4 Things To Consider When Opening A Business Bank Account

When you’re launching your consulting business, this is one of the logistical things that can feel so overwhelming, because you're making a business commitment of what bank institution will hold your business money. I will share a couple of thoughts on my own personal experience regarding choosing a business bank account.

No Fees

You should be able to identify a business bank account that meets your needs and does not charge you a fee. If they charge you a fee, keep looking. In the early stages of your business, you want to keep your expenses low and those banking fees will add up. You should be able to find one that does not charge any type of annual fee or monthly fee. Definitely keep looking if you're coming up with options that say that they charge a fee.

Monthly Deposit Requirements 

You want to make sure that you know the monthly deposit amount. Many business bank accounts have some type of limit to how much you can deposit into the account, and sometimes it's by month. If you're just starting out in our business, that may not necessarily be a huge deal, but as your business grows and your revenue goal grows, you want to be aware of any deposit limitations.

True story, there was a moment where I literally had to hold a check for two weeks because I'd hit my deposit limit for the month already. My bank has since increased my business deposit monthly limit. You want to be aware of these things because the business bank account limit that I had when I opened the account three years ago grew as my business grew.

Minimum Balance 

Many business bank accounts require you to maintain a certain minimum balance. When you're just starting your business, you don't want those limitations. If the required minimum balance is $5,000 and you're just starting, that can create some obstacles or limitations. You definitely want to check and ensure that there isn't a requirement for a minimum balance, especially one that you can’t yet maintain.

Mobile Deposit 

Mobile deposit is a nice perk especially if you are traveling frequently and/or anticipate receiving many paper checks. With mobile deposit you can deposit a check from your phone. This means you don’t have to be near your bank or go to the bank in order to get your coin. 

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