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Six tips to help you choose the best account as a woman in business

Six tips to help you choose the best account as a woman in business
  • PublishedJune 17, 2021

Gone are the days when women were limited to housekeeping and careers that are considered feminine. In the modern world, women can do whatever they want to do, including business. To succeed in business, a bank account is a must-have. However, choosing the best business account can overwhelm because of the many options available. Fortunately, if you follow the following tips, choosing an account that suits you as a businesswoman becomes as easy as ABC.

Size of the bank

Bigger banks have more branches, more resources and more offerings. Big banks may also offer you some perks of opening certain accounts. Such perks include training and mentorship and networking events and workshops, among others. Smaller banks, on the other hand, may be familiar with the prevailing market conditions and may be more willing to give you loans based on your character and profile. The choice of the bank where you open a business account is largely determined by the needs of your business.

Opportunities for growth

You must have heard that what a woman gets, she multiplies it. This is to mean that women are always growing and increasing what they have. As you chose a business account, consider the avenues that the particular account offers for the growth of your business. For instance, some business accounts offer business owners generous loans with a flexible repayment period. As a business owner, such an account would facilitate the growth and expansion of your business where need be.

Services you need

The bare minimums of a business account include employee checking accounts, debit and credit cards, savings account, and online banking. However, individual business owners have different additional needs. Therefore, ensure that you choose an account that has all the services you need for your business.

Transaction limits

As a businesswoman, you will receive and send more money daily than the average person. Banks limit the amount of money you can send or receive over a given period. The limits are not the same for all banks. Therefore, look for an account that can accommodate the volume of daily monetary transactions in your business.

SEE ALSO: Tips for taking women-owned businesses to the next level

Interest Rates for Deposit Accounts

A wise businesswoman knows the value of saving for the business’s future use. If you plan on opening a business savings account, consider the interest rates of the particular account you want to open. Having an account with good rates provides a better opportunity for your money to grow. Remember to consider the interest rates versus any fees you may be required to pay.

Branch Banking and ATM access

Having a bank with ATM access is a no brainer. ATMs allow you access to your money at any time and from different locations without having to visit your bank to make a withdrawal. If your bank has branches, the better since you can access services even when you are far from your local branch.

Photo by Nick Pampoukidis on Unsplash

Account service fees

Accounts come with a variety of service fees that a business owner is expected to pay. Some of these include wire transfer fees, account maintenance fees, and overdraft fees, among others. As a businessperson, you should always strive to minimize the costs of running your business. If you find that an account is charging exorbitant service fees, drop it and look for a cheaper option.

In a nutshell…

The business account you choose can make or break your business. Therefore, exercise a lot of wisdom when choosing a business account. At the minimum, the account you chose for your business should have low or no service fees, access to an ATM, transaction limits that suit your business and easy to use mobile banking platforms.

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Written By
Diana Rachel