Whether you are a starter or an established entrepreneur with an interest in switching: it is always good to take the time to compare different providers. Below is an overview of the larger business account providers, with some of their key features.
Top 5 Accounts
Knab offers the cheapest business account for freelancers. Knab offers a business package for $ 5 per month, bringing the annual cost to $ 60. An account is easy to open online.
$ 5 per month | Now temporarily 50% discount for a start-up company for the first year | Multiple accounts at no extra cost | Receive $ 50 when transferring | 1,000 free transactions per year | Useful alerts for payments and balance | Interest: yes
N26 is an online bank that is committed to providing clarity for self-employed persons with a business account. The relatively new party offers a free Business package. The card normally costs € 2.90 per month, but N26 distinguishes itself by offering this pass for free for new customers.
€ 0.00 per month | Only for freelancers | One debit card possible | Not possible to be in the red | 0.1% cashback with every expense | No exchange rate storage for international payments with the card | Real-time notification with every transaction
Across Lender is in the top in the Netherlands. Start-ups can use the free starter package; from 1 January 2018, however, the term of one year will be shortened to six months. To open an account, visit one of the offices.
$ 9.90 per month | Free for the first half year for a start-up | Extra bill $ 4.90 per month | Ability to save receipts and invoices in the app | free transfer service
Infra Bank is a large and well-known bank with many branches and a lot of experience. Despite the fact that Infra Bank is certainly not the cheapest provider, this bank is still popular with both individuals and companies.
$ 10.90 per month | The first year free for a start-up company | Extra bill $ 5.25 per month | Additional extras for free or at a discount for every starting entrepreneur | Now the Tellow accounting app for 3 months on trial
ABN AMRO is one of the 3 largest banks in the Netherlands, together with Across Lender and Infra Bank. ABN has the advantage that a company account is free for everyone for the first year, and not only for start-ups, as with most other providers.
$ 9 per month | Free for everyone the first year | Extra bill $ 5.50 per month | Credit card temporarily free for the first year | The first 200 online transactions for free every year
SNS distinguishes between a ZZP Account and a Business Account. The ZZP Account is a good choice if you do not employ any personnel. The Business Account is a good choice for companies with up to 10 employees. Take a look at what best suits your situation.
ZZP Account $ 7.50 per month including 1,000 transactions | Business account $ 6.58 + cost per transaction | No free extras, but relatively low monthly costs | interest: yes
Triodos Bank is very focused on sustainability and sets itself apart from other banks. Triodos wants to promote positive change and development and gives the opportunity to invest in sustainable sectors. As a bank, they focus on sustainability and transparency.
$ 8.50 per month | World Pass $ 20 per year | Uses acceptance criteria, whereby the bank does not cooperate with companies that do not meet the standards set by the bank
ASN Bank is also very focused on sustainability and calls itself the climate bank in the Netherlands. The bank is working towards being at least climate neutral by 2030, but preferably even climate positive. ASN invests in sustainable development.
$ 6 per month | Temporarily free for the first 6 months | Is intended for self-employed persons with a maximum of 2 employees | Maximum 1,000 credits and debits per year | It is not possible to be in the red | Interest: yes
Bunq calls itself the alternative to traditional and old-fashioned banking, and emphasizes modern and effective banking. It is a bank without branches and queues. At Bunq you have a lot of freedom and you decide what happens with your money.
$ 9.99 per month | standard 25 bank accounts | 3 passes of your choice, Maestro or Mastercard | accounting links possible | Open a business bank account with your mobile within 5 minutes
Van Lanschot mainly focuses on wealthy clients and larger companies. Van Lanschot can be a good choice if you don't mind paying more for good service. You can count on personal guidance and advice at this bank.
Business management costs $ 6 per month | Management fee Corporate Banking $ 20 per month | Online banking from $ 10 per month, with multiple users there are additional costs | World pass $ 20 per year
As an entrepreneur it is important to be able to work professionally. Although in many cases it is not mandatory to open a business account, there are many advantages to this. A business account in the name of the company not only comes across as professional, but also provides you with an overview and a good separation between business and private life. Opening a separate account is therefore often recommended for both larger companies and freelancers, because this makes accounting easier.
If you are very satisfied with the bank that manages your private account, that does not mean that it is also the best provider for your business account. Banks often offer packages that can be expanded with additional products such as an accounting program, ATM or iDEAL. The packages can be very different, and the costs can therefore vary widely. When choosing a provider, it is therefore good to take into account your wishes, ambitions and budget, and which bank best suits your needs. On this page you will find more information about business banking and an overview of the larger providers.
