Compare business accounts: online & traditional

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 costs (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 potentially more expensive than those with higher basic fees.

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

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

This way, you ensure that you don't end up paying more 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 the 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 performances.

Some business accounts, particularly with Fintechs, offer integrated accounting functions and tools for digitized 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. 24/7 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.

For freelancers and companies that want to benefit from a dedicated advisor in a bank branch, the choice of banks seems obvious. An online bank does not have physical branches to receive customers.

On the other hand, entrepreneurs who feel comfortable with a remote relationship can benefit from the same services at more favorable rates if they choose an online bank or a payment institution like Qonto.

Before choosing between a traditional bank or an online bank, start by selecting offers that provide essential payment tools for your business: bank card with high limits, direct transfers, free withdrawals, etc.

Then evaluate your company's needs and ask the right questions to compare business banks and choose the best bank for your business:

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 companies 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 that you are 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 offerings based on your criteria.

This way, you also get a clearer picture of the actual costs: With some providers, the monthly basic fees may be very low, but individual services are charged separately. By knowing your company's needs, you can already estimate approximately 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 should not 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 freelancers 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 Mastercards and a number of paperless transactions are included in the package, depending on the plan.

A business account often distinguishes itself from a private 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 manage your finances quickly and easily 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.