A business bank account can be a great tool for businesses to organize their finances. However, you can also make sure that you’re getting more than just a straight-up organization tool out of your business bank account. If you’re looking for ways to get more from your bank account, you can do a number of different things. Here are four of the best ways to get more out of your bank account as a business.
1. Look Into Waiving the Monthly Fee
Business bank accounts typically have a higher monthly fee than personal bank accounts. It’s common to see business bank accounts that have a monthly fee ranging from $15 to $20, whereas monthly fees for personal bank accounts often cap at around $10. See if there are any ways you can waive the business bank account’s monthly fees, including having a certain dollar amount in the account and making a certain number of deposits.
2. See If the Account Has a Bonus Offer
A bonus sign-on offer can be a great way to get more out of your business bank account. The Chase Business Account, for example, offers a $300 bonus for new accounts, with a few requirements. The requirements for bank account bonuses are typically less intense than the requirements for credit card bonuses; if you have $2,000 to put in the account for 60 business days, you can essentially meet the requirements.
3. Open Other Connected Accounts
Opening some other connected accounts may be an effective way to get more out of your business bank account. Many bank accounts offer significantly more than just checking and savings options, with other opportunities available for investing, CDs, and more. Before you open your business checking account, it may be a good idea to look at what other connected accounts you may be able to open, and to determine whether or not these accounts might be helpful for your business’s future.
4. Try to Refer Friends
If you have other friends who have their own businesses, you may want to consider signing up for the Refer a Friend program. Many banks, surprisingly, have some kind of Refer a Friend program that can give you and your referral extra benefits when they open their own account. Make sure that you look into what kind of referral bonuses you may be able to get from your account, especially if you have many friends who may be interested in these accounts.
A business bank account is a great way for you to keep your business financial information separate from your personal financial information. However, you don’t have to just use a business bank account for making individual purchases. You can use it in a variety of ways, and many of those ways may actually save you extra money. Next time you’re looking into opening a business bank account, make sure you do all four of these things to get the most out of that account.