Hot Savings for Your Business: Comparing Giro Accounts for Freelancers and Small Companies
Consulted on multiple matters:
Got a business? Then you're probably on the lookout for ways to cut costs. Switching your business checking account might just be the solution you've been seeking. In a recent survey by FMH Financial Consulting on behalf of ntv, the experts discovered that businesses could save up to 925 euros per year by changing to the least expensive provider out of 40 banks examined.
More Transactions, More Fees
While private checking accounts often have a single fee, business accounts charge for each booking item separately. The more transactions you make, the more fees you'll have at the end of the month. So, swipe that card, but keep an eye on the prices!
Cheap is Good, but So is Security
When hunting for a cheaper provider, avoid focusing too much on credit card, Girocard, or debit card annual fees. Instead, zero in on the account management fee and the number of free transactions per month. A flat-rate fee that covers as many transactions as possible can save you a pretty penny.
Tailor Your Account to Your Needs
The requirements for a business account vary depending on the business model and size. For instance, freelancers will have different account management needs than a medium-sized company. So, choose a business account that's the perfect fit.
The Best Accounts for Up to 200 Transactions Per Month
In their evaluation, FMH considered companies with 80 and 200 account movements per month. For those making around 80 transactions, the Targobank and Commerzbank emerged as top choices, both offering flat-rate account management fees and free transactions up to a certain limit.
For larger companies with 200 transactions, Targobank was the only branch bank to receive a top rating of "very good." Five regional banks, including Sparkasse Ansbach and Berliner Volksbank, also earned the top rating, significantly reducing costs compared to the most expensive provider in the survey.
Money Matters... But Not Everything
Keep in mind that the switch comes with some costs, such as printing new letterheads and updating your business partners' and tax office's information. Furthermore, small, local businesses may value excellent personal support over the cheapest account, so it's essential to find a balance between cost savings and quality service.
Here's where fintech platforms like N26 Business, Holvi, Qonto, bunq Business, and Revolut Business come in handy. These platforms offer business accounts tailored for freelancers and small businesses, with enjoying cost-effective pricing and modern security features. In addition, some of these services provide invoicing and budgeting tools to help streamline your business operations.
Wrapping Up
For freelancers and small businesses in Germany, choosing the right business checking account is all about finding the perfect balance between cost savings and necessary features, along with adhering to strong privacy laws. Consider the transaction volume, Mid- to long-term savings, and the level of personalized support you desire. And remember, although regional banks may be more expensive and less flexible, they can provide valuable personal support that enhances the overall banking experience. So choose wisely and enjoy those sweet, hard-earned savings!
Sources: ntv.de, awi
- Data Protection
- Fintech
- Banking
- Fees
- Transaction Volume
- Business Operations
- Pricing
- Savings
- To maximize savings for freelancers, it's crucial to consider fintech platforms like N26 Business, Holvi, Qonto, bunq Business, and Revolut Business, as they offer cost-effective pricing, modern security features, and tools for invoicing and budgeting.
- When it comes to employment policies within the community, businesses should ensure that their policies are clear and flexible, as freelancers might require different account management features than larger companies.