Important to know
In order to be able to compare providers properly, it is important to look beyond the standard monthly amount. For example, what is possible in the longer term, in terms of growth and additional products? And how do you want the contact with your bank to proceed: do you want to make use of the possibilities or do you also expect personal advice? Below are a few more points to consider when you start comparing.
Some providers state that they offer interest on the balance. It is good to take a critical look at whether this is actually interesting for you, as there are often still some hooks and eyes. Often this interest only applies up to a certain balance, in some cases the provider pays interest on the checking account, sometimes only on the savings account, sometimes the savings account is included in the package, in other cases you pay a separate amount per month for this. Because you do not always save money on a company account, it is good to consider for yourself whether this is interesting. The costs of the different providers are so far apart that the provider with interest may not always be the cheapest choice for you.
As soon as you start comparing providers, it is wise to think about your plans and ambitions for the longer term. There are several banks that offer benefits for starters, such as a free first year or six months of business banking. But if you are starting a business, you probably see this for the longer term, and you may also want to grow. What does this look like after the first year? Maybe you want to open one or more extra accounts, have an extra debit card, use an ATM, hire staff, you name it. Is this possible at the bank where you are now, or envision it? And if possible, what are the additional costs? Although you can of course always switch when your bank no longer suits you, this can involve some work. It is therefore good to also compare the options and amounts for the longer term.
Banking has changed a lot in recent years since more use is made of the internet. Many customers manage their own banking affairs online, making jobs and many bank branches redundant. However, this has also created space for online banks, such as Knab and Bunq, which no longer have bank branches. Many entrepreneurs will rarely or never visit a bank branch, while others do value personal contact and any advice. From a practical point of view, it can also be useful to have a bank branch nearby where, for example, cash can be deposited. The larger banks often have several branches and therefore usually have a bank branch near you. If you value this, it is good to include this in your considerations.
To make it clearer what amounts you can think of on an annual basis, here is a calculation example. In the table you can see 3 - randomly chosen - providers of business accounts, to make the expenses more transparent on an annual basis. These are the charges for a standard year, ie after the first year in which benefits may be offered.
The example is based on a sole proprietorship , where the entrepreneur uses a business package with a debit card and internet banking. The entrepreneur writes out invoices, is paid by bank transfer, and also regularly pays by bank transfer for materials and supplies. In addition, 1 extra bill is used.
Please note, this overview is not complete, but an indication of standard costs that are minimal for many companies. The monthly costs will be higher when using, for example, other types of payments, insurance, extra users and extra products such as ATMs. If you are going to compare for your own situation, this overview may therefore look different.
| ABN Amro|
basis for entrepreneurship
| Infra Bank|
|package||12 x $ 5.00 = $ 60.00||12 x $ 9.00 = $ 108.00||12 x $ 10.90 = $ 130.80|
|Debit card||Comes in package||Comes in package||Comes in package|
|Online banking||Comes in package||Comes in package||Comes in package|
|1 extra bill||Free||12 x $ 5.50 = $ 66.00||12 x $ 5.25 = € 63.00|
| 300 transactions|
50 debits - 250 credits (standard: no urgent, direct debit, iDeal, etc.)
|Free|| 200 transactions for free|
25 x $ 0.08 = $ 2.00
75 x $ 0.15 = $ 11.25
| 50 x $ 0.08 = € 4.00|
250 x $ 0.15 = $ 37.50
|10x ATM withdrawals in the Netherlands||Free||10 x $ 0.25 = $ 2.50||10 x $ 0.25 = $ 2.50|
|Total costs per year||$ 60.00||$ 189.75||$ 237.80|
- This is what you can pay attention to in your comparison, in addition to the annual bank fees:
Knab Zakelijk has stated in the acceptance criteria that it is intended for freelancers and small entrepreneurs. This includes companies with up to 10 employees and annual sales or assets of up to $ 2 million. They only accept the legal forms Ltd, general partnership, partnership and sole proprietorship.
- Infra Bank and ABN AMRO also offer options and support for larger companies.
- Infra Bank and ABN AMRO have physical bank branches, Knab only works digitally. At the offices of Infra Bank and ABN AMRO it is possible, for example, to deposit cash or to make an appointment with one of the employees.
- Knab offers interest on the current account, Infra Bank and ABN AMRO do not.
- Infra Bank and ABN AMRO offer their own insurance policies. This makes it possible to accommodate a business package and matching insurance policies in one place, often with interesting discounts for multiple insurance policies.
