries.
And, you get access to our library of premium (members-only) reports. These include proven account opening strategies, country-specific banking options, and lists of banks for specific client types.
Plus, you unlock our account opening checklists, dedicated account opening alerts, and much more.
To get started, click here to see if GlobalBanks IQ is the right choice for you.