The best small business checking accounts aren’t only for daily transactions and keeping track of business expenditures—they should also help you avoid unnecessary fees and penalties. Some can even provide you with rewards and benefits that give your business an additional boost. So, while you’re looking around for a business checking account, explore how each…
Banking
6 Best Free Business Checking Accounts for 2021
When you’re looking around for a free business checking account, it’s a good idea to evaluate the account’s features to determine the most relevant ones for your business. Does the account have fees that are easy to waive? Do you anticipate performing large numbers of transactions each month? Will you be making any cash deposits?…
11 Steps for Separating Business and Personal Finances
To protect personal assets, organize business finances, simplify accounting, and avoid future tax problems, business owners should not commingle personal and business funds. New business owners are often unfamiliar with the process of separating business and personal finances, so we’ve created this step-by-step guide to help you manage your business finances effectively. Step 1. Get…
10 Best Banks for Startups
Keeping business and personal finances separate is necessary even for new business owners, so it’s essential to open a separate business bank account when you start your business. The best banks for startups offer basic business checking accounts with few to no fees and a wide range of deposit products that can scale with your…
Credit Union vs Bank: Which Is Better for Your Business?
Banks and credit unions are financial institutions that provide a variety of business banking products and services. The main difference between a bank and a credit union is that a bank operates for profit and is available to anyone, while a credit union is a nonprofit financial institution that’s available only to eligible members. Credit…
How to Open a Business Bank Account in 6 Steps (+ Checklist)
Opening a business bank account is an important step when starting a new business. By separating your business account from your personal account, you can be better organized and keep track of your finances more easily. Opening an account takes only a few minutes, but it’s important to be prepared and know what kind of…
Can You Use a Personal Checking Account for Business?
New business owners should understand the importance of separating business and personal finances. While it’s possible to use a personal checking account for business purposes, there are risks associated with commingling your business funds with your personal money. It can make accounting more complicated and can also affect taxes, which may put you at risk…
How a CD Ladder Can Maximize Your Money
A certificate of deposit (CD) offers premium rates. However, you cannot access your funds until maturity. If you want to take advantage of the higher rates CDs offer but don’t want to commit all your money to one long-term CD, you can use a CD ladder to help maximize your money and make your funds…
How to Choose a Bank for Your Small Business
The best bank for your business is the one that can meet most, if not all, of your business’s banking needs. It’s important to consider a bank that can help keep your finances in order and give you access to business loans and other financial products. You also have to decide which type of bank…
7 Ways a Business Savings Account Can Improve Your Cash Flow
As a business owner, you will need a separate business savings account, especially if you want to set aside extra funds for emergencies and future growth. A business savings account can provide you with the opportunity to earn interest and help build your finances. Without it, you’ll risk mismanaging your business resources. Do I Need…
What Nonsufficient Funds (NSF) Fees Are and How To Avoid Them
A nonsufficient funds (NSF) fee is charged when you write a check against an account that does not have enough money in it to cover it. The amount of the NSF fee varies per bank, with an average that ranges between $27 to $35. Knowing how to avoid NSF fees will help you maintain a…
Money Market vs High-yield Savings: Which Earns Your Business More Interest?
Money market and high-yield savings accounts allow you to save your excess business funds while earning interest. The major difference between money market and high-yield savings accounts is that money market accounts (MMAs) allow you to write checks while high-yield savings accounts don’t offer this function. Understanding the similarities and differences between these accounts will…