How many NGO accounts can be opened?

You should pay attention to this when choosing your business account

What is a business account? The difference between a business account and a private account

The business account is (just like a checking account) a Current account that records all incoming and outgoing payments on a daily basis become. With this company account you can use the same functions as you know from your private checking account:

  • Transfers
  • Standing orders
  • Direct debits
  • Cash promotions
  • EC card (s)
  • Overdraft facility

Your business account is used to process your business payments.

The difference to the private account is that the business account really does only dealt with business matters become. In theory, as a sole proprietorship, you can use a current account as a business office - but many banks don't like that. However, they are accommodating with few account movements and low sales and thus conceivable for freelancers and small businesses.

Banks and savings banks differentiate precisely between account holders within their general terms and conditions. For consumer protection reasons, financial service providers are obliged to maintain a high level of transparency towards private customers. Negotiations about conditions are more variable with companies. Account management, transactions, cash deposits and other modalities can be adjusted.

Excursus: Criteria and definition of current account

The account model is a personal account managed as part of the current account.

In the economic sense, it is with the current account a periodic billing (s) within a permanent business relationship. Mutual services are booked in the form of an account.

An account is an ongoing comparison and settlement of incoming and outgoing payments or credit and debit notes.

A current account loan therefore has the typical criteria for a loan.

If you are in a hurry, we can recommend a business account at this point that we can use very good experience have made:

Our tip: Penta business account

  • Try it free for 30 days, then from 9 euros per month
  • Digital accounting thanks to DATEV integration
  • VISA business cards, sub-accounts and much more.

Our tip: Penta business account

  • Try it free for 30 days, then from 9 euros per month
  • Digital accounting thanks to DATEV integration
  • VISA business cards, sub-accounts and much more.

And when do you need a business account?

No question: Preferably from day one of yours independence. Because private and business transactions can be separated through the separate accounts. The saves you a lot of administrative effort in the long run and probably one or the other discussion with the tax office.

In particular, you can save costs for incorrect and rebooking or changes within (digital) business information through a direct separation.

For some types of company, the separate business account is even mandatory - more on this below!

Is a business account compulsory?

A business account is mandatory only for corporations (GmbH, UG, AG, KGaA), d. H. For all limited companies. This is because they must first pay the equity into their business account before the company is registered in the commercial register by a notary.

What to look out for in your business account

With such a complex topic as the business account comparison, it can quickly happen that you can no longer see the forest for the trees. So that all the information from this post and other sources does not completely overwhelm you, we would like to briefly explain what you have to look out for when you are looking for a business account.

  • How much do you want to pay?
    • A free basic fee is always tempting - but a business account is rarely really free! When it comes to the price, you should take a close look and find out about the costs of your account card, bookings and account statements, for example.
  • Which legal form did you choose?
    • Not every business account is suitable for every legal form. Therefore, find out in advance about particularly recommendable offers and those that are (rather) out of the question for you. It is also important to know that not every provider “accepts” every legal form. Fintechs in particular are sometimes picky.
  • Which basics are important to you?
    • When looking for a business account, you should of course ask yourself very basic questions, such as: Do I want advice on site? Or: How often do I have to withdraw and deposit cash? Only when you know exactly what you need can you find out where to get it.
  • Which extras are important to you?
    • Not quite as important as the basics, but extras that you can expect from your business account are by no means irrelevant. This includes, among other things, an additional accounting program, sub-accounts or the ethical orientation of the provider.
  • Which provider are you comfortable with?
    • Classic branch banks, direct banks and fintechs sometimes differ greatly from one another. What is a basic requirement for some is a no-go for others. It is all the more important that you are clear about which "type" of provider you want to entrust your finances to.

Inexpensive or free business account? The costs at a glance

Is there a business account with no fees? As you will probably see in comparison: Yes! However, fees are just one of many factors.

You should of course be aware that hardly anything is given to you in (business) life. But how high are the costs for a business account in detail?

There is of course no general answer to this question. If you use our business account comparison and enter your key data such as type of company, average incoming money per month, average credit, number of bookings and desired additional options, you will receive a wide range of results and costs.

While the basic fees are usually between 0 and 30 euros per month, the real cost factors are paperless and, above all, paper-based bookings. In extreme cases, these quickly ensure that the costs for your business account can amount to EUR 1,000 and more annually. In the best case (for example, as a freelancer who does not have any paper-based bookings) you can expect sums of 0 to 100 euros per year. You see: The price range is really enormous and a detailed examination of the topic is worthwhile.

