Having more than one business bank account can give you greater financial flexibility, which can help your business thrive. It allows you to meet the operational and financial demands that come with running a business, like managing your cash flow, processing payroll and other expenditures, or setting aside funds for future investments. Nevertheless, opening a new business bank account has its challenges, especially when you’re starting one with another bank. Unlike the first time when you opened a business bank account, you’re now working with more experience, higher stakes, and better-defined financial goals. As such, your decision-making has to align with how your operations have evolved.
Fortunately, with the right preparation, the process can be smooth and hassle-free. Here are some things to keep in mind when opening an additional business bank account with a different financial services provider:
Know Your Current Business Banking Needs
Your present financial priorities are likely different from when you first started your business. Back then, your operations were simpler and your transaction volume was lower, so a single account may have been enough to handle both incoming revenue and outgoing expenses. Today, your business may be dealing with more complex cash flows or multiple payment channels, and these changes influence how your banking setup should function.
Understanding your current business banking needs lets you define a specific role for the new account. This ensures that the new account contributes to better organization and transparency, allowing you to manage your finances with more structure and confidence. Clarifying these needs early also prevents you from opening an account that simply duplicates what you already have, which could lead to unnecessary fees and inefficient account usage.
Review the Bank’s Offerings
When you’re clear on what your business needs, the next thing to do is examine whether a prospective bank can meet those expectations. Since not all banks offer the same type of business banking services or account features, reviewing their products gives you a better idea of how well they fit with your financial workflows.
You want to partner with a bank that provides solutions aligned with how your business operates now and how it plans to evolve in the future. This way, you can receive the best possible support. For instance, if you’re looking for a bank that offers products tailored to meet the needs of startups, Maya is a name you can trust. Our Maya Business banking solutions are designed to simplify business transactions while offering tools that can help you stay in control of your finances.
Take Maya Business Deposit, for example. This business deposit account lets you track all your small business banking transactions through the Maya Business Manager dashboard, making it easier to manage account activity from a single platform. Maya Business Deposit also allows you to pay your employees and suppliers via InstaPay and PESONet for free, removing unnecessary transaction costs that could eat into your margins. Plus, Maya Business Deposit boasts the highest business deposit interest rate in the Philippines at 2.5% p.a., 20 to 25 times higher than what the average bank offers. This gives your idle funds the opportunity to grow while staying liquid for your needs.
Verify the Bank’s Reputation and Stability
It’s important to consider the institution’s reputation and financial standing before opening a new account with them. After all, you’re entrusting them with your company’s funds, and as such, partnering with a well-established bank with a solid track record will give you greater peace of mind.
Start by checking if the bank is regulated by the appropriate financial authorities and whether it meets local compliance standards. Maya, for instance, is a Bangko Sentral ng Pilipinas (BSP)-supervised financial institution (BSFI), which means we follow strict regulatory guidelines designed to protect your business funds. We also operate under a robust risk management framework to ensure long-term stability and service continuity.
Aside from confirming the bank’s regulatory status, it’s also a good idea to explore client reviews, news coverage, and industry rankings. These can reveal how the bank handles challenges over time and whether its promises hold up in real business scenarios.
Ensure the Bank Uses a Reliable and Secure Online Platform
With more financial activity now happening digitally, it’s no surprise that online business banking has become a core function for many businesses. Its convenience, speed, and accessibility have made it more practical and efficient than traditional banking processes. However, businesses need to be aware of risks, like fraud and data breaches, which can expose sensitive data to bad actors. Therefore, it’s crucial to open a new business bank account with a financial institution that leverages a reliable and secure digital infrastructure.
To keep all of your business banking online activities safe, Maya uses world-class security protocols that guard your business against various cyberthreats. We use CSC verification checks to confirm that the payment credentials used in your transactions are legitimate and haven’t been compromised. In addition to this, our system is equipped with proxy detection to help flag suspicious online banking activity. Furthermore, we’re a PCI-DSS certified fintech company, which means we adhere to global standards in securely processing, storing, and transmitting cardholder data.
Gather the Necessary Documents
Once you’ve chosen the right bank, the next step is to prepare the required documents. Having everything ready before you begin the application process helps prevent delays and ensures a smoother onboarding experience. Most banks will ask for standard business documents such as your business registration certificate, valid IDs of the account signatories, and proof of address. Depending on the financial institution or the nature of your business, additional paperwork (e.g., tax identification numbers, permits, and board resolutions) may also be required.
Opening another business bank account is a strategic move that can enhance the way you manage and allocate your business’s financial resources. However, opening one without a clear path can lead to more complexity than benefit. When you approach this decision with these considerations in mind, you can ensure that your new account serves a clear function and supports the growth of your business.
Manage Your Business’s Finances with Ease and Confidence with Maya Business
Strengthen your business’s financial operations by signing up for Maya Business. Creating an account gives you access to our suite of business banking and payment solutions, giving you the tools to manage your funds more effectively and stay in control of your cash flow—even as your business grows.
Setting up a Maya Business account also lets you open a Maya Business Deposit account and use it as your settlement account. With an industry-leading 2.5% per annum interest rate, you’ll earn PHP 25,000 in interest per year on a PHP 1 million deposit. Furthermore, you’ll be able to send money to your partners and suppliers for free via InstaPay and PESONet, letting you save more.
Additionally, you’ll be qualified for a no-collateral Maya Flexi Loan offer of up to PHP 2 million in just 3 months, allowing you to have another funding source to further develop your business. Just use Maya as your primary processor for all wallet and card payments. The more you use our solutions, the better the loan offer will be.
Sign up for Maya Business today to enjoy the benefits of Maya Business solutions.
