small business bank account. opinions?

[adkot]

Hello everyone,

Since I am a sole-prop guy for my business, I've just used my personal bank for all my business needs.

Well, I'm looking to expand and would like suggestions on what to look for in a small business bank account. Any recommendations?

Things I have looked at and need to consider:
International Wiring (ease of use)
interest or free
online account services
L/C (ease of use)
Fees (in general)

I don't really see anything that seperates one business account from the next. Not substantially anyways. I can make 3%APY on one but get less services while another has no interest but lots of services (some of which I don't really know if I need).

Either way, your experience and suggestions would be appreciated.
Thank you

[criniit]

Ehh how many services do you really need for a bank account? honestly I bank with BB&T with my personal so I just opened up a free business checking account with them as well. As far as whether to go with the 3% interest...well anything 3% and below your actually not making any money because inflation is 3%/year...so just keep that in mind.

[AstarothSolutions]

You dont say what country you are in to be able to give any specific recommendations nor what your legal structure is.

In the UK the only advantage a business account has over a personal account for a sole trader is the fact that you can accept cheques in your trading as name rather than having to be in your name. The converse is that business accounts tend to have lower interest, no credit facilities for startups and frequently charge fees (or for fee free accounts it is either a limited period or a limited amount of transactions). Obviously if you are not a sole trader then you almost certainly would be able to get anything other than a business account given there is either separate legal entities involved or you may not want to have your credit records directly linked to your partners.

[adkot]

Good point.

I am in the U.S.A. and am a sole-proprietorship. In my dealings with banks trying to get my small retail businesses going, I do find that most of them charge for their services. That stinks.

In the time of my original post though, I have decided to use US Bank. Their services are mostly free and will handle T/Ts and anything else I need without much problem.

I do like having checks with my company name on it. That's pretty cool.

I figure from here, I'll continue to learn which services I really want and need.

Thanks though.

Simon

[AstarothSolutions]

In the UK it isnt that great as a sole trader and their company are legally one and the same and so cheques have Their Name T/A Company Name - the advantage is that you can deposit cheques in either name