If you want to know exactly which monthly or annual expenses you have to plan for your business account, we recommend that you use our business account comparison. This not only gives you a cost overview, but you can also easily find out which account from which provider suits you best.

Branch bank, direct bank or fintech?

Not every bank offers company accounts for every type of company, which makes perfect sense. Let's say you work in the restaurant business and you often deposit cash. In such a case, it would not be practical for you or the bank to rely too heavily on online service.

If you are a freelancer on the other hand, you can probably manage your finances online very well.

As you can see, the overview of the classic representatives is still relatively clear. With the fintechs, however, the overview disappears, as almost all branch banks and direct banks have launched their own fintech. This list is supplemented by independent fintechs.

Classic branch banks want to convince you with their personal service, direct banks focus on online banking and fintechs usually offer unusual combinations. Due to this diversity, however, the comparison takes longer. So that you don't lose track, we support you with comparing.

Frequently asked questions about corporate accounts

What is a business account?

The business account is a current account through which all transactions and incoming payments that are related to the company run.

Which bank do you recommend?

We recommend the bank that offers you all the services you need at the cheapest price. Therefore, a thorough comparison is important: Take a look at the individual providers in detail. In general, from our experience, a bank account with N26 is recommended for sole proprietorships and freelancers. In our opinion, a business account with Holvi is suitable for companies.

Where can I find free business accounts?

Business accounts without a basic fee are offered by Holvi, Penta and N26, among others. Attention: A company account is rarely completely free. Before opening an account, please inform yourself about any costs that may arise in the case of paper bookings or cash withdrawals.

How do I find the optimal business account?

Compare different providers with regard to the following factors and according to your needs:

  • Bookings (paper-based and paperless)
  • Card fees
  • Branch bank or direct bank?
  • Credits and receipts

Now select a handful of providers and dig deeper. Are there any testimonials? How quickly and comprehensively can the support help you? You should only open the account if you are also satisfied in this regard.

What does a business account cost?

The costs and the associated services depend on the respective bank.

For example, if you run an online shop and do not need any special services such as regular cash deposits, a company account with an online bank is sufficient.

If you want to become self-employed in retail or in the catering trade and your customers often pay with cash, it makes sense to choose a bank with a large network of branches.

How long does it take to open a business account?

At some banks, opening is possible in a few minutes using the video identification process. Other banks require various documents to be sent in before the account is opened. The time it takes to open an account also depends on the type of company.

Which business account is suitable for an online shop?

Depending on the legal form in which the online shop is run, different offers are suitable. With a large shop, be sure to pay attention to the cost of the bookings and check whether payment options such as instant transfer or direct debit are offered as options.

Which business account is suitable for a GbR?

When establishing a civil law partnership (GbR), a separate bank account is not required by law. Nevertheless, a company account, for example at FYRST, makes bookkeeping easier.

What documents do I need for a business account?

Depending on which type of company you want to open a business account for, the bank will require different documents and evidence from you. In general, you need the following documents to open an account:

  • Credit information from Schufa
  • completed and signed account contracts
  • Business registration with traders
  • Tax number for freelance people
  • possibly older account statements
  • Possibly power of attorney from the management

You can ask the bank for the exact documents you need in advance.

Which business account is suitable for a secondary trade?

If you run a secondary business, an additional business account in addition to your current account is not required by law. However, the separate business account makes bookkeeping easier, which is why we recommend a free offer from an online bank.

What does a paper-based booking cost?

Some providers offer free contingents (free costs per year / month) of paper-based and paperless transactions.

In the Penta Advanced tariff, 100 outgoing SEPA transactions per month are currently free of charge. Each additional transfer costs 20 cents.

If a fee is required, it ranges between 20 cents and 3.5 euros.

Paperless bookings will be done electronically at the terminal or by yourself via online banking.

A paper-based booking is carried out via a transfer form by a bank advisor and is therefore not possible with many online business accounts. In our opinion, this case is only necessary if the Internet is down.

With the business account comparison to the cheap company account

Not every offer is suitable for every type of company. It is therefore definitely worthwhile to compare several business accounts with regard to fees, legal forms, etc. and to take a careful look at the individual offers. You can do this very easily with our company account comparison.

To ask? Then you can contact us at any time via our contact page or leave us a comment here!

Our tip: Penta business account

  • Try it free for 30 days, then from 9 euros per month
  • Digital accounting thanks to DATEV integration
  • VISA business cards, sub-accounts and much more.

Our tip: Penta business account

  • Try it free for 30 days, then from 9 euros per month
  • Digital accounting thanks to DATEV integration
  • VISA business cards, sub-accounts and much more.