Banks offer many banking products, such as bank accounts. Banks divide them into products intended for individual customers (so-called standard bank accounts) and those dedicated to entrepreneurs (business bank accounts).
After setting up a business, you have to decide which type of account to apply for. You are not required to have a business bank account—you can just as well open a standard one. Even accounts intended for individual customers allow you to order transfers to ZUS or the tax office. However, you should know that business bank accounts are more functional—the benefits of using them are quite numerous.
Standard vs Business Account—which one costs more?
A few years ago, the difference between standard and business accounts was significant in terms of costs. Today, the situation is different because banks compete for customers and know perfectly well that customers are keen to choose cheaper products.
Currently, it is standard for individual customers not to pay for:
- opening and maintaining an account
- transfers made through online banking
- issuing and servicing a payment card
- withdrawing funds from ATMs.
In addition, banks often offer individual customers the option of making an express or international transfer free of charge. The number of such free transfers is usually limited, for example, to one per month.
What can an entrepreneur expect when opening a business account? If you decide on a business account, you should know that the fees for maintaining it will not be high at all. Nowadays, banks often offer free account maintenance or card servicing to customers who meet certain conditions. An example could be crediting the account with a certain amount each month or making payments with a payment card.
Business Account and Additional Benefits
If you decide to open a business account, you will have access to additional benefits. This is precisely what distinguishes an account intended for an individual customer from one dedicated to an entrepreneur.
The additional benefits in question depend on the bank. From your perspective as an entrepreneur, it should be important whether you can:
- apply online, for example, for a bank loan or to open a bank deposit
- issue invoices and thus have all information about the company’s income in one place
- take advantage of preferential terms, for example, regarding payment terminals.
Remember that banks offer various additional benefits to their business customers. Therefore, as an interested party, you should also compare the products on offer in this respect.
If you can get more without paying additional fees, why give up that opportunity? Opening a business account simply pays off—see for yourself.