It is incredibly impactful and important to build a relationship with your bank for the simple fact that, the longer you use them, the better the benefits you receive.
The better the relationship you have with a bank, the more funding you’ll get and the better your life will be.
But why?
Why is building up a bank relationship important?
What is Relationship Banking and Why is it Important?
So what exactly is relationship banking?
Why is having that bank relationship so important?
Think of it like this -
If you need to ask to borrow money from a family member or a friend, they’ll most likely lend you more money, right?
This is the same thing with a bank - the longer the relationship between you and your bank, the more likely they’ll consider giving you more money.
Having a good personal banking relationship opens the door to gaining business banking opportunities.
That’s why it’s always important to have good credit on your personal side because it makes getting business credit much easier.
At a fundamental level, you need to have a bank account in order to receive money and spend money and I always recommend people to use Chase bank.
I’ve found that Chase has the best cards, the best rewards, and the best online portal when it comes to other national banks.
They’re also very relationship based.
This isn’t to say that Chase is the only bank you should use; I also recommend Bank of America and US Bank as top banks to start a banking relationship with.
All three of these banks are nationwide, with various locations across the country.
Another thing I advocate is, when starting a banking relationship, start one with a bank that offers both personal and business banking.
How to Start a Business Banking Relationship
It’s extremely beneficial to spend the time and resources to start banking somewhere that has business banking.
There is an extreme amount of value to getting access to business credit cards, especially the 0% interest cards.
You should always consider what future opportunities or options that a bank can offer you, because those are the ones that will provide you with the best value.
Business checking accounts that have been with a bank for a long time can help you with business credit funding.
A few good strategies I advise are to open at least one personal checking account with multiple national banks if possible; this shows that you’ve started a relationship with the bank, which then opens more doors for business accounts.
The more accounts you have opened, with a longer age range, the more borrowing power you gain.
Basically the more you borrow, the more you make.
If you can’t do multiple banks right now, that’s okay. You can start with one and then do more when you’re able.
Guys, that’s it. Building a relationship with a bank is one of the fastest ways to not only grow an account, but opens the door for better business opportunities and funding.