It's important for a small business to establish a relationship with a bank, as you may one day want to ask for some money or demand a mates rate on fees. While one institution is unlikely to have the best possible deal for every small business bank product, you could win out in the end by taking out a small business package encompassing bank accounts, savings products, credit cards and more.
PROS of a small business package
- Having a relationship with a bank will help if you need a small business loan down the track. It should also bring better customer service.
- With multiple accounts (should) come discounts on fees. Negotiate a good deal if you're bringing lots of business.
- It's endlessly easier to have all your accounts with the one provider: for accounting, for management, and for sanity.
CONS of a small business package
- There's always going to be a slightly better term deposit or cheaper business credit card with someone else. But you might find that constantly switching for the best deal, or having accounts with multiple institutions, is not worth the money it saves.