Every business needs a current account to manage their finances effectively, and oftentimes the most crucial step is selecting the right bank – a decision that can make a significant difference to your financial future. Since you will use the account to manage your business finances, it’s important that you take the time to find the one that meets your particular needs and requirements.
Whether it’s having access to unlimited withdrawals or additional benefits packages – there are some critical elements to consider before submitting an application. So, let’s explore these key considerations and, ultimately, how to select the right bank for opening a current account.
- Size and network of the bank
A key step in selecting the best bank to open a current account is to determine if they have a larger size, network, and presence. A bank with an extensive presence across states, cities, and regions can potentially offer more convenient access to services. They might have more ATMs in those locations than smaller banks, which could prove invaluable should you need quick cash access. Ultimately, choose a bank that fits comfortably with your current needs and your future plans.
- Minimum balance requirement
Banks have varying minimum balance requirements for current accounts. While some may require certain amounts to be maintained every month to avoid any penalty costs, there are certain banks with no minimum balance requirement. This can be invaluable if you are starting a business and don’t want your capital ‘tied up’ in a current account. Pick a bank whose minimum balance requirement works best with your financial situation – one that doesn’t overextend you financially.
- Premium digital services
Ensure that the bank you are considering provides easy and secure internet banking portals and hassle-free mobile applications for transactions. Look for features such as real-time balance inquiry, money transfer options, among others. Such features can create a flexible and convenient digital banking experience where you can handle your finances easily from anywhere.
Also, choose a bank with minimal current account opening documents and lenient eligibility criteria so that you can open and get access to your account instantly.
- Overdraft facility limit
An overdraft facility can be extremely useful if you ever find yourself in short-term cash flow mismatches and need extra funds until payday arrives. This facility can provide access to credit without having to source funds elsewhere. It is essential to research various financial institutions carefully before committing to any one provider, as limits, fees, and charges associated with overdraft facilities will differ depending on who you choose.
- Check additional services
When looking for an online current account to suit your specific needs, it is wise to evaluate if the bank offers more than just the basic services.
For example – many banks provide additional services such as doorstep banking, dynamic cash deposit limits, auto sweep FD, anywhere cash deposits, access to after-hours banking, free pay orders, demand orders, etc. These features can offer greater convenience and control over managing your funds, thus, saving you considerable time and effort.
To wrap up
Doing thorough research on different banks before opening a current account is key. Consider not just the fees and services associated with the account but also customer service quality and availability.
Moreover, you can easily open a current account in one of two ways: online or offline. While online applications are easily accessible and convenient, if you want to take advantage of talking face-to-face with a banking representative about their current accounts, it might be beneficial to visit a nearby branch.