choose a bank

How do you choose a bank?
Choosing the best bank for your needs is easy. First, you have to figure out exactly what you need from a bank. Once you know what to look for, you can quickly evaluate the competition and end up with the best bank account out there. This page offers a guide to choosing the right bank for your needs, and offers some ideas for starting your checklist.
Next, get an idea of how you prefer to do your banking. If your schedule doesn’t work with most bank schedules, the best bank might just be the one that’s open at convenient times.
The fist question to ask yourself is what you want to do with your bank account. Do you want to put money in there periodically and watch it grow? Will you move money in and out quickly? You need to know what your banking behavior will be like in order to find the right bank.
To get started, ask yourself these questions:
How often will you have to withdraw money from your account?
Do you have enough cash available to meet a minimum balance requirement for a no-cost or interest-bearing checking account, and will you be able to keep that amount in your account?
Do you have time to get to the bank during banking hours, or do you need a bank that’s open nights and weekends?
Would you like the option of banking online or over the phone?
Simply, you need a payment system that conducts your cash flow efficiently. The most basic account will consist of a checkbook and a pay-in book.
The chances are that you will need to be able to process electronic transactions. You need to decide whether facilities such as direct debits and standing orders would help your operation run more smoothly and keep costs down.
The more check and cash transactions made, the higher the charges. Don't be afraid to try to negotiate a better tariff. If you think you will mainly be making payments electronically, go for an account that offers free or low-cost electronic transactions. Conversely, if you think you'll be using a lot of checks, look for low charges on paper transactions.
The ideal scenario is to have a named personal adviser with a direct telephone line. The fact is that many businesses don't need this level of advice, and many business bank accounts don't offer it.
Some banks have a dedicated small business advice team, while others offer a telephone helpline. Branch-based chains of advisers can be useful if your there are specific regional issues that affect your business.
Other aspects of the advice on offer to consider include the level of knowledge of your type of business the bank has, hours of business - and even whether the staff are friendly.
When you approach a bank you will more than likely be offered introductory special offers such as free banking for 12 or 18 months. Look beyond these deals and find out how much you will be paying to maintain your account once the honeymoon period is over.
When you find an account that suits your business, make an appointment to see the manager or an adviser. This will give you a chance to present your business plan and discuss all areas of your business.