What made you decide to go with the bank that you are banking with?
Choosing the right bank can make a major difference in the amount of funding you can get for your business.
A key aspect of getting the most funding for your business is partnering with the right bank. But that relationship starts with the bank that you have a personal account.
In this blog, I'm going to go over why it matters to have a good relationship with your bank and why it matters to have a relationship with the right bank.
Relationships with banks
A core aspect that I teach in the Credit Stacking course is developing a good relationship with the bank.
Just like if you were to ask your friends for money, if you have a better relationship with them, most likely they will lend you more money.
When you have a strong relationship with banks (not just one or two), you're going to get approved for so much more in funding.
The relationship you form with the bank for your personal account will influence your business account. So if you want to decide what bank is best, look at it from both a business and personal perspective.
At a fundamental level, you're going to need a personal bank to store your money and pay off your credit cards. Some major credit card companies like American Express do not have the option for personal checking.
Which Bank Do I Recommend?
If you are looking for a bank to form a relationship with while preparing your business account, I'd recommend Chase bank.
Chase is a national bank and they're relationship based.
From our experience at Credit Stacking, the people that have the longest history with these top banks, are the ones that get more approvals for higher limits. So the sooner you can start this, the better!
My recommended order for opening accounts would look like this:
Open a personal checking account
Open a business checking account
Apply for a business credit card
I have other banks I suggest in the Credit Stacking course if you are looking for more "top tier" banks to form a relationship with.
The important thing to gather is to invest in relationships that have good business credit cards. Even if you're considering a relationship with a local bank, go with the one with the best benefits.
I've found the most value in business credit cards and it doesn't make the most sense for me to have a relationship with a bank that doesn't have good business cards.
Which Bank is Best?
If you want to start a business or have a business already, I'd recommend you choose a bank with good business credit cards.
Do your research, and see what I'd suggest if you're still not sure.
Remember, one of the keys to unlocking financial freedom is to have a good relationship with your bank. If you're looking for more bank relationship ideas and guidance, then come join us at CS.