How to open a new bank account :
How to open a new bank account :
Opening a bank account is part of everyday life and is something most people should do by the time they begin earning money. Having a good business banking is one of the most important features of large, meduim and small business. Good business banking will allow the money within your company to flow easily, and will greatly save you time and money. You are going to find here are some basic tips to get you started If you are a small business owner and are unsure about where and how to begin with business banking :
STEP 1: Talk with friends and relatives about where they have their accounts. Find out what they think and whether they are satisfied with their own banks.
STEP 2- To find a bank :
Before you can begin business banking you need to find the right bank for your needs. Unless they have the best deal, it is usually inadvisable to use your current bank for your business needs. This is because it is a good idea to keep your business and personal affairs separate, and means that one bank isn't in control of all your money (business and personal) . Secondly, new banking customers often get better deals because of the banks being so eager to attract new business. Whatever bank you use, it pays to shop around to find the best products for your needs.
STEP 3- To open an account :
Once you have chosen a bank you need to open an account for your business. This is probably the most important step, and there are a number of things you need to do before you can open an account. Firstly, prepare a business plan to present to the bank to show them where your business is headed. Also, if you are a new company then you will probably need to get proof of your initial financial backing. Your personal credit history and the history of any business partners will also be checked. Once these checks are complete then you will be able to open an account.
Features and rates
The features and rates you will receive will partially depend on the size of your business, as well as the results of your credit checks and the evaluation of your business plan. You are best off starting with a simple account, where you can withdraw money and pay in earnings. Once your business increases then you can add features, such as a high interest savings account, as you go along.
Online banking is one of best ways to conduct your business banking. If you are looking for a business account, then you should consider one that has online features. This will make basic banking a lot quicker and save you having to travel to your branch every time you need to pay money in or transfer funds.
If you are starting a limited company, then you are required by law to open a business account. If you are a sole trader then it is not compulsory, but having an account that bears both your name and a business name is a good idea. This can give your business a more professional look when asking for payment from a client. For example, having cheques made out to John Smith T/A (Trading As) John Smith Services' is more professional than simply having money paid into your personal account. Whether your business is one person or a large company, having business banking will help you.
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