Being a self-employed tradesperson often means having to handle your own finances. Although hiring an accountant or downloading bookkeeping software can take a lot of admin off your plate, at the very least you’ll need to find your own business bank account.
The right business bank account will help you secure low fees and generous interest rates with few catches, which means more money in your pocket at the end of the day! Below you'll find some of the best options out there.
Profit is the name of the game. Use our free calculator to see where you stand!
Short on time? Skip ahead!
Before you commit to joining a bank or adding funds to a new account, there are some things you should know. While many banks strive to be transparent and deliver the best service possible to their customers, unfortunately, some have been known to lay a few traps that are easy to fall into. Here’s what you need to know:
Pay attention to the fees associated with your account. While most banks claim to be ditching fees, they have been known to hide them from their customers in the form of maintenance charges, ATM charges, and transactional charges. They may also start to charge fees if you don’t uphold certain requirements.
Some accounts require a minimum deposit to open, so make sure you’re aware of what those requirements are before you commit time to opening a particular account.
A good bank isn’t all about the perks. Many banks will try to offer incentives to entice customers. Don’t fall for this kind of marketing, ignore the flashy perks and focus on the features that are really important to you and your business, such as 24/7 customer support and online fraud protection.
If you’ve reached the point where you’re beginning to enquire with banks about their accounts, pay close attention to the customer service that they provide. If they’re paying little interest to you now, then chances are it might be tough to get the help you need further down the track.
Before you commit to a bank, do some research online and learn about the accessibility of their services. The ideal bank doesn’t necessarily need to have a branch on every street corner, but at the very least, its online systems/apps should be well-reviewed.
Before making any big business decisions, it always pays to speak to a specialist. Start your own due diligence below, but always check your conclusions align with the experts.
Chase is a brilliant option for small trade businesses in the US. With top-of-the-line fraud protection, the ability to take card payments, and the opportunity to waive fees, it’s hard to go wrong with this one.
Bank of America offers a few different business accounts, but we think their Business Advantage Checking account could be good for tradespeople. It has low fees, overdraft protection, and a well-reviewed online banking system.
With no monthly fees and round-the-clock customer support, Starling is a solid option for trade business owners. Their business account comes with some really handy features like accounting software integration.
HSBC has a few different accounts that trade business owners can make use of. Their range of accounts cater to all sorts of different business stages and phases — from accounts for sole traders to free accounts for small-to-medium-sized businesses. What’s more — some of these accounts can be set up in as little as 48 hours!
ANZ’s Business Advantage account is simple but still makes for one of the best options on the market. Despite the fact that the account gives you the freedom to make as many transactions as you like with no monthly fees, you can still earn interest on your balance!
Westpac’s fee-free Business One account is a great everyday option for a small trade business owner. The fee-free policy, combined with the ability to earn interest, use overdrafts, and have your own business credit card, makes Westpac Business One a well-rounded option.
ASB’s business account offers an interest-earning account with unlimited transactions and zero fees. Additionally, holding an account with ASB gives you access to a full range of their services, such as business loans and merchant facilities.
With zero monthly fees and decent interest rates, BNZ’s Business First account holders can earn without lifting a finger. Plus, the account has some great features like overdraft services and the ability to use business credit cards.
If you’re looking for ways to keep your business safe, stable, and on a pathway to success, then check out Tradify. Our cloud-based job management software keeps all aspects of your admin in one place. Timesheets, quotes & estimates, invoices, job scheduling — you name it, Tradify does it.
Try Tradify for free, or pop over to one of our live demo webinars to see it in action.
Please note: this article is a basic overview of business bank accounts and is not intended to be financial advice.