- Knab does not yet offer specific business insurance policies, as insurance policies at this bank are still in their infancy. At the moment, Knab can only advise you in the field of car insurance. This is done by comparing existing insurance policies, so they do not offer their own insurance. Knab is developing a number of things in the field of insurance, such as an innovative app, which will probably expand the range in the long term.
Frequently Asked Questions
How can I determine which bank is the best choice?
Which bank is the best choice differs per company. If you look purely at the cheapest option, Knab offers a very affordable package for $ 5.00 per month. However, you may find it important that you can deposit cash in your area or make an appointment with an employee. Then it is wise to look for a bank with a branch near you, these are often the large banks such as Infra Bank, ABN AMRO and Across Lender, which have the most bank branches. If you attach great value to sustainability and climate, you may feel a better connection with ASN or Triodos. Choosing a suitable bank is therefore very personal.
How can I open a business account?
With most providers this can be done quickly and almost directly via the internet. With a few providers, such as Across Lender, this is done via a visit to one of the offices. You can read which information the bank needs from you on the relevant website. When applying via the internet you have to wait for approval after checking, in most cases this is arranged within a few minutes.
Do I have to open a company account as a self-employed person?
It is not mandatory to open a separate company account as a self-employed person. However, it is recommended to keep business and private life separate. Not only does it seem professional to have an account in the name of the company, but it also gives you a better overview and convenience with the administration. If you have few requirements for a company account, you can make advantageous use of the Knab business package. At Knab you pay $ 5.00 per month, which gives you the advantages of a separate administration with low bank costs.
Are there also disadvantages to a separate bank account for business use?
A disadvantage is that there are costs associated with a business package. Another disadvantage could be that you carry multiple debit cards, usually with different codes to remember.
What are the costs for a business package?
The costs vary. Knab is the cheapest provider with a package for $ 5.00, the packages of the other providers can go up to more than $ 10.00 per month. Most banks also charge a small amount per transaction and can also charge extra costs for a debit card, credit card or extra account. In addition, you can often expand your package even further with additional products such as an ATM. For an indication of the standard costs, you can look at the calculation example. To determine the specific amounts for your own situation, you can look at the rates on the website of the bank of your choice.
Is it wise to stay with the same bank where I am a private customer?
That's not necessary. It is wise to compare the different banks before choosing the package for your company. It is no problem to subsequently be a customer at two different banks. You may have once selected your bank because there is a branch nearby or because it is well known. You probably pay attention to other things when orienting for your business account. Determine the criteria that are important to you and your company.
What is starter benefit?
Several banks offer start-up benefits. This varies from a discount to the first half year or year free for starters. This then applies to companies that have been in existence for less than a year. ABN AMRO is the only company to offer the first year free of charge for all entrepreneurs, instead of only for starting entrepreneurs. You then pay the regular package costs.
Can I also save for business?
Yes, that's possible. It differs per bank whether this is included in the package or whether you have to close the savings account separately. At knab, for example, you get an unlimited number of accounts that you can use as desired, at Bunq there are 25. At the Infra Bank you can also open a savings account free of charge if you use a business package. Ask the bank of your choice about this or check the website.
Can I also open an account for my association?
Yes, that is possible at many banks. Banks do make a distinction between companies and associations or foundations. A package for associations and foundations often has roughly the same possibilities as a business package, on which you can receive contributions and donations, for example.
Can I be overdrawn on my company account?
The rules on this differ per bank. ASN Bank, for example, clearly states that it is not possible to be in the red. At Knab you are only allowed to be in the red on an account if you have sufficient balance on the other accounts. Often this is only possible if you request this from your bank, and often also up to a certain amount and / or for a certain period. Keep in mind that overdrafts can be quite pricey.
Can I deposit cash into my bank account?
This is possible with the larger banks, such as Infra Bank, ABN AMRO and Across Lender, which have several bank branches throughout the country. You can find out if the branch near you has an ATM on their websites. This is not possible with banks that only work digitally, such as Knab and Bunq. Other banks, such as SNS and Van Lanschot, have agreements with exchange offices. You can then deposit cash at one of the branches at the larger cities, stations and airports.
Can I switch to another bank if I change my mind?
Yes, that's possible. Banks offer a (free) switching service that relieves them of a lot of work. For example, credits will be forwarded to your new bank account for 13 months, and Dutch companies that automatically debit money will receive the new account number. However, it will also take some work for you. Consider, for example, passing on a new bank account number to your customers and business relations, and possibly adjusting the account number on letterhead, invoices and direct debits.