Compare business accounts

Price is often the main criterion when comparing online business accounts.

The rates of banks or fintechs can sometimes be misleading—it's worth taking a closer look and paying attention to any hidden fees (e.g., exchange fees or transaction fees). Otherwise, many euros can quickly be added to the initial price of your business account.

This is especially true for accounts that seem free at first glance. All additional services usually cost money, making these business accounts more expensive than those with higher base fees.

Plans with a transparent fixed monthly price can, on the other hand, offer protection against unpleasant surprises. Here too, entrepreneurs should carefully review the details.

Also, ask yourself which services you use and compare the costs and pricing plans of providers from this perspective.

This way, you can ensure that you don't end up paying for features of a business account that you ultimately don't use, saving you a few euros.

Whether it's a payment institution or an online bank, a comparison of offerings is useful for all entrepreneurs or freelancers looking for the best business account for them.

It's worth looking not only at the costs but also at the services and offered features.

Some business accounts, especially with fintechs, offer integrated accounting functions and tools for digital document management. Similarly, finances can ideally be managed via an app—and thus at any time and anywhere.

Thanks to these digital banking solutions, you can save a lot of time and spend it on your core activities.

Other services offered by providers may include:

1. business cards with or without customizable settings
2. quick and non-bureaucratic online account opening
3. 24-hour available tax information (for the tax advisor, accountant, or tax office)
4. order or block a payment card with one click
5. SEPA transfers and SWIFT
6. Instant SEPA transfers 
7. sub-accounts, digital expense management, and settlement
8. push notifications on smartphone for every account movement
9. individual access to accounts for employees and accountants
10. free cash withdrawals

Banks may also offer other banking services such as insurance, transactions, or invoicing.

1. are you looking for a business bank to guide you through your company formation procedures? Make sure to select a bank that allows you to make your capital deposit, as some online banks do not offer this service to their customers;

1. do your customers mainly pay by card or check? Choose a bank that provides a payment terminal and facilitates the deposit of checks into your business account;

1. do you need financing to sustain your business? Consider this point when comparing banks willing to provide credit to businesses to support them;

1. does your company have a significant cash position? Prefer a bank that offers a complete range of savings solutions to grow your funds and thus ensure the long-term development of your business.

Banks and online providers today offer a wide range of business accounts.

It's important to be aware of your company's needs and make a well-informed comparison of business accounts. It's best to create a criteria catalog with the points and requirements your business account must meet. You can then compare the offers based on your criteria.

This way, you also get a clearer picture of the actual costs: With some providers, the monthly base fees may be very low, but the individual services are charged separately. By knowing your company's needs, you can already estimate how much the respective business account would actually cost you.

Don't forget to take a look at the fine print: sometimes costs or details of individual offers are hidden in footnotes or separate price lists.

What services do banks offer for what costs? What features are needed—and to what extent? These services shouldn't cost you much at your bank or online payment institution.

Some fintechs offer specific pricing plans for businesses, which flexibly adapt to the development stages of your company.

There are often also packages available at reasonable costs for self-employed and freelancers.

The transparency of account management costs is essential for entrepreneurs, freelancers, and interested founders. At Qonto, you can choose from different plans, without hidden costs. Up to 15 payment cards and a number of paperless transactions are included in the package, depending on the plan.

A business account often differs from a personal checking account by features that are tailored to the needs of businesses. Therefore, pay attention to the service offerings for financial management and expense management and accounting when opening an account for your business.

With Qonto, for example, you can quickly and easily manage your finances via the app. Additionally, Qonto offers tools for digital accounting.

For managing team expenses, Qonto also offers innovative features such as employee cards with individual limits and authorizations, user rights, user roles, temporary payment cards, or sub-accounts.

Other benefits include tools for simplified invoicing, real-time notifications, and personalized labels.

The “best” bank for a business account varies by entrepreneur. While one entrepreneur may prioritize low costs, another may look for good integrations with accounting software or handy tools for team management.

When choosing a business account, consider factors such as:

1. transparent cost structure
2. a user-friendly app
3. multiple payment cards for employees
4. automatic integrations with accounting programs
5. fast customer service

Digital financial platforms like Qonto specifically target entrepreneurs and combine a business account with financial management tools in one environment.

Which bank is most suitable for business use depends on your needs as an entrepreneur. Important factors to consider when comparing business accounts include:

1. monthly costs
2. ease of use of the app and online environment
3. payment cards for team members
4. integrations with accounting software
5. options for invoicing and financial overview
   
   

Many entrepreneurs nowadays choose a digital business account, as it allows you to start faster and manage your administration more easily. Qonto combines a business account with tools for invoicing, expense management, and accounting, saving you time on financial administration.