Uncovering Monetary Marvels: A Business Checking Account Showdown, Boasting Potential Savings of Up to 925 Euros!
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When jumping ship from one checking account to another is the hot topic for consumers, it's time business owners have their turn at the table. A well-considered change could offer substantial savings for both freelancers and corporations.
Legal provisions make the switch a breeze, with account shifts completed in a jiffy, and savings of up to 350 euros annually at a new bank in your pocket. But that's just the tip of the iceberg for business account holders.
According to a recent survey by FMH Financial Consulting on behalf of ntv, fees for individual booking items are the primary driver of prices for business checking accounts. The Frankfurt experts evaluated 40 banks and 59 different account models, revealing that migrating from the most expensive to the cheapest of the chosen 40 banks could result in a whopping 925 euros in yearly savings!
The More Transactions, The Bigger The Tab
Here's the catch: Unlike private checking accounts, businesses are typically charged for each individual booking transaction separately in business accounts. This means that the more you swipe your card, the more booking transactions accrue, and the bigger the bill at the end of the month.
So, it's time to reassess your banking priorities if you're after a cheap provider. Annual fees for credit cards, Girocard, or debit cards are trivial compared to account management fees and flat-rate charges for free transactions per month. Focus on finding a provider with a low account management fee and generous free transaction allowances.
Know Your Needs, Choose Wisely
As business requirements vary depending on the model and business size, FMH Financial Consulting has determined the best accounts for companies with 80 and 200 booking transactions per month. For the former, 20 online transfers, 20 credits, and 40 direct debits were assumed as monthly account movements, mainly consisting of card payments with a debit card or Girocard.
In this category, Targobank and Commerzbank stand out. Targobank offers a flat-rate account management fee of 178.80 euros with 30 free transactions per month and 15 cents for any transaction beyond the initial 30 - total annual costs of 288.30 euros. Commerzbank's annual costs come in at 393.70 euros.
Data Protection Regional banks are the ones to beat when it comes to data protection. Five institutions, including Sparkasse Ansbach, Sparkasse Marburg Biedenkopf, Berliner Volksbank, Saalesparkasse, and the Kreis- und Stadtsparkasse Wasserburg/Inn, received FC's highest rating of "very good" for data protection.
Large Companies Require Different Terms
In the segment with 200 account movements, Targobank once again earned the distinction of "very good" rating, with a total annual cost of 492.30 euros. Other regional banks also achieved the top rated "very good" rankings, including Sparkasse Ansbach, Sparkasse Marburg Biedenkopf, Berliner Volksbank, Volksbank Darmstadt Mainz, and Ostsächsische Sparkasse Dresden. The most expensive provider, ranked 40th in the survey, would set you back a staggering 1,263 euros per year.
Data ProtectionBe mindful that not all savings can be measured in euros. Regional banks also excel in personal support and customer service, factors that small, local businesses highly value. But a harmonious blend of personal support and cost-effectiveness is achievable, making dissatisfied clients intrigued by switching their accounts confident that savings of 500 to well over 1,000 euros annually could justify the effort.
Always consider your business's size, as account switches incur costs, such as printing new letterheads, and require a certain amount of time to complete the process. Notify your business partners and tax office of your new account details as soon as possible.
Source: ntv.de, awi
- Cancellation
- Consumers
- Investment
- Banks
- Legal Questions
- Checking Account
- Apps
- Tax Office
- Additional Insights:
- For companies with more than 200 booking transactions per month, banks may offer customized pricing based on a negotiation process specific to each organization.
- Consumers who are unsatisfied with their current bank may find inspiration in this evaluation, potentially leading to possible savings for both individuals and businesses.
- Keep track of your account transactions to maximize the benefits of free transactions allowed by your bank and minimize additional costs for booking items.
- Personal support and cost-effectiveness are not mutually exclusive. Business owners should seek banks that prioritize customer service while offering competitive pricing.
- A change in employment policy could be a significant deciding factor for businesses, as migrating to a less expensive bank for business checking accounts could lead to annual savings of up to 925 euros, according to a recent survey by FMH Financial Consulting.
- Considering personal-finance implications, business owners should opt for a provider with a low account management fee and generous free transaction allowances, as fees for individual booking items are the primary drivers of prices for business checking accounts.
