How to Choose the Best Small Business Savings Account
Business bank accounts are as varied as businesses themselves. No two businesses are exactly alike, and of course different business owners will have different long term goals and different preferences when it comes to banking. What works for a food truck might not be the best fit for a woodworking shop.
If your business deals with a lot of cash, for example, if you take cash payments, then you might run into trouble using an online-only bank, regardless of its competitive interest rates. On the flip side, if your business is based online,a digital bank account might be able to meet your needs and provide convenience.
And of course, while interest rates are a huge factor, you can’t forget to look at eligibility requirements as well as available account tiers. If you don’t expect your business to hit a high enough minimum deposit to waive monthly maintenance fees, then an account might not be worth it, even if it has a higher-than-average APY.
When looking for any new account, you’ll always want to consider the bank’s other financial products, such as checking accounts, loans, credit cards, investment options and more. If you find a bank that has products to fit multiple of your financial needs – and fits projected needs down the line – then you’ll save yourself the hassle of having to juggle multiple accounts.
Small Business Savings Account FAQs
As we researched the best business savings accounts, we came across several questions from small business owners about the banking process and experience.