Choosing the right bank for your business

Choosing the right bank for your business involves more than just a random choice. It will take time and patience to browse through multiple banks’ pricing plans and services they offer. At the end of the day you will be happy in knowing that you chose the right bank for your business needs.

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When starting a business, it is necessary that you find a bank that is reliable and will give you the needed support. Even if the needs of your business are simple, you still need to search for the right bank. You should also consider the current and future needs of your business when searching for a bank. There are a few things to consider when choosing a bank:

Know your own needs

Before you can start your search for a bank, you need to know exactly what you need. This will largely depend on the type of business you are about to start. You can always consult an advisor to help you determine what you need in a bank. As soon as you have the answer to this question, you can begin with the process to find the ideal bank.

Size of the banks

The size of a bank will indicate to you how successful the bank is. It will also be an indication of how much money they will be able to lend to you if it is needed. For a business starting out, it will be of great importance to do business at a well established bank. This will minimize the risk of a bank declaring bankrupt.

Evaluating their rates and charges

This is a very important part when choosing a bank. You should know what each bank’s current rates are and how these rates are calculated and implemented. You should also be sure of how often these rates are likely to change and how that will have an effect on long term banking. It is not advised to choose a bank, primarily on what it can provide you in the short term. Rather opt for a bank which will give you long term satisfaction.

Capability with technology

When you are on the move, this will definitely have an impact on the way you do banking. Sometimes you might not be able to get to a bank to do your business. This is where technology comes in handy. You should choose a bank that will suit your needs, even if you cannot physically go to the bank. We can assist you with opening a bank account online at FNB. Please contact us for more information.

Comparing banks

When you know what you want, it is easier to search for your needs. You can do online searches of banks that you are considering. Their websites will give you enough information to form a basic overview of each bank. Once you have narrowed down the banks to choose from, you can go into each branch and discuss details with them. This is also a great way in which you can see how they treat potential clients. Equipped with this information, you will be able to easily decide on a bank. Here is a great website South Africans use to compare the major banks: www.wheretobank.co.za/ . We use Nedbank Business, which has been a great partner. They have agreed to also help our clients with a business bank account (and finance if required) at no cost. Click here if you wish to read more / apply. 

Always remember that not every bank is the same. They are also in competition with each other so be sure to double check every aspect. At the end of the day you can not run a business as effective without a bank account. Just be sure that you choose the right bank for you and your business’ needs.

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