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Chapter
5

Are you ready to pick a bank?

Choose the service that is right for you

All the hard work you’ve done up to this point—scoring how much you relate to common freelancing problems, rating and prioritizing banking features, and gathering documents—will come in handy now.

Now, you can take all that info and use it to evaluate freelance-friendly banking products for your unique requirements. This is the final step before deciding on a banking product, applying, and making the most of your account.

Use this rubric to evaluate your options

The rubric on the ‘Banking Options’ page of the workbook will help you evaluate bank accounts from different companies. It will give you a side-by-side comparison of all your options.

Apply your ratings to the specific tools we’ve provided for you. In the open spots at the end, add any additional options you want to compare that we didn’t include.

Before you begin, take a look at all the options. If a bank or business you’re considering is not on this list, add it and fill in the rubric.‍

Select a bank that best fits your needs

1. Using your prioritized list of features, go through the features/tools and eliminate ones that don’t have any of your must-haves.

  • You can remove the entire row

  • Or write in yes or no in row 2 

2. Since all of the remaining banks have your must-haves, identify what remaining options have your nice-to-haves.

3. Choose 3 or 4 banks that offer the most must-haves and nice-to-haves. 

4. Do a side-by-side comparison based on how well they fit your needs and will grow with your business. The winner is the one you’ll apply for and set up.

Recap

  • You selected a few banks of your choice and compared them alongside a list of banks that may be suitable for freelancers.

  • You assessed different bank account features, labeling which ones cater to your requirements (aka the must-haves and nice-to-haves).

  • You compared your options side by side in an evaluation rubric, allowing you to literally visualize what bank account is right for you.

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