Startups, SMEs, and other small business entities are facing stiffer competition and more unpredictable market conditions today than ever before. In such an environment, having a dedicated business banking account has evolved from being a simple good practice into an absolute necessity. A business banking account helps you manage your finances efficiently by separating out your business expenses from your personal ones. This, in turn, simplifies bookkeeping, makes tax preparation more straightforward, and projects a more professional image to your clients and suppliers.
Of course, it’s not in your business’s best interest to open an account with just any bank. You’ll need to weigh your options carefully and choose a business banking solution that aligns well with your company’s financial needs. For startups and SMEs in the Philippines, for instance, Maya Business Deposit stands out as an especially popular and practical solution. This online business banking product is expressly designed to streamline money management for enterprises of any size.
This article will delve into some key questions you should ask before opening a small business banking account and present Maya Business Deposit as a key illustration of what to look for. These questions will help you make an informed decision that supports your business’s financial health and growth.
What Kind of Bank Should I Work With?
These days, traditional banks operate alongside newer financial institutions like neobanks and fintech organizations. It’s important to weigh the pros and cons of working with each when considering where to open your business banking account. Traditional banks often offer a broad range of services and have established reputations, which can be reassuring. However, they might come with higher fees and less flexible terms, and certain services may only be accessible via visits to physical branches.
On the other hand, neobanks like Maya allow you to fully take your business banking online and offer modern, digital-first solutions tailored to the needs of today’s entrepreneurs. These banks often provide higher interest rates, lower fees, and more convenient online services. To illustrate, Maya Business Deposit allows you to transfer funds, receive sales revenue, disburse benefits and salaries to your team, and earn more competitive interest than you would typically find at a traditional bank.
It's also worth noting that while many modern banking customers may feel uncertain about digital banking due to potential security concerns, today’s neobanks are typically well-regulated and expected to adhere to the same security standards as their traditional counterparts. Maya Business Deposit account holders can rest assured that Maya is fully supervised by the Bangko Sentral ng Pilipinas (BSP). The Philippine Deposit Insurance Corporation (PDIC) also ensures deposits up to PHP 500,000 per depositor.
What Are the Interest Rates?
Interest rates can greatly impact your business’s financial health. A higher interest rate on your deposit account can help grow your funds more quickly and provide additional capital for reinvestment into your business. Therefore, it’s essential to compare the rates that different banks offer instead of settling for the first bank you come across.
When you maintain a business banking account with a high interest rate, you ensure that your business’s idle funds will work the hardest they possibly can for you. Maya Business Deposit accounts earn a highly competitive interest rate of 2.5% p.a. This rate helps your money grow and gives you a more substantial financial advantage than traditional banking options can offer.
What Fees and Charges Will Apply?
Hidden fees and unexpected charges can erode your business’s profits, which makes it essential to understand all associated costs. Many traditional banks impose monthly maintenance fees, transaction fees, ATM fees, and penalties for not maintaining a minimum balance.
In contrast, neobanks like Maya often provide more transparent and cost-effective options. This is in large part because they don’t bear the high overhead cost of maintaining physical branches and can thus funnel these savings back to their customers in the form of lower fees. For example, Maya Business Deposit offers free transfers via PesoNet and InstaPay, which can significantly reduce your operational costs. Choosing a banking solution with lower fees gives you room to allocate more resources for developing your business.
How Easy Is It to Open and Manage the Account?
The ease of opening and managing a business bank account can vary significantly between providers. Traditional banks may require extensive paperwork and in-person visits, which can be time-consuming and cumbersome. Meanwhile, digital banking solutions like Maya Business Deposit streamline this process with online account opening and management. With no minimum balance requirements and user-friendly online banking features, overseeing your business finances becomes more convenient and efficient.
Are There Any Additional Perks or Incentives?
Beyond the basics, additional perks and incentives can add significant value to your business banking experience. Some banks offer rewards programs, introductory offers, or discounts on business services that can benefit your bottom line. Maya Business Deposit goes further by providing all-in-one payment solutions that allow you to pay multiple suppliers at once, as well as enhanced security features like maker-checker-approver roles to keep all transactions secure. These perks can elevate your day-to-day operations substantially, offering both convenience and peace of mind.
Entrust All Your Financial Management Needs to Maya Business
When it comes to improving financial management at your company and growing your business in a sustainable way, the top-tier service and unparalleled convenience you can expect from Maya Business Deposit are just the tip of the iceberg. Sign up for Maya Business for access to our premier business banking solution, alongside a comprehensive suite of payment and disbursement tools that can help you unlock your enterprise’s fullest potential.
Setting up a Maya Business account lets you open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. You’ll also be able to send money to your partners and suppliers for free via InstaPay and PESONet, which means you waste less money on bothersome transaction fees and come out with more savings to funnel back into your business.
Your Maya Business account also qualifies you for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months. This can serve as an additional funding source that you can leverage to grow your business even more. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Sign up for Maya Business and enjoy the many benefits of our enterprise-grade solutions today.
