As I’ve stated in an earlier blog (Separate Your Banking), you should separate your personal banking from your business. But when you are opening a business bank account, it doesn’t always include the same benefits as a personal account, so how do you know which type of bank to go with that suits your business’ needs? It may not be the same bank.

Here are a few tips to look for:

Little to no fees: there are several banks out there that provide business checking and/or savings accounts that do not charge a monthly fee. If you really love your bank and they do charge a fee, then ask your banker if there are ways to waive it and what the best account would be for your business needs.

No minimum requirements: some banks require that you keep a minimum balance in each account. There may be away to waive a fee if you have a minimum balance in your bank accounts, but why keep money that you can’t do anything with in those bank accounts? It just sits there helping the bank grow their money. However, that bank may have other benefits for you that it’s worth keeping that minimum balance and that’s okay too, just make sure that it’s worth it for you and your business.

Relationship banker: while there are several major banks out there that we’ve all heard of, you sometimes feel like a number and not a person when you are holding and managing your money at their bank. So why not find a bank that offers a relationship with you as a person, that you can email or give a call when you have questions or an emergency. I know that when the world shut down for the pandemic, having a relationship banker was super helpful because even though the branch was closed, I could still communicate with them and it was a smooth process for me. Plus, I find they’re more interested in truly helping you as a business owner than just selling you on another product they offer.

Able to have multiple accounts: when implementing Profit First in your business (a cash flow method that I personally use and teach my clients), you’ll have multiple bank accounts and some banks do not allow you to do so or charge a fee if you do. Again, why pay for a fee when you don’t have to?

These are some general tips, and your business may have additional needs that are not listed. Not sure where to start? I have a list of Profit First friendly banks that you can access any time on my website that qualify for each of these listed. And if the bank you choose is not familiar with Profit First, I’d love a connection with them! Several banks that I speak with, once they understand what business owners are looking for and the reasons behind it, they’ll be able to further assist you with your banking needs. Do you have a bank that you love and wish more knew about it? Please let me know and I’ll add them to our list.

*Credit Unions are typically more Profit First friendly due to flexibility; however, many have had success with corporate banks. ‍