Saving Big: A Business Giro Comparison: Potential Savings of 925 Euros Annually
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Let's talk about the significant differences in business checking accounts and how switching banks could potentially save you a fortune.
From private checking accounts, consumers have long enjoyed easier transitions, saving up to 350 euros a year at a new bank. The good news is that business owners can similarly reduce their costs for a checking account, potentially by up to 925 euros a year!
The key lies in paying attention to the fees for individual booking items. According to a recent survey by FMH Financial Consulting on behalf of ntv, these fees are the main drivers of prices for business accounts. When examining 40 banks with 59 different account models, they found that moving from the priciest to the least expensive provider could save up to 925 euros annually.
The More Transactions, the Higher the Costs
Here's the catch: unlike private checking accounts, banks usually charge each individual booking transaction separately for business accounts. This means that the more you pay with a card, the more booking transactions you have, and the higher the fees at the end of the month.
When selecting a business account, focus on the account management fee and whether high flat-rate charges at least allow for as many free transactions per month as possible. To help you out, here are recommendations for businesses performing 80 and 200 account movements each month:
80 Account Movements per Month
For businesses requiring 80 account movements per month, the following banks stand out:
- Targobank: Flat-rate account management fee of 178.80 euros, 30 free transactions per month, with 15 cents charged for the 31st booking transaction—resulting in annual costs of 288.30 euros.
- Commerzbank: Annual total costs of 393.70 euros.
200 Account Movements per Month
When it comes to businesses performing 200 account movements per month, the Targobank once again receives an impressive rating, clocking in at only 492.30 euros per year.
But What About Data Protection?
Several regional banks have also scored well in the data protection department, with five institutes receiving the top rating of "very good". These include:
- Sparkasse Ansbach
- Sparkasse Marburg Biedenkopf
- Berliner Volksbank
- Saalesparkasse
- Kreis- und Stadtsparkasse Wasserburg/Inn
There's More Than Costs
"Switching banks can offer substantial savings; however, it is important to consider the size of the business," says Max Herbst, CEO of FMH Financial Consulting. Regional banks may offer more personal support and may not necessarily be selected based solely on price.
However, personal support and a good cost-benefit ratio are not mutually exclusive. Those dissatisfied with their current bank may find inspiration in this analysis or use the detailed version of the Giro comparison on ntv.de. Savings of 500 to well over 1,000 euros per year are certainly worth considering.
It's essential to remember that changing a business account also comes with costs, such as printing new letterheads, and involves a certain amount of time, as business partners and the tax office also need to be informed about the new account details.
- Data Protection
- Account Management
- Credit Cards
- Direct Debits
- Girocard
- Letterheads
- Tax Office
- Transactions
- Aviation
- ATMs
Enrichment Data:
The top business checking accounts depend on transaction volume and fee structures. Based on recent analyses, here's a breakdown of highly rated options and potential savings if switching to the cheapest provider.
Top Business Checking Accounts by Transaction Volume
| Bank/Provider | Free Monthly Transactions | Fees/Restrictions | Notable Features ||---------------|--------------------------|-------------------|------------------|| KeyBank | 100–500 (varies by account type: 100 for Business Interest, 200 for Basic, 500 for Rewards) | $5–$25/month fee, waived with $7,500 avg. balance | High fee-free deposit limits, rewards program[1] || Axos Bank | 100% of transactions (up to a monthly limit, typically 50–200; specifics vary by plan) | No monthly maintenance fees if limits not exceeded | High APY, strong FDIC insurance, sign-up bonuses[3] || Chase | 100 or 500 (varies by account; Business Complete offers 20 free per cycle, then $0.40 each; higher tiers cost more) | $15–$95/month, waivable with balance/minimum activity | Robust payment processing and credit card options[3] || Bank of America | 200 free (Basic account) | $16/month or waivable with $100+ balance or $250 in net purchases | Digital tools, mobile app, loyalty perks[4] || Citizens Bank | 200 free (with some account types) | No monthly fee if within limits | Free business checking, high ATM access[4] |
Note: Transaction limits and fees change by specific account type and provider. Always check current terms.
Analysis for 80 and 200 Transactions per Month
- 80 Transactions per Month
- KeyBank Basic: 200 free transactions; bank likely the cheapest if fee is waived ($7,500 avg. balance required), otherwise $5/month. No additional transaction fees.
- Axos Bank: Check account plan—some plans offer unlimited transactions with no monthly fees if limits (which can be higher) are not exceeded[3].
- Chase: Business Complete account has only 20 free transactions; most plans would incur fees for 80 transactions unless upgraded to a higher tier.
- Bank of America: 200 free transactions/month; $16/month waived with $100 balance or $250 in purchases[4].
- Citizens Bank: 200 free transactions/month; no monthly fee if within limits[4].
- 200 Transactions per Month
- KeyBank Basic: 200 free transactions—just at the limit; $5/month if not waived.
- Axos Bank: Depends on plan; some offer up to 200 free/refunded transactions; others may be unlimited with no fee if within plan limits[3].
- Chase: Only higher-tier accounts (like Performance Business Checking) offer 500 free transactions, but with higher monthly fees.
- Bank of America: 200 free transactions/month; $16/month waived if conditions met[4].
- Citizens Bank: 200 free transactions/month; no monthly fee if within limits[4].
Potential Savings When Switching to the Cheapest Provider
- Current Scenario (Typical Large National Bank):
- Chase Business Complete: If you have 20 free transactions and pay $0.40 each for 80 transactions, that’s 60 × $0.40 = $24 in fees, plus $15/month base fee = $39/month.
- Chase for 200 Transactions: 180 × $0.40 = $72, plus $15/month base fee = $87/month.
- Switching to the Cheapest Provider:
- KeyBank Basic: 200 free transactions, $5/month if not waived[1]. Savings: $34/month (80 transactions) or $82/month (200 transactions) if currently at Chase.
- Axos Bank: Potentially $0/month if you fit within a no-fee plan[3].
- Citizens Bank: $0/month (if within 200 free transactions)[4].
- Bank of America: $0/month if you keep $100 balance or spend $250, otherwise $16/month[4].
| Scenario (Chase as Current Provider) | Chase Monthly Cost | Cheapest Switch (KeyBank/Citizens/Axos) | Monthly Savings ||--------------------------------------|-------------------|------------------------------------------|-----------------|| 80 transactions | $39 | $0–$5 | $34–$39 || 200 transactions | $87 | $0–$5 | $82–$87 |
Summary:Switching from a typical Chase mid-tier business checking account to the cheapest provider among KeyBank, Citizens, or Axos could save businesses $34–$87 per month for transaction volumes between 80 and 200 per month, depending on account details and fee waiver requirements. Axos or Citizens may offer zero fees if your business fits their plans[3][4][1].
In connection to the provided text discussing potential savings for business owners through business checking accounts, here are two sentences that incorporate the given words:
- For business owners looking to improve their personal-finance situation, it's essential to consider a business checking account that offers reduced fees, such as Targobank's account management fee of 178.80 euros with 30 free transactions per month.
- To ensure data protection while also saving on costs, businesses could consider selecting banks, like Sparkasse Ansbach and Berliner Volksbank, which have received top ratings in data protection.
