If you want to know what bank is best for a business account, you’ve come to the right place!
The ideal financial institution offers competitive banking products with high rates on deposits and low-cost loans, as well as a range of merchant services and the right level of personal service and advice when needed.
Keep reading to learn about the essential task of choosing a bank for your business. You might be surprised to learn that the best bank for business is often not a bank at all.
WHAT’S THE BEST BANK FOR BUSINESSES IN UTAH?
Which bank is best for a business account in Utah? Large commercial banks offer nationwide service, various perks, and a wide range of account options, making them a tempting choice for businesses looking to back their operations with maximum financial muscle.
All that power and name recognition often comes at a price, however. While big banks have deep marketing pockets to promote their products far and wide, customers often find they lack the personal touch and local knowledge that young and growing businesses need.
That’s why many startups and small businesses in Utah choose to entrust their finances to local financial cooperatives like Wasatch Peaks Credit Union, forming personal relationships that often last for decades.
With local connections and a deep knowledge of conditions in their areas, credit unions recognize their customers as more than numbers — they are part owners of the cooperative. As a result, co-ops only thrive when the businesses and individuals they serve succeed.
And, as member-owned not-for-profit organizations, credit unions can reinvest all of their earnings straight back into the institution, rather than having to maximize profits on every transaction for outside investors with an eye on the bottom line.
This means credit unions can often pay greater dividends on deposits, and charge fewer fees and lower rates on loans and revolving credit. They also have more leeway to tailor offerings to individual companies’ needs. This is why many businesses find they enjoy substantial savings and a more supportive banking experience by joining a local credit union.
WHAT TO LOOK FOR IN A BUSINESS BANKING PARTNER
Who is the best banking partner for you? Here are some critical services, skills, and benefits to look out for when choosing a banking partner for your business.
1. A VARIETY OF BUSINESS ACCOUNTS
Look for institutions that have a variety of accounts tailored to the needs of businesses at different stages of their financial journeys. You should be able to choose from accounts designed for startups with flexible terms and minimal fees to robust accounts built to handle the higher transaction loads and more complex merchant needs of more established enterprises.
2. FEES AND CHARGES
A good business banking partner should offer reasonable and transparent fees. Monthly fees, transaction costs, and other charges can add up quickly. With large banks in particular, it’s important to look past the attractive introductory deals to the charges you will pay over the long term.
3. MINIMUM BALANCE REQUIREMENTS
It might seem like a detail, but minimum balance requirements can be an important consideration for small businesses and startups. Accounts with high minimum balance requirements can tie up your funds unnecessarily. Accounts with lower or no minimum balance requirements provide more flexibility and freedom to use your money as needed.
4. INTEREST RATES AND DIVIDENDS
Interest rates and dividend payments on business accounts vary widely between financial institutions. Even if you don’t have much cash on hand now, it’s worth seeking out banks or credit unions that offer balance-boosting dividends for when you do start to build significant reserves.
5. ONLINE AND MOBILE BANKING
Chances are, you’re going to do most of your banking from your computer or mobile device. Be sure any bank or credit union has business banking features like online bill pay, merchant services, and mobile deposit that tie in with your systems. These days, being local doesn’t mean you can’t provide industry-standard mobile banking services.
6. FOOTPRINT
While working with a local credit union is a great way to build connections with your community, you need to ensure that they have a strong physical presence, including branches in the areas where you do business and access to an extensive system of ATMs that will waive out-of-network fees.
7. LONG-TERM RELATIONSHIPS
Does your financial institution know who you are, or do you need to start from scratch every time you call or walk through the door? The best bank for your business takes the time to understand where you are coming from and where you hope to go. They’ll stick with you, offering good advice and excellent customer service along the way.
8. MERCHANT SERVICES
Your business account should deliver the specialized services you require to succeed. These include the ability to handle a high volume of transactions, to process credit card and ACH payments and wires, as well as on-site check deposit scanners, and sweep options to siphon off excess funds into a higher earnings account.
WHY WASATCH PEAKS IS BEST FOR BUSINESS BANKING
Wasatch Peaks Credit Union has been helping businesses succeed in north-central Utah for decades, playing a key role in the growth and development of Weber, Davis, and Morgan counties. We’re committed to continuing to support the thriving local economy that makes our community a great place to live.
With a range of businesses operating in our area, from start-ups to global corporations, we offer a tiered series of business account options tailored to the needs of organizations at different points in their financial journeys.
- Aspire: Ideal for startups, this flexible, free business checking account comes with no minimum balance requirements, free mobile banking, and 50 free transactions per month. It’s perfect for entrepreneurs looking to get their businesses off the ground.
- Vista: Built for active businesses with steady sales performance, our Vista account offers value-added services, such as discounted loan rates and merchant services, for a small monthly fee.
- Pinnacle: Designed for high-performing enterprises, the Pinnacle account provides high-yield returns, generous transaction limits, and comprehensive financial services to support established businesses with substantial revenue.
Along with low interest rates on deposits, fewer fees, and the personalized service you’d expect from a credit union that has stayed true to its local roots, Wasatch Peaks offers a range of value-added services to our business members.
- Business services consultations: Expert advice on key financial decisions.
- Merchant services: Enterprise-strength payment processing solutions.
- Discounted loan rates: Affordable financing to support your business investments.
- Multiple banking users: Extend online and in-person banking privileges to additional trusted members of your team.
Ready to find out how far you can go in business by staying local? Call us today or stop by to discuss your business banking needs, or click below to learn more about our business checking accounts.
