When the time comes to open a business banking account, you’ll want to take the time to make sure you’re getting the right services to meet your needs.

Why do I need a business account?
A business account, in addition to separating your personal banking from your business needs - can combine the features of making and receiving payments, getting credit, setting up savings, and having easy access to features such as online and mobile banking. 

Where should I look for a business account?
A good place to start is the financial institution where you have your personal accounts and where you already have a banking relationship. When the time comes, ask to set up an appointment with a universal banker or customer service representative and what types of documents you’ll need to set up a business account. 

What should I ask during our meeting?
During your meeting with a business banker, be sure to ask about the banks values and how they work in your community, how they communicate important information to you, and if you will have direct access to a person or team that can help you set up all your banking functions. If those items align with your business then ask about any unique needs of your business.  An online-only business where debit and credit are the only means of payment will have different requirements than a brick-and-mortar or service business that may require frequent trips to a financial institution to make cash deposits or to withdraw cash for business use. If the bank can meet your needs then discuss fees and costs. Those could include service and transaction fees, deposit and ATM fees, savings fees, and electronic transfer fees. You’ll also want to be aware of minimum balance requirements and how they can affect any costs.

Any other considerations?
Building a business-banking relationship can help when it comes to credit needs as well. Will you need a credit card, a line of credit, or a small business loan? Be sure to include these possibilities when looking for the right place to do your business banking.

Take the time to consider all of your possible needs before talking with a financial institution so you’ll know if what they have to offer is what you’re looking for to help meet your specific banking needs.

Have a question we can help with? Meet our business banking team here and reach out with your questions.

Ready to finance your business? Click here to start the process with a Northwestern Bank lender.

Check out more articles for your business here: View our blog

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Looking to learn from other local entrepreneurs? Check out the podcast Banker with a Beer where local entrepreneurs, non-profits, and city officials share their insights on financial matters through a frosted lens. Listen on Apple, Spotify or northwesternbank.com/bankerwithabeer/

Banking Podcast | Banker With A Beer | Northwestern Bank