Best Bank Accounts for Businesses

Business requires transactions which may be of varied nature depending on the business and industry. Running a business in today’s fast-moving environment is challenging in itself without the additional pressure and hassle of banking.

Here is a list of banks that provide hassle-free bank accounts for businesses:

1. Standard Chartered BankBest Bank Accounts for Businesses

Standard Chartered is an internationally well-renowned brand which offers a variety of services including a special account for businesses.

It gives businesses a choice of three accounts

  • Business Plus Account
  • Business Premium Account
  • Business Priority Account

Business Plus Account

It is a customized account specifically designed for SMEs keeping in mind their requirements and specifications.

Features and Benefits

  • A customer desk is dedicated to a customer with Business Plus account
  • Dedicated and separate tellers are available at all times
  • A discounted rate for all telex transfer charges for all Business payments
  • E-statements, auto fax, and E-advices are available
  • An online platform for e-payment management is provided
  • This account is available to new companies, branch of foreign companies and also for non-resident companies.

 Business Premium Accounts

It is an exclusive account which will ease the hassle of banking thus helping you dedicate more time to the business.

Features and Benefits

  • A discounted rate for all telex transfer charges for all Business payments
  • Subscription to treasury newsletters at no added cost
  • Dedicated and separate tellers are available at all times
  • A dedicated customer service desk
  • Dedicated Relationship Manager
  • Cash Management options are also available
  • An online platform for e-payment management
  • Express trade facility
  • Preferred foreign exchange rates
  • E-statements, auto fax and E-advices are available

Business Priority Accounts

This provides priority, personalized and superior services for the business accounts.

Features and Benefits

  • Dedicated and experienced SME relationship Manager
  • Discounted foreign exchange rates compared to all other accounts
  • Exclusively designed cheque book
  • Express trade facility
  • E-statements, auto fax and E-advices are available
  • An online platform for e-payment management
  • Cash and trade Management options are also available

2. National Bank of Bahrain Best Bank Accounts For Businesses

National Bank of Bahrain is a locally incorporated bank which offers its customers a wide pool of diverse services. The bank also has as many as 26 branches in Bahrain which makes it accessible from any location.

It has a variety of 2 Business accounts:

  • Current Account
  • Call Account

Current Account

Current Accounts are best when one has to deal with day to day transactions, it promotes liquidity and easy flowing of cash.

Features and Benefits

  • Multiple currency options are available
  • A minimum balance of BHD 500/- is to be maintained
  • If minimum balance is not maintained a penalty of BHD 5/- is charged
  • Electronic transfer facility is available

Call Accounts

It gives an opportunity to earn from idle cash along with ease of transaction.

Features and Benefits

  • Account can be opened in any currency
  • Minimum balance of BHD 5,000/- need to be maintained.

3. Ahli United Bank Best Bank Accounts for Businesses

Ahli United Bank is a local bank of Bahrain which has branches in other Gulf regions. It is headquartered in Manama and is one of the biggest banks in Bahrain. This bank offers accounts which are compliant with the Islamic laws for business purposes as well.

It offers diverse accounts for business namely:

  • Current Account
  • Call Deposit Account
  • Escrow Account

 Current Account

It allows fast movement of cash as and when required by the business.

Features and Benefits

  • Both US dollar and Bahraini dinar are accepted.
  • Free cheque book is provided.
  • Follows Islamic banking principles.
  • A minimum fee of BHD 20 is charged annually

Call Deposit Accounts

It provides you the benefits of both savings accounts as well as current accounts.

Escrow Accounts

It is a kind of account opened by developers of a building or various projects. These accounts are managed by third-party personnel and stores all the payments made by the buyers and funds received for the constructions

Features and Benefits

  • Protection and security to funds
  • Management of funds

4. Arab Bank Best Bank Accounts For Businesses

Arab Bank is operating through institutional and Corporate Banking. It provides businesses with various cash management solutions along with many e-channel solutions as well.

Corporate Accounts provided by Arab Bank are:

  • Current Accounts
  • Call Accounts
  • Fixed Deposits for corporates.

Currents Accounts

Features and Benefits

  • Payments are debited from this account
  • Loan proceeds credited to this account
  • Automated payments can be made from this account

Call Accounts

Features and Benefits

  • Both US dollars and Bahraini Dinars are accepted
  • A minimum balance needs to be maintained
  • Interest rates are market dependent

Fixed Deposits for Corporate’s

Features and Benefits

  • Money can be deposited for a period of 7- 365 days
  • Attractive interest rates which get fixed are provided
  • Interest is paid at maturity
  • Deposits are normally rolled over until any instruction from the owner is received.

5. Bahrain Islamic Bank Best Accounts for Businesses in Bahrain

BisB functions through three segments namely corporate, retail and Investments. The corporate banking services comprise of a variety of business banking solutions like trade and enterprise financing, current and VIP accounts etc

They offer 2 kinds of accounts:

  • Current Account
  • Term Deposit Account
  • Call Accounts

Current Account

Features and Benefits

  • Easy access to money
  • Cheque book is provided
  • Can be opened in a variety of currencies like Dollar, euro, etc
  • Easy digital access at all times
  • Local and International transfer at competitive prices

Term Deposit Account

Features and Benefits

  • Deposits can be for 1 week to 365 days
  • Competitive interest rates depending on the market.

Call Account

Call accounts provide the business the benefit of a current along with those of the savings accounts.

Features and Benefits

  • Interest is paid on the balance in the account
  • Flexibility to access payments
  • Minimum balance needs to be maintained.

Eligibility for any Business Account in BiSB

  • Active Commercial registration is mandatory
  • Available to all Businesses.

There are a number of other corporate services also available like trade financing, SME loans, cash management tools such as BBKCashlink, etc. offered by a variety of banks to provide easy banking solutions for businesses.

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