The skyrocketing number of self-employed has sounded the alarm at the banks. According to the law, a self-employed person must open an account dedicated to his activity with a turnover of 10,000 euros. Although “Pro” accounts can be very expensive, they are difficult to navigate.
Contrary to what many people think, a “dedicated” account doesn’t necessarily mean a business account. The need to open a second section only makes it possible to distinguish professional cash inflows from potential transfers to your main account that have nothing to do with your activity.
However, with the advent of online banking, the self-employed account has been redesigned. They may not have to pay the price of a business account, but they are still workers with special needs. This gave rise to the concept of “customized” accounts. There are more and more of them, every online bank and neo-bank has come into being.
The four main criteria
To help you choose, here are the four main criteria you should know and consider when choosing a self-employed bank account.
1) The price
If these are not professional accounts, then bank accounts for car entrepreneurs have to compete with the traditional packages of classic accounts. Usually, neobanks are cheaper than online banks. The Hello Bank! with his Hello Business Account, however, proves the opposite.
Depending on your needs and your income, we recommend that you find an account for a maximum of 12 euros per month. Some offers are free, but keep in mind that some services are not included in the package. Hello Business is available for 10.90 euros excluding taxes per contribution month.
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2) The advantages of a bank
A self-employed person’s account is primarily associated with a bank, and every institution lacks the same skills and services (especially in terms of access to credit). If you prefer an online bank rather than a neo bank, you can deposit checks or get a French IBAN (very important to get your salary transfers without being discriminated by the IBAN).
The bank card is also in the game. Choosing an instant debit card is more cost effective. However, if you want more flexibility, a deferred debit card may be more convenient. On the Hello Bank! Hello Business account is very flexible thanks to an overdraft facility of 1,550 euros. It is also possible to pay or withdraw for free in France and internationally.
3) The benefits of an application
Hello bank! tried to convert the dedicated account to one that was customized for car entrepreneurs thanks to specific services. To do this, go to the application. It needs to be clear, fast, and have tools for invoices, quotes and credits that can be created with just a few clicks.
The same application must also be a control interface for your account and your bank card. With the advent of connectivity, mobile banks were the first to offer their customers the ability to easily activate or deactivate their card, pause within seconds and receive instant notifications for every payment.
4) Customer service
One final point that is far from less important is customer service. The criterion is all the more important in order to take into account offers from banks that are only online. Prefer customer service on Saturdays as well. If the latter can also be reached by phone, this is a real plus.
Usually banking applications prefer the live chat channel, which is usually sufficient. A good FAQ (frequently asked questions) also makes it possible to find answers to our questions quickly.
Balance sheet: which bank account should I choose?
As you can see, bank accounts are generally more attractive to car entrepreneurs with mobile banks than with traditional institutions. Online banks have the advantage of offering several additional services that neo-banks do not offer (especially loans).
Hello bank! is one of the last online banks to present its offer. That is, she ticks many of the boxes in the criteria outlined above. A special offer is also currently available to take advantage of two months of free membership. The offer is valid until June 30, 2021.
Take advantage of the Hello Business offer